Stretching the Dollar in Europe
If you’re planning a trip to Europe this summer, you’re probably worried about the current exchange rate. When compared to the Euro, the dollar isn’t all that valuable these days, so it can be tough to make your dollars work for you on the other side of the pond. Even if you find cheap airline tickets and manage to book hotels for discount rates, it’s the everyday expenses that are really going to start adding up if you don’t know how to maximize what you can get out of your money. Below are some tips to help you make up for the loss with little tips and tricks that will minimize additional costs when using or exchanging money. Using them in combination can really add up to make a difference, and make your European vacation much more enjoyable.
Avoid the ATM. Cash machines are extremely convenient, but often carry outrageous fees, which are nowadays as high as 5$ per transaction. Add that to whatever your bank charges you, and it’s an expense just to get to your money. Check into this before you leave, and if you belong to an international bank, try making withdrawals at the teller’s window and plan out how much money you will need per day. Some banks have partnerships in Europe that can reduce the cost of ATM examples as well. For example, Bank of America charges 5$ per ATM transaction in Europe, but if you use their partners like Barclay’s in England or Deutsche Bank in Germany, the fees are substantially lower.
Make Less Exchanges for More Money. Exchange kiosks and services often charge hefty fees, but they are less if you exchange more money. Try to plan your finances out ahead of time and exchange all the money you think you’ll need for a while in one go.
Use your Credit Card for Big Purchases. This ensures you’ll get the best exchange rate going. However, some cards carry fees similar to debit cards, so don’t overuse them, or look into getting cards through HSBC or similar offshore, international banks.
Book Transportation From Home. Buying Eurorail passes or car rentals ahead of time in the United States can save you huge sums of money, and save you the exchange rate as well. Once you’re in Europe, these sorts of things will be more expensive. Book far enough in advance and you’re also eligible for all kinds of other discounts and vacation package deals.
