We often get the question--"How much money should I bring on my European Vacation?"

 

Well, it will depend on a number of factors:

• how long is your holiday?
• how many persons are traveling with you?
• what has been prepaid prior to your arrival?
• do you already have any special purchases or items in mind?

 

So we have the following "general" suggestions which you can modify based on the factors above.

• ATM Cards
  
  • Be cautious about using your ATM card abroad.  The banks have recently raised their fees, some as high as $10 for every transaction + their 3% conversion fee.  Every card has a different policy, so its best to check with your bank beforehand.  Also, every few months we have a client who has a problem, like the machine eats their card, which can cause a lot of inconvenience.

 

• Prepaid Cash Cards. 
  
  • We haven't had a lot of experience with these but, some banks are issuing "prepaid cash cards" which can be used abroad, once again check with your bank to see if they have one available.  They are issued in USD amount and will convert with fees similar to credit cards.

 

• Credit Cards
  
  • Using your credit card.  Carrying large amounts of cash is never a good or safe idea, so using your credit card while traveling will be your most convenient payment format.  Credit cards are now becoming widely accepted.  You should be able to use your credit card to pay for most dinners and large purchases.  Also by using your cc will allow you to keep a record of your expenditures and give you recourse if you have an issue with a purchase.  Check your terms and conditions for their fine print. 
    
    • Currently, Capital One is the only card bank that does not charge a transaction fee.  (This may change)
    • Don't forget to call your card company to alert them that you will be traveling abroad.  If they see charges originating in Spain, and you haven't called, they can cancel your card if they don't reach you in time to verify.
    • Do try to bring 2 different credit cards.  In the event you have an issue with one, you will have another to use and perhaps "save the day".
    • Although credit cards are useful, they can't and shouldn't be used everywhere.  Small cafes, street markets, shops and other vendors are just not set up to take them, so just like here you'll need "pocket money".
    • Also, don't use your card in "questionable" situations, or let it out of your sight.

 

• Cash
  
  • Cash is always great.  However, we do not advocate bringing large amounts.  Theft or loss of all of your money could ruin your vacation, but everyone needs to land with some "pocket money".
    
    • US $$$.  Because you will be abroad, you really won't be using US dollars, since most countries will only take their currency.  (Some exceptions may apply-ask us).  But you may have some portions of your travels transiting thru US airports before you fly across the "pond" so its nice to have some $$$ in  your pocket for a coffee or snack in an airport, or for the taxi home. 
      
      • Per couple, $75-100.00 in the form of $20 bills should see you thru. 
      • Also, if you run out of Euros on they last day, you can just convert a $20 to get you the cash you need before you leave.
    • EURO or local Currency
      
      • Since the Euro unified most of the European countries into one currency, travel has become a lot simpler.  Euros are now also fairly easy to obtain thru your local bank.  Beware, some banks may not have the currency on hand and might take up to 3-4 days to process your order. 
      • Consider getting 150 to 200 Euros/per person for the first week that you will be abroad.  You might need more if you have fewer things prepaid.  This will get you started.  Ask for 20's and 50's.
      • Its nice to land with local money in your pocket as not all airports have Bureau de Change offices, or you might not have an opportunity to get to a bank to exchange your money on the day of your arrival.
      • Once you've been there a few days, you will be able to gauge how fast you are going thru your cash, and can make stops at a bank or other facilities to convert more funds.

 

• Traveler's Checks
  
  • We are big fans of traveler's checks.  A bit old fashioned, but they still stand up to the tests.
  • Get them in USD amounts of $100 per check
  • Consider bringing $1000 to $1500 for 2-4 persons, average 7-10 day trip.
  • As they are in USD you will still need to convert them at either a bank, Bureau de Change, or your hotel, and transaction fees of approx 3% will apply.
  • Do pay attention to the conversion rate and transaction fees, they can vary widely, with hotels offering the worst rates to compensate for their convenience.
  • Never convert your money with a street vendor.  Counterfeiting is common and you could be caught on the "short end" or worse in jail for passing bad bills.  Tourists never really know, since they are unfamiliar with the money.
  • Don't forget to keep your check numbers separate from the checks.  Its true, if they are lost or stolen, you can get your money back in a VERY short time. Delivery options can vary so review the terms and conditions with the source you are obtaining them from.
  • The best part about using TC's, is that when you return home, any checks that are unused, can go back to your bank account, or can be used at the grocery store at their face value.