Ruth Haines
When travelling to a foreign country, it is often recommended to have some local currency on hand. While it is possible to withdraw euros at the airport, it is generally advised against due to poor exchange rates and high fees. Airports often charge a premium for currency exchange, with rates up to 14% more than the current International Monetary Fund (IMF) rate. Instead, it is suggested to order foreign currency from your bank before travelling or use alternatives such as travel cards, credit cards, or debit cards. However, some travellers prefer having some cash before arriving at their destination, in case of emergencies or unexpected expenses. Ultimately, the decision to withdraw euros at the airport depends on personal preferences and the specific circumstances of the trip.
| Characteristics | Values |
|---|---|
| Getting euros at the airport vs. bank | It is recommended to get euros at the bank to avoid bad exchange rates at the airport. |
| Using cash vs. card in Europe | It is possible to travel through most of Europe without using cash, as cards are widely accepted. However, having some cash on hand is advisable for small purchases or emergencies. |
| Exchanging currency | Airports and banks typically offer currency exchange services, but banks generally provide better exchange rates and lower fees. |
| Using credit cards | Credit cards can be used to withdraw cash in emergencies, but there may be additional fees involved. |
| Multicurrency accounts | Multicurrency accounts can be useful for frequent travelers to hold and transact in multiple currencies without worrying about exchange rates. |
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What You'll Learn
- Airports have ATMs and currency exchange desks, but they offer poor exchange rates
- It's better to get euros at your bank before you travel
- You can use your credit card to get cash in emergencies
- In Europe, you can travel without cash. Cards are widely accepted
- If you have leftover euro coins, spend them before leaving the eurozone
Airports have ATMs and currency exchange desks, but they offer poor exchange rates
Airports do offer the convenience of both ATMs and currency exchange desks, but it is important to be aware of the poor exchange rates and additional fees that often come with these services.
Airport ATMs are known to have higher fees and less favourable exchange rates compared to other options. These ATMs may charge a fee simply for using the machine, and the exchange rate offered may be significantly poorer than what you would receive at a bank or other ATM outside the airport. Some travellers have reported paying much more than expected when using airport ATMs, due to the combination of fees and unfavourable exchange rates.
Currency exchange desks at airports are also known for their higher rates and fees. These desks set their own exchange rates, which are often higher than what you would find at a bank or other currency exchange service. They may charge a fixed fee or a percentage of the amount exchanged, further reducing the value you receive.
To avoid these poor exchange rates and additional fees, it is recommended to plan ahead and research your options before travelling. Ordering foreign currency from your bank or a reputable currency exchange service ahead of time can often secure better rates and lower fees. Additionally, using a credit card with no foreign transaction fees for larger purchases while travelling can help you save money.
While airport ATMs and currency exchange desks offer convenience, they may not be the most cost-effective choice. By doing some research and planning, you can find better exchange rates and avoid unnecessary fees, ensuring you get the most out of your money during your travels.
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It's better to get euros at your bank before you travel
It is generally recommended that you get euros from your bank before travelling to avoid the unfavourable exchange rates and high currency exchange fees at the airport. While it may be convenient to exchange currency at the airport, it is often not cost-effective. Here are some reasons why it is better to get euros at your bank before you travel:
Better Exchange Rates: Airports often charge higher exchange rates and additional fees, resulting in a poorer deal for travellers. By exchanging currency at your bank beforehand, you can take advantage of potentially lower exchange rates and avoid unnecessary costs.
Planning and Convenience: Ordering currency from your bank allows you to plan ahead, especially if you are travelling to multiple countries with different currencies. You can avoid the hassle of exchanging money frequently during your trip. Additionally, having some local currency before arriving can be useful for small purchases or emergencies, such as if your debit card is declined or ATMs are unavailable.
Cost Savings: Airport currency exchanges are known for their unfavourable exchange rates, which can be significantly higher than the current International Monetary Fund (IMF) rate. By exchanging currency at your bank, you can often get a better rate and save money. For example, at Bank of America, the exchange rates were found to be roughly 6% more favourable than the IMF rates.
Security and Peace of Mind: Carrying some local currency from your bank provides peace of mind and security. You won't have to worry about your card not working or ATM availability upon arrival. This can be especially important if you have immediate expenses, such as private transfers, or need cash for tipping and transportation.
It is worth mentioning that while getting euros from your bank before travelling is generally advisable, it is always good to check with your bank to ensure they can provide the currency you need and confirm their exchange rates and fees. Additionally, if you plan to use your debit or credit card abroad, be sure to inform your bank to avoid any unexpected blocks on your accounts due to foreign transactions.
