nandgexperience

This is probably going to sound like a really stupid question, but can someone tell me WHY the ATMs in Europe give you a better exchange rate than if I took out money locally (I'm in Vancouver) at a currency exchange place?

For example, my currency exchange is selling Euros at 1.394000 today. That's with no fee. If I were to take out money in Europe, my bank would charge me $5 per transaction and there's a limit of $500 (CAD) daily per transaction and a $1000 limit per week. So the exchange rate in Europe would have to be a lot better than 1.394 in order to make it worth it to take out money from ATMs there.

I'm just interested in knowing the logic behind it, can someone please explain?

november_moon

I think that the reason that exchange rates are less expensive when you take local currency from the ATM than if you exchanged actual cash is because when you use the ATM, no one has had to actually handle your cash conversion. All the conversions are done electronically. However, if you go to your local bank and get Euros, someone has had to procure those Euros, transport them, account for them, etc. That costs money. Same thing if you took CAD to Europe and exchanged them there for Euros - someone would have to handle your CAD.

For your bank imposed ATM limits, you should be able to raise or lower those to fit your needs.

hetismij

One quick question - do you have health insurance? Even if you don't insure any other part of the trip you need health insurance. Your own may cover you abroad, but it may not. Do check that!

bmw732002

NOTE: Not sure if this is still the case but I think you need to have a 4 digit passcode for ATM's in Europe! Maybe some better ATM expert can chime in here!!!
-john

suze

I can't explain the logic, I only know it's true. Using your bank debit card at a bank ATM machine gets you the best rates (over exchanging cash at an exchange service either at home or in europe).

You can exchange at home before the trip if it makes you more comfortable to arrive with local cash on your person, but you do pay more for the transaction (typically both fees and lesser exchange rates).

My best tip is PACK LIGHT. You do NOT need as many clothes as you are planning to take! 2nd best tip, take several pairs of *comfortable* shoes.

ParisAmsterdam

courtneyclv,

Bad news on that all in one universal plug adapter...

I have one I now leave at home. Some sockets
(in France especially) are recessed and the large diameter barrel won't allow the prongs to fit. Buy a couple of cheap 2 prong adapters to be safe. Simpler is usually better!

Rob

StCirq

Ditto on the universal plug adapter. It hardly worked anywhere I wanted it to.

Andrew

Most people posting advice here (including me) live in the US and do not have access to a cheap "currency exchange" like you seem to have access to. My best bet for exchanging currency before I leave the US for Europe is a Thomas Cook agency - which would I assume give me a lousy exchange rate.

By contrast, my credit union allows six free ATM withdrawals per month and the ATMs in Europe do not seem to charge any fee. The only thing I pay to use an ATM over there is a 1% conversion fee imposed by Visa. But if I had access to cheap currency exchange here - cheaper than 1% - I'd certainly use it.

suze

True enough, I just assumed I was giving advice to someone from the U.S.

texasbookworm

And have you checked into your Credit Card's rates? Most tack on some % fees for all overseas transactions. My Capitol One does not, so we use that one for overseas transactions. I think there may be other options for credit card providers that don't tack on those fees--maybe someone with more current info will comment here. If you don't have a credit card that charges no fees, you might want to look into that. It could save you a bit for no money and little hassle. You may be using cash mostly but probably not exclusively so may want to have a financially beneficial (or at least not financially hurtful) credit card.

muskoka

You will have your Blackberry with you. Take photos of your passports, credit cards, valuables, etc. You will not need to carry paper copies with you in the event of a loss. Download all of the above at home and keep a copy on your Blackberry.

nandgexperience

I wonder then, if the better ATM conversion rate is better for Canadians Unfortunately we don't have access to a great no fee credit card like capital one. All the credit cards (at least the ones I've seen) have at least a 2.5% fee. It would be interesting to see what exchange rate you get on a particular date and then compare it to the one at home.

Sorry for hijacking your thread OP! =)

Andrew

nandgexperience: <i>Unfortunately we don't have access to a great no fee credit card like capital one. </i>

I personally think Capital One is a terrible company (long story) and wouldn't dare get one of their credit cards. I'm very satisfied paying 1% on my Credit Union Visa.

kfoster2047

Take an extra camera battery - and carry it with you every day! Otherwise you can guarantee your battery will die at exactly the wrong moment.

