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EXCHANGING MONEY IN EUROPE: WHAT YOU NEED TO KNOW - YouTube
Channel: Distant Lands Travel Store
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How many people endlessly scour airfare
comparison in hotel booking sites
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looking for the best deal, pinching every
penny but then waste all that effort by
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paying huge fees when paying for their
travel. Once you leave the country
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deciding how you pay either cash credit
card or even traveler's check can affect
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the cost of your trip. What is the best
option for you? Keep watching and we will
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answer all your currency conversion
options when you're traveling to Europe
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but first don't forget to like, subscribe
and comment. What is the best way to
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exchange money? I t's a simple and good
question with a multitude of answers
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let's look at all the options. Exchanging
cash. Avoid or at least minimize cash
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exchange. On average at a bank you lose
about 8 percent when you change dollars
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into a foreign currency, when you use an
airport currency exchange boost the hit
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can be as much as 15%. If you do need to
exchange money look for places that
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don't charge a commission. Note the
difference between the rates for buying,
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the bank buys foreign currency from you
to exchange into local cash and selling,
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the bank sells foreign currency to you,
the difference between the buy and sell
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rates should be less than 10 percent.
Hold on to your cash for emergencies the
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ATM ate my card. Now some of you will not
sleep unless you have some local
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currency in your wallet before leaving
home. If you haven't packed your bags you
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may have time to shop around for the
best rates. Many banks offer currency
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exchange to their customers you may be
able to order currency at a branch
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location or by phone or online for
pickup at a branch. Sometimes the service
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carries a fee and sometimes this fee can
be waived, if you ask. You can also order
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cash or a currency converter, a number of
websites sell foreign currency deliver
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it to your home. Exchange rates here are
less favorable and the delivery charges
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will further eat into your funds
Airport kiosks or stores convenient yes
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a good deal
hardly ever.These places should be a
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last resort for emergencies exchange
rates are poor and fees are numerous and
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high. Cash is best for emergencies on the
pro side its cash and someone will
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exchange it the con you typically will
not get a great conversion rate from
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your money debit and ATM cards. Debit
card use this at cash machines, ATMs to
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withdraw local cash, which you'll use to
pay for most purchases. Use bank ATM
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machines, in addition to having a good or
better rate than the actual bank teller,
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the advantage to getting cashes ways
that you can do it repeatedly you can
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take out $300 worth and a couple days
later do it again. However, in recent
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years as more and more savvy travelers
have realised ATMs are the best way to
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go some places especially, European
airports and tourist zones, have taken
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advantage by charging different and much
worse exchange rates at machines aimed
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at international travelers. The bank ATMs
at Gateway airports in Europe are being
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replaced by foreign exchange machines.
They promise " free"
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withdrawal but charge a really bad
exchange rate of 10 to the 11 percent,
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for this reason if you can wait until
you get into town I suggest using an ATM
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and an actual bank. Some European
airports still have real bank ATMs
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elsewhere in the terminal just outside
the arrival hall usually if you want to
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hunt them down. Debit and ATM cards are
best for getting cash in local currency.
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The Pros: you will get the same great
interbank exchange rate when you make
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cash withdrawals with your debit or ATM
card as you do when you make a credit
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card purchase with ATM is available in
major cities and airports all over
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Europe this is generally the cheapest
and most convenient way to get cash in a
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local currency.
Each cash withdrawal you make will
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usually be subject to a currency
conversion fee or an ATM fee or other
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charges from your bank and/or the local
bank that maintains the ATM, at the very
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least you'll probably be charged the
same transaction fee if any that your
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bank charges when you use another banks
ATM, however, many banks charge higher
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fees for international ATM withdrawals
either a flat typical one to six dollars
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or a set percentage of your total
withdrawal usually one to three percent.
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Check with your bank before each trip
abroad as these fees can change often
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and without warning, to add insult to
injury, you may also be charged a fee by
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the owner of the foreign ATM because
these small charges can add up quickly
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you'll probably want to withdraw larger
amounts and you might normally do at
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home so be sure to have a safe well
concealed place to keep your cash I
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suggest a money belt. If you are renting
a car you should be aware that debit
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cards are not always accepted and may
sometimes be subject to additional red
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tape finally do not forget to call your
bank and make it aware of your travel
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plans as with credit cards sudden
international activity using your debit
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card could cause your account to be
frozen.
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Protip: Avoid dynamic currency conversion,
this is what a merchant will ask you if
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you would like your purchase done in
your home currency versus the local
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currency. Always, always, always get your
transaction in the local currency or you
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will be hit with a huge fee. Credit cards.
Credit cards are the best for large
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purchases such as airline tickets, hotel
bills and car rentals. Generally paying
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by credit card gives you a better rate
than paying by debit card or cash but
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this advice doesn't apply if you're not
able to clear to balance each month the
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interest you pay on the balance will
only add to your cost. Figure out whether
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your destination is plastic friendly if
it is you can avoid many of these extra
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travel fees with a no foreign
transaction fee
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card or debit card. Consider applying
for one of these credit cards or debit
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cards before you leave so that you can
use it instead of cash whenever possible.
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Avoid using the credit card at ATMs or
you'll be hit with fees and intrests right
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away for taking a cash advance. Pros:
chances are good that you're going to
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use your credit card more than currency
and you should as there are a myriad of
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advantages first you can carry less cash
secondly you get the security behind
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your transaction and if somehow you are
ripped off like merchandise and never
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ships or a hotel overcharged you can
call your bank and dispute it some
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credit cards increase warranties or
offer loss replacement on purchase goods.
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Finally you get whatever points or
rewards your particular credit card
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offers usually some benefits to the tune
of an additional one to two percent
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cons but the problem is that many if not
most credit cards have hidden surcharges
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for foreign exchange transactions which
means that using one banks card over
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another or even different affinity cards
from the same bank can actually make
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your transaction cost more or less than
slapping down another piece of plastic.
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Pro tip: two of the best travel credit
cards on the market the chase mileage
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Explorer Club specifically for United
frequent flyers and the more general
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Sapphire card have no international
transaction fees this is increasingly
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important thing to look for in at least
one card in your arsenal the one you
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should use
overseas traveler's checks and money
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cards are best for emergencies, the pros,
traveler's checks are best for
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emergencies because they provide more
security than cash because they can be
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replaced if lost or stolen while
traditional traveler's checks have
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largely gone the way of the dinosaur.
Visa and Travelex offer travel cards
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that are prepaid like traveler's checks
but work like credit cards for purchases
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and ATM withdrawals. Cons: the exchange
rate for traveler's checks is not as
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favorable as the interbank rate you'll
get when you
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a credit or debit card and very few
merchants accepted checks for purchases
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these days you'll also have to pay
commissions shipping charges and/or
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conversion fees to purchase and cash the
checks the prepaid cards have plenty of
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fees to look out for activation fees,
charges for reloading the card ATM
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charges or inactivity fees in most cases
you're probably better off using your
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own debit card. Thank you for watching
and please like, subscribe, comment and
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share
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