Euros

[Denice]

Hello, we will be doing Camino Portugues in Aug and traveling for the first time internationally. Do we convert dollars to euros when we land on Portugal?

 

[Lindsay53]

Hi Denice. You can change your money on arrival, but you will possibly get a better exchange rate away from the airport. A credit card can be used for most purchases, and you can withdraw cash from ATMs. There are plenty of threads on the forum about the pros and cons of the various banks and their ATM fees.

 

[peregrina2000]

Do we convert dollars to euros when we land on Portugal?

Hi, Denise, Welcome to the forum!

In my experience, you do not want to bring dollar bills with you. Use a debit card to withdraw euros. Just make sure that it is an ATM machine connected to a real bank.

And when you are walking, use a credit card whenever you can, because the rate will be better than what you get from the ATM. And when using a CC, if they ask you whether you want to have the transaction done in dollars or in euros, you should always say euros. You will get a better exchange rate.

You can change your money on arrival, but you will possibly get a better exchange rate away from the airport.

I think that this comment refers only to the money exchange desks that you see at most airports. I would never change money there. ATMs at the airport, at least those of regular banks, will give you the same rate at the airport as they will anywhere else.

 

[Joe.Iozzi]

Make sure you use a debit card in the ATM not a credit card. The credit card company will consider it a loan and charge you more than a debit card withdrawal from your bank will cost. In case you need to ask where one is located, an ATM is called a caixa automatic in Portugal,

 

[NorthernLight]

You may want to get 50 or 100 Euros in small bills before you leave home. That way you don’t need to panic if you don’t see an ATM at the airport (there will be at least one).

 

[C clearly]

I always get about 300 Euros in cash at home, from my bank or a currency exchange, before going to Spain. That way, I don't need to worry about finding a bank machine right away. (I carry most of this cash in a secure pouch inside my clothes.) If you use a credit card whenever possible, you may not need to withdraw any more cash during your trip.

Note that a tag "money/banking/budget" has been put on this thread, under the title at the top of the thread. If you click on it, you'll find more threads on this topic.

 

[lovelyshell]

If you have Bank of America you can have Euros sent to your local branch for free. I took $300 worth of Euros to the Portuguese in April and took out 300 euro halfway through my journey. If you have time you can open a Charles Schwab checking account. With Charles Schwab all your ATM fees from money withdrawn in Europe or for debit card purchases is reimbursed by Charles Schwab.

 

[Kgaynor]

This is the way I always travel. Just get some euros before you leave. I had €400 on me and used my Visa card for accommodations. The cash was for everything else.

 

[trecile]

The newer ATMs now have the "tap" option so that you don't need to insert your card in the machine. Some people have reported that their cards were "eaten" when they inserted them, and the general advice was to only use ATMs attached to banks during business hours, but with the tap feature this advice isn't really necessary.

 

[Walkerooni]

Do NOT bring a currency to another country whose currency is not your currency. Get some money exchanged at home and bring euros to a country whose currency is euros. That is all.

 

[trecile]

If you have Bank of America you can have Euros sent to your local branch for free.

They probably don't charge an extra fee, but they make their money through the exchange rate.

 

[dougfitz]

Do NOT bring a currency to another country whose currency is not your currency. Get some money exchanged at home and bring euros to a country whose currency is euros. That is all.

I'm not sure that I would be so adamant about this. I have always carried a small amount of other currencies when I have been travelling. Generally it is enough for any purchases that I might need to make on arrival or during transit. That said, the more widespread acceptance of credit and debit card transactions makes this less important for me today than it was in the past.

 

[karyn61]

I buy my euros at home before I leave. If you have AAA, they will buy them for you without a fee (or at least only a teeny fee). This can take a couple of days because you have to bring cash to AAA and then they order the euros for you. They also have small denomination euros ($100 worth) in packets that you can get on the spot. Just call your AAA office to make sure. I usually bring 400€ (euros) with me and stash it in my cross body bag that I wear, on my person in a zipped pocket, and in my pack to diversify. I use my credit card where I can but the cash comes in handy for cafe con leche and Clara limón breaks.

 

[Marbe2]

They probably don't charge an extra fee, but they make their money through the exchange rate.

Yes, in May’23, one bank, Santander, charged us non-euro county customers 6.5 percent to obtain Euros from their ATMs. The 6 Euro fee was not much in comparison! So if you convert money do first look at their exchange rate! Also, if you are a non Euro country, use your credit card as much as possible, always paying in Euros, not in your home currency.

