Dollars, Euros, Visa, Mastercard, Debit card?????
Oct 23rd, 2006, 07:35 PM
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Dollars, Euros, Visa, Mastercard, Debit card?????
Just a few more questions...tying up loose ends before we leave this is regarding money. I am concerned about exchanging dollars to euros then exchanging euros to pounds. We are taking a 3 week trip to Ireland and Scotland should I take money..or charge what I can to two credit cards Visa and Mastercard ( which one is more widely accepted?) then pay the bill when we return or should I take our local bank debit card that is tied to our checking account here in the states and use the ATM as needed. And finally, what amount of "pocket cash" is recommended in liu of large amounts of cash.
Thanks for the help
chb
Thanks for the help
chb
Oct 23rd, 2006, 09:31 PM
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IMHO, I would take pounds for the UK portion of the trip and Euro for the Ireland portion of the trip. I would NOT change GBP to Euro. Every time you change currency you will be charged a fee.
Visa is the most widely accepted credit card. However, you will also be charged a fee when you use your credit card.
When I go to Europe my hotel is prepaid. I usually go for a week. I bring 200 - 500 Euro with me. Then I use ATM's. I try not to charge anything. My boyfriend likes to carry a lot of "walking around money". So he usually carries about $1000. But he does that here in the States as well as overseas.
Visa is the most widely accepted credit card. However, you will also be charged a fee when you use your credit card.
When I go to Europe my hotel is prepaid. I usually go for a week. I bring 200 - 500 Euro with me. Then I use ATM's. I try not to charge anything. My boyfriend likes to carry a lot of "walking around money". So he usually carries about $1000. But he does that here in the States as well as overseas.
Oct 23rd, 2006, 11:58 PM
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ATMs are your best bet. Quick easy access to money as you need it in the local currency.
Bring your VISA/MAstercards too as you may find them more convenient than carrying a wad of cash around for hotel bills/restaurants. They are both widely accepted.
You are never far from an ATM so you don't need to carry much cash around. If I'm out doing a 'touristy' day I'd probably carry about £50.
Bring your VISA/MAstercards too as you may find them more convenient than carrying a wad of cash around for hotel bills/restaurants. They are both widely accepted.
You are never far from an ATM so you don't need to carry much cash around. If I'm out doing a 'touristy' day I'd probably carry about £50.
Oct 24th, 2006, 03:44 AM
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Most credit/debit cards will charge a significant amount of money if you use them to get foreign currency. The only way around this is to make as few transactions as possible by drawing out as much as you can. Pay by credit card whenever you can as there is no extra charge for this (other than possible interest when you pay the bill).
North Ireland accepts pounds sterling as does Scotland. Euros Southern Ireland. If you get any NI pound notes, change them before leaving the country, even if going to Scotland. Be aware that there are very few change bureaus about in Ireland and Scotland. Banks and sometimes travel agents.
Tips: Take a telescopic umbrella and something warm to wear. Watch for (car) speed cameras in Southern Ireland, notably near Dublin. Buy some good maps.
North Ireland accepts pounds sterling as does Scotland. Euros Southern Ireland. If you get any NI pound notes, change them before leaving the country, even if going to Scotland. Be aware that there are very few change bureaus about in Ireland and Scotland. Banks and sometimes travel agents.
Tips: Take a telescopic umbrella and something warm to wear. Watch for (car) speed cameras in Southern Ireland, notably near Dublin. Buy some good maps.
Oct 24th, 2006, 04:25 AM
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This topic gets discussed a lot on this forum, and the advice is generally opposite what cheribob recommends.
Charge what you can. Even with foreign currency transaction fees the exchange rate is far better than buying Euro in the US and carrying it with you.
Do not bring any pounds or Euro with you, (unless you need local curreny somewhere between the arriving gate and one of many ATMs right down the hall). Exchange rate and fees to purchase pounds/Euro in the US is far worse than what you'll get over there. It's akin to buying a case of oranges in Chicago to carry with you on your trip to Florida - just get them there.
Do not exchange $US cash for pounds or Euro cash - poor exchange rate and fees.
