How much cash should I bring to Europe?
Any natural person entering or leaving the EU and carrying cash of a value of €10 000 or more is required to declare that sum to the competent authorities of the Member State through which he/she is entering or leaving the EU.
key takeaways. European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. Credit cards are generally accepted, especially in cities; but check with your card issuer about foreign transaction fees and currency exchange fees.
Resist the urge to buy foreign currency before your trip.
Some tourists feel like they just have to have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Wait until you arrive to withdraw money.
Virtually impossible to predict, we'd advise a figure roughly around €100 a day for spending money in Western Europe and about €40–60 a day for Eastern Europe. Budget Your Trip has thankfully provided a Travel Cost Index that maps out the average daily travel price of real travellers, per person per day.
Advantages of an overseas card
The main advantage of using a debit or credit card overseas is that you won't pay foreign transaction fees every time you spend. While many also won't charge fees for cash withdrawals, you will still usually be charged interest from the date of the transaction if you use a credit card.
“When asked, always pay in euros (or the local currency). “If you pay in pounds the overseas bank/store will do the conversion, and their rates tend to be awful. How do you spend on card abroad? “Pay in euros is far safer as your bank will do the exchange – and that is usually at least as good if not better.”
Yes, you can use your debit card in millions of shops and cash machines worldwide – anywhere you see the Visa sign.
Though it may seem strange to Americans, who are used to carrying around cash and using it for everyday purchases, Europe has primarily done away with cash. Less than one in five Europeans use cash for daily transactions, and the trend is only declining. There are several reasons for this shift away from cash.
Another way to pay your way through Europe is with a credit card, and this strategy is one of the best — and most affordable — available. Using a credit card for purchases abroad means you'll get access to the most realistic and accurate exchange rates, meaning you won't pay more for something than you have to.
In 2022, the Pound to Euro rate began near the top-end of the 5-year trading range, but since the summer it has fallen towards the bottom end of the range. Buyers of Euros want the highest rate possible. So a low rate means it's not a good time to buy Euros with Pounds.
Will euros fall in 2022 coming days?
The value of the Euro has been steadily falling across most of 2022. Analysts at the major banks broadly agree that the value of the Euro could continue to fall in 2022.
It's not always better to exchange before you fly
In many countries, you're likely to get more for your home currency once you arrive – just make sure you avoid airports and unreliable vendors and choose somewhere trustworthy, such as a bank.
What is the minimum amount required for Spain? Currently, the minimum amount is 100 euros per person per day, with a minimum of 900 euros or its legal equivalent in foreign currency (with effect from January 1, 2022).
So, how much money should you take on holiday in Europe? After your accommodation, a general rule would say that you need roughly 40-60€ a day in western Europe, and a little less in eastern Europe.
Debit cards from any major US bank will work in any standard European bank's ATM (ideally, use a debit card with a Visa or MasterCard logo). As for credit cards, Visa and MasterCard are universal, American Express is less common, and Discover is unknown in Europe.
- Credit Card. Credit cards can offer convenience and protection, like security alerts and $0 fraud liability, when you're traveling. ...
- Debit Card. A debit card could be a good alternative for making purchases. ...
- Digital Wallet. ...
- Cash. ...
- Traveler's Checks. ...
- Keep Your Options Open.
Exchange Cash Before Leaving The U.S.
One way to avoid ATM or transaction fees is to pay for a trip in cash. Travelers can exchange U.S. dollars for most major currencies at a bank, credit union or currency exchange store before a big trip.
Money belts and neck wallets — those flat, cloth pouches that fit under your clothes — are the traditional ways to carry money safely while you're traveling. They're meant to escape the notice of pickpockets and muggers, and some even have RFID blocking to keep your credit card and passport information safe.
If you don't have time to buy your Euros before going away, Spain has many ATM machines and foreign exchange bureaus where you can do so. However, it's still a good idea to get your holiday money before you leave in order to get the best deal and avoid paying excessive transaction charges.
You may be charged for using your debit or credit card abroad to buy something or when you withdraw cash in a foreign currency. What you'll pay depends on the transaction you make and the card you use.
Should you take cash on holiday?
Whilst cash is certainly an option there is always the risk of it being stolen. If you do opt for cash make sure you get your money before you travel as exchange rates are likely to be preferable. It's also a good idea to exchange before you get to the airport, and to exchange cash rather than by card to avoid fees.
The U.S. dollar is stronger relative to the euro and other major international currencies than it's been in years. That means Americans effectively get a discount versus the recent past on purchases made abroad.
The general consensus is that you should have $50 to $100 in cash per day for each traveler. However, this amount could vary considerably depending on where you are vacationing. Some destinations are more cash-friendly than others.
If you're carrying an amount below $10,000 from the US to elsewhere in the world, you don't have to worry about anything. However, the government wants to know if you're carrying anything above that limit. Hence, you'll have to fill out some forms at customs to declare that sort of money, and you're good to go.
International travelers entering the United States must declare if they are carrying currency or monetary instruments in a combined amount over $10,000 on their Customs Declaration Form (CBP Form 6059B) and then file a FinCEN Form 105.
