"Money Matters" - Question on traveling with money

hi everyone, i'm back on the forums after a small hiatus. just as a refresher, i was thinking about going to Austria and Czech Republic as discussed here. due to financial reasons, i can only make it to Austria this year. my questions are concerning the money i want to take with me and what to do about my finances when i'm over there. just to recap, i'm from the US.

1) should i take US Dollars and convert them to the Euro when i arrive in Vienna? or...

2) should i convert the Dollar to the Euro here before I go? or...

3) convert some here and also take some Dollars to convert over there later?

4) also, where can i get the best rates to convert here in the US (airport? bank? credit union?)

5) where can i get the best rates to convert USD to Euro in Austria (airport? bank? hotel?)... do they do currency conversions at the US Embassy/Consulate?

i know i can use my bank's debit card at ATM's overseas without any fees but i'm not sure if the machine would charge me anything or how the rates are. i also heard that if i can find fellow Americans there (who are going back to the States) i can try to convert my Dollars with the Euros they may still have.

i tried looking up this info on this forum beforehand but wasn't able to find info regard this. my apologies if i missed it. i appreciate eveyone who've helped me up to this point, and thanks for checking out my post!

Use your ATM card to withdraw cash when you get there. Exchanging cash will get you a worse rate, doubly so if you buy Euros in the US (typically rates are better buying the local currency rather than selling it). I'll often pick up enough cash for a day before I leave - knowing that I'm paying a premium - just in case I can't locate an ATM immediately on arrival. It's never been necessary, but it does make me more comfortable.

I've never encountered an ATM fee in the EU, though I did encounter a hidden fee in Romania before they joined. I only figured that one out because that machine actually showed me the exchange rate on the slip, and it was different from what posted to my account...I suppose this may be the case with other machines and I just don't have the information to recognise it. Regardless, even with the $5 fee my old bank used to charge it was still cheaper to take cash from the ATM than an exchange office. So long as I made maximum withdrawals, it was even a touch cheaper than my mastercard. I'm a geek and have a spreadsheet proving it to myself.

If you are exchanging cash in the US, the best place is often a dedicated exchange office, but usually not substantially different from the bank. I'm not sure about credit unions...they may be better. Between banks and exchange offices the biggest difference was fees - both charged me a $5 flat fee, but the bank charged that for each foreign currency (except USDs for some reason), and the exchange office charged it once for the whole multi-currency transaction.

Currency exchange is NOT a function of embassies or consulates. Their job is to represent your government's interests overseas and don't offer much for travelers. They do passport services, and may be able to refer you to a reputable lawyer or doctor who speaks English if you need that kind of help. That's really about it.

Awesome 2wanderers! Thanks for that info. I will see if I can locate an exchange office nearby and rely on my debit card when I get there.

Also, my dad suggested taking American Express Travelers Cheques. Any benefit using these over your suggestions? Thanks again.

Travellers cheques are a good backup, because if they're lost, you can get instant cash from the company and get new cheques, or rather, a card. I understand they use debit card formats now.

BUT...I would save it for emergency money. about 600-1000 dollars is a good amount because it gets you home in an emergency, or pays for medical care or other unexpected expenses. One of those unexpected expenses will be the accidental loss of your regular debit cards, and the cancellation thereof.

Now, if your international visa card IS lost, you need to find out the international visa number, who will cancel your card, get you new ones in a hurry, and even authorize emergency cash disbursements.

Still, having those travellers cheques,even in a few hundred dollar amounts, is a REALLY nice cushion when waiting for those new cards and you don't want to ruin your vacation waiting for them.

I know they saved my butt when I lost my cards in spain, then the promised cards never arrived. (Long story. Turns out you should never trust your roomates to open the door for UPS). I used my travellers cheques to pay my rent and eat, and I enjoyed every extra meal.

Thanks Tortuga_traveller! Sorry you lost your cards but we're grateful for you sharing your story w/ us. That could have happened to anyone. So I think I will get some Travellers Cheques in addition to some cash to take with me. I appreciate it.

I've never had a card-loss emergency, so Tortuga may be right. But I've sworn off traveler's cheques anyway. They are horrendously expensive - 1% insurance fee, bank processing fee, plus if you can't find an actual Amex office to cash the cheques, you'll probably pay another 2-4% to cash them.

But the biggest reason I've sworn off TCs is because few places accept them in this day and age. On my first international trip 15 years ago, most tourist businesses and all banks and exchange offices would take TCs. But that's no longer the case. I had some with me when I went on a 5-month trip in 2006...never used them, since whenever I was in a town that didn't have an ATM, there also wasn't anywhere that would cash TCs. Earlier this year, I took some with me to Ecuador for a specific reason (I had bought US dollars when the exchange rate was good, but can't access my US dollar account through an ATM), and they were nothing but hassle...it did save me about $100 in fees because I would have otherwise had to switch from USD to CAD and back to USD, but the amount of running around to find somewhere that would cash them was awful.

I'd have to have awfully competent muggers to find all three of my debit and credit cards that I keep in different places. If it ever happens, I may change my tune, but I'm thinking that Western Union offers a last resort backup that isn't much different in price from travelers cheques...provided you have family that would spot you some cash in such an emergency.

I was in spain, and exchanging them was fairly easy.

You do pay a premium for using them, however, since you pay a premium for exchanging them. That's very true. That is why I used my cards as a first source, and TC's as a last ditch resort. The TC's I had were old ones, made on that ancient form of payment, paper. Still, when I wanted some things while travelling in various areas, people that don't take credit cards take TC's.

Its a question of how many cards you want to carry around , I guess. I just carry two, and Tc's.