cash vs card

[kazganymede]

I've heard that Denmark, Norway and Iceland are mainly cashless which means people with smaller currencies like the AUD get bad conversion rates whenever they buy anything.

I have cash euros and USD from previous holidays which I would like to convert into kroner, but now I'm wondering if people will take cash in these countries. In fact, I'd much prefer to use these currencies than a card.

 

Is it worth getting euros and USD on a card, whereby we'll be hit with 2 conversion fees if buying in Australian dollars or just using our usual debit card and copping the cost of every transaction? I've never visited cashless countries. I find the process daunting.

 

Can anyone recommend Wise to use for kroner in these countries?

Edited February 3 by kazganymede

[hallasm]

Don’t use cash - note that it’s  different 'kroner' and you cannot pay with Danish kroner in Norway or Iceland and vice versa.
As a starting point, you cannot pay with foreign currency, although many shops will accept USD or EUR notes but at a very poor exchange rate and change will always be in local currency.
Use a credit or debit card in your own currency - it will be the cheapest in the long run.
Always choose to pay the amount in local currency - some payment terminals will offer a choice between local or the card's currency - always choose the local - it gives the best exchange rate.
I never pay with cash in these countries. In some places money is not accepted as payment. There will also be places where cards with chip/pin cannot be used either.
The best solution is a contactless payment card or ApplePay in your own currency.

[kaisatsu]

7 hours ago, kazganymede said:

I've heard that Denmark, Norway and Iceland are mainly cashless which means people with smaller currencies like the AUD get bad conversion rates whenever they buy anything.

These currencies are all much smaller than AUD.

 

If you pay with card in local currency as hallasm mentioned, the conversion will be done by the bank issuing the card. If you’re getting bad rates, I’d look at finding another bank for the card you travel with.

[kaisatsu]

7 hours ago, kazganymede said:

Can anyone recommend Wise to use for kroner in these countries?

I don’t have any experience with the Wise card, but I use my Wise account for a lot of my international transfers because of the favorable rates and low fees. It’s very popular and respected among immigrants and expats. If you’re having trouble finding a good local option, it’s probably worth considering.

[gnome12]

2 hours ago, kaisatsu said:

These currencies are all much smaller than AUD.

 

If you pay with card in local currency as hallasm mentioned, the conversion will be done by the bank issuing the card. If you’re getting bad rates, I’d look at finding another bank for the card you travel with.

Usually, the exchange rates are set by Visa and Mastercard, not the specific bank. What I can say is look for a card that doesn’t charge currency exchange FEES, which here in Canada can be as high as 3.5%.

 

In my experience, these rates (Visa and Mastercard) seem to be fairly good, because I have occasionally had to make a correction where the charge is refunded and then reposted, and the difference between the original charge and the refund is quite small. 

Edited February 3 by gnome12

[travelbuds]

My wife and I have never been to Europe. Can we do our cruise (Southampton, Bruges, Norway) using only our credit cards, or do we need to convert US dollars into pounds, euros and kroners before we leave home? Buses, trains, tipping for excursions, restaurants, porters, taxi? Thanks.

[hallasm]

4 hours ago, travelbuds said:

Buses, trains, tipping for excursions, restaurants, porters, taxi? Thanks.

My answer is primarily for Norway - no need for Kroner - use credit card - many shops might not accept cash. An alternative for busses is App.

Please note that tipping is not required - guides and waiters are paid a reasonable salary and do not expect tips. Only for exceptional service.

AppelPay or contactless credit card is the best option - some terminals in small businesses might not accept chip of magnetic stipe cards.