Use ATM's to withdraw local currency for spending money. If you have leftover pounds on your last day, use cash to pay down your hotel bill, then charge the balance.
Do not use travellers checks - $US or Euro denominated. Bad exchange rate and fees to cash them as well.
If you can get tc's for free in the us, by all means bring several hundred $$ with you, but only as a backup. Don't use them, then simply redeem them 1:1 back in the US at your bank or local supermarket.
Charge what you can. Even with foreign currency transaction fees the exchange rate is far better than buying Euro in the US and carrying it with you.
Do not bring any pounds or Euro with you, (unless you need local curreny somewhere between the arriving gate and one of many ATMs right down the hall). Exchange rate and fees to purchase pounds/Euro in the US is far worse than what you'll get over there. It's akin to buying a case of oranges in Chicago to carry with you on your trip to Florida - just get them there.
Do not exchange $US cash for pounds or Euro cash - poor exchange rate and fees.
Use ATM's to withdraw local currency for spending money. If you have leftover pounds on your last day, use cash to pay down your hotel bill, then charge the balance.
Do not use travellers checks - $US or Euro denominated. Bad exchange rate and fees to cash them as well.
If you can get tc's for free in the us, by all means bring several hundred $$ with you, but only as a backup. Don't use them, then simply redeem them 1:1 back in the US at your bank or local supermarket.
Oct 24th, 2006, 04:45 AM
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To help reduce extra fees on our trip to Europe a few weeks ago, we obtained a Capital One Mastercard that does not charge a foreign transaction fee and also a Capital One checking account specifically for the trip that only charged $1.50 per ATM transaction. It worked well and saved some money. We got our cash at ATMS as we traveled. Many smaller lodgings, restaurants and shops did not take credit cards.
Oct 24th, 2006, 06:47 AM
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Avoid double exchange i.e., US into pounds then into euro. Try to get the amount you will need and use it up within that country (by purchasing ahead and taking with you, or withdrawing from an ATM after arrival).
Oct 24th, 2006, 07:06 AM
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Well, I guess it depends on how you feel about credit. We prefer to pay as we go and use the ATM extensively, only charging when absolutely necessary. If we have too much of a specific currency, we empty our pockets during the hotel bill settlement and charge the rest. We use Mastercard and have never had a problem.
Oct 24th, 2006, 07:52 AM
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There are problems with swapping money about just about any way you do it.
First, in Ireland, you can get euro notes from an ATM, but what does your bank stick you with in terms of ATM off net charges?
My bank allows me two freebies a month. Fortunately Barclay's Bank in the UK has a working agreement with Bank of America so that using my ATM at Barclay's is not treated as off net.
I would say use your credit cards as much as possible, but there are now two problems arising therefrom.
First, this ugly practice of dynamic currency conversion converts foreign currency into dollars and your account is charged in dollars. This sneaky practice almost always costs you at least 4% above and beyond what it should Refuse it!
Secondly, several credit card issuers, like Bank of America, stick you with a 3% conversion fee for all credit card transaction. This is a ripoff because the bank adds no value that I know of.
About the only credit card I know of that does not soak you with the extra fee is Capital One. For that reason, I leave my Bank of America card buried in my passport case and use Capital One for just about everything except for some car rentals. (I often use my AAA card for that because at Hertz I get 10% off. AAA charges 1%, but that may change now that Bank of America has taken over.)
If you find that you are stuck with extra euros when going to Scotland, spend all your coins. You cannot exchange them. Notes you can swap, but the exchange is very profitable for the exchanging office. (I got caught once with French francs when we arrived in Switzerland and found 40 French francs in bills tucked away in an inside coat pocket. I swapped them at a bank, but the fee was a big clip. I figured I might as well because the euro was a few months away from its debut and I had no plans to return to France at that time.)
As for debit versus credit cards, the best thing about credit cards is that you don't pay on the spot thus retaining the right to dispute any mistaken charges. That is the main reason I don't like to use debit cards. Otherwise, I have found that a debit card has sometimes worked in an ATM when my regular ATM card would not. That has not happened to me recently, but it did a couple of time a few years ago in small towns.
