Question:

What is a good method of spending/using currency in another country?

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Europe here I come.... I am going to Europe this month and I was wondering what methods of payment should I use to purchase things while abroad (i.e. credit card, cashiers checks, etc..) I'm looking for a method that allows me to keep most of my money without constantly having to pay conversion/ATM fees and without the risk of being mugged.

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  1. If you have a credit card, take it and use it for all big payments, (like hotels, some meals and souvenirs,) Visa and MasterCard are the best accepted cards.

    Next, bring an ATM card, check with your bank that your card is ready for use and that they know it is going to be used abroad, (American banks seem to need being told, European banks expect it being used outside of the country.)

    Ask what you will pay for each use, sometimes they can offer a cheaper ATM fee against a more expensive yearly fee.

    But whatever you pay for an ATM fee, it is likely to be much cheaper than taking cash or traveler cheques, as they do also cost a fee, and likely a higher one.

    Traveler cheques are a very expensive way of bringing money, you pay to get the cheques, you pay again for the currency exchange and sometimes again on top of that to get your money.

    There are not many places left accepting them, so you will either have to go to the main branch office of a bank, with limited opening times, or pay in one of the few small shops still accepting the cheques.

    Other kinds of cheques will not be cheaper, as international banking is very expensive, most likely they will not be accepted at all.

    I think your best way of action is taking about $300/200 Euro worth out of the ATM at one time and get new money when it is getting low.

    If you use your credit card for all big payments that is likely to be the cheapest way. But also check with you credit card company what they charge you, do not use your cc to get money out of the wall, as their ATM fees can run up very high.

    For safety reasons, bring also some of your own money, and hide that in your big luggage or keep it in your money belt, (along with your passport and spare credit card an bank card.)

    Muggings are very rare in Europe, pick pockets less and loosing your money by stupid actions or thoughtlessness is easy enough.

    Luckily the store where I lost my purse was honest enough to keep it for me, so I did get it back, but after a big scare.

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