Getting money

I’ve used my no foreign transaction fee Capital One credit card for this. Been of few years though.

Research their website regarding foreign transaction fee https://www.capitalone.com/ or call their customer service number and be patient.

You'll need to do some research and/or contact the banks for your specific cards because this varies wildly. I personally have one credit card that has no foreign transaction fees and no cash advance fees, so I always use that at ATMs and pay it online immediately to avoid interest.

Generally speaking, many debit cards charge foreign transaction fees and many credit cards charge cash advance fees. It's a good idea to have cash for small expenses and carry a small amount in a more accessible area so that you aren't digging into your money belt every time you want an espresso.

Our credit union debit cards (2 different ones) have no foreign transaction fees and will even refund ATM fees where they are charged.

I always follow Ricks advice and only use ATMs affiliated with banks. If they charge fees they are reasonable. Unlike small stand alone ATMs that charge outrageous fees and might not be secure.

Well if you "just take cash in a money belt" you'll have to get that cash from somewhere. And if that's your bank, AAA, or a money changer at the airport, you'll likely get hosed much much worse than getting it from a bancomat (what they're called) with a debit card in Italy. More places take credit cards than you might think. Just be wary of dynamic currency conversion.

There are a few things to keep in mind. Generally, when you withdraw cash from an ATM using a credit card, it is treated as a cash advance and your interest charges accrue immediately, there is no grace period. If you withdraw cash from an ATM using a debit card, there are no interest charges involved since you are not taking a loan.

There are many excellent debit cards out there that do not charge foreign transaction fees and even reimburse any ATM fees charged. Charles Schwab Investor Checking is one of these and it is what I use for travel. Another poster mentioned that the local credit union offered the same sort of deal.

I would start by finding out what your current debit card's policies are. Maybe you are ok if there are fees and you will just do fewer and larger withdrawals. Maybe there are no fees and you are set to go. Maybe you will want to look at getting a debit card specifically for travel if you plan to keep traveling more in the future.

I wanted to add some detail on dynamic currency conversion that Stan mentioned in an earlier post in case some have not heard of it before. This is when you charge an item and the seller will ask if you want to pay in "National currency" or in US Dollars. It is always better to pay in the National Currency and allow your bank to set the exchange rate than to pick US Dollars and let the seller set the exchange rate.

In addition to the Charles Schwab investor Checking debit card mentioned above Navy Federal Credit Union (NFCU) provides a no transaction fee debit card. Both institutions are accessible online. I use their cards exclusively to obtain cash while traveling internationally.

All good advice above, and here is the good advice from our host on this website. I bring a debit card and use ATMs on the premises of major banks, during open hours, so that if I have a problem someone there can help me. I take out as much as I can each time to minimize any fixed per-transaction fees by minimizing the number of transactions. A bank ATM will give you the best possible exchange rate. I use cash for smaller transactions, almost everything except hotels and car rentals, keeping a deep stash in my neck wallet and walking-around money in a front pants pocket. I bring some home to have on hand for the start of the next trip. (Thank you, Eurozone!)

As another poster noted, using a credit card at an ATM is like borrowing from the bank, you'll get hit with interest charges. Debit cards may have transaction fees but you're withdrawing from your own account instead of borrowing from the card issuer. I always try to notify my bank and card issuers about foreign trips, but lately they don't seem to want to know. Can't say I appreciate their indifference, but so far I haven't had a problem.

taking cash out is expensive

Most cash gotten at ATM machines from a debit card account in Europe has no added fees by the bank giving out the cash. Therefore, it is not expensive.

You do have to be aware of fees charged by the bank giving you the money. The fees charged by banks to get money out is where it gets expensive, like at US based banks.

If your credit cards have no transaction fees, why not use them?

Since 2018, I've spent about a year total in Europe. I doubt I spent more then about $200 in cash. It's all card and contactless these days. In fact, in my last trip in the fall, the only time I used cash was in taxis.

For the times I do need cash, I have a Charles Schwab debit card and its fee free. I get what I need from the ATM.

To cut through all of the above smoke ---- 1. The cheapest and most convenient way to obtain local currency is a debit card at a bank owned ATM regardless of the fees that the ATM or your bank may charge. 2. Using a credit card for cash at an ATM is expensive but it may be necessary if that is you only choice. You will need a pin for both credit cards and debit cards. If you don't have a debit card, it is time to do so and get pins for your credit cards.

Lola, We probably don't have them here, but just in case, what are they?

While we have a Capital One Venture Visa, we also have a Capital One 360 online checking account (with debit card) that we use solely for travel. We can transfer funds from our regular, brick and mortar, bank as needed during our travels into the 360 account. There are no fees whatsoever, and it’s worked seamlessly in ATMs in Europe and Mexico for over ten years. Have a wonderful trip!

