Is it better to use cash or debit in Europe?
Key Takeaways. European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. If you need cash from an ATM, it's usually better to use a debit card, because credit cards often charge a high interest rate for a cash advance.
If you prefer dealing in cash, then by all means get some euros out before your trip. But actually, you'll find that debit and credit cards are widely accepted in most European cities. Paying by card can be easier and more convenient, without the potential security risk of carrying cash around you.
Research shows that in most cases you can save by opting to spend in the local currency. For example, that would mean choosing euros in Spain or dollars in the US. When you choose to pay in the currency of the region or country you're visiting, Visa or Mastercard will set the exchange rate.
A good rule of thumb is to carry $50-$100 a day in the local currency while travelling. Remember, though, that cash may not be the best option to pay for travel expenses. Credit cards offer great rewards, lower transaction fees, and can help you get a better exchange rate.
Using your debit card to withdraw money from ATMs will cost you extra in fees, but you can minimize them by withdrawing larger amounts less often. You should carry some cash to cover daily expenses. Your debit card may not work in every ATM machine or be accepted at stores or restaurants in your destination country.
- Credit card. Credit cards can offer convenience and protection, like security alerts and $0 liability for unauthorized charges, when you're traveling. ...
- Debit card. ...
- Digital wallet. ...
- Cash. ...
- Traveler's checks. ...
- Keep your options open.
- Find a bank account that doesn't charge them. Some banks—particularly digital-only ones—offer a number of free withdrawals every month.
- Stick to bank-owned ATMs. ...
- Be tactical with withdrawals. ...
- Pay by debit card where you can.
Wherever you wander in Europe, it's wise to travel with cash euros. While ATMs and card facilities are widespread across the continent, this cannot always be relied upon. Some countries or areas off the beaten track have yet to fully embrace card payments, so cash means you won't get caught short.
Vendors might offer you a discount for paying with cash, or they might not accept credit cards at all. Having cash on hand can help you avoid a stressful predicament if you may find yourself in a place that won't accept your credit card. A dependence on plastic reshapes the Europe you experience.
- Get a no-foreign-transaction-fee credit card. Though most credit cards do charge foreign transaction fees, there are a number that don't. ...
- Use a debit/checking account with no foreign transaction fees. ...
- Pay in the local currency.
Is $100 a day enough for Europe?
A poster advised that a good general rule of thumb for estimating the cost of a European vacation for a family of 4 staying at 4 star places in early June is $100 per day per person plus airfare.
It's often more cost-effective to exchange a small amount of euros in America for initial expenses and then withdraw euros from ATMs in Europe for a better exchange rate and lower fees.
The amount of money you should bring on a trip to Europe for two weeks can vary depending on your travel style and destination. However, a general rule of thumb is to budget around $100-150 per day for transportation, accommodation, food, and activities.
Resist the urge to buy foreign currency before your trip.
Some tourists feel like they must have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Wait until you arrive to withdraw money.
Virtually impossible to predict, we'd advise a figure roughly around €140 a day for spending money in Western Europe and about €60–140 a day for Eastern Europe. Budget Your Trip has thankfully provided a Travel Cost Index that maps out the average daily travel price of real travellers, per person per day.
If you do want to wait until you arrive in Europe to get your euros, a word of caution. It's not usually a good idea to exchange currency at the airport, or even at your hotel. These places are definitely convenient, but you're likely to pay a premium for it. Commission fees can be high and exchange rates unfavorable.
Debit cards with a Mastercard or Visa logo are widely accepted in Europe. American Express is somewhat less common, except at tourist destinations. Most banks charge a foreign transaction fee and/or a currency conversion fee, so it is worth double-checking these costs before departure.
- Open a Credit Card Without a Foreign Transaction Fee. ...
- Open a Bank Account Without a Foreign Transaction Fee. ...
- Exchange Currency Before Traveling. ...
- Avoid Foreign ATMs. ...
- Ask Your Bank About Foreign Partners.
Most European countries use the Global System for Mobiles or GSM network, as do a whole heap of other countries around the world. This is one of the main reasons why, as long as your phone is operating on the same network, you shouldn't come across any usage issues when traveling.
The Nomad Card is an international debit card with no opening or monthly maintenance fees, being accepted in over 180 countries. You can use the virtual or physical version, and it also allows you to make free withdrawals at MoneyPass ATMs around the world!
How much does it cost to use debit card in Europe?
Visa exchange rate
This is the exchange rate used by Visa to convert the transaction into sterling on the day Visa processes the transaction. This might not be the same day when the transaction took place. A 2.99% fee charged by us for using your debit card abroad when making purchases, withdrawing cash or for refunds.
They always have English-language instructions and work just like they do in the States. Many ATM's will have a daily withdrawal limit and you may be forced to use another cash point to get the amount of cash you need. Avoid “independent” ATMs, such as Euronet, Travelex, Moneybox, Cardpoint, and Cashzone.
- Keep your belongings safe in crowded areas with our expert tips.
- Leave some items in the hotel safe so that you don't have to carry everything with you.
- Keep your money close with a money belt.
- Always try to visit ATMs within banks while travelling.
Best place to exchange currency: Your bank or credit union
Many banks offer currency exchange to their customers. Though there may be a small fee if you exchange less than a certain amount, your bank or credit union will almost always be the cheapest place to exchange currency.
The best place to exchange foreign currency in the U.S. is at your local bank or credit union before you leave for your trip.