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You can use your credit card to get cash in emergencies
It is generally recommended to have some cash on hand when travelling, in case of emergencies. However, it is not always necessary to exchange currency before your trip, as you may get a poor exchange rate.
Instead, it is usually best to wait until you arrive at your destination and withdraw money from an ATM. Most European airports have plenty of ATMs, and you can use your credit card to get cash in emergencies.
Using a credit card in an emergency can be helpful, as it means you will be able to get the care and assistance you need when you need it. Some credit cards also offer cashback or rewards points, which can be beneficial. However, it is important to remember that using a credit card to fund an emergency is essentially borrowing money that you will have to pay back, and if you don't have a plan to pay it back, you could end up paying high-interest rates and may fall into debt.
If you lose your debit card, you can use your credit card at an ATM to get a cash advance, but you will usually need to know your PIN, and you may have to pay a sizeable cash advance fee. It is also worth noting that some contractors or businesses may not accept credit cards due to the additional fees and risks involved.
Therefore, while a credit card can be a useful tool in emergencies, it is generally recommended to have an emergency savings fund or alternative sources of cash, such as community loans or selling goods, to avoid the risks associated with relying solely on credit.
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In Europe, you can travel without cash. Cards are widely accepted
When travelling to Europe, it is not necessary to carry a large amount of cash. Cards are widely accepted across the continent, and you can use them to make payments or withdraw money from ATMs. Visa and Mastercard are the most commonly used payment networks in Europe, so it is advisable to carry at least one of these cards. American Express is also widely accepted, especially in tourist destinations, but to a lesser extent than Visa and Mastercard.
While cards are a convenient option, it is still a good idea to carry some cash for emergencies, such as if your card is lost or stolen, or if a particular vendor only accepts cash. Small businesses, such as B&Bs, cafes, and gift shops, often prefer cash because they do not have to pay commissions to credit card companies. Additionally, public transportation and small vendors may be more easily navigated with cash, although contactless payment systems like Apple Pay are becoming increasingly common in Europe.
If you need cash, using a debit card at an ATM is usually the best option, as credit cards often charge a high-interest rate for cash advances. It is also worth noting that European credit card machines usually require a PIN, which you can obtain from your card issuer before your trip. Exchanging money at exchange desks can be expensive, with conversion fees ranging from 5 to 15%, so it is generally more cost-effective to withdraw money from an ATM or use your card for purchases directly.
In summary, while it is possible to travel in Europe without cash, having a small amount on hand is advisable as a backup. Cards are widely accepted, and ATMs are readily available for cash withdrawals if needed. By carrying a combination of cash and cards, you can navigate your trip to Europe with convenience and peace of mind.
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If you have leftover euro coins, spend them before leaving the eurozone
It is generally advised to avoid exchanging currency at the airport, as the exchange rates are often poor and there may be additional fees. It is recommended to check with your bank to see if they can provide you with the desired currency before your trip. If you are travelling within the Eurozone, you can likely use your card for most purchases, and only carry a small amount of cash for minor expenses.
If you have leftover euro coins, it is advisable to spend them before leaving the eurozone. Euro coins have a national side, indicating their country of origin, but they are accepted in any country that uses the euro. However, if you take them to a non-eurozone country, they will become worthless. You can either spend the coins on small purchases, exchange them for bills, or give them away.
It is worth noting that some non-eurozone countries, like Switzerland, may accept euros, but the exchange rate will not be favourable. In such cases, it is better to use an ATM to withdraw the local currency.
Additionally, some travellers prefer to carry a small amount of their home currency to exchange for the local currency in emergencies, such as if their card doesn't work or the ATM is not functioning.
When exchanging currency, it is important to be cautious of high exchange rates and fees, especially at convenient locations like airports, train stations, and tourist areas. Planning ahead can help save money and avoid unfavourable exchange rates.
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Frequently asked questions
Yes, you can withdraw euros at the airport using your debit card at a Travelex ATM. However, it is not recommended due to high currency exchange fees and poor exchange rates.
Banks are the best place to exchange currency. Airports, hotels, and tourist areas are convenient but tend to be the most expensive.
You can use your credit card, prepaid card, or U.S. dollars for purchases. The Wise Multi-Currency Card is a great alternative that works in 150+ countries, including the UK and across the EU.
It is generally recommended to avoid exchanging money at the airport. You can exchange money before you travel or when you arrive, but you have more control and choice if you do it in advance.
You can get euros over the counter at your local bank. Most banks also allow you to order foreign currencies online or by phone, which you can then pick up at a local branch before your trip.
