How can I keep my money safe during traveling? (and paying the less possible for transactions fees).
I'll be traveling to 4 different countries (Germany, Czech Republic, Sweden and Denmark, each one with their own currency) within Europe in a couple of weeks , but I'm not sure how can I bring money with me. Do the ATM's accept foreign debit cards? will this be more expensive, given the change of currencies? or is it better to change cash before my departure and carry it with me?
Reply to this Alex,
Welcome to Travelblog, and the adventure of travel.
I read a study a while back about the costs of obtaining funds. Both debit and credit cards use the interbank rate, which is the best available. Your institution will tack on a fee for the privilege; some are sneaky and hide it in the exchange rate. Even with the fee, the final cost will be cheaper than the spot rate for in-person exchanges except for small amounts. Keep in mind that using a credit card means the card company charges a commission to the merchant, which many will then pass on to you.
I believe most European ATMs will take foreign debit cards, but not all banks participate. Check with yours. Also, let them know you are traveling or the foreign withdrawals will be flagged as a security risk.
Once you have physical cash on hand, the safest way to carry it, by far, is a money belt under your clothes, the same place as your passport and other important documents. I tend to put a little bit in my wallet so its conveniently available, and replenish as needed.
Reply to this There is no problem with your ATM card in these countries (visa or mastercard), there are ATMs everywhere and it has never happened that my card has been refused. In Sweden, at least, everyone uses cards to pay nowadays, even for small things, there is hardly any cash around. You should check with your bank on the fees. With my bank it is cheaper to use the debit card for purchases, although there is a small fee there too, then to withdraw cash. I don't think you win anything by changing money, because there are always lot's of fees there too. I would not recommend carrying a lot of money around, there used to be travellers cheques which are much safer than but I don't know if they exist any longer.
Reply to this Yeah,you should have to use the master cards and ATM while you go for travelling,thats the way I don't need to carry much cash and never keep your all money in wallet.
Reply to this use one country debit cards to other country is really so expensive. You could create paypal pal account you easily withdraw your money any place of the word expect pakistan through Paypal online account.
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