Payments in Germany/Austria/Czechia

... but on an average how many euros would you recommend me carrying
before leaving the US for a 20 day trip? And should I get these euros
from Chase or Western Union? ...

For day to day things it really is a personal decision. I am one of those that likes to carry some cash. Makes me more comfortable. I would carry maybe 100 euro in smaller bills. I would suspect, but dont know, that Chase would give you a better deal than Western Union.

For the Christmas Markets, if they are cash only I am a bit surprised, but absolutely could be true. Our markets in Budapest are all credit cards these days. Do some first hand research (most markets have websites now) and if its true, then if it were me I would just draw the money out of ATMs as I needed it. I suspect there will be ATMs in the same general areas as the markets. Somehting else you can confirm with GoogleMaps.

What kind of banks (example names) are okay to withdraw euros from
using the Capital One card? I read that some ATMs like Euronet charge
exorbitant amounts of forex when it comes to withdrawals

Most any bank will work. EuroNet charges a convenience fee. Huh? Well, there is no bank around or near so EuroNet is convenient and for that there is a fee. Figure 3 to 5 dollars per transaction. But you will be told before pushing the final button of all the fees and can always say no. The exchange rate will be what ever your bank gives you unless you opt of the DCC which is a no-no at EuroNet or a Bank or the Grocery Store.

Does Mastercard work well in these countries, if they choose to accept
card? My Chase credit card is also Mastercard. I know cash is king,
but wherever I can pay by card, I want to try and pay by card

YES, where they accept cards they will accept your MC.

I read in another post that in Austria the hotel tax we pay onsite is
paid for only in cash. Is that still true?

Sometimes yes, sometimes no. My hotels in Hallstatt and Salzburg both put the tax on the card and that was about a month ago.

Is it okay to pay in euros in Czechia? Or do I need to get euros
converted to koruna? If its the latter, what would be good places to
exchange euros for koruna at?

You can probably pay in Euros at all the tourist traps. Better to spend all your euros on the way out of the Euro Zone. The exchange rate will be very bad. For Koruna, use an ATM.

I would just use secure ATMs after you arrive rather than getting euros from Chase or Western Union. I always wait till I get there and find one connected to a bank. For one thing, you'll save money and for another, you won't have to carry around large amounts of cash. Just get what you need for about a week and then withdraw more if you need it..

Germany is not as cashless as other countries right now, but you can still use a card just about everyplace. And Mastercard will be fine. It's quite common in Europe. I stayed in Germany for a month and only used cash twice during that time. Your mileage may vary, of course, since you are heading to the Christmas markets. Many do accept cards but not all.

I note you said "Debit Card." Based on one experience last spring in France a rail ticket machine would not accept an American debit card from a fellow traveler, but took a credit card fine. May not be a general problem but you may encounter similar things so be prepared.

I usually travel with about 100 euros usually obtained at the airport on arrival. Check out your arrival airport's website for a map which should show the ATMs that are available. Recently I have had no problem charging almost everything. But it also depends on the size of your purchases. Market trinkets are really not very expensive so cash will be preferred.

The Czech currency is the koruna (or crown).

I was just in the Czech Republic. The only places I saw that would accept euro (or USD) were high end jewelry shops. I got koruna at my connecting airport where I had the time to do so. Yes the rates are bad, but it was convenient and not worth worrying about in the context of how much the trip cost. I noted several banks that offered indoor exchange services as well.

At least none of the ATMs I used offered Dynamic Currency Conversion.

I know this varies from person to person, but on an average how many euros would you recommend me carrying before leaving the US for a 20 day trip? And should I get these euros from Chase or Western Union? (This is my first time traveling to Europe and I will be spending a lot of time at Christmas markets, which supposedly take only cash)

I agree with the others, simply use an ATM once you arrive. Germany, and to a degree Austria are a bit more cash centric, so I would withdraw a couple hundred euro, with the plan to always have 100 on you. This would cover a dinner and some small expenses. Getting from Chase or Western Union would cost you, probably about 7% over market rate. Many like the security of having some euros in hand, I just wait for an ATM there. Also, in Czechia, no euros, their currency is the Czech Koruna, so you will need to hit an ATM once there, but then Czechia is much more card friendly.

