General Question Regarding Currency Exchange

[pris993]

1 hour ago, CruiserBruce said:

You were at a major international Airport. More, easier exchange options there. Not at the typical business. 

True.    In major cities one can easily find options, i.e., taxi drivers, small merchants etc. 

[John Bull]

5 hours ago, pris993 said:

True.    In major cities one can easily find options, i.e., taxi drivers, small merchants etc. 

 

I'd be very very very very very very very very very wary of relying on that !!!

No way can one find "easy options", not even in large cities, not even in capital cities.

And any outlet that'll accept foreign cash is almost certain to do so at an extortionate rate of exchange.

 

So you don't use credit cards for small purchases - nothing wrong with that.

But why wouldn't you use one if you don't have local shrapnel & the only other alternative is to offer foreign currency - even in airport-land?

 

I was a dinosaur - long after everyone else was using cards I continued to use cash everywhere.

But I carried a card in case I didn't have enough cash - and that's in my own country !

 

JB 🙂

 

 

[pris993]

4 hours ago, John Bull said:

 

I'd be very very very very very very very very very wary of relying on that !!!

No way can one find "easy options", not even in large cities, not even in capital cities.

And any outlet that'll accept foreign cash is almost certain to do so at an extortionate rate of exchange.

 

So you don't use credit cards for small purchases - nothing wrong with that.

But why wouldn't you use one if you don't have local shrapnel & the only other alternative is to offer foreign currency - even in airport-land?

 

I was a dinosaur - long after everyone else was using cards I continued to use cash everywhere.

But I carried a card in case I didn't have enough cash - and that's in my own country !

 

JB 🙂

 

 

As I mentioned my husband is from France.  He deals in cash.   Being from France he always seemed to know how to exchange money, if we only had US$ left.  I am not suggesting seeking out alternatives as a routine but I was trying to say not impossible either.    

 

Just read this week on a neighbor blog, someone used a credit card to purchase ice cream from a local "ice cream truck" and later received a notice from the credit card company that someone had made a $1200 purchase with the card.   These kinds of things can happen anywhere.  When you are home it is easier to be notified.  

[CPT Trips]

17 hours ago, Hlitner said:

If you plan on using your ATM/Debit card make sure to notify your issuing bank in advance of your trip and preferably have a 4 digit PIN which you know in numbers (there are no letters on most European ATMs).  It is also

Some banks and credit unions (IME those with military connections) will reimburse your account for ATM fees imposed by the bank dispensing the cash whether abroad or in the US. 
In a pinch, just open your phone’s keypad and convert the word to numbers.😉

[John Bull]

2 hours ago, pris993 said:

Just read this week on a neighbor blog, someone used a credit card to purchase ice cream from a local "ice cream truck" and later received a notice from the credit card company that someone had made a $1200 purchase with the card.

 

It's happened to me too - in the States, though for a trivial amount (card issuer told me that was normal- a little test purchase to see if it gets picked up).

All too easy when not protected by a PIN

(PINs seem to be catching-on in the US now?)

But that's the card issuer's problem, whereas stolen cash would be my problem.

Ditto your neighbour.

 

And I still don't understand why you didn't use a card when you had insufficient local cash.

 

JB 🙂

.

 

 

[cruisemom42]

3 hours ago, pris993 said:

These kinds of things can happen anywhere.  When you are home it is easier to be notified.  

 

I have an alert on my major credit card used for travel. I receive a text with the info every time the card is used. Takes but a second to verify that the charge is mine. If not, I contact the bank immediately.

[Mary229]

1 hour ago, cruisemom42 said:

 

I have an alert on my major credit card used for travel. I receive a text with the info every time the card is used. Takes but a second to verify that the charge is mine. If not, I contact the bank immediately.

Exactly.  When offering personal financial advice to anyone for any reason I advise alerts set at the very minimum allowed.  One should always know if their credit card is at a party they are not attending. 

[Mary229]

Currency exchange is all about how much you are exchanging.  For the few hundred dollars cash I may need on a cruise I use the convenience of the ship.  We are talking a few dollars for convenience and that is worth it to me.   Last cruise I only needed cash for restrooms and tips, that hardly amounted to anything 

[rkacruiser]

5 minutes ago, Mary229 said:

I may need on a cruise I use the convenience of the ship.  We are talking a few dollars for convenience and that is worth it to me.

 

The convenience is worth it to me, too.

 

1 hour ago, cruisemom42 said:

I have an alert on my major credit card used for travel. I receive a text with the info every time the card is used.

 

I always notify all of the banks that issue any credit cards that I may use during my trips whether domestic or international.  I was not aware that a text notification was possible.  I appreciate the information; thank you.  

[ovccruiser]

Just a point of using ATM's in Europe, most if not all bank operated ATM's will use the language of the card holder when you insert it, in my case English, so there is no worry about pressing incorrect buttons when with drawing money. This I have found in Spain, Portugal, France and Luxembourg I have no reason to think it would not be Europe wide.

