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View Full Version : Financing and EURO exchange


LauraB
09-27-2013, 09:47 AM
I wanted to post my experience with Euro/US dollar exchange for anyone who may be considering traveling abroad in the future. I certainly hope that others may post some suggestions or make corrections to my suggestions.

I found the best way of paying for anything in Europe is by credit card. VISA and MasterCard are widely used throughout the industrialized countries. Please check with your card carrier, but I found that CAPITAL ONE had the best exchange (using the current market rate) and did not charge extra fees.

Also, if a merchant asks whether you would like your charge credited with Euro or US Dollars - CHOOSE EURO. The exchange rate is better through the US than it is Europe.

My credit card statement also provides a great resource when filing your taxes at the end of the year. You have all of your medical travel expenses in one place (documented) for your deductible expenses.

If you need to exchange your US to EURO for cash items, I found it more sensible to use my DEBIT card rather than draw cash from my credit card.
Again, check with your bank policies (fees), but my debit card exchanged US/Euro at the current rate and I only received a fee for ATM transaction (it can about 3%). Credit card exchanges is like taking a cash advance. Not only do you receive a fee, but are open to high interest rates from the moment you receive your advance. The interest can accumulate from the posting - until payment is RECEIVED. These charges can be in the neighborhood of 19% or more - be careful.

Only in a few incidents (in the 3 weeks I was in Germany) and extensive traveling we did pre/post surgery did I need cash. I exchanged about $200 and it was more than sufficient.

As for phone/communication assistance - this is where I feel I fell short. With all the various forms of phone contracts out there, it is wise that you look into international plans. Hopefully someone else may chime in here on this subject. I took a laptop and "skyped" my family and blogged on FACEBOOK, but Wi-Fi signal was difficult, limited, or unavailable in a variety of locations. Also the time difference made it difficult to contact my family at appropriate times. Using your personal cell-phone can be very expensive due to global-roaming charges, but again, I'm not an expert in this - and muddled my way through communications.