What kind of banks (example names) are okay to withdraw euros from using the Capital One card? I read that some ATMs like Euronet charge exorbitant amounts of forex when it comes to withdrawals

Any bank will work. Keep in mind that there are fees your bank charges and fees for using the ATM. Different ATMs do not charge different exchange rates, that is handled by your network, in this case, part of Mastercard, that cost will be only about 1%. As you mentioned, Capital One 360 does not charge you a fee, and I am not sure, but they may reimburse you for ATM Use Fees. In Germany, not many ATMs charge fees though. Euronet ATMs are a private US based network, they do charge fees, but similar to other ATMs that do. Regardless of the type of ATM, be aware of Direct Currency Conversion (DCC), they offer to handle the exchange, but at a poor rate. Always choose to do the transaction in euros (Krona in Czechia), and refuse any confersion. Search on the Wen or on here for more details.

Does Mastercard work well in these countries, if they choose to accept card? My Chase credit card is also Mastercard. I know cash is king, but wherever I can pay by card, I want to try and pay by card

Yes, Mastercard is widely accepted. The fact that your card is a debit card may present issues, but should work. I would though have multiple cards, do not rely on a single card. Have a regular credit card, maybe your debit/ATM card from another bank. I travel with up to three debit cards and three credit cards, segregated into different storage spots. Paying a small fee is nothing compared to not being able to charge something or get cash when your primary card does not work.

I read in another post that in Austria the hotel tax we pay onsite is paid for only in cash. Is that still true?

In many cases, yes, they prefer the tax paid in cash, especially if your room is prepaid.

Is it okay to pay in euros in Czechia? Or do I need to get euros converted to koruna? If its the latter, what would be good places to exchange euros for koruna at?

No, pay Koruna in Czechia. Some places may take euros, but at a poor exchange rate, cards are widely accepted there. Do not exchange euros or Dollars for Koruna, again, just go to an ATM and withdraw a small amount, spend it before you leave if you do not use it.

In Germany, I would use Deutsche Bank at the airport and in the cities, Commerz Bank, Targo Bank, Deutsche Bank or a Sparkasse.
Do not use euronet ATMs.
A lot of transactions at the markets are in cash, but 100€ should be plenty for the day unless you are shopping too.

You will have no problems using the Capital One cc. where it is accepted. I like them. First, no annual fee and no foreign transaction fee. Second, getting the PIN that I wanted was the easiest from Capitial One, ie most accommodating.

I would suggest carrying cash, which does increase your payment flexibility. You just might encounter more places than expected where it is only cash even in heavily touristed areas. The example I have in mind is the big beer garden in the Virtualienmarkt in Munich.

You will have no problems using the Capital One cc. where it is accepted. I like them. First, no annual fee and no foreign transaction fee. Second, getting the PIN that I wanted was the easiest from Capitial One, ie most accommodating.

Though, the OP is referring to the Capital One 360 Checking, basically a debit, not a the credit card (Yeah Capital One has about a hundred products, so hard to keep them straight)

If you have a way to easily get some currency before you go, it’s not a bad idea to do so. any fees are minor compared to the cost of the trip. Doing so means you don’t have to find and use an ATM after an overnight flight during which you might not have gotten much sleep.

In general, use BANK ATMs rather than one that is just in a business

Thanks everyone for the awesome replies. I just got off a call with Capital One to confirm if I'd be okay withdrawing from local banks like Deutsche Bank and such, and they said while Capital One wouldn't charge me for ATM withdrawals, it is possible that the local bank like DB might charge me a fee. They also weren't able to specify how much. Has anyone experienced this? If so, is there a way to avoid it? Seems like I wouldn't gain much from using the debit card for local ATM withdrawals, if I end up getting charged anyway

Here is one suggestion. You may want to consider it if it fits your travel style. It is what I do and it's ideal for me provided the exchange rate is favourable.

If you are with BofA, taking out a min. amount of one thousand dollars, BofA charges no transaction fee. At the moment the rate stands at 1 Euro to $1.08, maybe it'll slip to $1.07, all the better. Bof A will charge you S1.14. I've done this a few times, so guessing the bank rate is a pattern. If that bank rate is acceptable to you, you can land with cash in hand. I don't reconvert left over Euro, not interested in that, plus it's a waste. The left amount I use for the next trip.

Fred, or if you are a preferred customer there is no fee.

I just did a quick check. On $200 changed in the US, where I pick it up at the bank, the rate is 1.109 with no fees.
If I use my Visa Card in Europe today, at about the same moment as when i checked on the bank exchange rate, the rate is 1.09, so useing the card is a little more than 1% cheaper. Like that matters against the cost of the trip. People should do what makes them most comfortable.

