What's the best way to bring money?

[Lauren]

Hello, I will be touring Europe sometime in September 2002..nothing big, just a month and countries I will be visiting will be Belgium, Holland, Germany,Austria, Italy, Vatican City, Switzerland and France.

Iwould just like to know, what's the best way to bring money in terms of getting the best deal out of the exchange rate and bank commissions? Which offers the best deal between traveller's cheques and a credit card? Frankly, I think that a lot of money gets 'lost' once you factor in the exchange rate and the bank commissions (not to mention the interest charged for using the credit card ) and I really really would like to minimise this loss. Also, which type of travellers cheques and credit card offer the best deal? I read on this msg board that american express's travelllers cheques are the best...any more recommendations? Also, which places will offer the best deals for exchanging money? Is it banks?

I would also like to ask about ATMs. Exactly how does it work? Suppose I am from Canada...all my money is in Canadian dollars. The ATM will give me money in Canadian dollars...which means that I will have to go to the bank to get it changed into the Euro or Pound..am I right? Is this how it works? This would mean keeping track of the exchange rate and 'losing' money due to the exchange rate and bank commisions.

I know that no matter how hard I try, money will be 'lost'. I am just looking for the best way to minimise this loss. Thanks for all the suggestions.

[ac5534]

I have always just used my bankcard at the ATM machines. The money you get from the machine is the local currency...not your home currency. The thing to remember is these machines don't give receipts so you must convert in your head (using the worst exchange rate if you have limited funds in the checking accout) and budget accordingly. It would be horrible to go to a machine to get money and have none in the account.
I always budget myself for the trip (for example: $500 for 2 weeks...but I have $750 in the account) but make sure I have ample extra just in case. I have never used travelers cheques...I am from the US and only travel to Germany and Austria.

[Kim]

I also use ATM's with a small amount in travellers cheques as "just in case" money. I also bring a credit card.

It's always good to have a back up plan, no matter what method you use.

Try and get the best rate but all in all, this is your trip of a lifetime-a savings or loss of $20 or $30 isn't what you will remember from it either way.

Kim

[me]

If your bank charges a fee to access your cash from an atm, it's time to get a new bank!

Sorry if this sounds like an ad for my bank, it isn't intended to be one. But, the web bank i use charges nothing to withdraw. they even pay the atm fee from american atm's (they say us location only, but i got acct credits for my canadian atm use, too) up to $1.50 each time, up to 4 withdrawals per month. (us$6 max each month)

For security, they have a $500 max per day/ 3 w/d per day limit, though. Nor would they issue me more than one atm card.

perhaps, if two of you travel together, the 2nd person could be given signiture rights on the acct and get an atm card, too. that way you'd have two cards to that acct on the trip; no?

btw, i bank at www.bankdirect.com but, i doubt if non-us residents can use the bank. (crazy american tax laws)

- d

[Rondomondo]

I'm a new traveller, about to start my first trek to Europe, but I'll share what I've learned from experienced travellers on this and other sites.

I'm bringing my VISA debit card to charge any purchases that I can. The exchange rate is good, and my bank doesn't add any fees for using the debit feature. It simply comes out of my checking account. I have internet banking that would allow me to check my balance and make transfers from my savings account into checking. I called my bank to let them know I'll be travelling in Europe and making charges.

For cash, I got a "Global Currency Card" from my AAA office. This works as an ATM card in any VISA-marked machine, but there are no fees. I pre-loaded the card with the amount of cash I think I'll need. When I get to Paris, the first thing I'll do in the airport is get a weeks worth of cash which I'll tuck in my moneybelt.

I hope this is helpful...AND I hope it works for ME. I'll let you all know when I return in October.