We have made six tours and the last two have been the easiest. We used our iPhones for almost everything. We leave with emergency cash in our money belts. Convert a hundred dollars to local currency when we land. We have never needed the emergency funds. In Spain, England and Netherlands during 2018-19 the iPhones were accepted nearly everywhere and were touch free.
Our credit union BECU is transaction free at any bank ATM. Keep cards close along with your personal bag and phones..enjoy safe travels

I use my credit card for most purchases in Europe. I have a few cards with no foreign transaction fees. I get cash a couple of ways. I’ll either use an ATM machine in Europe and take out the maximum allowed, since the fee is the same regardless of the transaction, or I’ll get Euros from my bank at home. This isn’t a bad method either but you should get all of your Euro this way to make it worth while. The exchange rate is something to watch and, when it’s reasonable, I’ll do it. My bank charges a $10 fee. So, if you take €2000 it may be easier to do that than using an ATM 4 or 5 times. All that being said, credit cards are the safest and most economical way to spend money in Europe. Just remember that when you’re checking out not to let them change the bill to US dollars, this leads to exorbitant rates and higher prices.

Follow Rick's advice!

If you plan to go without cash, I'd suggest you set some aside in smaller bills when you go home. For the next time you travel, it really comes in handy for smaller purchases during the first few days of your trip. I also bring home a few .50 and 1 euro coins. I've used them every time, mostly for hotel bellmen and the like, despite what people say about tipping in Europe.

It sounds easier just to use credit cards. Can you use them in grocery stores, small shop, all restaurants, and bar, train tickets, boat tickets?

Also, do you get the same rate of exchange when changing cash into euros as putting a debit card in an ATM outside a bank?

Short answer -- NO. The money exchange at the airport or a currency booth sets there own exchange rate and you see that in the buy and sell quotes. They are making a spread. At the ATM the exchange rate is established by the network -- generally Cirrus or Plus -- it will be very close to the Interbank rate and it varies hourly but the difference is a fraction of a penny. After the exchange rate then your bank and the ATM owner may impose additional fees but those should be fully disclosed. A debit card at a bank owned ATM will always be the cheapest.

Your other question --- for the most part Mastercard and Visa are widely accepted and more so in northern European than southern Europe. Some portions of Scandinavia is almost cash free. Other cards -- AE, Discover, etc. are as widely accepted. Now some people are concerned about security of credit cards especially with small vendors so they may prefer to use cash with them. We tend use our credit cards for hotels and major items but mostly cash especially in Italy. Often it is easier to use cash.

Also, be aware that there will be a daily limit on how much money you will be able to take out of an ATM.
I usually find that to be about E250.
Therefore, be sure to bring a few hundred Euro with you in your under-clothing moneybelt.

Always use a bank ATM when the bank is open; and use one inside the bank, NOT ever out on the street where you are vulnerable!
Many banks in Europe have a glassed in area at the entrance to the bank.
Find one with that, it's like a glass foyer before you go into the actual bank.
Less likely to have someone watching what you are doing then.
Be aware who is around you.
Also, there is less glare on the screens...sometimes ones out on the street are barely visible because of the sun on them.
ATM's are sometimes empty by the end of the weekend, so stock up on cash if you need it before the weekend.

Exception to all the good advice in the answers. Denmark and Sweden can be done with no cash!
All is done with credit cards even for small amounts. They really prefer that you use credit cards. On my first tip to Denmark, I got some kroner to use but didn't need to at all.
But I did take 3 credit cards but no debit card.
It was actually liberating to not have to deal with cash.

We always use a Charles Schwab debit card.

Schwab credits us back any and all ATM fees.

I'm assuming you are going to Italy since you posted this in the Italy forum. You can use credit cards almost everywhere. But it's bests to have some cash for toilets, coffees, etc.

The best exchange rate will be through an ATM. Just make sure you get charged in Euros and not dollars.

Lola said this, "Our credit union debit cards (2 different ones) have no foreign transaction fees and will even refund ATM fees where they are charged."

I'm confused by what you meant when you said something like you didn't "have that here." Did you mean the fees themselves or the lack of them so common with credit unions?

I have accounts with 2 separate credit unions. I have one debit (ATM) and one credit card for each credit union. Neither account charges any kind of fees for use in Europe.

I use the debit card for one for almost everything (like gas and groceries) at home because it's really paying with cash. I don't get cash from ATMs at home. That debit card is my backup ATM card for Europe. The credit card on that account is a backup for both at home and abroad.

I use the debit card for the other account primarily to get cash from ATMs when traveling because it has a higher limit than the one I use at home. I definitely do not use it to make purchases of any kind in Europe. I use the credit card for that account for almost all my credit card purchases at home and in Europe because I get rewards points that can be used for tickets on almost all airlines.

So far I haven't seen any reason to seek or use any other banking options for gettng cash or paying for purchases while in Europe.