I prefer having local currency when I arrive.

However, I just checked the currency counter at our local tourist mall (South Florida) and was appalled that the rates are 20-25% more than the official rates.

Is this normal and can anybody give me any suggestions about where in the US I can do better? Possibly is it Czech and Hungarian currency that they charge so much for.



I don't like to carry an ATM card. I use a credit card when ever possible and cash when I can't.

Do most places in the Prague and Budapest accept credit cards (VISA)?

Change your ways, and take an ATM card with you and get local currency at either Prague or Budapest when you arrive. Most convenient, and generally cheapest.

A lot of places do take credit cards in both Prague and Budapest. The less expensive restaurants that cater to a more local clientele are more likely to be cash only. The best way to get cash is from a local ATM. If you insist on not using a local ATM you can change US (or other) cash for crowns and forints and many places in Prague and Budapest. Shop around as rates vary.

<i>&quot;However, I just checked the currency counter at our local tourist mall (South Florida) and was appalled that the rates are 20-25% more than the official rates.&quot;</i>

Yes, of course. That's how they make their money. We don't <i>need</i> foreign currency here in the U.S., so if you want it you'll have to pay for it. That's not to say that you can't get a better rate on foreign currency- in fact- I'm willing to be that you can if you visit a bank. However, even if you exchange your money (i.e., purchase foreign currency) abroad, the rates aren't the best and you generally get slapped with a commission.

All in all, if you want the <i>best</i> rate, then use your ATM card abroad.

In Budapest, I'd recommend you change a little bit of your USD at the airport. Just a little bit, mind you, as the rate may not be the best to be found in Budapest but it will be better than what you will pay in the US. There is a very convenient Bureau de Change located in the baggage claim hall. If that isn't open when you arrive, then there's another one in the arrival hall.
My experience has been that the offical money exchange marts give you the best rates in Budapest and there are plenty to be found on streets across the city. The lighted digital currency exchange screens/boards displayed in the windows give you a current exchange rate which you can easily compare to banks and hotels as you walk around. I never paid any service fees at the exchange marts either.

Another alternative is to buy Euros in the US and take them with you. Euros - in addition to the Hungarian Forint - is acceptable at many locations in Hungary in preparation for full adoption of the currency.

Apologies...in re-reading my post I was not clear that I meant Budapest Ferighey airport where to change a small amount of cash.

Well, now considering th ATM thing.

Didn't I read last year there was an issue with some cards working and others not?

Something to do with the number of digits in the id or something like that? Can't remember.

Please enlighten. Thanks.

Myer- two rules of thumb -(1) you will need a four-digit ID and (2) you generally cannot withdraw money from a savings account - only a primary checking, so move your money over to that account before you leave.

Welcome to the world of foreign ATM banking. =D&gt;

From our experience in June, adeben and
Gavin are exactly right. There are money exchange places all over and credit cards are widely used. Tourist, they know you are coming1

Enjoy!
ozarksbll

I've used ATM cards for every trip to Europe in the last few years - including Hungary - and never had any major problem. Once an ATM rejected my card in France, so I went to another ATM across the street and it worked fine. In the past I've taken Amex traveler's checks with me on trips as a backup, but on my last trip to Europe I didn't bother.

Contact your credit union or bank before your trip and ask about using international ATM machines. Yes the 4-digit PIN is a good rule of thumb, even if that may not longer be an issue.

By the way, US dollars are often accepted around the world in lieu of the local currency, even if you won't necessarily get the best exchange rate in the transaction. Having some US dollars with you, maybe $100 in $20's, isn't a bad idea.

Andrew

In the tourist part of Prague there are a few ATMs, but banks aren't as ubiquitous there as in other cities. There IS one directly opposite the Astronomical Clock in the old town square, plus a couple of others around. If you need cash, I suggest you don't wait till the 'next' ATM assuming there will be another right around the corner.

There are loads of money changing places that'll take your $20 bill, charge you a couple $ service fee and a bad rate, and give you a pile of Czech money if you need local cash in a pinch. Plus, many shops quote prices in Euros as well as CZ crowns.

How are you arriving in Prague? At the Holesovice train station (from origins in Germany) there was no ATM (at least not obvious), but several change bureaus open even late at night. I was fortunate to have some crowns in my pocket from a friend for the subway, else I'd have had to bite the bullet and pay to change cash.

The airport is definitely more modern, international traveller friendly - I flew out of there so I wasn't looking for bank or ATM, and therefore I can't commment.

The trick in finding the ATMs at the Prague airport is that you won't find them until you get out of the baggage claim area, near the exit to the street. Some tourists panic when they see change desks but no ATMs inside the baggage area, but surely that's a tourist trap to snag weary tourists into expensive currency exchange. Don't worry, there are ATMs at the Prague airport!

Andrew

In our four trips to Europe in the last five years, I've learned not to be concerned about currency exchanges whatsoever.
On the first of the four, heeding Fodorite advice, I took $500 + ATM card. Deplaning at Frankfurt, used an ATM...didn't work; went to another, it worked, turned out the first was out of money.
Since then, I've taken even less cash, and not once had a problem with ATMs, and certainly had no trouble locating one. It seems like no matter where we go, there's one within 2 blocks walk..
usually less. If you're skeptical of this, there's a website (each) where you can find the location of an ATM whatever the city. When I saw that even Bardejov, Slovakia had several ATMs, I decided I'd never again need a traveler's check or visit a currency exchange.
Particularly for non-Euro countries in Europe (such as CZ, HU, SK), there are places outside the large metro areas which only take local currency, and it's more convenient as well as economic to just use an ATM. If I were ever robbed, it would be easier to lose one day's worth of money than to lose a whole fistful of currency.

Beware of extra charges from the US just to use ATM and credit cards internationally. Call your financial office and get the rate before you go.

The 3% add-on to credit card withdrawals (as opposed to bank ATM card withdrawals) is small potatoes compared to what banks and currency exchanges charge.
Be sure, however, that IF your bank charges $3 or so on an ATM withdrawal on another bank (even if it's on the same CIRRUS network), that you withdraw a large enough amount that the $3 is a small percentage of the total.

All credit cards have different fees for international use. Citibank was 3% (and therefore, never used on my last trip). American Express - not always accepted - 2%. My Credit Union's Visa was only 1% (the fee charged by Visa not the CU) so that's the card I used almost everywhere. I found that on my recent trip to Czech Republic, Austria, Hungary, and Great Britain, I was universally charged a 1% fee for ATM withdrawl - not sure if that was imposed by my CU or by the local banks. I did not check with my CU beforehand about avoiding the 1% fee if that were possible. I wonder if other banks actually break out the fee or just roll it into the exchange rate?

Andrew