Travelling to Europe is an exciting adventure. You may explore historic cities, enjoy picturesque landscapes, or indulge in local cuisines. However, managing your cash and currency during your trip can be challenging due to the different currencies in the European Union (EU). Understanding how to handle your money is crucial for a smooth and enjoyable trip.
Europe comprises many countries, each with its own unique charm. However, not all of them use the same currency. While the Euro is the most common currency in the EU region, others have retained their own currencies.
Knowing the European countries' money, currency exchange rates and how to get the best value for your money is essential.
Let's discuss some practical tips on managing your cash and currency in Europe. You will learn how to find the best currency exchange rates and make smart financial decisions while travelling.
Best Way to Carry Money in Europe
When travelling to Europe, you have various options for carrying money. You must select the right option based on your needs. Today's travellers prefer forex, debit and credit cards, along with ATM withdrawals, for better currency exchange rates.
Here are some of the best ways to carry money to Europe:
Multi-Currency Travel Card: A multi-currency travel card (also called Forex card) lets you pay in multiple currencies, avoid cross-currency fees and lock exchange rates.
Cash: You may carry some foreign currency cash for essentials. Aim for a card-to-cash ratio of 75:25, as cash will be useful when the card does not work.
Debit Cards: Debit cards are convenient but can incur high overseas fees. To withdraw cash, use them in network ATMs.
Credit Cards: Credit cards are useful for benefits like frequent flyer miles, travel insurance, etc. However, carry cash as a backup for places that don't accept cards.
Best Way to Exchange Currency in Europe
It is generally a good idea to exchange currency before travelling to Europe. You will be able to compare exchange rates and accordingly get the best value.
You may exchange your money at your bank before travelling to Europe. Almost all banks and credit unions offer foreign currency to their customers. For this, you will need to order the currency in advance. Few banks also waive the transaction fee.
However, if you need to exchange currency in Europe, here are some options to do so.
Exchange Money at Your Bank
Major Indian banks may have branches in prominent cities worldwide. You can confirm beforehand if your bank operates a branch in one of the European cities or has partnered with a local bank.
Exchange Money at the Local Bank
Local banks generally offer good exchange rates. You must visit them during business hours. Banks are a safe option for currency exchange.
Airports
You may exchange money at an airport in Europe as you land. It is usually the first place most travellers arrive in a new country.
However, you must know that airports may not offer you the best Euro exchange rate. This is because airport exchange shops take advantage of your requirements for cash in local currency. They know that you might need it to pay for local conveyance.
Multi-Currency Travel Card
You may also use a multi-currency travel card or forex card, which is a prepaid currency card. The best part is if this card is lost or stolen, it can be replaced. Also, it is not linked to any bank account, so others can't access your funds.
You can easily buy a Travel Card online and add multiple currencies to it. Then, you can use it in ATMs worldwide to access cash safely and quickly.
Credit Card
Lastly, the most popular choice is using a credit card with a 0% foreign transaction fee. Also, if your card does not offer 0% fees, you will likely pay no more than 3%, which is still advantageous compared to other methods.
You can use your credit card for most purchases. However, you must prepare well before your trip as most European countries use chip and PIN credit cards. If you do not have one, you may request one from your bank.
Debit Card
Depending on your bank, you might be able to use your debit card at an ATM in the country you are visiting to withdraw foreign currency with minimal fees.
Using ATMs is a good way to exchange currency in Europe as they provide good exchange rates. You must use ATMs of reputable banks to withdraw cash using a debit card.
How to Get Cash in Europe without Fees?
To get cash in Europe without fees, you may use the following tips:
Use In-Network ATMs: Many banks have partnerships with European banks. Use in-network ATMs to avoid withdrawal fees.
Withdraw Large Amounts: By withdrawing large sums at once, you can reduce the number of ATM withdrawals and save on transaction fees.
Choose the Right Bank Account: Some banks offer accounts with no international fees. Check if your bank provides the same.
Avoid Dynamic Currency Conversion: Always choose to be charged in your local currency to avoid extra fees.
Research Your Bank's Foreign Transaction and Exchange Fee: Research and compare bank's charges to find the best options for free cash withdrawals in Europe.
Why Do You Need Travel Insurance while Travelling to Europe?
Be it a group, family or
solo trip to Europe from India, securing it with travel insurance is essential. It is especially necessary if you are travelling to one of the 29 countries in the Schengen region.
Schengen travel insurance is not only a mandatory requirement for obtaining a Schengen visa, but it also provides comprehensive coverage for unexpected situations. It protects against medical emergencies, trip cancellations and loss of baggage or passports.
Reliance General Insurance offers tailored
Schengen travel insurance that ensures peace of mind during travel. In the event of an unexpected illness or injury, you will not have to worry about hefty medical bills.
Also, our Schengen travel insurance offers compassionate visit cover, which helps you during emergency hospitalisation abroad.
Choose Reliance General Insurance for a seamless and secure travel experience. It will ensure you are well-protected throughout your journey.
Also Read:List of Countries in the Schengen Region
Frequently Asked Questions (FAQs)
Should I carry cash or rely on cards in Europe?
It is best to carry a mix of cash and cards while travelling to Europe. Use your cards for most transactions and carry some European countries' money in cash for small purchases or places that do not accept cards.
What is the best way to get local currency to Europe?
Use ATMs in Europe to withdraw local currency with your credit, debit or travel cards. Choose in-network ATMs to avoid high fees and also opt for transactions in local currencies to avoid extra fees.
What should I do if my card is lost or stolen in Europe?
Report it to your bank immediately to block your card. Also, have a backup card and some cash for emergencies.
Can I use my Indian debit card in Europe?
Yes, you can get your Indian debit card in Europe. However, do check for any transaction blocks or limits on international usage. Also, inform your bank about your travel plans to check for any international usage fees.
Should I exchange currency before travelling to Europe?
It is wise to exchange a small amount before you travel to cover immediate expenses upon arrival. Once you are in Europe, withdraw cash from ATMs for a better currency exchange rate.