I too,, as @dougfitz does, always bring some euros with me from USA. However, I don't purchase it in the USA. I usually bring “extra” euros from a prior trip, anticipating,what cash I might needfor a couple of days on my next trip. It is usually circa €350. However, many might need less. We usually take taxis from the airport, when we arrive. Since flight and train connections can be tight, It eliminates the need stop at an ATM in transition to our final starting point and urgency to get euros before we start walking..

 

[trecile]

Yes, in May’23, one bank, Santander, charged us non Euro county customers 6.5 percent to obtain Euros from their ATMs. The 6 Euro fee was not much in comparison! So if you convert money do first look at their exchange rate! Also, if you are a non Euro country, use your credit card as much as possible, always paying in Euros, not in your home currency.

I was actually talking about buying Euros from one's home bank in the US. They may say that there's no fee, but they will generally not give you the best exchange rate.

And to your point - always reject the automatic conversion and always choose Euros at the ATM or when paying by card.

Also, I don't worry about the fee that the foreign ATM charges, because my Schwab account rebates me all ATM fees.

 

[G_the_D]

If it is an option for you, I ( through my bank) got a bank card that was denominated in euro. I purchased Euro with a decent exchange rate at home. I could also add cash to the card as necessary. My bank knew I was traveling and I had no issues.

 

[lt56ny]

Hi, Denise, Welcome to the forum!

In my experience, you do not want to bring dollar bills with you. Use a debit card to withdraw euros. Just make sure that it is an ATM machine connected to a real bank.

And when you are walking, use a credit card whenever you can, because the rate will be better than what you get from the ATM. And when using a CC, if they ask you whether you want to have the transaction done in dollars or in euros, you should always say euros. You will get a better exchange rate.


I think that this comment refers only to the money exchange desks that you see at most airports. I would never change money there. ATMs at the airport, at least those of regular banks, will give you the same rate at the airport as they will anywhere else.

I would add that the OP should check with her credit card company to see if they charge a foreign transaction fee. That can be 2-3%. I personally use my Schwab debit card as fees are paid. I used to get a waiver on my foreign transaction fee but no longer. I hate credit card companies. So right about using currency exchanges. One of the big rip offs in foreign travel.

 

[Richard Smith]

You may want to get 50 or 100 Euros in small bills before you leave home. That way you don’t need to panic if you don’t see an ATM at the airport (there will be at least one).

Excellent advice, also allows you to get familiar with some of the different bills in use
(on my first day in Vietnam I paid an amount equal to a Vietnamese month's wages for a small bottle of water - the notes all looked similar to me)

 

[dfox]

always reject the automatic conversion and always choose Euros at the ATM or when paying by card.

And to your point - always reject the automatic conversion and always choose Euros at the ATM or when paying by card.

Agree totally

It is how it works;
If one choose to settle it in US dollars at the "Point of Sales", be it a ATM, or the portal device in a restaurant, the system will charge the amount first to local currency, e.g., Euro, and then convert it to US dollars.

If your bank is not a US bank, the bank will "convert/exchange" the said US dollars to the local currency, e.g., Canadian. As such, the transaction goes through two foreign exchanges.

Foreign exchange rates fluctuate daily.

 

[C clearly]

The OP is new to international travel. Here is what I think a new traveler really needs to know:

1. Do not expect to exchange foreign currency cash (i.e. your dollars) easily or at a good rate in another country.
2. Get some Euros at home, either from your bank or a currency exchange, to last you for a week or more. I suggest €300, including some bills smaller than €50. Set aside €100 for emergency, at which point you really need to get to a bank. Carry most of it securely, close to your body, and access that only in privacy. Remove some daily cash each morning before you go out, so you don't need to get into the stash in public.
3. For convenience, use a credit card when you can.
4. It is wise to take 2 different credit cards, in case one gets compromised.
5. Plan to get additional cash from a bank machine. Try this for the first time at a machine connected to an open bank, and do it before you get desperate for cash. This will give you confidence. If you have a card from a well-known bank with international connections, it should work, but if not, try another bank. You can usually compare the icons on your card (e.g. Interac, Cirrus, Plus, etc) with the symbols at the bank machine, to have confidence that it should work. Be conscious of security while you are at the bank machine.
6. Remind yourself of your PIN numbers before you go. It is a pain to have to call the banks to re-set.

