Interesting to hear everyeone's take on this subject. Thanks for your input!!

I don't think there is a misunderstanding. You said "Take a lot of euro from U.S". And then you said "OF course many people don't want to have lots of euro/cash with them,,,,. We aren't out late at night, though we do walk interesting streets....just hold on to it.!!!
To each his own~~~OK? just sharing what my husband and I do."

Now you are trying to backtrack and say the opposite. You also don't seem to know how much it costs you to do this (much more than just using an ATM once you are there) and you don't seem to understand DCC either. Bad advice all the way around.

I could also walk around here in Canada with a load of cash and state how convenient it is to not have to go to a bank...but it isn't. If I can have all some of the same convenience of home while abroad, why would I not want to take advantage of it? And yes, costs have to figure into any choice, but dollars to donuts (or is that euros to pain au chocolats) it is cheaper AND more convenient to use ATM/CCs when travelling.

Some people also still use travellers cheques...that does not make it easiser nor better

Another reason to avoid Dynamic Currency Conversion, in addition to the less-than-advantageous (for you, it is great for the merchant) exchange rate: Your credit card issuer may still treat it as a foreign transaction and add its 2-3% foreign transaction charge on top of the figure you see on your receipt.
Check the fine print on your credit card terms, it probably defines a foregn transaction as "a transaction occurring outside the US" or something similar, not "transaction in a foreign currency".
When offered DCC, always say no thanks.

DCC means that they charge the thing you are buying in USD and not the local currency Euros?

disneymania4444: Yes

Dynamic Currency Conversion never comes out in your favor, so always make sure you are charged in the local currency.

Not only do you usually get a bad exchange rate, your credit card will also tag on a currency conversion fee - even though they aren't converting anything . . . .

I have used the Capital One CREDIT card - with no transaction surcharge...and (since it is not an ATM card) no ATM surcharge, and a great rate -- probably interbank rate or close to it.

It's great...highly recommended. Just remember to pay it off on time -- the interest rate is probably high (I'm guessing, becaue I never checked --- I only planned to use it in Paris and to pay it off immediately.)

SS

Two more things...

(1) Be sure to notify the card issuer of your impending trip, so they won't deny the charges.

(2) Be sure to take some Euros in cash with you (if you can) just in case you get to the airport and nothing works. We usually hold about 75-100 Euros from each trip for future trips. If that is not feasilbe, take a few extra cards for such emergencies, even though the rates and charges may be horrible.

SS

No matter what anyone says about arriving with lots of cash, it's both dumb and expensive. You've gotten good advice apart from that.

I have been taking my euros with me for a great many years. I do not consider it either dumb or expensive!

Most people go the ATM route. I do not. I stay for 6 weeks, perhaps, but take probably less than 1000 euros, as I use a Capital One card for most everything. I do carry other cards, too.

I carry a bank ATM card. Only used it once, when in Sarlat, and passed a machine and decided to see if it worked..It did!

I just don't like to be bothered with having to think about the need to going someplace to get cash! The small added cost for purchasing the euros in advance, is well worth the convenience FOR ME. It is the way that I prefer and will continue to do. I always come home with at least 100 euros.

It is whatever works for you and the way you prefer to do it. It is everyone's choice to make and should not be said to be "dumb" just because it does not agree with your way of doing it.

Joan

Practical advice for avoiding Dynamic Currency Conversion:

1. Look at your credit charge slip before you sign it.
2. If the amount you are charging is in local currency, sign it.
3. If it's in US Dollars, ask for the merchant to re-run the charge in USD. Go to 1 (but only once).
4. If they refuse, write the following above the signature line (don't be shy): LOCAL CURRENCY NOT OFFERED and sign it.
5. SAVE YOUR COPY.
5. When your credit card bill comes, decline the charge, and enclose a copy of your copy of the slip.

All card networks require merchants to offer local currency, so they should back-charge the merchant for whatever DCC they tried to get away with. If they don't, escalate.

