Multiple currencies needed - which is best?

Take just 100-200 hundred in local currency for taxis ,incidentals ie . euros are the best in the Baltic;)

Best to use only credit cards with a chip & NO foreign transaction fees like a Capital One credit card & some Citi Bank credit cards have no foreign transaction fees .discover card also has no foreign transaction fees ;but ,it is not widely accepted outside the USA

We get cash back on our Capital One credit card 1.5% & it has no foreign transaction fees . We used it all over the world as it is a visa Credit card:D

How on earth can you travel for any length of time without using foreign ATMs for cash withdrawal, or credit cards for cash advances?

 

About 1 or 2 days in Europe.

 

We have been travelling in Europe and Asia for years. Never a problem using a foreign ATM. You will NOT be responsible for fraud.

Too true which is why I use my credit card for cash.

Be careful of using credit cards for cash. In many cases, interest starts immediately and most credit cards have an exorbitant (+/- 20%) interest rate on cash advances................

Yes they have a high interest rate, but if you withdraw $100 @ 20% from an ATM it will cost you 5 cents/day in interest charges. Pay it off as soon as you get home the interest will be negligible. It is more important too have a card which has zero foreign tranaction fees.

HAL Visa card has no international transaction fees, so does Capital One. I also have a Capital One debit card that I load before travelling which also works well. ;)

Be careful of using credit cards for cash. In many cases, interest starts immediately and most credit cards have an exorbitant (+/- 20%) interest rate on cash advances. I, too, have used my debit card around the world to get cash. The only time I ever had trouble was right here at home. The credit union where I bank took care of it right away and I lost no money.

Before leaving home we transfer some money to one of our credit cards. This puts the card into 'credit'. We can take cash advances without incurring any interest. We have been doing this for years.

I think that buying euros to convert to rubles is a bad idea, you get hit with exchange costs twice. Use credit cards where you can, withdraw foreign currency from an ATM with your debit card if you need to.

Hi all

 

We are booked on a 19 day cruise touring the Baltics and Scandinavia - namely Germany, Russia, Estonia, Finland, Sweden, Denmark and Norway. Unlike other parts of Europe the euro is not widely used and most of these countries use their own currency. My question is, what would be the best currency to carry / use in order to exchange to local currencies when we visit each of these ports?

 

We are Australian and the Aussie dollar is quite strong at the moment - although the Budget that was handed down last night might change that ;) - so that is a thought. Or is it better to carry either USD or the Euro?

 

Thoughts?

Get yourself a Citibank Plus debit card, load it with your own money, no withdraw charges at ATMs and no currency exchange charges, used it for years all round the world. Love it

Before leaving home we transfer some money to one of our credit cards. This puts the card into 'credit'. We can take cash advances without incurring any interest. We have been doing this for years.

Most card providers are not keen on large positive balances on credit cards. There is the possibility that they will return the money to its source or even worse freeze the account on suspicion of money laundering. There would appear to be little benefit of doing this for a foreign holiday as the cash advance interest charges are so small if the cash is repaid as soon the holiday concludes. Most zero transaction fee cards use the visa conversion rate which is about 2.75% better than what any bank will give for foreign exchange.

I withdrew £1000 from various ATM on our recent cruise, on my return I contacted my credit card company and repaid £1008.54 three weeks later. The added protection you have when using a credit card over a debit card is significantly better and less risk to your well earned savings.

Just got off the Baltic run.Before we left, figured $60 bucks a day each (tours

In each port already paid for). Went to bank, and bought this amount in

Each currency. It worked out fine. Came back with $13 worth of Rubles. We

Had extra pounds, because we stayed in hotel precruise So H. Used a lot

Of euros and Krone. Try the per day estimate, with corresponding port

Currency, it worked for us. Had bad experience with C card in Europe, do

Not use them there anymore.

Had bad experience with C card in Europe, do Not use them there anymore.

What sort of bad experience? Was the CC refused? Skimmed??

I have read all the comments about different currencies for the Scandinavian countries and Russia, as well as the Euro in Europe.

I have also seen the comments about security of credit cards and the need for cash.

My wife and I will be on a Baltic cruise next year.

My thought was to take Traveler's Checks for the majority of my anticipated cash needs (and mad money), along with some Euros (because I can get them without charge) in case I need them.

My credit cards will then be for purchases where cash is not needed.

For those of you who have had experience with this, shouldn't this do the trick?

Thanks.

