Money--Travel with Euro's or Credit Cards

Sometime, I buy enough Euros to get me from the airport into town. Then use an ATM in town for Euros. Rick's guidebook list the location of ATM's in the airport. So I will usually just take what ever bills I have from my last trip and use the ATM at the airport at my destination.

I use credit cards for major purchases and hotels, but use Euros for food and small purchases.

I had no problem finding ATM's in Spain.

You will pay a much higher price to convert dollars prior to leaving the US. The most economical and convenient way to obtain Euro is to use a debit card at an ATM. However, check carefully with your card issuer to determine that exact fees that they will attach. Fees can vary from zero to 3 or 4% depending on the card issuer.

Watch out! Some "ATM"s in airports, ferryports, etc, are nothing more than unattended change booths, with horrible rates. If it's built into the wall, it's probably ok. The logo of a reputable bank on the front makes it absolutely legit.

What you might want to do is plan ahead for next time and bring a few whatevers home. I keep a small amount ($50 - $100 worth)of euros, pounds, yen at home. Thus avoiding the crowd at the airport machhines, being able to buy the first lunch, paying the first road toll that I always forget, etc.

If your ATM card charges a transaction fee for using a foreign ATM, shop around for a different bank for an account for your trip. My local credit union ATM charges nothing additional, so it's possible to find a better deal than the flat $5/transaction or 3% that some banks charge.

Go with an ATM card (preferably two on two different accounts) and credit cards (Capital One or Charles Schwab, since neither of them charge a transaction fee, either), and you'll be fine.

I always use cash from an ATM for everything, because I have a no-fee ATM card, but my credit cards take 1%-3% for foreign exchange. Anyway, no one ever used cash and found unauthorized charges on their "wallet" later.

I always have Euro with me when I land. I was very glad once when I arrived at FRA and had two cards rejected at the airport ATM.

If you get Euro over here, make sure it is a one-time deal. In the future, always bring enough Euro home to cover immediate expenses when you return (assume you will return). Use a mainline bank like Wells Fargo or BofA. They charge a lot less than airport exchange booths, like Travelex.

NEVER use a credit card at an ATM. That's a cash advance, with a fee, plus interest start accumulating immediately.

And, BTW, the plural of Euro is Euro, not Euros (some French insist on saying Euros, but the European bank, that issues them, says they are Euro).

Personally, I’ve never found it necessary to get Euro, Pounds, Swiss Francs, or anything else prior to leaving the U.S. ATMs are ubiquitous in Europe, and you’ll find them everywhere in Spain. If you’re flying into Barajas in Madrid, you’ll find ATMs in the secure area of the airport. Get your Euro there so that you have cash for your transport into the city. Once in the city, you’ll find bank branches with one or two ATMs inset in the building wall outside all over the place. Just make sure there isn’t a skimmer attached, and cover your hand as you key in your PIN number (good security tip for any place). Use cash everywhere, and keep the credit card in the money belt. I suppose you could pay for your hotel or an expensive memorable meal with the credit card.

The video posted above is the way I do it. Last three times to Europe, did not take the local currency with me and had no problems withdrawing money from ATM machines at the airport using my ATM card that is attached to a checking account. Inform your bank and credit card companies that you will be using your card overseas so that they do not place a block on it due to suspicious activity (withdrawing/purchasing in a foreign country). Also, find out what the fees, if any, are for using your credit card for foreign transactions and decide whether it's cheaper to use cash or not. A lot of it does depend on what kind of fees you are going to be assessed.

The probability of your wallet being picked is not great, but it is the consequences if it happens. That's why we carry our valuables in a moneybelt.

It's the same thing with having local currency on hand when you arrive. Sure, there is a 99%+ chance that the ATMs will be working and fully stocked, and that your ATM card will work properly, but if it doesn't happen, the consequences are disastrous. Of course, you can notify your bank in the middle of the night, and they will probably have your card working in a few days, but how are you going to live in the meantime. It's just not worth the chance.

If you have been to Europe before, you should have a stash of local money from the last trip. If you have never been there before, you can't be absolutely certain that your cards will work.

I agree with Lee and earlier posters about the advisability of arriving with at least some euros. Maybe change $100 or so at your bank before you go; you'll get a lousy rate but it won't matter that much and you'll be able to take a taxi or public transit, buy a snack, etc. upon arrival. After that I'd suggest getting money from ATMs and carrying it in a moneybelt. Credit cards are used much less often in Europe than in the US. Check with your bank to find out what fees they charge for conversion. ATMS in Europe do NOT charge any fee to take out money, however your US bank looking to get some extra revenue likely does. If you have enough time then places like Capital One or USAA offer bank accounts with no extra fees other than the approx. 1% the network charges. If you use a credit card for a cash advance most change you a fee for doing so.

Another reason you are better off using cash than credit cards is that the best deal in accommodations, the mom and pop B&Bs, don't usually take credit cards. I've stayed in a lot of €25-€30 rooms in the last five years, and I doubt that more than a few took credit cards.

Mike,

ATMS in Europe do NOT charge any fee to take out money

They don't charge the customer, but they do charge the card issuing bank. And, at least here in Germany, the fees for banks who don't have contracts with the ATM operator can be quite substantial, because the "brick-and-mortar banks" see it as a tool against "internet based banks". If your bank absorbs those fees, good for you! But a fee that a US bank charges may just be the expense of ATM use, not extra revenue.

Capital One charges no foreign transaction fee. Worked well for me in Germany and Austria last summer! Used ATM for euros while over there with no problem. Have fun!

Capital One credit cards are not charged with a foreign transaction fee.