<I>gracejoan3 on Jul 7, 09 at 11:03 AM

I just don't like to be bothered with having to think about the need to going someplace to get cash! The small added cost for purchasing the euros in advance, is well worth the convenience FOR ME.</i>

I think the inconvenience of having to think about the need to go someplace to get local currency in cash before traveling pales in comparison to the convenience of replenishing my cash every few days <I>whenever I happen to pass a bank ATM</i> in other words, I don't wait and be forced to find an ATM before my cash is depleted. I look at my cash situation from day to day and decide whether I need to stop at an ATM that day. I usually do so when my walkin'-around money is down to about a day's worth.

Robespierre,

You probably do as I did when in Sarlat and passed an ATM machine and decided to see if it worked. When passing one and it is convenient.

I think whatever works best for each is the way to go. None, is the ONLY way.....

Joan

Before we left on our trip last year to Scotland we phoned our bank and asked them to get us about 500 pounds in small denominations (because of our type of account we were not charged any fees). I took half and DH had the other half so in case one of us was robbed or lost our wallets we would still have some cash. About a week later we passed an ATM and got out more cash--didn't purposely look for it. We were going to be driving for the next 2 weeks and weren't sure when we would come across another ATM. Most of our trip we used our VISA and the odd time were able to use our debit card and in the end we had money left over so we just took it back to the bank for exchange. The Banks don't take coins back so this trip we will make sure we spend the coins as well as the bills. We will probably do the same thing before we leave on our trip to Paris.
When I went to Singapore last year I stopped at a foreign exchange kiosk that is in a local shopping centre here and got a few hundred dollars out--they charged a fee but if I returned anything of it I could get the fee back. In Singapore I used the ATMs all the time. I didn't have to worry about exchanging the money when I got back as my son who I stayed with, got the leftovers!

Thanks for all the advice. Certainly very helpful.

ssanders, I applied for a Capital One card just for the reason you described-to avoid that 3% foreign currency fee. I hope it get it in time.

I plan to use the ATM card for our cash out there. Hope it works!

Thanks again!!

You will appreciate the CapOne card. It should only take about a week to receive it...unless they have changed.

Do be sure that you call them and any other credit cards and your bank ATM card before leaving. You need to give them the dates of your trip and the countries where you will be travelling. If you don't do this, they may block your card the first time you use it.

It really doesn't hurt to call them twice, as they sometimes fail to note the details on your card.

Enjoy your trip...

Joan

StCirq...

I agree that one shouldn't carry "lots of cash", but a hundred bucks or so as backup cash (~50 for me and ~50 for my wife) makes sense to me. I do that even when I travel in the US.

SS

"<i>because of our type of account we were not charged any fees</i>" But you probably WERE charged an exorbitant exchange rate. And selling the currency back to the bank means you lost on the exchange again.

People who take lots of cash are not only wasting money, they have the added security issue of protecting that much currency.

So for those of you who think this is a good idea -- that is fine it is your money after all and you can do what you want w/ it. But please don't recommend it to others. They might follow your advice and that would be a real shame IMO.

janisj

Please note that I did not recommend it to anyone. If you noticed I purposely said that it was MY way of doing it...for many, many years and the way I will continue to do it.

Hard for me to believe that there are people who think that their way is the only way to do things. For me, where you stay, where you eat, how you spend your money is certainly not the business of anyone else. To each his own! It is not even nice to criticize someone because they do not agree with you. That is rude. People want to know how others do things, where they stay and where they eat. All kinds of different ways and thoughts about it all. Then let them make their own decisions on how they want to do it.....their way, their choice!

To simplify, fi I can travel and am able to manage my cash the same way tht I do at home, why not? I travel to the USA regularly, both for holidays and work, I would never think of buying a bunch of $USD before going, just as I expect no one coming to Canada would either. So why would Europe be any different?

I was in Ghana in 2005. In that case with the lack of bank branches especially ones to do currency exchanges, no ATMs, no CC network, it made sense for me to carry around hundreds of thousands of Cedis. In Turkey during 2007, I brought some euros and US$, couple of hundred of each. I had not researched at all the "financial system" of the country. In the end, used ATMs and CCs.

Carrying large amounts of cash would, to me, seem riskier, especially since I probably look like a tourist. Next year I may be going to South Africa, I'm thinking carrying cash there would be...unwise.