Currency exchange while traveling: why do some still carry wads of cash?
FR

Translated into English.

Original post
AT
Hi everyone,

In this age of zero-commission cards and fee-free accounts, I’m curious why some travelers still prefer to set off with a wallet stuffed with bills and exchange money on the spot.

I get it for those whose income comes from undeclared activities, but what about everyone else?

Between the risk of theft, scams at exchange counters, and fees that often end up being higher, I’m really puzzled.

The last time I traveled with a wad of cash was because I had to pay for accommodation in cash only, the local currency was the dollar (easy to exchange at a very low cost), and I was still paying some fees.

I’m still wondering about my next trip to Argentina because the situation there is very specific, but otherwise?

Is it an allergy to modern payment methods?

A budget so tight that an extra 20 € (the fees some local banks charge for withdrawals) on a 2000 € budget would be impossible to manage?

Thanks for shedding some light on this!
TA Tatra Globetrotter ·
Good evening,

I like to have between 500 € and 800 € in cash. It’s comfortable, gives me a safety margin. Even though I have several cards, it’s not uncommon to have to resort to the second or third one to get what I need.

Michel
AT Atila Globetrotter ·
A comfort, a safety margin.

500 to 800 €, a safety margin???

I rarely have more than 50 € on me, so I’m a bit lost here.

It’s not uncommon to have to try the second or third one to get what you want.

For me, it’s more about two or three different ATMs than two or three different cards. Some countries prefer Visa, others Mastercard. It’s definitely better to have both.
TA Tatra Globetrotter ·
I rarely have more than 50 euros on me, so I’m a bit confused.

Same here. Why does having cash on you bother you?

For me, it’s more about two or three different ATMs than two or three different cards. Some countries prefer Visa, others Mastercard. It’s best to have both, really.

For unpredictable reasons, it often doesn’t work—beyond just the Visa/Mastercard divide. I usually carry four cards.

Michel
RO Rotsaka Globetrotter ·
Hi there, 500 or 800 euros—quite a bit of wiggle room, indeed. Doesn’t seem extraordinary to me.

Especially when you're traveling through areas or in ways that don’t guarantee ATMs or places that accept card payments everywhere.
AT Atila Globetrotter ·
What’s the problem with having money on you?

But I do have money on me. It’s in the form of a plastic card, but it’s still money. I can buy almost anything with it in France.

Abroad, it can be different, so I withdraw cash. 200-300 € at a time.

For unpredictable reasons, it often doesn’t work—beyond the Visa/Mastercard divide

If it’s happened to me 4 times since I’ve been traveling, that’s really the end of the world...

Plus a few scares from my bank, which I now notify before I leave.

You still haven’t answered the question, though. You have a backup in case.

But otherwise, ATMs or exchange bureaus—and why?
AT Atila Globetrotter ·
It’d be interesting to list the countries where you need cash. I don’t know any yet.
RO Rotsaka Globetrotter ·
Lots of places in Madagascar, West Africa, Central Africa, etc. Even other, more touristy African countries, of course...

I’d add that if you risk running into money problems—which you’ve mentioned and is absolutely true—you can just as easily have issues with payment cards: the bank blocks them, you hit your limit, they get eaten by an ATM, or you simply lose them or have them stolen. Aside from loss and theft, all of these have happened to me. Sometimes leading to pretty stressful situations.

Bottom line: having a bit of cash can be a cushion in all these cases.

So I prefer to mix payment methods and have that cash buffer on top of other options.
TA Tatra Globetrotter ·
Hi there,

Well, you do you, and I’ll do me—I have no problem carrying cash, it doesn’t stress me out, and I accept the risk without breaking a sweat. What’s the issue? I also carry cards like yours—several, always, at least three. Do I need to activate option three for a payment? It happens, quite often. Twice in the last twelve months: once in Georgia, once in Ukraine. ATMs with safety rules: always during business hours of the bank that issued the card I’m using. Currency exchange offices are often the best option—near train stations and markets, always commission-free. I never notify my banks about my travels; it’s none of their business.

Michel

Why does having cash on you bother you?