There will a a fee charged at the bank machine, usually around €7, in my experience. My bank also charges me $5 per transaction. Last month in Spain, I had to make two withdrawals, so it cost me about $25 in total. I accept that as the cost of the convenience and the privilege of travel. If you become a frequent world traveler, you can look into ways to save a few dollars. This is your first trip, so perhaps it is best to focus on the basics, and not delve into the intricacies of banking and currency conversion rates.

 

[peregrina2000]

Oh, and one thing that I don’t think anyone has mentioned. You should check with your debit and credit card companies to give them a travel alert — dates and places where you will be. Otherwise, you may find that they lock the card or deny the transaction when you try to use it in Iberia, which can be a real hassle.

Not all card companies do this, but I had a recent experience in Mexico and it was a little bit of a hassle to fix. I could have saved myself the trouble by simply calling ahead of time.

 

[Priscilla NC]

Another reason to bring 2 cards with you: during my walk, someone in the US somehow used my card fraudulently. This was the card I used for most everything. When this was caught by the bank, they immediately shut down my card (standard practice). It took more than a week to fix, especially since I was in a foreign country. They would not mail my replacement card overseas. Since my brother was flying over to meet me, we did a workaround through him.

I was so grateful to have a second card I could use! This could have ended my Camino.

 

[lovelyshell]

Yes, in May’23, one bank, Santander, charged us non-euro county customers 6.5 percent to obtain Euros from their ATMs. The 6 Euro fee was not much in comparison! So if you convert money do first look at their exchange rate! Also, if you are a non Euro country, use your credit card as much as possible, always paying in Euros, not in your home currency.

I too,, as @dougfitz does, always bring some euros with me from USA. However, I don't purchase it in the USA. I usually bring “extra” euros from a prior trip, anticipating,what cash I might needfor a couple of days on my next trip. It is usually circa €350. However, many might need less. We usually take taxis from the airport, when we arrive. Since flight and train connections can be tight, It eliminates the need stop at an ATM in transition to our final starting point and urgency to get euros before we start walking..

If you have a Charles Schwab account they would reimburse you the 6 euros Santander charges.

 

[blueskywa]

Another reason to bring 2 cards with you: during my walk, someone in the US somehow used my card fraudulently. This was the card I used for most everything. When this was caught by the bank, they immediately shut down my card (standard practice). It took more than a week to fix, especially since I was in a foreign country. They would not mail my replacement card overseas. Since my brother was flying over to meet me, we did a workaround through him.

I was so grateful to have a second card I could use! This could have ended my Camino.

I take 3 cards stashed in different places!!

 

[Stephan the Painter]

It's not just Charles Schwab, many credit card companies and ATM cards have no-fee cards for use in international travel. Especially the Airline or hotel-branded credit cards do this as a matter of course.

ATM cards are trickier, but my Capital One 360 ATM card reimburses fees. The first thing to do is to ask your bank.

I take 50 or €100 with me when I go to Europe, usually what I have left over from the last trip. But the first thing I do is go to an ATM and withdraw €300, to make sure that I'm not going to have any problems.

That way I might have a chance to fix it, but it's virtually impossible to get an ATM card going that's not working when you're calling from overseas. Try to make sure you have some kind of two-factor authentification process that you can use when you're overseas.

But that's why you absolutely must have multiple cards. One of them will work.

I take two credit cards and one ATM card. And I leave another credit card with someone who will FedEx it to me if there's a real disaster, like getting robbed.

 

[OzAnnie]

Hi peregrino@s,
A question re using credit card -
Reading a few posts (quotes under) ; it sounds like using a credit card on purchases/hotels etc gives better value than withdrawing from ATM and paying those things with cash. You all mention a better rate when paying by credit card.
I was not aware of this. Wondering why the credit card would give you a better rate than ATM?

And when you are walking, use a credit card whenever you can, because the rate will be better than what you get from the ATM.

Also, if you are a non Euro country, use your credit card as much as possible, always paying in Euros,

For convenience, use a credit card when you can

Thankyou in advance.
Annie

 

[DoughnutANZ]

If your card is a Credit card vs a Debit card AND if you don't have excess funds in your credit card account then as soon as you withdraw cash from the ATM your Credit card company will start charging you interest. Often at very high rates, like over 20% interest.

This is the main reason for not using a Credit card to withdraw cash from an ATM.

