Handling Money on Tour

In Europe, the acceptance of credit cards are has increased over the recent years. Denmark and Sweden have gone almost entirely cashless, so you may not need to carry much local cash with you at all.

First off, the ATM is your friend! We recommend using ATMs for your cash needs rather than banks. Bank hours in foreign countries vary greatly depending on the country, town, cultural norms, festivals, siesta, people’s moods and a variety of other things that as a tourist you may never be able to wrap your head around.

It’s another fact that many banks in Europe will not readily be able to assist with exchanging non European currency you bring. Don’t bring your home currency with the expectation to exchange it into Euros at any bank. Larger and more touristic cities will have foreign exchange offices but they charge high commissions.

• Even though you may pay a fee for cash withdrawals, you usually get the best exchange rate using ATM machines for ready cash. In most cases, you can get cash at an ATM right at the airport after you land. It’s better to use your debit card instead of your credit card for such withdrawals as fees are usually lower.
• ATMs are also known as “bancomat” in many countries, among them Italy, Croatia and France, and are easily recognizable. You usually find them in bank buildings, some post offices, but also other, more public, locations like transportation hubs.
• Before you travel, check with your bank to be sure that your standard PIN number will work on foreign ATMs. We also recommend you inform your bank that you will be traveling.
• On our European tours, most towns and even smaller villages will have an ATM. Tour Leaders on tour can give you exact information on where to find them. On our South America Tours, you will find ATMs in larger towns.
• To give you an idea of frequency of withdrawals, most of our customers withdraw money two or three times during the trip.
• Note that Denmark and Sweden are nearly cashless and you likely won’t need any cash.

Most hotels, restaurants and stores accept credit cards, but it never hurts to carry a little cash around as well. Credit cards may not be accepted by smaller shops and restaurants, or for smaller purchases.

Types of credit cards

Chip & PIN

Europe tends to use the Chip & PIN type of credit and debit cards, meaning each “smartcard” contains a microchip that automatically authenticates the card with the use of a PIN at the time of any transaction.

Most credit and debit cards issued in the United States are of the Chip & Signature or the magnetic strip type. Some self-serve vending machines or kiosks such as those at train or metro stations, luggage lockers, toll booths and fueling stations may not accept the magnetic strip or the Chip & Signature cards common in the US. Having cash on hand for these transactions is advised.

Contactless payment

Contactless payment options are increasingly common in Europe. To pay, instead of inserting your card into a slot, you hold or tap your card close to a designated surface on the payment point and the information is transmitted. Cards that are enabled for contactless payments have a wifi symbol printed on them.

Transaction fees

Be aware that many credit card companies charge a foreign transaction fee – check your card’s policies before you leave home. Also make sure to notify your credit card company of your travels or enable card usage abroad to make sure your card won’t be locked. VISA is most commonly accepted, followed by Master Card and American Express.

The Euro has made traveling throughout Europe fairly easy, but it never hurts to know the current exchange rates for all the different locations you’ll be on your trip abroad. Oanda has a simple to use currency converter with current exchange rates, plus a wealth of other currency-related information.

VAT, or Value Added Tax is collected on purchases and is included in the price you pay, BUT there is a system that allows tourists to receive a refund. The refund process must be started before you fly home, and completed at the customs office in your departure city’s airport. VAT varies per country and sometimes per product. If you want more information on your VAT refund check out Rick Steves’ article, How to Claim VAT Refunds.

In Europe, and most of the rest of the world, commas are decimals and decimals are commas. One thousand units of an item is written as 1.000. For example, five euro is written as € 5,00.

When traveling through large transportation hubs, as in any large city, be careful of pickpockets and purse snatching. Do not wear valuable or showy jewelry and keep your wallet somewhere safe. Use common sense as you would in any large city.

Keep a watchful eye on your personal belongings; never leave your luggage unattended. It takes seconds for someone to steal your things. Keep important documents such as passports, licenses and money in a waist belt or passport holder around your neck, such as made by Eagle Creek or Osprey.

When traveling abroad, it’s always a good idea to have copies of important documents with you, as well as copies of your credit card and ATM card. Make sure to carry copies separately from the originals and leave one at home as well. Nowadays with smartphones and cloud storage, you may also rely on digitally accessible copies.