But I *do* have cash on me. It’s in the form of a plastic card, but it’s still money. I can buy almost anything with it in France.

Abroad, it can be different, so I withdraw cash. 200-300 € at a time.

For unpredictable reasons, it often doesn’t work, beyond the Visa/Mastercard divide

If it’s happened to me 4 times since I started traveling, that’s really the middle of nowhere...

Plus a few scares from my bank, which I now notify when I leave.

You didn’t answer the question, though. You have a backup in case.

But otherwise, ATMs or exchange offices—why?
RO Rotsaka Globetrotter ·
I’d add that with 500/800 or even 1000 € in cash, you’re pretty far from a suitcase full of bills—unless you’ve got a tiny suitcase or the amount is in loose change...

We’re also not that far off from the cushion you yourself say you withdraw in cash, in chunks of 200/300 €.
DU Dupontoto Veteran ·
Cash? Simply because bank fees are often prohibitive outside Europe. And, given my budget, I don’t need a suitcase to carry the bills... I have a Visa card just as a backup in case...
AT Atila Globetrotter ·
Even other more touristy African countries, of course...

Which ones? I’m thinking of going to Tanzania. Aren’t there any ATMs there?

So far, I haven’t needed to bring euros to South Africa, Mozambique, Namibia, Botswana, or Morocco.

Yet, there are plenty of discussions on the forum about exchanging money in those countries.

That’s what I don’t get.

Why take euros when the local system works just fine?

You and Tatra mentioned having a backup stash.

Sure, even if a quick call to your card service can help, and if you’re traveling in a group, the odds of getting robbed drop significantly.

But what about the rest? For normal situations?

Why all these discussions in the Southern Africa section about exchanging money upon arrival?

There are ATMs everywhere in South Africa. Enough in Namibia and Botswana too. Plus, the exchange rate is terrible at places that offer it.

So… what’s the deal?

Payment cards: the bank blocks them, limits are exceeded, they get eaten by an ATM, or you simply lose them or get robbed.

Yeah, theft, loss, and the bank blocking the card (which is why you should notify them beforehand). Personally, I don’t care if my card gets stolen—it’ll be replaced for free. Losing 800 €, though… that’s another story.

Exceeding the limit? I don’t see how. They’re pretty high, after all. And super easy to adjust.

I get the feeling that needing cash is mostly a solo traveler thing.

I think I’d also bring a small backup stash if I were traveling alone, since the risks are higher.

But I’d only use it as a last resort. ATMs and card payments would still be the norm.
AT Atila Globetrotter ·
Well, you do what you like and I’ll do what I like;

Yeah. The real question is why?

Currency exchange offices are often the best option—near train stations and markets, always commission-free.

Really? I’ve never seen anyone work for free. Sure, the sign says “no commission,” but since the exchange rate isn’t the best, it usually ends up costing more than using next-gen cards—especially if the local bank doesn’t charge for withdrawals, and there are still plenty of those. Plus, it’s possible to travel in many tourist-friendly countries (like I do living in France) with almost zero cash. In those cases, card payments are the most advantageous, except in places where under-the-table cash is the norm.

Then again, in Venezuela (and maybe now Argentina), the currency has become so worthless that exchanging money outside the official system is pretty much the only good idea.

I experienced that in Romania back in the Soviet days. It’s an interesting experience in every way—so long as it stays the exception. Same in Myanmar. Cards were basically useless, or nearly so. You really had to budget carefully. You’d start off being stingy out of fear of running out, then swing into feeling rich depending on how much cash you had stashed.
AT Atila Globetrotter ·
Simply because bank fees are often prohibitive

Really? 0% and no account maintenance fees is prohibitive?

I’m not saying some banks aren’t greedy, but like most consumer services, we have the choice not to be their customer.

Then, if you’re talking about fees charged by some local banks for withdrawals, yeah, it does cost the few euros mentioned in the original post.

So I should file you under the “10-20 euros won’t break the total travel budget” category?
AT Atila Globetrotter ·
Okay, we haven’t made much progress on the original question (currency exchangers vs. cards in the era of free, fee-less cards), but a few ideas have emerged to explain why some people still carry cash. (In addition to the famous card, of course.)

