Hello, all
We will be traveling into Germany (Munich), through Austria and Switzerland for 3 weeks beginning Monday.
What is the best and least expensive way to get extra local cash in case we end up somewhere that doesn't take our Visa card?
Thanks!
It has been posted here a thousand times -- the simplest, cheapest way to obtain local currency is a debit card at a bank owned ATM in country. Since you have been around this site for awhile, surely you have read those postings.
Use your ATM card in an ATM. You may need to do it twice, because Switzerland has its own currency. It's smart to check with your financial institution to see whether it is going to charge you for use of a foreign ATM. If it will, is it a flat fee, or is it a percentage of the amount withdrawn? That might affect how much you withdraw. A bunch of small withdrawals can add up if there's something like a flat $3.75 charge for each one.
There are financial institutions whose ATM cards do not generate fees. You won't be able to set up a new account before your impending trip, but for future reference, you can check out CapitalOne's 360 account, Charles Schwab and any credit union you might be able to join.
When you get to the European ATM, it's critical that you not be suckered into dynamic currency conversion (DCC), an invidious practice by which the ATM owner sets its own currency-conversion rate rather than letting the transaction go through in euros/Swiss francs at close to the interbank rate. DCC rate will be much, much worse--extra profit for the ATM owner and extra cost for you.
DCC is sometimes offered on credit card purchases as well, with the same unfavorable-to-you result. Always choose to conduct transactions in the local currency, not in dollars.
If you have multiple credit cards (always a good idea when you travel overseas), check with each one on what sort of fees you will incur in Europe. That way, you'll know which card to use most of the time. There are no-fee credit cards out there; if you don't have those, do some research when you return so on future trips you won't be wasting money on credit card fees.
