Exchange money BEFORE we go ?
 

We'll be flying to Helsinki to start touring other Scandinavian countries. We plan to use credit cards as much as poss., but should we exchange $$$ before we go ? We'd need cash for small needs such as tips, city transportation, small cafes, etc.

The fees here to exchange will be very high. Why not wait and use the ATM at the airport when you land? You'll probably ge the best exchange rate that way.

Hi Jenny (with-a-y):

I'm pretty sure you'll find that the general consensus around here is to wait until you arrive at your destination before you exchange any money. However, if you put something like Exchange money or something similar into the search box at the top of the main "travel talk" page you'll find a ton of stuff on that topic.

Good luck and have a great trip!
Jennie (with-an-ie) :)

I get my money here from my bank before I go. The exchange rate is the same as at an ATM and there is no fee for preferred customers--check with your bank. Main reason to do it ahead of time is convenience--I used to wait till I arrived at my destination but it's just easier to do ahead of time.
And I agree, use credit cards as much as possible.

jenny:
Wait untill arrival. But be sure to call your credit card company before you go and give them your dates of travel and destinations.
John

Unless Rachel has a very generous bank, it is doubtful that she is getting the same exchange rate in the US, as she would get from an ATM in Europe!
Most posters will advise one of two ways:
*Wait until land and hit an ATM at the airport.
*Get some euro here, say, $50 worth, for your comfort and convenience when you first arrive overseas, and then use ATMs for the rest of your trip.

The mani point is - DO NOT exchange money anywhere. Except for maybe a few euro you can get from your bank or at the airport before you take off. In Finland, get cash as you go along from very common ATM machines. No matter where you exchange money (whether it is currency or travelers checks) you will get a much worse rate and it will cost yoy - plus you would have the problem of carrying a lot of cahs around with you.

I don't know what Rachel is thinking - her bank might not charge her a fee, but she is likely losing 5% to 10% in the exchange rate from her local bank. I am not aware of any US bank that does not jack up the exchange rate.

No American bank I'm aware of does even its best customers any favors when it comes to exchanging currencies. Not even the big international exchange companies like Ruesch do - if you have an account with them, you'll get a good rate, but not as good as the ATM rate.

That said, I've arrived at enough airports with broken ATM machines or long lines at the machines that I always bring some currency with me - enough to get a cab ride into the city, buy a few provisions, and get through the first day. I don't care to spend my first few minutes after an all-night flight worrying if I can get enough currency to get into town. I usually bring about $200 worth, then use ATMs and credit cards from thereon out.

I agree with StCirq and I handle this by always bringing a bit of currency back with me to have ready for the next adventure. Much to my chagrin, I see that my 140 Euros has appreciated to $165 U.S. dollars, as of today.

Most Credit card companies charge a 3% fee. See the following NY Times article:
http://query.nytimes.com/search/arti...tures%2fTravel

Hi yeadonite,

I believe that you are referring to the exchange rate fee added to a credit card purchase. This is different from getting money with an ATM card. European banks give a better exchange rate than US banks and don't charge fees.

Your local bank will probably charge a fee.

Ira,
Yes you are correct. In enny's first email she said she was going to use credit cards I think the ATM is a better optiondon't you?

I would do like StGrg suggests, except I would exchange only 100 dollars to euros before leaving home. There are several ATMs in Helsinki airport, but like all airports, it is not a small place. Nothing like the huge airports, but still a big place if you are looking for something. Taxi from airport to City center costs about 40 euros (price depends of the time of the day). And in Helsinki there is an ATM in every block. You can use a credit card when you pay purchases, pay in a restaurant, and also in a taxi (so you could pay also the airport taxi with a credit card).

Because Finland is the only Nordic country using euro, you can avoid multiple exchages (dollar-euro-kron) by withdrawing money from ATM only when you need it. And the remaining euros you can spend in the boat to Stockholm. And in the harbour walk to the ATM and withdraw krons.

yeadonite,

Elina says it all.