Money Matters in Amsterdam

Money Matters

The price tags in Amsterdam are considered reasonable in comparison with those in main cities in neighboring countries. Good value for the money can still be had in many places, and as a tourist in this Anglophile country you are a lot less likely to get ripped off in the Netherlands than in countries where English is less-widely embraced.

ATMs

The Dutch word for ATM is Pin Automaat; many locals call the machines simply "pin."

Currency Exchange

These days, the easiest way to get euros is through ATMs. An ATM is called a Pin Automaat, and you can find them in airports, train stations, and throughout the city. ATM rates are excellent because they are based on wholesale rates offered only by major banks. It's a good idea, however, to bring some euros with you from home and always to have some cash and traveler's checks as backup. For the best deal when exchanging currencies not within the Monetary Union purview (the U.S. dollar, the yen, and the English pound are examples), compare rates at banks (which usually have the most favorable rates) and booths and look for exchange booths that clearly state "no commission." At exchange booths always confirm the rate with the teller before exchanging money. You won't do as well at exchange booths in Schipol or rail and bus stations, in hotels, in restaurants, or in stores. To avoid lines at airport exchange booths, get some euros before you leave home.

GWK/Grenswisselkantoren is a nationwide financial organization specializing in foreign currencies, where travelers can exchange cash and traveler's checks, receive cash against major credit cards, and receive Western Union money transfers. Many of the same services are available at banks, and cash can be exchanged at any post office.

Exchange Services

International Currency Express (888/278-6628 for orders. www.foreignmoney.com). GWK (bureau de change) (0900/0566) branches are near railway stations throughout the country. There's an office at Amsterdam Schiphol Airport (020/653-5121). You can find a GWK branch in the hall at Centraal Station (020/627-2731).

Traveler's Checks

Do you need traveler's checks? With the easy availability of euros from ATMs, they are hardly the convenience they used to be. If you are going that route, traveler's checks are best used in Amsterdam and the cities of the Randstad region, not in rural areas and villages (where they may be hard to cash; in fact, you'll want to have cash handy, as even ATMs may be hard to find). Of course, lost or stolen checks can usually be replaced within 24 hours; to ensure a speedy refund, buy your own traveler's checks -- don't let someone else pay for them, as irregularities like this can cause delays. The person who bought the checks should make the call to request a refund.