travel advice & savings
 
RAIL PASSES GUARANTEED LOWEST PRICES at RAILPASS.COM Click Here
12 replies
Safest way to keep money in Europe
groovy
groovy's profile picture
New Member
New Member
Eurotrip Points: 21
Member: 7291
Joined: 03/05/2008
User offline. Last seen 13 years 26 weeks ago.

Hi All, Me and 3 of my mates are going on Europe trip for about 6 countries for the month of July. So each of us are approximatly thinking of taking 5000Euro. Is that sufficient for everything? we are trying to do cheap accomodation and not each out much.

Also we have a few friends in England so they said if we want, they we can transfer the money into their account and use their ATM card while we are in Europe. They are good friends and i trust them and they also coming with us for a little while.

So here are my options, so please let me know which is the best one for me:
1. Transfer the money into my friend’s England account and use his ATM card in europe. But wat are the approx costs, to use his ATM card in Europe, as it would be international transcations? correct?
2. Take travellers cheques from here. When cashing the travellers cheques in europe? What are the approx fee the banks charge us?
3. Just use our home ATM cards and use Credit cards for major purchases?

Any other suggestions are welcome. Thanks all.

oldlady
oldlady's profile picture
Moderator
ModeratorModeratorModeratorModeratorModerator
Eurotrip Points: 19
Member: 778
Joined: 01/03/2007
User offline. Last seen 5 years 18 weeks ago.

Traveler’s cheques are the worst option. They’re a hassle to cash in Europe and unless they’re in Euros aren’t even easy to use for purchases.

jeffstravels
jeffstravels's profile picture
Member
MemberMember
Eurotrip Points: 78
Member: 7319
Joined: 03/11/2008
User offline. Last seen 11 years 50 weeks ago.

Well 5000 Euro should be more than enough for a single month of travel! Unless you have some very expensive tastes!

Almost forgot I haven’t been to europe yet although i’m planning on studying in scotland for a year which is coming up soon. I will just be using my normal debit and credit card, just make sure you tell your provider your going to europe in july so they don’t hold the transactions!

groovy
groovy's profile picture
New Member
New Member
Eurotrip Points: 21
Member: 7291
Joined: 03/05/2008
User offline. Last seen 13 years 26 weeks ago.

Hi Oldlady. Thanks for the comments. If we end up taking travellers cheques it would definetly be in euro currency anwyay. My banks here charge about 1% approx for the providing us with the travellers cheques for money in Euros. But do you any where we can cash in the Travellers cheques in Europe? How much fee do they charge when cashing in?

We are planning to go to Amsterdam, Brussels, Munich, Prague, Vienna, Italy, South of france and Paris.
So if not travellers cheques? what do you guys recommend?

Thanks.

Davy
Davy's profile picture
Eurotripper
EurotripperEurotripperEurotripperEurotripperEurotripper
Eurotrip Points: 929
Member: 7334
Joined: 03/15/2008
User offline. Last seen 12 years 6 weeks ago.

Agree traveller cheques are not the best but are a great back up option. When I was travelling for 2 months last year all around Europe. I took about £150 of traveller’s cheques just in case. Left them in my bag back in the hostel while out and about in case my debit card got stolen or lost. Then at least I was not broke. And if someone was stupid enough to pinch them while I was out they would be easily cancelled. Never needed them mind but was always good to know i had them in emergencies. I just used my ATM card (Brittish). Cost about £1.50 for ever time I took cash out but gives a good exchange rate. Just take out a large amount at a time.

I am leaving from Glasgow, United Kingdom and traveling for 15 days
Athens, Páros, Náxos, Mýkonos, Náxos, Íos, Thíra
Requesting help with Transport, Nightlife, Food, Sights

“Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do. So throw off the bowlines, sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” – Mark Twain

oldlady
oldlady's profile picture
Moderator
ModeratorModeratorModeratorModeratorModerator
Eurotrip Points: 19
Member: 778
Joined: 01/03/2007
User offline. Last seen 5 years 18 weeks ago.

Cashing traveler’s checks usually involves either expensive commissions and unfavorable exchange rates at a currency exchange or waiting in long lines at the bank — which probably doesn’t open until 9:00 or 10:00, is closed for at least 1 1/2 to 2 hours for lunch and closes by 4:00 PM.

