The topic of exchanging money on a budget trip invites a lot of reader comment. Lots of people have had experiences--good and bad--with exchanging money as they've traveled in another country.
What follows are some tips from readers. If you have something to contribute, click on the link at the bottom of this page.
"When we travel, I get no less than $300 in foreign currency before we leave home. Europe has holidays we never heard of here (in North America) and their banks close at these times. Also, most banks close early on Fridays and do not open until noon on Mondays. Most tour operators do not give you time or opportunity to find an open bank in order to exchange any travelers checks. ...Many times we are dumped out at the airport in the night hours when everything is closed and have to pay for a taxi, bus, or subway into town." ~L.K.
"Before heading to Austria and Germany last fall, my husband and I were told by several people (including AAA) that we didn't need much cash because just about everyone takes credit cards. While this is true, beware, because we found out real quick that they only accept your card if you spend a minimum limit. This may be as small as 10 Euros in large stores, but could be 20 Euros or higher in smaller, family run stores. We found no shortage of AMEX offices in Austria and Germany, so you can take some as backup, but I strongly recommend taking cash, an ATM card, or a credit card with a pin number." ~K.N.
"Do not take AMEX travelers checks to Spain. They don't accept them anywhere. All you can do is exchange them at AMEX offices and the BBVA banks. I took them and had no luck. Credit Cards and Debit Cards with the VISA logo (are) accepted almost everywhere." ~T.M.
"I'm trying to make sense of something that happened to me in Barcelona the other day. It was Sunday and my credit card (wasn't) working, so I had to go to Las Ramblas to change money in a booth. Having little time or choice, I flung the money over the counter, and was charged 18% commission. The nice man said this was not daylight robbery, it was a fee imposed by the Bank of Spain. Same difference if you ask me. This fee did not apply in the hotel, where money changing services were for customers only. Lesson learned. Don't try to change cash in Spain."~M.S.
"Be careful to exchange your money on a Friday, as banks and money changers (such as in every city in Mexico) may be closed Saturday and Sunday. ...Instead of an ATM card, carry enough money for the entire trip in a money belt worn under your pants. ATM cards can be stolen, and in Mexico, there have even been tales of kidnappings where the thugs kept the victim for days because the daily withdrawal is only a couple hundred dollars. Also, the machines may not give you the prevailing exchange rate, or they may even refuse to return your card." ~J.M.M.
"If you need one currency, I have found the best exchange (for EU) in Berlin is to take an American Express Traveler's check and exchange it at the American Express office. This might also work for the other countries. Hotel exchanges are usually the worst." ~SuSu
"I traveled to Turkey last year and did not bring much cash because I was planning to use my ATM card to get cash in the local currency. To my surprise I couldn't do this at the airport because my bank detected the use of my card in a foreign country and put a lock on it. I had to call my bank and tell them it was legitimate. Be sure to call your bank before you travel to give them warning and call them again upon return to reinstate the security measures." ~J.C.
"European ATMs will only work with a four-digit PIN. So change yours before you leave home if you have anything but a four-digit PIN. The key pads in (European) ATMs typically only have numbers; they do not have letters as you'll find on (North American) ATMs, which mimic the key pad on a telephone. So if you usually remember your PIN by a word or name, make sure you remember the corresponding numbers.
In addition to letting your bank know that you that you're heading overseas, ask them to waive their fee for ATM money transactions. ~E.W.
