When to exchange money, and how much?

I rarely exchange my $$ paper currency for local money. The exchange rate is usually not good. I almost always just withdraw cash from an ATM. They are plentiful in Europe and give the best exchange rates. I usually carry about $100 equivalent in cash, sometimes more, sometimes less. That way you have enough but not so much that you worry about it. I only use credit cards if I am low on cash or am making a large purchase.

Don't exchange at the airport before you fly out as you will likely get a poor exchange rate.

I normally exchange money locally at a bank, just so I don't have to remember to find an ATM after a VERY long day of travel, when your brain isn't running on all cylinders. Only about $100, but that's enough to pay for taxi/train, etc to get to hotel. From there we rarely use a credit card and rely on ATM withdrawals. We usually identify an ATM close to the hotel that we will frequent on the way back to the hotel. I've found that many hotels give discounts for paying in cash, sometimes up to 10%. In addition, we try to use ATM's that are attached to a bank and use during business hours, if possible. Prior to our trip, we know the maximum withdrawal limit per card, and my husband and I will do the same withdrawals back to back. Reduces the number of trips to the ATM. And of course large amounts of cash are in our money belts or hotel safe. However, if you are uncomfortable with cash, then just make withdrawals in the amount to get you through the next 24-48 hours.

This is pretty good: http://www.ricksteves.com/travel-tips/money Read it and then if you have specific issues we have a lot of experience here (not me, the others).

It has never occurred to me to change my money.. I do take about 100 euros left over from each trip with me so I have some start money for taxi to hotel.. etc.. but normally I arrive , go to hotel , drop off luggage , then find an ATM and withdraw about 3-5oo euros. I put the bulk of the money in the hotel safe and only carry about 100 euros with me each day.

Thanks Anita, Karen, James. I'll do a small amount here before the flight to cover miscellaneous transportation costs, and will do the rest at ATM's there as you recommend. Also need to get a couple of money belts...

Appreciate the quick replies everyone :)

njmatsuya,

I usually use the ATMs when i arrive.

However, ive bought foreign currency at home to see how much it will cost and what fees are charged. Ive also used the local currency exchange places in the train stations too.

As far as how much to carry? I plan my trips and that includes researching the entry fees for what im going to. that way im also "doing the math" to determine if any of the city cards are "worth it" to buy and use. With those numbers i can have a good idea on how much $$$ i will need to withdraw. I do use my credit card to make some of the purchases too, but i always withdraw enough for bathrooms, train/bus tickets, laundry, souvenirs and on the go food.

also, i dont mind having some extra money left over. Some of it will go to my nephews as gifts and some of it i will use when i return.

sorry i cant give you a specific number.

happy trails.

njmatsuya
I assume you read Rick’s advice. We go over about 3 times a year on business/pleasure. In the early years we left with quite a bit of foreign currency in our pocket then as time passed we started carrying less and less. Now we carry whatever is left over from the previous trip, but if it were zero that would be okay. Most airports now have ATMs all over the place and most taxi companies will take credit cards or dollars if need be. What is left at the end of the trip we save for the next trip, but if we didn’t do that we would put it in one of the charity boxes at the airport. Generally speaking we use credit cards where they are taken (VISA/MC gives the best exchange rates available, always have them make the charge in the local currency) and we carry a few hundred dollars in local currency in our pockets just like we would do at home. I carry my wallet I my front pocket but I don’t use a money belt.

What’s my budget? That varies a lot depending on the trip. I generally plan a trip around an interest and then spend what it takes to fulfil the goal. If it is too much then I cut back on the plans. I would rather have an amazing short trip than a so-so long trip.

I go to Europe every summer for a month for 11 of the last 12 years and go again May 23. I never get any European currencies (mostly Euros now) before leaving the US but wait until I land at my final destination air port to use a DEBIT CARD tied to a CHECKING ACCOUNT to get local currency from an ATM machine which are all over air ports in Europe. Be sure to use an ATM from a financial institution and not one of those currency exchange ones as they have bad rates. If you use a credit card to get money from an ATM, most financial institutions consider that to be a "cash advance" which have big fees and not good rates. Be sure to contact your financial institutions in Japan whose plastic cards you will be bringing to Europe to make sure that their cards will work in Europe and that they know of your trip plans so that they do not shut down your cards thinking that they are being used out of your normal travel area. I usually take 200 Euros at a time from the ATMs and carry all of it in my money belt along with my passport, plastic cards, travel and lodging information and tickets.
I ALWAYS use a money belt when in Europe. Glad to see that you are reading RS books as he has great advice for the new or returning visitor ("Europe Thru The Back Door" and guide books for wherever you will be visiting).
Click thru to the web site that someone else has provided to you in answer to this post for more good information. Happy travels. aloha

Assuming you have shopped banks for decent foreign currency ATM fees (a few charge nothing but come with offsetting requirements that may or may not work for you, credit unions and a number of smaller banks charge one percent flat fee), it's easiest to just pick some up at the airport when you arrive in Europe.

I've yet to visit an international airport that didn't have lots of ATMs between the gates and the exit.

One caveat here is make sure you use a bank ATM. It will have a name that includes Bank, Banco, etc. If you see something that looks a lot like an ATM but has a name that includes EX (short for exchange), avoid it or you'll pay the same fees you would have paid at home to change money.

wow, thanks for all the additional tips everyone! Been busy with last minute preparations for our trip (we leave in 3 days) so I haven't checked back recently. Thanks for the additional input! :)

I always am looking for bank owned ATM's in an airport or train station. Many ATM's are not bank owned, and give poor exchange rates. And I'm carrying two ATM cards, both of which have sufficient cash in them to pay for my whole trip--in case there are any processing problems.

For restaurants and hotels, I'll use my credit card anytime they take it. Depending on how long I'll be in a country, I'll get out $200 maximum at one time.

What's hard is when I exit a country, I'm rationing out my local currency to where I leave with just a view coins in my pocket. When we left Prague Airport the other day, I sent my to McDonalds with the equivalent of $15. She came back with 2 sausage McMuffins, 2 coffees and a medium Coke and no money. That food and drink would have cost us $7 at home. Easy come, easy go.

Others more informed than myself, please correct me, but passing through CDG airport this month, I did not see bank affiliated ATMs, just something along the lines of Travelex. Isn't this the same issue at LHR airport as well, that standard bank ATMs are simply not available?

Airports often sign a deal with an ATM operator for exclusivity. With Travelex ATMs the key things are to only withdraw in the local currency, and decline dynamic currency conversion.

https://community.ricksteves.com/travel-forum/general-europe/beware-of-atm-machines-at-london-heathrow

njmatsuya,

I usually buy when i arrive.

my last trip i bought some $$ before i left to see what charges/fees would be occurred.

happy trails.

It may also be worth some effort to compare exchange rates and costs for your different options, ie: Use of an ATM card, Use of a credit card for charges or cash advance, and of course exchange in Japan, or in your destination. While all here have given you good solid advice, it is based on those of us that live in the US or Canada and travel to Europe, with our banking laws and regulations. Japan may well have both additional fees...or maybe laws against some fees that may work to your favor or detriment.

I would start with your bank or credit card company, find out what your transactions cost you, how they convert currencies, and basically what your total cost is for each.

From that, you can have a set schedule of cost. For example, for me, up to 300 euro or so, I can get that daily, at an ATM, for about 1%. Credit card transaction, depends on the card...some about 1%, others about 4% (1% currency conversion, 3% foriegn transaction fee). I also know about the best conversion for cash I can get here in the US is about 5% for large amounts, from a bank; at an airport, it is 10% or more, in Europe, it varies. but I have seen 5% to 20%.