An introduction…

For those of you who have traveled abroad before, you have some familiarity with currency exchange. But as a refresher for you and an introduction for those new to traveling to the EU, here is a general overview of what to expect/plan for.

When gearing up for an international trip, one of the most important things to sort out ahead of time is currency exchange. While credit and debit cards are widely used these days, you’re going to need cash for the odd expense, whether that’s to buy a bowl of spaghetti ice or to give someone a tip. Figuring out currency exchange is a part of travel that can seem daunting at first, but you only need to keep in mind a few things to simplify the process. Questions like “where to get euros while traveling?” and “which Euro currency do I need?” are part of preparing for a trip to Europe, and with the following tips you’ll be able to tackle them with confidence.

Do you need to tell your bank you’re traveling?

These days, it’s no longer required to alert your bank that you’re traveling and will be using your credit and debit cards during your trip, but it doesn’t hurt. Notifying your bank about your travel plans can help avoid payment and withdrawal disruptions during your trip. A bank can also help if you want to buy euros and other currencies ahead of time. But in our experience, exchange rates can often be unfavorable when you do it in your home country. You’re better off using an ATM to withdraw cash as soon as you land. Airports all over the world are packed with ATM stations.

Where can I exchange dollars for euros, and how often should I withdraw money during my trip to Europe?

ATMs and banks can be found all over Europe. And we advise that you use them to get your euros rather than exchanging cash or purchasing them from a bank ahead of a trip. (Like purchasing euros from a bank at home, currency exchange kiosks don’t typically offer the best rates, and many charge a commission. Unless it’s an emergency, try to avoid exchanging currency when traveling.) So, make sure you have your debit card handy. Usually, an international airport will have plenty of ATMs in both the departure and arrival halls. If you can spot an ATM from a global financial brand (say, HSBC), withdraw there; those will likely have the best rates and the lowest withdrawal fees.

Speaking of fees, the more often you withdraw money, the more of those fees you’ll have to pay. We suggest making as few withdrawals as is possible—only once if you can manage it, though we know not all travelers feel comfortable carrying large sums of cash. Most shops, cafes, and restaurants accept major credit brands. And if you have digital payment methods (like Apple Pay) on your phone, you can just tap and go. Just note thought, that it is good to have some cash on hand at all times. At pubs it is much easier to pay cash.

How much money should I withdraw?

This is strictly a personal decision. Withdraw what you think you need and how much cash you feel comfortable carrying. Here are two things to remember: Unless you know you have another trip coming up soon, you may not want to have a lot of leftover European currency at the end of the tour. If you try to sell euros (or Norwegian kroner or British pounds) for dollars at the airport on your way home, you will likely lose up to 10% of their value in the exchange. Also, and this is especially notable when it comes to euros and pounds, coins can have higher values in Europe. (There are two-euro coins!) But most exchange kiosks won’t accept them if you want to sell them back for dollars. So, make sure you use your coins during your trip.

Remember that exchange rates are in constant flux.

When planning to exchange dollars to euros, don’t forget that the exchange rate is not going to be the same every day. These numbers are based on a multitude of factors determined by the supply and demand of the currencies in question. Unless there’s a major financial disruption, however, these variations are minimal. You can easily find out what the day’s exchange rate is by doing a simple Google search.