Cash and Currency Tips for Europe
Rick always has good advice, but sometimes it’s dated. I think the fact that this is dates has something to do with the problems I have with the advice. I think its time for Rick to send a few of his people out to the airports and exchange houses and to do a little first hand research on bank exchange rates and credit card exchange rates, then update this (unless I am wrong on all counts)
https://www.ricksteves.com/travel-tips/money/cash-tips
Heading: Resist the urge to buy foreign currency before your trip.
Then he goes on to say the stateside exchange rates are bad. Maybe, maybe not. Depends on your bank and your relationship with your bank. My bank, because of my relationship, waves the fees and I get within a percent or two of what Visa will give me if I charge in Forints in Hungary. But a holiday is about enjoyment and if you feel better with a few dollars in Euros, what is even a $5 fee vs the $12.000 you just paid for two on a Rick Steves tour. Then he goes on to say that every airport has an ATM. Well, most are private ATMs with fees that are possibly at least as high as your US bank. Or you can spend the time away from your holiday tracking down a local bank ATM in the airport if you want …. I guess.
Heading: Avoid (or at least minimize) cash exchange.
Generally a good philosophy, but not something to sweat if you need the comfort of the money. He says that the exchange houses will charge you 5 to 10%. Maybe closer to 5%, but again, relative to the cost of the trip? And there are destinations that are pretty much cash only so if you didn’t get the money in the States and if you don’t want to waste time tracking down a bank ATM …..
Heading: Use local cash.
Yes, no argument. Just good practice. But again, based on Ricks advice, getting that cash may require some hunting for the local bank ATM. AND, not all local bank ATMs are free of Fees. In Budapest you might want to avoid Erste Bank ATMs. For those of you afraid of loosing your passport …. Do you ever wonder what the odds are that when you put your ATM card in a machine, it isn’t coming back to you?
Heading: Use your credit card to get cash only in emergencies.
Yes, no argument. Just good practice.
Heading: Don't stress over currency conversions.
Yes, no argument. Applies to the first two pieces of advice he gave as well.
Heading: Assume you'll be shortchanged.
He says “In banks, restaurants, at ticket booths, everywhere — expect to be shortchanged if you don't do your own figuring. Some people who spend their lives sitting in booths for eight hours a day taking money from strangers have no problem stealing from clueless tourists who don't know the local currency.” ABSOLUTELY NOT. Why would you think Europeans are more dishonest than Americans. This is a horrible outlook on travel. Does it happen? Sure. About as often as it happens in the diner in your hometown … well maybe there are cities that are the exception, but its not the norm and it terrible to brand an entire continent this way. But yes, do count your change and do know that on occasion the waiter will have made a mistake … probably the case as often as he was trying to steal 72 cents from you.
Heading: Spend your coins before leaving a currency zone
Yes, common sense. I suggest looking for a charity box or a person in need.
Heading: Multicurrency accounts make sense only for frequent travelers.
These days there are some online banks that will do this. I know nothing about them, but I have a friend here in Budapest that has a US bank (on line only) and has a Euro account.