When you use your Credit card to make a purchase you are usually not charged interest until the end of the month plus ten days and so you have the chance to pay off your Credit card bill without incurring interest.

If you want to use your Credit card to take out cash from an ATM then transfer enough money into your Credit card account to pay the current balance plus enough to cover the cash that you want to take out.

 

[OzAnnie]

Thanks for responding Doug.
I won’t ever try withdrawing CASH from anywhere Atm etc in Oz or overseas. I have always been aware of the high interest “commencing immediately” on cash withdrawn using credit card.

I was only questioning the quotes by others / I had not realised they were comparing to cash withdrawn from ATM’s / using the ‘credit card’ / (a no no I wouldn’t do)… and paying with that cash ! as to using the credit card for the purchase. The confusion for me was the interpretation of the written word.

Btw. Leaving the above query aside : I was debating with myself ? Re the wisdom (pun intended) of adding funds (currency) to my WISE card : as opposed to topping up my current CBA travel debit card ?
Do you still find the WISE card a good alternative?
I would take 3 types with me: in the event that one of my cards was chewed up
or not accepted.
Can you use the WISE card in Spain for cash withdrawals or best kept for purchase and hotels etc?

Note to others : I am not American so cannot get one of your Charles Schwab accounts which sound great.

 

[DoughnutANZ]

Thanks for responding Doug.
I won’t ever try withdrawing CASH from anywhere Atm etc in Oz or overseas. I have always been aware of the high interest “commencing immediately” on cash withdrawn using credit card.

I was only questioning the quotes by others / I had not realised they were comparing to cash withdrawn from ATM’s / using the ‘credit card’ / (a no no I wouldn’t do)… and paying with that cash ! as to using the credit card for the purchase. The confusion for me was the interpretation of the written word.

Btw. Leaving the above query aside : I was debating with myself ? Re the wisdom (pun intended) of adding funds (currency) to my WISE card : as opposed to topping up my current CBA travel debit card ?
Do you still find the WISE card a good alternative?

Yes, I use it almost exclusively.

I would take 3 types with me: in the event that one of my cards was chewed up
or not accepted.
Can you use the WISE card in Spain for cash withdrawals or best kept for purchase and hotels etc?

Yes, this time around I haven't used as much cash as many places accept a card with chip for payment for even amounts like one or two Euro.

In Valladolid I used it for my local bus fares of €1.50.

Wise give you two cash withdrawals a month with no fees from them and they have agreements with a number of banks for zero fee ATM withdrawals.

Surprisingly my last ATM cash withdrawal from a Santander bank was fee free.

Note to others : I am not American so cannot get one of your Charles Schwab accounts which sound great.

I have used my Wise card almost exclusively on this trip.

I have a second, backup debit card and my credit card that I use at home as backups in case the Wise card gets eaten at an ATM, I lose it or it gets stolen.

I use bank transfers from my phone to keep around €600 in my Wise account.

The reasons that I use my Wise card are:
1 Best currency exchange rate with least fees (it did go up a little bit recently though)
2 Ease of topping up via my banking app on my phone.
3 Ability to do very cheap bank transfers. I sometimes want to donate to a charity or pay a friend who don't have the ability to accept credit card payments and so it goes straight into their bank account without cost to them.
4 Ability to have virtual cards that I can easily put on hold. I use this if I want to make an Internet payment but I am a little bit unsure if the organisation that I want to pay once might charge me again. In this case I create a virtual card for that one organisation, pay them then put that card on hold, thereby ensuring that no more payments will go through on that card.

Organisations like small car rental companies sometimes try to use my card for additional fees that they haven't disclosed and so by using my virtual cards and managing them closely I can ensure that only payments that are disclosed to me are paid.

 

[OzAnnie]

Wow Doug - your response was so comprehensive !

Very helpful info for my trip to Spain in September - BUT (particularly the info on WISE), ticks ‘all’ the boxes for unasked questions that will help me for my trip to USA on Sunday coming. Very grateful for your help.

I hope you have recovered yourself by now and are able to continue on your camino .

Buen camino
Annie

I had better make a note also of your tip about using ‘Santander’ for fee free withdrawal with WISE card.

 

[DoughnutANZ]

I hope you have recovered yourself by now and are able to continue on your camino

Thank you, yes I am recovered and looking forward to finishing the Camino Madrid. My retreat finishes tomorrow. I am then going to visit a friend for lunch and then restart my Camino.