- Safety net for travelers (especially solo ones?) - Countries with failing or even nonexistent banking systems in certain regions (Africa, but others?) - Banking systems perceived as oppressive
TA Tatra Globetrotter ·
The tone you're using is odd; it gives the impression that you're judging people, that you have some sort of score to settle with I don’t know what or who...

La question est juste pourquoi ?

Because I feel like it and want to do it that way. What exactly do I need to justify?🤪

Ah bon ? Je n'ai jamais vu personne travailler gratuitement. C'est sûr que sur l'affiche est écrit pas de commission mais comme le taux de change n'est pas le meilleur, finalement ça revient plus cher que les cartes nouvelles générations surtout si la banque locale ne facture pas le retrait et il y en a encore beaucoup.

You do need to keep an eye on the exchange rate, but often, in the places I visit, it’s very close to the bank rate. They make their profit over time—it’s their business.

Et puis il est possible de voyager dans de nombreux pays touristiques comme je vis en France c'est à dire avec quasi zéro cash. Et là le paiement cb est le plus avantageux dans tous les cas hormis dans les lieux où l'argent au noir est la coutume.

Again, do what you like, but you can also let others do what they prefer without making them feel judged. What’s your issue, exactly?

Michel
TA Tatra Globetrotter ·
- safety net for travelers (especially solo ones?) - countries with failing or even non-existent banking systems in some regions (Africa, but others?) - banking systems considered oppressive

So, we’ll add... A taste for bills, coins, and currencies—for what they represent in value and culture... ATMs’ tendency to charge fees on top of the bank’s foreign-exchange fees... Budget control...

There are plenty of reasons that might not make sense to you.

Michel
RO Rotsaka Globetrotter ·
You say that if there are ATMs, you use them to withdraw 200/300 euros in cash; alright, okay. The difference: I travel solo or with family with 500 to 1000 € in cash before taking the flight.

Roughly, the difference is that I board the plane with money and don’t need to withdraw any upon arrival. A few hours of jet lag, it seems to me, and a few hundred euros. Mentally, it feels pretty much the same to me. Or does it?

There are parts of Tanzania where you won’t be able to pay by card. Same goes for some areas in Kenya. I’m not talking about Madagascar, West Africa, the DRC, or Burundi... It all depends on what type of hotel you’re staying at and what kind of trip you’re taking.

Losing your card or getting it stolen becomes a hassle, at least until you find a solution if you don’t have any cash at all. I prefer having cash. And I’d rather have some in advance before leaving so I don’t have to deal with that later.

For limits, it depends on the bank, I guess. But it annoys me sometimes having to keep track of how much I’m allowed to withdraw per day, per week, per month. Same for payments, which aren’t always the same amounts. It’s something you can plan for, but it’s the second time it’s caused me problems due to unexpected large expenses.

For everything else, I think I manage things the way you described: ATMs and card payments as much as possible.
AT Atila Globetrotter ·
The tone you're using is odd

The tone of a debate that should normally unfold without emotion given the topic. A factual tone.

What exactly do I have to justify? Crazy.

Why justify? If I ask you why you like wine, for example, do I ask you to justify yourself? Well, it’s not gonna be easy to discuss anything if we can’t talk about anything, if no one can share their opinion on anything.

we’re very, very close to the bank rate.

Very, very close but not at the rate. So, a loss of money compared to the card.

Let’s move on.

In your case (not unique), using exchange offices wouldn’t be to save money.

A taste for bills, coins, currencies, for what they represent in value and culture...

But apparently, it’s more about the pleasure of handling real currency.

Uhhh... if you withdraw from an ATM, isn’t that real currency too?

So, I still don’t understand.

ATMs tend to charge fees, on top of the bank’s foreign exchange fees on the card...

The introduction stated that the bank’s foreign exchange fees on the card were zero. This offer is available from many reputable providers. This isn’t about advertising for one or the other.

However, the fees from the ATM where you withdraw are a point in favor of exchange offices if they offer a good rate. (We’ve seen earlier that "no commission" doesn’t mean anything)

But that’s not always the case, far from it.

