EXCHANGING MONEY IN EUROPE: WHAT YOU NEED TO KNOW

How many people endlessly scour airfarecomparison in hotel booking sites looking for the best deal, pinching everypenny but then waste all that effort by paying huge fees when paying for theirtravel.

Once you leave the country deciding how you pay either cash creditcard or even traveler's check can affect the cost of your trip.

What is the bestoption for you? Keep watching and we will answer all your currency conversionoptions when you're traveling to Europe but first don't forget to like, subscribeand comment.

What is the best way to exchange money? I t's a simple and goodquestion with a multitude of answers let's look at all the options.

Exchangingcash.

Avoid or at least minimize cash exchange.

On average at a bank you loseabout 8 percent when you change dollars into a foreign currency, when you use anairport currency exchange boost the hit can be as much as 15%.

If you do need toexchange money look for places that don't charge a commission.

Note thedifference between the rates for buying, the bank buys foreign currency from youto exchange into local cash and selling, the bank sells foreign currency to you,the difference between the buy and sell rates should be less than 10 percent.

Hold on to your cash for emergencies the ATM ate my card.

Now some of you will notsleep unless you have some local currency in your wallet before leavinghome.

If you haven't packed your bags you may have time to shop around for thebest rates.

Many banks offer currency exchange to their customers you may beable to order currency at a branch location or by phone or online forpickup at a branch.

Sometimes the service carries a fee and sometimes this fee canbe waived, if you ask.

You can also order cash or a currency converter, a number ofwebsites sell foreign currency deliver it to your home.

Exchange rates here areless favorable and the delivery charges will further eat into your fundsAirport kiosks or stores convenient yes a good dealhardly ever.

These places should be a last resort for emergencies exchangerates are poor and fees are numerous and high.

Cash is best for emergencies on thepro side its cash and someone will exchange it the con you typically willnot get a great conversion rate from your money debit and ATM cards.

Debitcard use this at cash machines, ATMs to withdraw local cash, which you'll use topay for most purchases.

Use bank ATM machines, in addition to having a good orbetter rate than the actual bank teller, the advantage to getting cashes waysthat you can do it repeatedly you can take out $300 worth and a couple dayslater do it again.

However, in recent years as more and more savvy travelershave realised ATMs are the best way to go some places especially, Europeanairports and tourist zones, have taken advantage by charging different and muchworse exchange rates at machines aimed at international travelers.

The bank ATMsat Gateway airports in Europe are being replaced by foreign exchange machines.

They promise " free" withdrawal but charge a really badexchange rate of 10 to the 11 percent, for this reason if you can wait untilyou get into town I suggest using an ATM and an actual bank.

Some Europeanairports still have real bank ATMs elsewhere in the terminal just outsidethe arrival hall usually if you want to hunt them down.

Debit and ATM cards arebest for getting cash in local currency.

The Pros: you will get the same greatinterbank exchange rate when you make cash withdrawals with your debit or ATMcard as you do when you make a credit card purchase with ATM is available inmajor cities and airports all over Europe this is generally the cheapestand most convenient way to get cash in a local currency.

Each cash withdrawal you make will usually be subject to a currencyconversion fee or an ATM fee or other charges from your bank and/or the localbank that maintains the ATM, at the very least you'll probably be charged thesame transaction fee if any that your bank charges when you use another banksATM, however, many banks charge higher fees for international ATM withdrawalseither a flat typical one to six dollars or a set percentage of your totalwithdrawal usually one to three percent.

Check with your bank before each tripabroad as these fees can change often and without warning, to add insult toinjury, you may also be charged a fee by the owner of the foreign ATM becausethese small charges can add up quickly you'll probably want to withdraw largeramounts and you might normally do at home so be sure to have a safe wellconcealed place to keep your cash I suggest a money belt.

If you are rentinga car you should be aware that debit cards are not always accepted and maysometimes be subject to additional red tape finally do not forget to call yourbank and make it aware of your travel plans as with credit cards suddeninternational activity using your debit card could cause your account to befrozen.

Protip: Avoid dynamic currency conversion,this is what a merchant will ask you if you would like your purchase done inyour home currency versus the local currency.

Always, always, always get yourtransaction in the local currency or you will be hit with a huge fee.

Credit cards.

Credit cards are the best for large purchases such as airline tickets, hotelbills and car rentals.

Generally paying by credit card gives you a better ratethan paying by debit card or cash but this advice doesn't apply if you're notable to clear to balance each month the interest you pay on the balance willonly add to your cost.

Figure out whether your destination is plastic friendly ifit is you can avoid many of these extra travel fees with a no foreigntransaction fee card or debit card.

Consider applyingfor one of these credit cards or debit cards before you leave so that you canuse it instead of cash whenever possible.

Avoid using the credit card at ATMs oryou'll be hit with fees and intrests right away for taking a cash advance.

Pros:chances are good that you're going to use your credit card more than currencyand you should as there are a myriad of advantages first you can carry less cashsecondly you get the security behind your transaction and if somehow you areripped off like merchandise and never ships or a hotel overcharged you cancall your bank and dispute it some credit cards increase warranties oroffer loss replacement on purchase goods.

