currency

Are the specific ATMS that are better (currency conversation/fees) than others to take cash in Budapest?

JoyNycB, generally speaking it probably won’t make much difference. When I can, I like getting cash from a bank ATM in case there’s a problem. Also generally speaking, they will have a better exchange rate than a Euronet machine, which is what is at the airport. These days, though, things are moving to tap to withdraw, so you don’t even have to risk putting your card in, having it disappear into the recesses of a machine, and not coming back out.

What you do about cash might also depend on how long you are there. For 4 or 5 days, Mr. Ë usually recommends 19,000ft (@ $60) but you could probably get by with 9,000, especially if you are there a shorter amount of time. The uneven amount gives you some smaller bills to begin using more easily.

I am there a couple of times a year and rarely use cash. But it’s always nice to have some “just in case”. But for that small an amount, you can see a slightly worse exchange rate simply won’t make much difference financially.

Virtually everyplace should accept plastic.

The key words are "virtually" and "should" which isnt the same as "all" and "will". But for most tourists that just do the tourist zones and the tourist sights and dont wander into the culture too deeply, yes, "odds are" you will never "need" cash. Many places in the tourist zones will take Euro. The rate of exchange on the menu isnt good because they dont want to reprint the menu everytime the exchange rate changes. They cover themselves against changes in the rates and are not trying to take advantage of you.

But while you are here, walking around the neighborhoods, look up and observe the black wires stretching across roads from roof to roof; often hanging down the fronts of buildings and going in through windows. That’s internet cabling. What could possibly go wrong with that system?

Lunch for two in the tourist zones will cost between 10.000 and 15.000 forints ($15 to $22 each) depending on where you go. Sure, there are cheaper but how many tourists go looking (so they miss out on good food)? If the wind blew and the internet is down and so, no credit cards, the 19.000 will generally be sufficient to have lunch as you had planned – for two.

About two weeks ago my son and I, in part to escape the 16F temps and snow fall decided to visit the House of Houdini. Turned out to be sort of fun to be honest. It turned out to be cash only. It turned out to be 10.000 forints for the two of us. Now if we didn’t have the cash, no problem we just go to the nearest ATM which Google Maps shows is a Euronet at the Budapest Hilton. Round trip from the House of Houdini on foot in the snow probably not more than 15 minutes. I live here; I have the time.

There is a certain wine bar in Buda that offers a small discount for cash (not uncommon). Two 2dl glasses of good stuff, maybe 4.000 forints plus another 1.000 forints for a tip. One of my favorite restaurants has a service charge of 12% which is common. Why there is a service charge is a bit of a complex answer that has as much to do with the tax system and pricing on the menu as anything else. But the money does have to go to staff, but it will be distributed to all the staff. If I want to tip the individual service provider that needs to be in cash. 5% is sufficient. Cash tips are income and VAT tax exempt by law so they are appreciated. Some personal service provider businesses are cash only for service and/or for the tip.

So, the two of you take 19.000 forints but never use it. Now what? Call me and I will come pick it up. Or the taxi to the airport will be 9.000 and since you arrived early that breakfast at O’Leary’s in the airport (my favorite) will cost you at least another 10.000 ft for two. Or it’s a poor country and we have our share of homeless and that’s always a good cause for a few thousand from time to time. Or for those that want to stay hydrated, pay cash at the ABC for that bottle of water. But you will have to drink a bunch to use up 19.000.

Or like I said, odds are you will never need even 1 forint in cash. So don’t mess with it.

Which ATM? They have all gotten expensive. Bank ATMs a little less so than the EuroNet machines; except maybe the Erste Bank machines, they have a hefty flat fee. So, good chance all those fees will add 3 or 4 dollars to your $20.000 European holiday.

When paying with a credit card do watch the service provider. The majority of the credit card machines do offer DCC these days. Quite often the service provider will make the decision Forints or Dollars for you. I watch and when that happens it’s been 100% of the time the right decision: forints. They know the deal and they aren’t out to get you. Now, I don’t go to Vaci utca or Franz Liszt ter very often. There I would be cautious. Maybe the Buda Castle District too.

Thanks TexasTravelMom. I'm in Budapest only 2 1/2 days. I would go without cash if I could, but I understand that having some pocket money might come handy.
And tell me about ATMs eating my card - which happened in Dublin! I always bring cash (US dollar in my case) for emergency exchanges. But if I can, I rather just use credit card. I was in Scandinavia (Denmark, Sweden and Norway) for 10 days last year and never took cash. Everywhere was tap to pay, even on trains/buses.
Then in Morocco was the opposite, most places would only take cash.
I spent my remaining Dirham at the airport on departure on expensive little trinkets as souvenirs.

Mr É 🇺🇸 🇺🇦 🇭🇺 - thanks for the note. I always pay in the local currency with credit card. I've been traveling abroad for quite some time. Hungary will be my country #39. But I am not the $20000 European traveler - I wish! I'm quite the budget traveler but always generous with tips when appropriate. (No tipping in Japan).

Side note - I always keep a coin or small cash note from different countries when possible (as a memento). That was not the case in Scandinavia. :-)

When I booked my accommodations in both Prague and Budapest, the prices were quoted in Euros.

When it comes time to pay with my credit card, do I pay in Euros or the local currencies, CZK and HUF?