JillDavis

Charles Schwab debit and credit cards do not have foreign transaction fees either...

Berlin1

Hi, I've been living in Europe for about 14 years. The above advise is good: can't say anything about the ATM fees because I have a local account. Just take out some Euros at an ATM and pay the fee: you will be taking out so little in the long run the small charge is no bother. I suggest you call your CC company and ask them to reimburse any fx fees: you will get dinged about 1-3%. If you are a long time customer, maybe they will cut you some slack afterwards. It has worked for me.

As for shoes, yes, no rain boots - I have some and never wear them. Just no tennis shoes please. Ditch any bright clothes, and do not bother about wearing stuff a lot. Wear your hair back or down and stringy, no fussy do's. Nobody here will ever see you again. And they are not all that chic themselves, esp. A'dam.

Bring plastic bags for stuff, they are good to separate and keep things dry and have on hand for wet stuff. Bring some of those wet wipes, a small pack or single wrapped. Esp if you are anti-germ, most bathrooms in restaurants only have cold water and many don't have soap.

A small bag to keep your wallet and camera and lipbalm, etc might be worth considering: a lot of museums make you give up your big day bag/backpack and you go through the museum with no bag. Having a small bag or sling may get you through.

At least in Germany, you are allowed to order tap water and they must serve you and not charge. Order it. You will be a "cheap American" but so what? The water in most big cities is drinkable, fine, and free.

DO NOT overtip and do not let them tell you there is no tip included. It is. Round up to the next Euro or 2, or 5, if the bill is around 100Euro.

Rob is right on the 2-plug thing. Bring a couple, and ask at hotels, they often have them. Also ask for a hairdryer if there is not one in the room. Usually available.

Learn the 24 hour clock, practice reading train tables before you go, learn the words for "men" and "women" in all relevant languages, practice speaking softly. Read up on some things you want to see before you go, you will appreciate them better. Best if you know religion.

Have fun.

whoknew

Forget the rainboots. Think about ditching the umbrella. It's amazing how many sidewalk umbrella sellers appear when the rain clouds gather. I bought a cheap 3 Euro umbrella in Rome when the useless travel umbrella I bought at Target broke as soon as I opened it up. The umbrella doubles as a cheap fun souvenir. (I'm easily entertained.)

Safety pins and a small sewing kit (needle, thread, a couple of buttons)are necessary for me.

I second the idea of a good swiss army knife or something similar. I forgot this on my last trip and really missed it.

A pair of slippers or slipper socks for the hotel room. I simply cannot walk barefooted in them. Cheap handiwipes to wipe down the doorknobs, telephone, tv remote control when you get into the hotel room. These are rarely cleaned and are handled the most. (I used to work in a hotel)

Contact your banking institution and see if they will raise your daily withdrawal limit from your ATM while you are on your trip. You can withdraw more money at a time, reducing your ATM fees. Also, make sure your money is in your checking account, as you cannot generally withdraw from your savings accounts from a foreign ATM. Think about giving a trusted family member temporary written authorization to do banking or other transactions on your behalf in case of some emergency. I give my Mom a copy of my passport, credit card info and itinerary and notify my credit card companies and bank in writing that she has permission to act on my behalf. That way all I have to do is call Mom with one phone call instead of trying to call half a dozen places (I love my Mom!). Not that I've needed it....yet

Most of all, remember that you can buy just about anything you need or forgot to bring once you are there..it's part of the fun. Enjoy your trip!

irishface

I agree with the advice about plastic bags. (Keep one in your pocket for grocery purchases at street markets or grocery stores.)One dumb thing I stick in is a plastic lid from something like a margarine tub or a raisin box. It makes a good plate for cutting juicy stuff like fruit, tomatoes, etc or things like bread or cheese. The little rim contains the juice. It means you don't have to put your food down on potentially germy surfaces and at the end of the trip, you pitch it.

Have fun!

The boots were the first thing I noticed that I thought you could ditch as did many others. Also the umbrella. I have a fair number of souvenir umbrellas from Europe.

lavandula

I don't agree about the umbrella if you are visiting Belgium; it rains very frequently and I have never noticed umbrella sellers on the streets in Brussels, although obviously you can pop into Hema or Blokker and buy a cheap umbrella. I do agree with the principle of less is more, though - take less and free yourself up to buy more that you need once there.

Lavandula