[ldubs]

On 5/28/2022 at 1:17 PM, rkacruiser said:

 

I always notify all of the banks that issue any credit cards that I may use during my trips whether domestic or international.  I was not aware that a text notification was possible.  I appreciate the information; thank you.  

 

I used to do that but now they say don't bother.   I liked it better when they had the notification process.  On our last trip we had to deal with the "is this you" message a few times while abroad.  Didn't have that when they accepted travel notifications.  

[rkacruiser]

5 hours ago, ldubs said:

 

I used to do that but now they say don't bother.   I liked it better when they had the notification process.  On our last trip we had to deal with the "is this you" message a few times while abroad.  Didn't have that when they accepted travel notifications.  

 

I have not experienced--yet--the "don't bother message from my credit cards banks.  But, I have experienced over the years the amount of detail that the banks wanted about where the cards might be used.  From listing every single country/state the card may be used to a general region to simply that it may be used somewhere different from its usual usage,  

[CPT Trips]

9 hours ago, ovccruiser said:

Just a point of using ATM's in Europe, most if not all bank operated ATM's will use the language of the card holder when you insert it, in my case English, so there is no worry about pressing incorrect buttons when with drawing money. This I have found in Spain, Portugal, France and Luxembourg I have no reason to think it would not be Europe wide.

It may be most, but certainly not all ATMs based on our recent time in France and Italy. I have mostly seen flags (Union Jack for English, not Stars and Stripes) to connote language. You may be able to select the language before inserting your card; that reassures me.

[Hlitner]

13 hours ago, CPT Trips said:

It may be most, but certainly not all ATMs based on our recent time in France and Italy. I have mostly seen flags (Union Jack for English, not Stars and Stripes) to connote language. You may be able to select the language before inserting your card; that reassures me.

Friends often ask us how we deal with language barriers, and we usually give some kind of humorous answer.  The truth is that the barriers are now not much of an issue for those who are used to world travel.  I cannot recall the last time we used a European bank-owned ATM that did not offer language options.  But if that were to happen and we could not decode the language it would just be a matter of using the camera option on Google Translate which can turn just about any language into English.  

 

I will also confess that although DW and I would often travel 7 months a year (prior to COVID and now) all over the world, we cannot recall the last time we exchanged currency on a ship (ridiculous rate of exchange), a kiosk, etc.  For at least the last twenty years we have obtained all of our cash via ATMs.  We have often mentioned on CC, that a modern strategy for world traveler is to have multiple ATM (Debit) cards....each drawn on a different bank and account.  In simple terms it is not wise to have all your eggs in one basket.   Another reason for multiple accounts (besides backup) is a way around daily withdrawal limits (often capped at $300 - $500 per day).  

 

For those folks that think they can simply walk into a foreign bank and exchange cash we would warn that times have changed an most banks will no longer exchange cash for anyone or those who do not maintain an account at that bank.  We have actually seen handwritten signs in bank windows which say (usually in English) "we do not exchange currency."  Banks expect you to use ATMs.

 

So what to do if ATMs do not work and other options fail?  Our last resort emergency back up is to go to a bank and use a major credit card (MC or Visa) to get a cash advance.  This is the worst option in terms of cost (interest and fees from day one) but is there for those rare times when nothing else works.

 

And finally I would advise folks (who care) that there are quite a few credit and ATM (debit) cards that have no fees (other than the unavoidable 1% International Services Fee hidden in the system).  As an example, CapitalOne has some cards with no fees.  The higher end cards such as AMEX Gold/Platinum or Chase Sapphire generally have no fees.   As to bank fees, using credit unions (such as Andrews FCU) will avoid most fees.  It is the largest commercial banks that generally screw their customers with ridiculous fees.  Also keep in mind that if you are not getting a lot of foreign currency the fees may not be important...but for those of us who exchange larger amounts the difference between the best ATM/credit card rates and exchanging cash can get into the 10% range.  

 

Hank

 

[ovccruiser]

3 hours ago, Hlitner said:

........ camera option on Google Translate which can turn just about any language into English.  

Hank

 

Ah, not American 🤣

[iancal]

On 5/28/2022 at 7:50 PM, cruisemom42 said:

 

I have an alert on my major credit card used for travel. I receive a text with the info every time the card is used. Takes but a second to verify that the charge is mine. If not, I contact the bank immediately.

We have the same.  We are travelling in Portugal at the moment.  We use credit card tap or pin for almost all purchases. Card issuer is sending us notices every second or third day to check on a posting.

 

 A number of hotels do not take credit cards on their web site.  Instead, you are forwarded a secure Visa (RedunIQ) site on which to make the transaction, with a two step authentication process.  I prefer this for advance payments.

 

One thing though….you need to pay close attention to the amount on the terminal prior to tapping or hitting the accept button.  Get a receipt and agree it with your statements.   We do this every few days.

 

We had a dynamic currency offer come up at a restaurant yesterday.  Oddly enough it displayed a conversion rate of 1.41 ( our experience is that the conversion rate is seldom displayed) We are paying 1.352 this week.  
 

We also noticed far more if those rip off Eurobank ATMs than we have seen during our pre covid travels.

 

 

 

 

Edited June 5, 2022 by iancal