Should we bring US cash to exchange or ... ?

Do the search !!! It is constantly repeated on this site and every other travel site, THE LEAST EXPENSIVE WAY TO OBTAIN FOREIGN CURRENCY IS VIA A DEBIT CARD AND AN ATM IN THAT COUNTRY. Period !! End of Discussion !!! The fee to exchange money inside a bank with a teller will be much higher than using the ATM on the bank's wall.

Your ATM fees will not amount to the loss you will take with the exchange rate. Plus you do not want to carry around that much cash.

http://www.ricksteves.com/plan/tips/moneytip.htm

If you look on the Graffiti Wall or use Rick's search engine you will find loads of info on this exact inquiry.

Safe travels.

Thanks!

Bringing a couple of hundred to exchange (as a backup only) isn't a bad idea. Carrying a lot of extra cash to exchange as a primary method to get cash will cost more and create some unnecessary risk.

Frank's post is right-on. You can take foreign currency with you if you want to pay more for it here and run the risk of loosing it. I go to Europe every summer and have never had a problem getting local currency once in Europe with a Debit Card at an ATM machine. Sorry to add to the discussion Frank.

We DID have problems getting Euros when we got to our first destination, Paris (CDG). It took 3 ATM's and 2 terminals before we found an ATM that worked. It was very stressful after a long flight and took up part of our precious first day. We needed cash to get to our hotel (the hotel shuttle was very expensive).

Everything on this thread is spot on, but bringing a few twenties (U.S.) in your money belt is a low-risk insurance policy against the unexpected.

Chances are you will never touch this while in Europe, but if the machine eats your card or the banks are on strike or your pocket is picked the cash could be useful. (Well, probably these things would all have to happen at once. But, they could.)

I wouldn't bring a ton of cash with the idea of getting some kind of deal on the ground in Europe. But I do bring a few 20s as another layer of insurance.

Use your ATM card to get cash in Europe. Don't plan to buy anything with greenbacks and don't plan to sell them at a moneychanger unless you don't mind getting ripped off. I suppose you could use them for tips however.

Call your banks to find out what your ATM transactions will cost. (Call them anyway so they know you will be in Europe and won't put a security hold on your cards the first time you try to use them!!) My credit union charged a 1% fee on all transactions and the exchange rate they used was always less than what we were seeing at the moneychanger booths. My Mastercard would have cost us 3% per transaction so we paid cash for everything.

I took about 50 Euros with me, and that was all I needed- indeed, I really didn't need it at all. Next year I probably won't take as much (if I can get it- about 20 E or so should do the trick).

The debit card is the way to go- like everyone says, let your bank know you'll be going and where you will probably be using it. ATMs were available, even in the tiny towns in Sicily we were around.

Doreen, I definitely agree with the others here! The best method of obtaining cash during travel is via an ATM machine. Note that your funds must be in a chequing account with a four number PIN. Travelling with the equivalent of US$1500 is unnecessary and risky.

I normally keep a "float" of €50 - 100 and use that for travel expenses. That way I don't have to look for an ATM after a long flight, and that's usually enough for shuttle or Taxi fares.

It's always a good idea to travel with a "backup" ATM card, in case you have problems with the primary card. At least one credit card (Visa or MasterCard) is also a good practise (from what I've heard AmEX and Diner's Club cards are not as widely accepted in Europe).

Happy travels!

In addition to finding out what your ATM charges might be, call to find out the maximum amount of dollars you can withdraw per day. Before a trip in 2001 I found out my credit union ATM card had a $200 per day limit on cash withdrawals. They wouldn't raise that limit, so I started an account at another credit union because their limit was $400 per day. I like to pay cash in places where they give you a discount (small hotels in small towns) and because of current exchange rates, you could be hitting the ATM every day if your limit is only $200 per day.

On daily withdrawel limits.

I used to work at a bank. At one time you could ask for a higher daily withdrawel limit but that is less common now. It's still worth asking about.

Our daily cash withdrawel limit for our free checking account was $500 (about 300 Euros). The limit refreshed daily at midnight (usually local time for the bank's home office).

We had one "premium" checking account with a $10 monthly fee (or minimum balances in accounts) that included free checks, free safe deposit box and a $1000 daily cash withdrawel limit. You could change the coding on your account without getting a new account number.

If your bank offers this option, it may be worth changing for the time you are traveling. I was charged a flat fee of $3 for each ATM transaction by my bank but given the true exchange rate regardless of the size of the transaction. Exchanging cash at a booth or bank often cost upwards of 5 percent ($25 dollars on a $500 transaction). By making fewer big withdrawels through the ATM, you can save a lot of money.

I would still use a credit card for what you can. Car rental agencies, chain hotels and some stores and restaurants will take credit cards. Many smaller hotels/pensions, restaurants and stores don't like credit cards (because the fee they are charged is too high) and either insist on cash or will give you a significant discount for cash.

I tend to stay in small hotels and eat at small restaurants or picnic out of grocery stores so most of my transactions beyond the plane/train tickets and/or car are cash.

I don't think there is one absolute right or wrong. It all depends on your bank and what fees they will charge and at what rate they will use.

My card does not always use a standard international banking rate.

Purchases with a debit card cost me more than those made with credit cards. I wouldn't cash advance on a credit card because for my bank that is the absolute rip off.