Any option that uses the ever-present and user-friendly ATM’s is much better than travelers cheques. Personally, I charge everything I can to Mastercard and use my home credit union ATM card for whatever cash I need — fees are minimal. If I calculate the credit card transaction or withdrawal at the posted exchange rate showing at the currency exchange places that day, it’s within a few pennies of what shows up on the credit card bill and bank statement.

groovy
groovy's profile picture
New Member
New Member
Eurotrip Points: 21
Member: 7291
Joined: 03/05/2008
User offline. Last seen 13 years 26 weeks ago.

Expensive Commissions? Oldlady could you please let me know how much do the banks charge for the commission?

As for example if we take travellers cheques, we would surely only take it in Euro currency anyway, so exchange rate is not issue?

From all this, i guess, travellers cheques aren’t a good choice. But what about if i transfer the money into my mates account in london and use his eftpos card? The london bank would charge 1.50pound per transaction. correct?

Is there any other fees apart from the 1.50pound transcations? Thanks oldlady

oldlady
oldlady's profile picture
Moderator
ModeratorModeratorModeratorModeratorModerator
Eurotrip Points: 19
Member: 778
Joined: 01/03/2007
User offline. Last seen 5 years 18 weeks ago.

A currency exchange will probably charge you a fee for cashing a traveler’s cheque.

Your 1.50 rate will probably be your only fee — unless there’s an extra charge on withdrawals that aren’t in British pounds — I have no idea how banks in UK deal with out of country transactions.

groovy
groovy's profile picture
New Member
New Member
Eurotrip Points: 21
Member: 7291
Joined: 03/05/2008
User offline. Last seen 13 years 26 weeks ago.

Thanks oldlady. I should really ask bank fee question to my friend as he has account and he should be able to find out how much he would get charged. Thanks for all help.

papyr
papyr's profile picture
Nomad
NomadNomadNomadNomad
Eurotrip Points: 422
Member: 7365
Joined: 03/23/2008
User offline. Last seen 5 years 23 weeks ago.

About commissions ask the bank that issues your ATM card! How simple!

My bank, for example, charges 2 euros for ATM cash withdrawal abroad, and charges nothing if I pay with my card at a shop. But that varies from bank to bank and also within a bank, according to the type of account you have.

If you have any questions about Prague or Czech and Slovak republics, ask me.
If you only want to search train or bus connection within Czech&Slovakia and/or to neighboring countries, use www.cp.sk or www.idos.cz search engines. For domestic transport, they also show prices.

Davy
Davy's profile picture
Eurotripper
EurotripperEurotripperEurotripperEurotripperEurotripper
Eurotrip Points: 929
Member: 7334
Joined: 03/15/2008
User offline. Last seen 12 years 6 weeks ago.

Yeah that’s about the size of it. Every bank has there own rules. My quote of £1.50 was only for my bank. One of my freinds that was with me was paying over £2 per withdrawal. So find out and if need be you can always shop around for a better account.

I would not worry to much, ATM cards generally offer best value.

I am leaving from Glasgow, United Kingdom and traveling for 15 days
Athens, Páros, Náxos, Mýkonos, Náxos, Íos, Thíra
Requesting help with Transport, Nightlife, Food, Sights

“Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do. So throw off the bowlines, sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” – Mark Twain

yojimbo
yojimbo's profile picture
Member
MemberMember
Eurotrip Points: 126
Member: 6979
Joined: 12/15/2007
User offline. Last seen 10 years 46 weeks ago.

Speaking of money…

What kind of wallets to European men carry? I carry a billfold wallet (very common in the USA). Whilst in Amsterdam I was getting frustrated that the bills couldn’t be folded in a uniform fashion due to the different size bills. Some of the bills were folded down the middle, some a quarter of the way thru, etc.

I really missed my uniform sized USD.

Small gripe, I know, but little things like that tend to bother me for some reason. Ended up keeping my Euros in my front pocket (which is likely the best option anyway). But I am curious to know how men carry their cash in Europe.

luv_the_beach
luv_the_beach's profile picture
Eurotripper
EurotripperEurotripperEurotripperEurotripperEurotripper
Eurotrip Points: 2028
Member: 193
Joined: 01/03/2007
User offline. Last seen 8 years 5 weeks ago.

yojimbo,

To be honest, I never really noticed. I think that both trifolds and bifolds are available in Europe. One thing for sure: wallets are wider to fit wider bills. US bills tend to be very long and narrow compared with euros (and compared with Canadian dollars as well).


beach-lunch-siesta-beach-shower-dinner-nightlife-repeat