Best Places To Buy Euros For Your Next Trip

The best place to buy euros depends on how you like to spend. Many travellers prefer to get everything done before they depart, finding the best exchange rate possible. However, this can be costly due to poor exchange rates and high fees. Buying euros before travelling can be done through local banks and credit unions, online bureaus or currency converters, or foreign currency exchanges. Alternatively, travellers can wait until they arrive at their destination and withdraw money from an ATM.

Using a multi-currency travel card

Firstly, they usually have lower or no account maintenance fees, which can save you a significant amount, especially if you're frequently travelling. In addition, these cards typically have lower or no foreign ATM withdrawal fees, which is ideal if you need to withdraw cash while in the Eurozone. You can also benefit from lower or no fees on foreign payments and online transactions, which is perfect for those who prefer cashless transactions.

Some multi-currency travel cards even include fully-fledged multicurrency account features, allowing you to hold multiple currencies at the same time. For example, the Wise Multi-Currency Account gives you multi-currency bank details in 10 currencies and a debit card to spend in many more. Similarly, Revolut allows you to hold over 20 foreign currencies with no fees for the first £1,000 exchanged per month.

When using a multi-currency travel card, it's important to be aware of any potential fees or charges. While these cards often have lower fees, they may still charge for specific transactions or services. Be sure to read the terms and conditions carefully before signing up.

Overall, using a multi-currency travel card is a great way to access cheap euros while travelling. With their low fees and convenient features, these cards can help you save money and make your trip more enjoyable and stress-free.

Using a debit card at an ATM

• Use a multi-currency travel card with no foreign ATM withdrawal fees. Examples include Wise and Revolut, which both offer low or no fees on foreign transactions and ATM withdrawals.
• Use a no-foreign-transaction-fee debit card from your bank. Check with your bank to see if they offer this and whether they have ATMs at your destination.
• Use a local bank-run ATM if possible. These usually don't charge usage fees and are more secure. Avoid "independent" ATMs, such as Travelex and Euronet, which often have high fees and may be less secure.
• Withdraw cash in the local currency. If your daily limit is $300, you may only be able to withdraw €275 or so, depending on the exchange rate.
• Be aware of ATM withdrawal limits. If you can't withdraw your maximum amount, try several smaller withdrawals.
• Avoid dynamic currency conversion (DCC). When given the option to pay in your home currency or the local currency, always choose the local currency. DCC can result in poor exchange rates and hidden fees.
• Check your bank's policies on foreign transactions. Some banks charge a flat fee for using an ATM abroad, while others charge a percentage of the transaction. You may also need to notify your bank of your travel plans to avoid any issues with your card being declined.
• Have some local currency on hand when you arrive. This can be convenient for small purchases or when ATMs or cards aren't accepted. However, ordering currency from your bank before your trip may result in unfavourable exchange rates and fees.
• Use credit cards as a backup. Credit cards are widely accepted in Europe and offer fraud protection, but be aware of foreign transaction fees and cash advance fees.

By following these tips, you can make the most of your money when travelling and avoid unnecessary fees when using a debit card at an ATM to withdraw euros.

Avoid buying euros from your bank

While it may seem like the most obvious choice, buying euros from your bank is not always the best option for travellers. Here are some reasons why you should avoid doing so:

High fees and poor exchange rates

One of the main drawbacks of buying euros from your bank is the high fees and unfavourable exchange rates that are often involved. The cost of buying euros directly from a bank can be quite steep, typically exceeding 5% and sometimes even going upwards of 10% of the total transaction value. These fees can significantly eat into your funds, leaving you with less spending money for your trip.

Limited accessibility

European banks generally do not exchange money unless you have an account with them. This can be an issue if you are travelling and do not have an account with a local bank. In such cases, you may need to look for alternative options, such as using a foreign ATM or a multi-currency travel card.

Convenience and safety

Exchanging large amounts of cash before your trip can be inconvenient and even unsafe. Carrying around a lot of cash can make you a target for theft, and it is generally not recommended to keep large sums of money in your possession while travelling.

Better alternatives

There are now several alternatives to buying euros from your bank that offer more competitive exchange rates and lower fees. These include using a multi-currency travel card, such as Wise or Revolut, or simply withdrawing euros from a foreign ATM once you arrive at your destination. These options can provide greater flexibility, convenience, and cost savings compared to buying euros from your bank.

Timing and planning

Exchanging currency at the last minute, such as at an airport kiosk, is generally not recommended as these locations tend to charge higher fees and offer poorer exchange rates. It is better to plan ahead and exchange your currency before your trip or use a debit or credit card that does not charge foreign transaction fees.

In summary, while buying euros from your bank may be convenient, it often comes with high fees and unfavourable exchange rates. By exploring alternative options, such as multi-currency travel cards or foreign ATMs, travellers can access better exchange rates, lower fees, and greater flexibility when it comes to purchasing euros for their trips.

Avoid buying euros at the airport

While it may be tempting to exchange currency at the airport, it is generally not a good idea. Airport kiosks and currency exchange counters are known for offering poor exchange rates and charging high fees, which can cost you a significant amount of money. For example, if your bank offered an exchange rate of £72 per $100, an airport kiosk may only give you £67 per $100, resulting in you receiving fewer pounds for your dollars.

Additionally, airport kiosks may charge higher fees, which are sometimes hidden within the unfavourable exchange rates they offer. These fees can add up quickly and significantly increase the cost of exchanging currency.

If you need to exchange currency before your trip, it is recommended to visit your bank or credit union to get a better exchange rate and avoid unnecessary fees. Alternatively, you can use a multi-currency travel card, such as Wise or Revolut, which offer lower fees and competitive exchange rates.

If you are already abroad, using a foreign ATM or your bank's ATMs overseas is a more cost-effective option than exchanging currency at the airport. By withdrawing money directly from a foreign ATM, you can take advantage of competitive exchange rates and avoid the high fees associated with airport exchanges.

Overall, exchanging currency at the airport should be a last resort. Planning ahead and exploring alternative options will help you get the most out of your money and save you from unnecessary fees and unfavourable exchange rates.

Using a credit card

Credit cards are widely accepted in Europe. However, it's a good idea to carry some cash as well, as some smaller vendors, taxis, and restaurants may not accept card payments.

When choosing a credit card to use in Europe, look for one that:

• Has no foreign transaction fees
• Offers perks that are useful to you, such as travel insurance or rewards on dining and entertainment
• Is part of a payment network that is widely accepted in Europe, such as Visa or Mastercard

If you are planning to get a new credit card for your trip, it's a good idea to open an account at least six months before your trip. This will allow you to build up rewards that you can use to pay for your trip.

When using a credit card in Europe, keep the following in mind:

• Credit card machines in Europe usually require a PIN, so make sure you know your PIN before you leave
• Contactless payment systems like Apple Pay are becoming more common in Europe
• Some merchants will give you the option to pay in the local currency or your home currency. Paying in the local currency is usually a better deal, especially if your card does not charge a foreign transaction fee
• Let your bank know that you will be travelling overseas, to avoid them flagging your overseas transactions as potential fraud and deactivating your card

Frequently asked questions