 

[NorthernLight]

Try to make sure you have some kind of two-factor authentification process that you can use when you're overseas.

If your bank/credit card company wants to text/sms you a verification code to your on-record phone number, and you have installed a Spanish sim into your phone, you need a workaround for online purchases. My bank advised me to re-install my home country sim card and turn on roaming. (If you don’t have a local sim, just turn off airplane mode and turn on roaming.) Use WIFI to make the purchase or do your online banking, wait for the text/sms to arrive. Use the code and make the purchase or transaction. DO NOT reply to the text or to any other text messages and DO NOT open any voice mail messages - as doing so will trigger the home country phone company to charge you for out of country usage.

Re-install the local sim or turn on airplane mode.

I use Rogers for my cell phone in Canada, and this process worked. When Rogers saw I was in Europe they also sent me a message saying that I could use my phone for $15 per day(!). I did not receive any extra billing from them, so the above method worked.

Strangely enough, when I went to book my flight home, the airline didn’t need two factor verification. Booking.com didn’t either.

 

[Stephan the Painter]

If your bank/credit card company wants to text/sms you a verification code to your on-record phone number, and you have installed a Spanish sim into your phone, you need a workaround for online purchases. My bank advised me to re-install my home country sim card and turn on roaming. (If you don’t have a local sim, just turn off airplane mode and turn on roaming.) Use WIFI to make the purchase or do your online banking, wait for the text/sms to arrive. Use the code and make the purchase or transaction. DO NOT reply to the text or to any other text messages and DO NOT open any voice mail messages - as doing so will trigger the home country phone company to charge you for out of country usage.

Re-install the local sim or turn on airplane mode.

I use Rogers for my cell phone in Canada, and this process worked. When Rogers saw I was in Europe they also sent me a message saying that I could use my phone for $15 per day(!). I did not receive any extra billing from them, so the above method worked.

Strangely enough, when I went to book my flight home, the airline didn’t need two factor verification. Booking.com didn’t either.

I use a Google voice number based in the US for my authenticating texts. One of my Banks is OK with this, but my credit card company doesn’t like it. They wont use numbers they don’t recognize as real cellular phone numbers.

Only my banks, or credit cards require two factor authentification. I’ve never had a booking company or airline asked me for this.

I think that all of this stuff varies by country and organization. And different things work for different people. I think if I put my US Sim in my phone, my provider knows immediately that I’m overseas because of that towers it connects to. Whether I take any action in response or not.

I can use my US Sim Overseas on my phone, but they charge me $10 a day. And the last time I was in Europe I lost my home SIM a few days after I got there after I switched to a local SIM!

An authenticator app may be a way to get around all of this. But I’ve never tried one.

What I don’t like about any of this is if you lose your phone, you’re kind of screwed. I would much rather authentification happening via email. That way if I am sitting in front of a computer, even after I lost my phone, I could still function normally. This is not a choice I’m offered.

 

[C clearly]

For convenience, use a credit card when you can.

it sounds like using a credit card on purchases/hotels etc gives better value than withdrawing from ATM and paying those things with cash. You all mention a better rate when paying by credit card.

I didn't mention a better rate, as I don't pay much attention to the differences. I use a credit card for purchases when I can, but never for cash. I use the credit card for convenience only, so that I do not need to withdraw cash very often with my debit card.

 

[DoughnutANZ]

Thank you, yes I am recovered and looking forward to finishing the Camino Madrid. My retreat finishes tomorrow. I am then going to visit a friend for lunch and then restart my Camino.

The other useful thing about the Wise card is I have their app installed on my phone and so provided I have an internet connection I can always authorise a two factor payment through the app regardless of what SIM card I am using.

 

[Camino Chrissy]

I have a no fee Charles Schwab debit card that I always use overseas. I prefer always using the ATM machines connected to a local bank when the bank is open as I often step inside to convert larger bills to smaller ones; sometimes 50 euro bills have been issued to me by the machine.

 

[Pathfinder075]

Normally i carry cash (200-300 euros) and a bank card. This year i am trying Wise. I will load it with about 600 euros and you get an allowance per month of cash withdrawals without a fee (£200 for UK customers which I assume will be the same equivalent in euros). But that is all I want mine for.

My bank card is my backup and I carry it hidden away on me. But mostly carry enough operational cash for 1-2 weeks. Food can mostly be paid for with a card, it's just albergues and smaller shops that will want cash.

 

[Denice]

Hello, thank you so much