Good Afternoon
We are going to Paris in a couple of weeks for a week or so. Flight, hotel, metro, train day-trip, and museum passes are already paid for. The only things left to buy are restaurants, souvenirs, etc. Would you recommend using credit cards (Visa & MC)over there or buying Euros here first. I know you get hit with a charge every time you use a CC, but not sure carrying a lot of money is wise. How do you guys do it? Thanks again for your help.
Shrink

Use your ATM card.

I just use my ATM card for cash. I always save for my trips and other than for shopping, I like to pay cash for my meals and such. I have what I need in a couple of checking accounts and usually get cash every few days from the ATM. Because I DO like to pay in cash, I usually take a chunk when I use the ATM, it cuts down on charges if there are any. I don't walk all over the place looking for the ATM with the "best rate".

Tell your bank, up your limit, find out THEIR charges...

Is this not in Rick Steves?

Thanks guys........really appreciate it.
Shrink

Hi Shrink

I suggest taking a few euros with you, perhaps $100 or so (of course, that would be less in euros). This will get you started on your journey for such things as cab or metro or RER fare. At the airport, assuming you are flying into CDG, look for the ATM machines. Credit or debit cards work in ATM machines just like at home, as long as you have a four digit PIN number. Check with your local bank prior to departure. Tell them you will be in France, the specific dates, and you might want to also ask to have your daily withdrawl limit raised. My $200/day in dollars will not buy much in Paris. Oh, leave the American Express at home Exchanging all your dollars into euros prior to leaving is much more costly than getting from an ATM.

We carried a couple of hundred euros in a money belt. If you are with a male companion, you can find belts with zippers on the inside. You can fold up euros or dollars, they are safe from theft. Also, check into a money belt that you can wear around your waist or neck, hidden under clothing. You can buy these at about any major store, including Walmart and Target. I suggest taking at least two credit/debit cards, and if more than one traveler, they should carry cards as well. Unlikely, but one never knows if a machine decide not to spit your card back and you have to wait the weekend to retrieve from the bank. Cards can be kept securely next to your body in your money/neck "safe" and taken out only when you need to make a purchase or withdrawl.

We used ATMs at local banks. A lot of times, the ATMs are on the outside of buildings, built into walls. You may be walking down the street and see the ATM. Make mental note and return when funds get low.

Bon Voyage!

Hi S,

Charge whatever is chargeable and use your ATM card for when you need cash.

Enjoy your visit.

Is it true that you must have a pin number with only 4 numbers? I thought I read somewhere that longer pin number is not a problem anymore.

I wish the money plastic usage situation was as simple as one might think. Here is why.

Basically, if you use your bank card in Europe, the exchange rate is the interbank rate plus 1%.

Unfortunately for the user, some banks, Bank of America being one of them, charge a flat fee of about $5.00 if you use your ATM card OFF NET, i.e. you go to a bank machine that is not owned by an associated bank.

In Paris BNP Paribas is associated with B of A. In the UK, the associated bank is Barclays.

Therefore you need to know the fee situation before you use your bank card in a bank machine.

Now, is it cheaper to buy euro here or there? In my experience, NO. I have paid about 6% above the interbank foreign exchange rate every time I have acquired foreign currency from a financial institution in the US.

Travelers checks are NOT recommended because they are not easy to use in most of Europe. You pay to get them if in a foreign currency, and you may pay to convert them to cash regardless of the original denomination. Some say there is "no fee" for travelers checks. This statement is not fully accurate because the exchange rate you get is usually worse than 1% you pay for getting cash with a bank card.

If you take US $$ to exchange, you will also get a less favorable exchange rate than if you use a bank card.

I might add that the "cambios" at airports are very expensive places at which to exchange money. I have seen rates as high as 10% against the customer relative to the interbank rate.

Now lets look at credit card use.
B of A is again an example because I have its pieces of money plastic. B of A charges 3% of the transaction amount as a "conversion fee." Normally the base exchange rate is the interbank rate and the 3% is added on after the conversion to US $$.

OK how to avoid these charges.

For a credit card, I use Capital One. So far, I have paid only the interbank exchange rate. I have figured up the exact rate a few times and so far if Capital One is charging me even 1% I cannot detect it.

For spending money, I carry two bank cards: a Master Card debit card issued by a local credit union and a debit card issued by Fidelity Investments. The credit union charges me 50¢ per withdrawal. So far, Fidelity Investments has not charged me for withdrawing money.

As a general rule, banks in Europe do NOT normally add on anything for using their machine. Any charges for accessing your own money will come from your bank.

As the old saying goes you pays your money and you takes your choice.