Finally you get whatever points orrewards your particular credit card offers usually some benefits to the tuneof an additional one to two percent cons but the problem is that many if notmost credit cards have hidden surcharges for foreign exchange transactions whichmeans that using one banks card over another or even different affinity cardsfrom the same bank can actually make your transaction cost more or less thanslapping down another piece of plastic.

Pro tip: two of the best travel creditcards on the market the chase mileage Explorer Club specifically for Unitedfrequent flyers and the more general Sapphire card have no internationaltransaction fees this is increasingly important thing to look for in at leastone card in your arsenal the one you should useoverseas traveler's checks and money cards are best for emergencies, the pros,traveler's checks are best for emergencies because they provide moresecurity than cash because they can be replaced if lost or stolen whiletraditional traveler's checks have largely gone the way of the dinosaur.

Visa and Travelex offer travel cards that are prepaid like traveler's checksbut work like credit cards for purchases and ATM withdrawals.

Cons: the exchangerate for traveler's checks is not as favorable as the interbank rate you'llget when you a credit or debit card and very fewmerchants accepted checks for purchases these days you'll also have to paycommissions shipping charges and/or conversion fees to purchase and cash thechecks the prepaid cards have plenty of fees to look out for activation fees,charges for reloading the card ATM charges or inactivity fees in most casesyou're probably better off using your own debit card.

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EXCHANGING MONEY IN EUROPE: WHAT YOU NEED TO KNOW

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WHAT IS THE BEST WAY TO EXCHANGE MONEY IN EUROPE?

How many people endlessly scour airfare comparison and hotel booking sites looking for the best deal, then waste all that effort by paying huge fees to exchange money abroad. Once you leave the country, how you pay for things can impact the cost of your trip. What is the best option? Keep watching and we will explore all your currency conversion options while traveling in Europe. But first, don't forget to like, subscribe and comment.

EXCHANGING CASH
Avoid or minimize cash exchange. Fees can range from about 8% at banks to up to 15% at airport currency exchange booths. If you need to exchange cash, look for places that don't charge a commission. Hold onto your cash for emergencies. If you want cash before leaving the U.S., you may be able to order currency through your bank, or through a website. Rates in the U.S. are usually less favorable than abroad, though, so only get what you need for a day or two. Cash is best for: Emergencies. PRO: You'll almost always find someone who will exchange cash. CON: You will not get a great conversion rate.

DEBIT AND ATM CARDS
Use these at cash machines (ATM's) to withdraw local cash. Use bank ATM machines. Your rate will be as good as or better than a bank teller. Minimize ATM usage fees by withdrawing as much as you can each time you visit the ATM (and keep the extra cash in your money belt!). AVOID generic ATMs or foreign exchange machines, often found at airport arrival halls, which charge high fees and offer really bad exchange rates. Debit & ATM cards are best for: Getting cash in local currency. PRO: You get the great interbank exchange rate, and ATMs are widely available in cities throughout Europe. CON: Each withdrawal you make will be subject to various fees, so withdraw larger amounts less frequently than you would at home. Debit cards are usually not accepted for car rentals without additional cost and paperwork.

PRO TIP: AVOID DYNAMIC CURRENCY CONVERSION. If a merchant asks you if you would like to make your transaction in your home currency instead of local currency, say NO. ALWAYS get your transaction in the local currency or you will pay a huge fee.

CREDIT CARDS
Credit cards are best for large purchases such as airline or train tickets, hotel bills and car rentals. Generally, paying by credit card gives you a better rate than withdrawing or exchanging cash...as long as you clear your balance each month. The interest you pay on that balance will add to your trip costs. Read your credit card agreement carefully; a foreign currency conversion fee of about 1% is standard. If you can, consider applying for a credit card that doesn't charge foreign currency fees before you travel. However, avoid using your credit card to withdraw cash from ATMs. This is a cash advance, and you will be charged fees and interest immediately. PRO: By using a credit card for most expenses, you can carry less cash. You can also dispute erroneous transactions. And, many credit cards offer points or rewards. CON: Many, if not most credit cards have hidden surcharges for foreign exchange transactions. Look for cards that are travel-friendly. PRO TIP: The Chase Mileage Explorer Card (for United frequent fliers) and the Chase Sapphire card have no international transaction fees.

TRAVELER'S CHECKS AND MONEY CARDS
While mostly obsolete, traveler's checks provide more security than cash because they can be replaced if lost or stolen. These days, Visa and Travelex offer travel cards that are prepaid like traveler's checks, but work like debit cards for purchases and ATM withdrawals. CON: The exchange rate for traveler's checks is not as favorable as the interbank rate you get when using a credit or debit card, and very few merchants accept them for purchase these days. You'll incur commissions, shipping charges and/or conversion fees to purchase AND cash the checks. The prepaid cards have plenty of fees, too--activations fees, reloading fees, ATM charges, and even inactivity fees. In most cases you're better off using your own debit card.

Thank you for watching and please...like, subscribe, comment and share.

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