@ Mr E. ...No fee kicks in when the amount withdrawn from one's BofA checking account (that's what I use) is at least one thousand dollars. I am not a preferred customer.

Less than that amount the bank will charge you. How much or what %, I don't know, don't care either since if I am going to do this transaction at all, my desired amount will be the minimum or more, say $1,100 or 1,200...just depends.

I believe the fee was $4 on my trial run on the $200 exchange. Then at the checkout page, they credited it back. They have a catagory they call "Preferred Customer" for people well invested in BoA or ML. Not many perks, but this is one.

They also weren't able to specify how much. Has anyone experienced this? If so, is there a way to avoid it?

Yes, an ATM charging a fee for a withdrawal is common, depending on country, it's common here in the US as well.

You can try a transaction, and see if there is a fee, and how much, if you think it is too steep, then cancel and find a different ATM.

However, for a small fee of 3 or 4 euro, that is still way cheaper than an exchange place, and a minimal expense to get a couple hundred euro. You could also get a card that reimburses you that fee, I have a Schwab Investor Checking account that does, I thought Capital One did as well, but not certain which product it is.

Bottom line, don't sweat a 3 or 4 euro fee.

Thanks Paul. I did get a Schwab Investor Checking account made yesterday as well. I looked into that too and it doesn't hurt to have different options. I guess I will try making small euro withdrawals with both cards and if Capital One charges and Schwab doesn't, I will transfer my money from Capital One to Schwab and continue using Schwab.

Hi Wolf, the thing I would look out for--and I think this partially explains what your bank was trying to tell you--is ATM and credit card machines that kind of try to trick you into accepting a worse exchange rate in addition to charging a fee. (In Europe, when you pay at a restaurant, they don't take your credit card away in a folder to run it. They bring a little machine to your table and you usually do it yourself.)

The trick is that the interface tries to scare you into accepting currency conversation from the bank that owns the ATM or credit card machine, at a worse rate than your bank would give you, and often with a fee that your own bank wouldn't charge. I find that these interfaces have become more aggressively misleading in recent years, especially in tourist-heavy environments like airports.

You're withdrawing euros at an ATM and the choices will be something like:
- Withdraw $113 from your bank, we guarantee this amount, no surprises, this is the right choice!!!! [it is the wrong choice]
- Withdraw 100€, you have no idea what the exchange rate will be, don't do this!!!! [this is the right choice because your bank will convert at the current rate, $107)

Here's a video that shows this choice in action in Czechia: https://youtu.be/rdYhm__yMQY?feature=shared&t=51 Don't worry if you make the wrong choice once or twice, it's just that over the course of a whole trip, it could really add up, so be aware.

It has been many years since I used a currency exchange desk or bothered to get foreign currency before leaving the US. It's unnecessary and you'll get bad rates, esp. if you do it at a US airport before leaving. Hope this helps, and have a great time.

You're withdrawing euros at an ATM and the choices will be something like:
- Withdraw $113 from your bank, we guarantee this amount, no surprises, this is the right choice!!!! [it is the wrong choice]
- Withdraw 100€, you have no idea what the exchange rate will be, don't do this!!!! [this is the right choice because your bank will convert at the current rate, $107)

Here's a video that shows this choice in action in Czechia:
https://youtu.be/rdYhm__yMQY?feature=shared&t=51 Don't worry if you
make the wrong choice once or twice, it's just that over the course of
a whole trip, it could really add up, so be aware.

Wow bradamant, thank you so much for the example and the video. This really helps. I will definitely keep these points in mind while making withdrawals and transactions there. The little insight on the machine in the restaurant also helps as I wasn't aware that they bring the machine to you and not take your card away.

Thanks again for the helpful tips!

The easiest way is to use ATMs as needed, even withdrawing only small amounts, if you have. Schwab card that covers ALL fees associated with withdrawal. You think it is such a good card, your Capital One, yet it does not cover the bank’s ATM fee. My Schwab card does.
This very exact subject arises here on a regular basis.
I simply withdraw as needed whenever I travel. Don’t want to carry 200 Euros, then want to pay cash at a market and you don’t have enough, simply go to ATM and get your €20-30 Euros you might need. You can go the next day if you need or desire more because there will be no fees. No transaction fee, no ATM fee, no bank ATM fee.
It could not be simpler.

EDIT. I looked back on this thread and I see just like the original question is so often posted here, that also the same answers are posted here and that the OP has taken it into consideration. So I am glad you have done so and upped your European game.