I have read all the comments about different currencies for the Scandinavian countries and Russia, as well as the Euro in Europe.

 

I have also seen the comments about security of credit cards and the need for cash.

 

My wife and I will be on a Baltic cruise next year.

 

My thought was to take Traveler's Checks for the majority of my anticipated cash needs (and mad money), along with some Euros (because I can get them without charge) in case I need them.

 

My credit cards will then be for purchases where cash is not needed.

 

For those of you who have had experience with this, shouldn't this do the trick?

 

Thanks.

Most places do not want travellers cheques now.

The good thing about them is that the ship will cash them (USD) at no charge so, yes, you can cash them but they won't give you the currency of your choice.

Traditionally the ships will have some of the currencies but it's not something you should count on nor is it guaranteed. (not to mention the exchange rate).

Otherwise, yes, it should work.

Traveler's Cheques have to be in a particular currency, US $, Euros, Sterling. How will that help in a multi currency situation, it will cost you more in extra conversion charges. Travelers Cheques are the worse choice, many places don't even accept them today. Security risks are too high even if you can find somewhere to cash them.

Not only are Travelers' Cheques not accepted many places (and then only in major cities like Paris or London) but if you cash them at the purser's desk for "foreign" currency you'll be hit with 2 transaction fees: one to cash the item the 2nd to convert.

We were on that or similar cruise and we used atm to withdraw from credit card. We are nervous about carying bank card. Shops use credit cards and new US dallors were always good. Russian tour person said their bank does not like to change old heavily used money. We always order from our bank $1,5, 10's in US currency. You may pay a bit more but you loose more exchanging to other currency and back again.

Not only are Travelers' Cheques not accepted many places (and then only in major cities like Paris or London) but if you cash them at the purser's desk for "foreign" currency you'll be hit with 2 transaction fees: one to cash the item the 2nd to convert.

Travelers' Cheques in US denominations are cashed at the Front Desk for no charge. There would be a charge to convert that now US cash to foreign cash at the Front Desk---one transaction fee.

Travelers' Cheques in US denominations are cashed at the Front Desk for no charge. There would be a charge to convert that now US cash to foreign cash at the Front Desk---one transaction fee.

You're right (as usual!) Ruth. I was thinking of a cruise where I thought I'd be clever and bring Euro denominated Travelers' Cheques. The desk charged to cash them (and give me dollars) then charged again to convert the dollars to euros!

Look at travel cards from Visa, Mastercard, or American Express. They're prepaid, just like traveler's checks, but they spend like a credit card. Just Google "prepaid travel card." Visa is probably the best bet for wide acceptance in Europe.

If you order them online, you can often get your name printed on them like a regular credit or debit card.

Most card providers are not keen on large positive balances on credit cards. There is the possibility that they will return the money to its source or even worse freeze the account on suspicion of money laundering. There would appear to be little benefit of doing this for a foreign holiday as the cash advance interest charges are so small if the cash is repaid as soon the holiday concludes. Most zero transaction fee cards use the visa conversion rate which is about 2.75% better than what any bank will give for foreign exchange.

 

I withdrew £1000 from various ATM on our recent cruise, on my return I contacted my credit card company and repaid £1008.54 three weeks later. The added protection you have when using a credit card over a debit card is significantly better and less risk to your well earned savings.

We have been crediting our CC before travelling for 25 years and have never had this happen. We always notify our bank which countries we are travelling to and have never had a problem. It must be something peculiar to GB.

I would not recommend travelers cheques for anything except cashing on board. They are not a good idea on land any more. It's years since we gave up on them.

We go to England once every year or two, and I used to get travelers cheques in pounds. So I was paying the exchange fee at home in order to have "safe" cash to carry. Then, banks in England started charging a fee to exchange travelers cheques for cash, even my checks that were already in pounds. I was getting hit with fees twice! Thank goodness ATMs came in around that time. Haven't bought a travelers cheque since.

I know they come in various brand names, but American Express travelers' checks are the best known of the US dollar brands. You might want to read the fine print before you think they're "safe money." You don't get a refund if their stolen if you didn't protect them properly. For instance, if AE TC's are stolen by a pickpocket, AE won't refund your money, if they can be stolen by a pickpocket then they're not adequately protected. In most cases, they will take the theft as evidence as prima facie evidence that it's your fault, no refund.

It's a nice idea, but I've seen it play out in reality. Combined with the fact that almost nobody still uses them, and almost no businesses accept them as payment, and they are really just obsolete.