Currency

We are going from Rome to Monte Carlo on the Marina in November. Just curious as to what most of you do as far as exchanging money? Is it best to exchange some in the US before we come?

We ALWAYS use local ATMs for cash. Readily available and at official exchange rate. Never use credit cards for this - only debit/ATM cards,

ATM available at airports on arrival.

See you onboard :)

We ALWAYS use local ATMs for cash. Readily available and at official exchange rate. Never use credit cards for this - only debit/ATM cards,

ATM available at airports on arrival.

See you onboard :)

Just make sure it's an actual ATM and not a money changer's lookalike machine (e.g., Travelex).

We use our credit and debit cards as much as possible, hit the ATM for walking around money.

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Since you will be in EU only (likely - didn't double-check your itinerary), it is easy to take some Euros with you from home. At least a small amount, just in case. We usually save leftover cash from a previous trip, especially coins. Yes, you can easily get more from an ATM on your trip. However if you are on an excursion, you may be too busy.

BTW, I guess you know that conventional wisdom is that when you use your credit card, you should pay in local currency, not USD. Then your credit card does the currency exchange, not some company that the merchant uses.

We are going from Rome to Monte Carlo on the Marina in November. Just curious as to what most of you do as far as exchanging money? Is it best to exchange some in the US before we come?

If this is your first European trip and you have no money you've been saving, ask your local bank to exchange no more than $100 into Euro. Then, use the ATM in the various countries you'll be visiting. Do not exchange all the money you think you'll need prior to your departure. Foreign ATM machines have gotten more user friendly and can read the country of origin of the card. That means you will be offered prompts in English on the screen regardless of the language where you're visiting.

If you hope to become a reasonably regular European traveler, I suggest you come home from your November cruise with about 50 Euro, Put the money away safely until your next trip where Euros will be needed and you'll never have to ask this question again. When your stored cache of money runs out, you'll simply head to the nearest cash machine and get more Euros.

My methods slightly differ from some... I get about 200 euro before leaving home, and I don't take my debit card with us when we travel.... ever. I mentally can't cope with the idea of anyone getting access to our checking account. I use only bank ATM's for cash advances on my travel credit card (no foreign transaction fee) and that cc gets paid as soon as I get home. Bank ATM's allow great denominations to be withdrawn. If using your cc for cash advances, double check with the bank before you leave as to what the daily limit of cash back is.... you can do this when you alert the credit card bank of your travel plans. (missmb - we will be on the Marina with you!)

One other thought.... I know for certain that my travel credit card bank can swiftly respond if my card is compromised... to the point that I know a new card will be waiting at the next port. My local bank just doesn't have that kind of expertise.

Using a credit card rather than a debit card to get cash from a foreign ATM is usually very expensive. Cash using a credit card is a cah advance with interest at 20% from day one.

I use a credit card , with a low or no balance account, at the ATMs. The rate is 2% per month interest, so if you withdraw $$250 in Euros, you’ll be paying a walloping $5.00 per month in interest!! Pay of that cc when you get home if that $5 keeps the baby from having milk!

I get some euros before I go but I would NEVER use a credit card to get a cash advance for more of them! I have a separate travel checking account with its own ATM card that I only use when traveling. IF someone gets the number they cannot do much harm to me and in fact NO one has ever gotten it in all my travels through Europe and Japan.

I get some walking around cash before we go then if I need more I use my debit card at the ATM

I have a separate account which I use for travel & keep about $500 in it

If I need more I can do an online transfer from another account

Do whatever works for you

I use a credit card , with a low or no balance account, at the ATMs. The rate is 2% per month interest, so if you withdraw $$250 in Euros, you’ll be paying a walloping $5.00 per month in interest!! Pay of that cc when you get home if that $5 keeps the baby from having milk!

I am wondering which cc charges 2% interest for cash advances?

Most of them charge 20% or higher for cash advances and they do it on a daily basis starting from the date of the withdrawal.

We rely at ATM's to get cash in Europe.

Getting a small amount of money at the bank before hand is, for us, a hassle.

This idea of a travel checking account is something we need to do.

I get some walking around cash before we go then if I need more I use my debit card at the ATM

I have a separate account which I use for travel & keep about $500 in it

 

If I need more I can do an online transfer from another account

 

 

 

Do whatever works for you

My method also.

We rely at ATM's to get cash in Europe.

Getting a small amount of money at the bank before hand is, for us, a hassle.

 

This idea of a travel checking account is something we need to do.

Such a good idea that I just came back from the bank after opening such account.

Let's hope that the ATM card arrives before I leave on Monday afternoon. :-)

I am wondering which cc charges 2% interest for cash advances?

Most of them charge 20% or higher for cash advances and they do it on a daily basis starting from the date of the withdrawal.

2% per month!

2% per month!

Which card - I just might want it. And is it 2% per month for purchases or cash advances - a matter treated very differently by most CCs.

Purchases are not accruing interest unless the card is not paid in full at due date; cash advances are charged interest from the day of advance (and at a higher rate than the interest rate for purchases).

Which card - I just might want it. And is it 2% per month for purchases or cash advances - a matter treated very differently by most CCs.

Purchases are not accruing interest unless the card is not paid in full at due date; cash advances are charged interest from the day of advance (and at a higher rate than the interest rate for purchases).

I just checked RBC which is typical

20% on purchases from the due date, 23% on cash advances starting from day 1

Close enough to 2% per month and not a big deal if paid within a few weeks.

Better still, pay into the card account in advvance. As long as the balance is positive, there should be no interest chafge.

Not an unreasonable approach but I still prefer to use my bank debit card and withdraw cash from an ATM. It helps that we have a good number of euros on hand, and some British pounds from previous trips ...

Whenever we are in Europe I take some extra cash from an ATM so that I'll have it for future trips.

I've never lost my card or had anyone snag the information ...

Fortunately we don't have a foreign currency transaction charge and the bank refunds the ATM charge if there is one.

Mura

I just checked RBC which is typical

20% on purchases from the due date, 23% on cash advances starting from day 1

Close enough to 2% per month and not a big deal if paid within a few weeks.

 

Depends on how much you take out and how long your trip is

 

Better still, pay into the card account in advvance. As long as the balance is positive, there should be no interest chafge.

Isn't it just easier (and cheaper) to use an ATM card. Especially as my bank does not charge me an ATM fee and I get the official exchange rate.

YMMV

A couple of years ago in Bermuda

My debit card would not work there so went into the bank used my USD VISA to get cash

Went back to the ship went online & paid my VISA the amount I withdrew

No extra charges on my CC

If you must get a cash advance pay it ASAP

JMO

A couple of years ago in Bermuda

 

My debit card would not work there so went into the bank used my USD VISA to get cash

 

Went back to the ship went online & paid my VISA the amount I withdrew

 

No extra charges on my CC

 

If you must get a cash advance pay it ASAP

JMO

Yes - that works as a back-up plan.

Isn't it just easier (and cheaper) to use an ATM card. Especially as my bank does not charge me an ATM fee and I get the official exchange rate.

YMMV

I agree and that’s what I do ( uese a debit ((ATM)) card).

I was responding to Kate-AHF who said she would never use a bank card for fear it could give a thief access to her bank account.

I always use a debit card for cash myself (credit card for real purchases) but I can understand the concern about a thief gaining access to your checking account. When someone gets your credit card information you are limited to $50 in damages, but someone with access to your debit card COULD drain your account.

I've never had the problem myself but I can appreciate the concern. Especially since when you are traveling you may not have immediate access to bank information. When I'm away from home (away from my secure connection at home) I tend not to go online to my bank or credit cards ...

Mura