We are leaving in a week for three weeks in northern Europe. We are wondering if it isn't better to take dollars in cash with us and exchange into local currency instead of using ATM's. The credit card companies and even the debit card that we have are charging a hefty fee for exchanges and purchases. Any recent travelers out there with ideas. Please don't reply if you have just read a book. We have done that too.
Posted by
Florida, USA
12172 posts
Too bad you don't have time to adjust your accounts to companies that charge decent rates. Changing cash isn't the best deal either. You will need a lot of different currencies in the Baltics. Assuming you're cruising, you will be better off using ATM's, even at bad rates than changing with the pursor on the ship. I would only do that as a limited/emergency option.
Posted by
Virginia, USA
5562 posts
Marilyn, What do you consider hefty? Even with the foreign transaction fees that you pay with credit/debit cards (3% for some cards), you will almost always get a better exchange rate than if you exchanged dollars at bank or an exchange booth. This is because electronic transactions are done at a good rate close to the interbank rate. Exchange booths may appear to charge no fees but generally the rate is not very favorable. I use my ATM card to withdraw local currency and then pay most things in cash. I usually use a credit card to pay my hotel bill.
Posted by
Tulsa, Oklahoma, US
290 posts
ATM's are still your best option; the exchange rates at banks aren't too bad, but the rates/fees at currency exchange booths are highway robbery.
Posted by
OP
Salem, OR
21 posts
Thanks to all of you for your comments. Yes, we are on a cruise so we will need more than one currency. It sounds like the ATM option is the best one. We have used ATM's all over in the southern parts of Europe. We just know that things change over time and it seemed like a good idea to ask the question. Thanks.