There are no recommendations on pocket cash. In Switzerland, Austria, and Germany I carry large amounts because the whole system is more cash oriented. You don't walk into a store, buy a lot of merhandise and then write a check for it. You either use a credit card or pay cash for what you buy.
If I have some folding money left, I can always find a way to spend it at the airport for reading material.
My personal strategy has been as follows:
First, I have two checking accounts. Being a senior citizen, I take advantage of the offers. Each account allows me 2 free off net transactions per month. I carry one debit card and two aTM cards to withdraw paper money from the aTMs.
Second, I carry a Capital One Master Charge card. I also have a Visa in card just in case.
Third, I have some US dollars in reserve in two forms: paper money and travelers' checks. Some of the checks have crossed the Atlantic 6 or 8 times.
Once I used a tc because the bank ATM was out of order, my train was leaving soon, and I wanted to make some purchases at a place that did not take credit cards.
With the Capital One card charging a very small fee, if any, I find that charging is a good way to go. I have a record of what I spend, I don't pay those clip artist fees, and I retain the right to dispute any charges that are in error.
First, in Ireland, you can get euro notes from an ATM, but what does your bank stick you with in terms of ATM off net charges?
My bank allows me two freebies a month. Fortunately Barclay's Bank in the UK has a working agreement with Bank of America so that using my ATM at Barclay's is not treated as off net.
I would say use your credit cards as much as possible, but there are now two problems arising therefrom.
First, this ugly practice of dynamic currency conversion converts foreign currency into dollars and your account is charged in dollars. This sneaky practice almost always costs you at least 4% above and beyond what it should Refuse it!
Secondly, several credit card issuers, like Bank of America, stick you with a 3% conversion fee for all credit card transaction. This is a ripoff because the bank adds no value that I know of.
About the only credit card I know of that does not soak you with the extra fee is Capital One. For that reason, I leave my Bank of America card buried in my passport case and use Capital One for just about everything except for some car rentals. (I often use my AAA card for that because at Hertz I get 10% off. AAA charges 1%, but that may change now that Bank of America has taken over.)
If you find that you are stuck with extra euros when going to Scotland, spend all your coins. You cannot exchange them. Notes you can swap, but the exchange is very profitable for the exchanging office. (I got caught once with French francs when we arrived in Switzerland and found 40 French francs in bills tucked away in an inside coat pocket. I swapped them at a bank, but the fee was a big clip. I figured I might as well because the euro was a few months away from its debut and I had no plans to return to France at that time.)
As for debit versus credit cards, the best thing about credit cards is that you don't pay on the spot thus retaining the right to dispute any mistaken charges. That is the main reason I don't like to use debit cards. Otherwise, I have found that a debit card has sometimes worked in an ATM when my regular ATM card would not. That has not happened to me recently, but it did a couple of time a few years ago in small towns.
There are no recommendations on pocket cash. In Switzerland, Austria, and Germany I carry large amounts because the whole system is more cash oriented. You don't walk into a store, buy a lot of merhandise and then write a check for it. You either use a credit card or pay cash for what you buy.
If I have some folding money left, I can always find a way to spend it at the airport for reading material.
My personal strategy has been as follows:
First, I have two checking accounts. Being a senior citizen, I take advantage of the offers. Each account allows me 2 free off net transactions per month. I carry one debit card and two aTM cards to withdraw paper money from the aTMs.
Second, I carry a Capital One Master Charge card. I also have a Visa in card just in case.
Third, I have some US dollars in reserve in two forms: paper money and travelers' checks. Some of the checks have crossed the Atlantic 6 or 8 times.
Once I used a tc because the bank ATM was out of order, my train was leaving soon, and I wanted to make some purchases at a place that did not take credit cards.
With the Capital One card charging a very small fee, if any, I find that charging is a good way to go. I have a record of what I spend, I don't pay those clip artist fees, and I retain the right to dispute any charges that are in error.
Oct 24th, 2006, 04:05 PM
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chb, I think you can get more useful info from this article titled "20 tips for using plactic on vacation":
http://articles.moneycentral.msn.com...nVacation.aspx
http://articles.moneycentral.msn.com...nVacation.aspx
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