Will the dynamic currency conversion (DCC) apply when paying in Euros in Prague and Budapest?

Thanks.

funpig, Interesting question.

If you were quoted in Euros one of two things will happen. You will be charged in Euros which can happen here as Euro bank accounts are common in Hungary. I presume you will be asked pay in Euro or the DCC rate and yoiu know which to choose.

If they charge you in forints then you are at their mercy for the conversion rate. Not good. Then you will get asked Forints or Dollars (DCC).

Off topic, but I find amusing. When the financial system in Montenegro collapsed they solved their problem by adopting the Euro. No they are not in the Eurozone. The Eurozone is not amused.

JoyNycB, I wasnt trying to be ... well, what it sounded like. Sorry. Being retired and on a fixed income I am frugal traveler as well. But I dont mind investing $3 for what is for me mental comfort. I live here and at this moment there is no cash in my wallet and I know before the day is out I will be at an ATM because I am just more relaxed with some cash in my pocket.

My issue with having absolutely no cash is that you just can't be absolutely sure you won't encounter a place where you need actual currency. I was last in Budapest in 2024. Because I had done my research, I knew the Hercules Villa, a part of the Budapest History Museum, took cash only. It's very lightly visited; I was there because of the mosaics. I suspect it might be quite a long walk to the nearest ATM, though I haven't checked a map.

It's also not rare in many countries to run into places that will take cards only above a certain amount, which can get you if you're a solo traveler just buying one carry-out item like a beverage, a cookie or a piece of fruit. A 4-euro cookie got me in Vienna.

Have any of you try using Wise. My friends and family strongly recommend it. I may set it up for my upcoming trip because I may need to access cash in €, CZK and HUF. With Wise, you deposit your hone currency and can exchange it for other currency using the mid-day currency exchange rate. The foreign currency sits in your account in the app. Any cash withdrawal fee from an ATM is supposed to be much less than any regular bank debit card. Plus you can tap it to make cashless payments from your foreign currency. And you can exchange your foreign currency back to your home currency or another currency at any time using their app.

Any cash withdrawal fee from an ATM is supposed to be much less than
any regular bank debit card.

You mean my Erste bank wont charge you a flat 5 euro for using their ATM when you have no Erste account. That's great. Im not sold, but thats great.

My point above that did come across wrong, is that compared to the larger picture of travel the fees aren't a huge deal. You can spend, waste, more by ordering the wrong beer at the wrong bar. But we dont claim we will walk 10 min through the snow to binge drink Czech beer in Hungary for $3 less. Heck no, we buy it from the first bar we pass. Never look back.

Funping - I do have wise and have used it as a debit card in a few places.
Last year I put some Euros on it and withdrew during an airport connection in Europe because I needed some Euros. I also paid in local currency once. But see if you can get a physical card. Some places don’t accept mobile payment/wise app, so having the physical card is helpful.

And many places in Morocco they only took cash so I had to withdraw from ATM, but was better using my local ATM card for that. My bank covers withdrawal fees up to x amount per month.

JoyNycB.

My sister told me that her Wise account included the physical card as well as the app. She could use the Wise card like a debit/credit card, and she got a better exchange rate than a regular credit or debit card which usually has a hidden 2.5% foreign conversion fee. The only way to avoid that fee is if you get a special travel credit card, but then you're paying a premium fee every year.

I actually do not get too fussed about currency exchange rates. I still remember buying American Express travelers checks. I think I paid 1.5% commission to buy the checks. Then I paid up to 2% commission to cash my checks, unless I lined up for an hour at American Express office. And I was still subject to poor currency exchange rates when I converted dollars into whatever. And in the end, I would always be stuck with some leftover drachmas, francs, liras, etc as I moved from country to country. I'm pretty sure I lost close to 10% on currency exchange back in the day. It sounds like using Wise would be a bargain in comparison.

I see funpig is in Canada, where no-fee cards may be harder (or impossible) to find. I want to be sure readers from the US understand that there are no-fee options for both debit cards and credit cards in the US that don't charge an annual fee. Charles Schwab, Fidelity and some credit unions don't assess fees of their own if you use their debit/ATM cards in other countries, and I believe Schwab and Fidelity reimburse fees charged by ATMs.

Fidelity has a no-fee credit card as well, though I primarily use my airline-branded card, and it does have a fee.

Correct, I live in the United States (not from here though) and my credit card and debit card don't have the extra fees. But I have family and friends in other countries that exchange rate are prohibitive and are frequent users of Wise.
Having options is always the best (debit, credit card, cash for emergency exchanges) - that's how I usually travel but given my no-fee credit card, that's my preferred choice (and I carry both a Visa and Amex).

And I also remember buying traveler checks when I traveled in Europe in 1998!

Im confused. Are we talking annual membership fee or international transaction fee or ATM fee or ATM fee refund or .....?

I was referring to cards without annual fees (which credit cards often have) and no fees for use overseas.

acraven, you are correct. There are just too many options with out annual fess or foreign transaction fees. Also, if you are paying an membership fee, if you have a good relationship with your bank (that means if you have a bunch of money with them) call your agent and tell him to make the annual fee go away. Often that works.

I used card for pretty much everything. If you take some currency, don't take much. In fact, I used up currency buying breakfast at the airport upon departure and the woman at the cafe seemed amused with me fumbling and counting out the coins.