Let me take my example from Southern Africa. Exchange offices offer bad rates. Economically, it’s more advantageous to withdraw from an ATM with fees. And yet, travelers continue to use them.

What could their motivation be since it’s neither cheaper nor about the pleasure of paper money, since you get that in both cases?

Budget control...

I don’t quite see the link between exchanging at an office and budget control? Whether you exchange 100 € or withdraw 100 €, it’s the same amount to spend, right?

And budget control means going for the best value. If it’s the ATM, why exchange at all costs? (and vice versa...)

what’s your problem anyway?

Where did you read that I had a problem? I’m just trying to understand the *why* behind things.
TA Tatra Globetrotter ·
Good evening,

The very title you chose ("Currency exchange while traveling: why keep carrying suitcases of cash?") frames the topic and carries a point of view. There’s nothing factual presented upfront, then.

I’m not entirely sure if the discussion is about cash payments vs. card payments or ATM withdrawals vs. exchanging money at a bureau de change. I suppose it’s a bit of both.

In the countries I frequent the most, the exchange rate at bureaux de change is so close to the interbank rate that you’d need to exchange thousands of euros for the difference to be significant.

Michel
AT Atila Globetrotter ·
In spirit, it seems quite similar to me. Or not?

I don’t know. I find exchange offices more complicated. Crowds, sometimes theft, calculations to avoid getting ripped off. And they’re not always easy to find.

Plus, 200 euros isn’t 500 or more.

My reasons for using a card are convenience—it’s done in 10 seconds—safety (theft, loss, scams from exchangers), and then the price.

I’ve lived through the era when paper money and checks were the main payment methods, but personally, I don’t miss them.

It all depends on what type of hotel you’re staying in and what kind of trip you’re taking.

True—a road trip with mid-range accommodations in somewhat to very touristy areas will be easier with little cash than a backpacking or cycling trip staying with locals in countries where tourism is still in its early stages.

But that still doesn’t answer why choose an exchange office in Botswana or Brazil?

Last time I was in Namibia, a tour group was queuing at the airport to exchange money. The rate was so bad that even with a greedy bank, it would’ve been better to withdraw from an ATM. Why weren’t those people at an ATM?

Do tour operators force them? Do they get kickbacks? Wouldn’t it be faster to plan a stop on a street full of ATMs?

I think everyone has their habits, and it’s really hard to change them.
AT Atila Globetrotter ·
The topic is why carry cash to exchange when there are free, zero-commission bank cards available.

I’m talking in general terms. In tourist-friendly countries, in well-equipped countries, in places where tax fraud isn’t the national sport.
CH Choucarde Globetrotter ·
Jambo!

Suitcases?! And here I thought you had to be a diplomat!

😏
Choucarde
TA Tatra Globetrotter ·
Well, I replied to you.

The topic is why carry cash to exchange when there are free, zero-commission bank cards?

Michel
AT Atila Globetrotter ·
And what was the answer because I didn’t see it.

You mentioned financial gains— Nope. At best, it’s just a few crumbs; at worst, a loss.

The joy of handling cash? Well, we have cash either way...

Distrust of banks, the big enemy? Sure, why not, depending on your point of view.
AT Atila Globetrotter ·
It was a metaphor...

Though, not entirely. To bypass the exchange controls introduced by Mitterrand, I remember my grandmother hiding a few rolls of bills inside medicine tubes in her suitcase during one of our summer European road trips. 😄 Otherwise, it would’ve been dry bread and water for the whole trip! !
DA Daisyone Globetrotter ·
It was a picture...

Though, come to think of it. To get around the exchange controls introduced by Mitterrand, I remember my grandmother hiding a few rolls of bills inside medicine tubes in her suitcase during one of our summer European road trips. 😄 Otherwise, it would’ve been dry bread and water for the whole trip !

You just gave me an idea 😛 I just read a discussion about Cuba, where I’m heading very soon, and people coming back say the ATMs don’t work... So, cash it is, as I always do.

Another reason is that, like me, a lot of people hesitate to switch to online banks. Every year I tell myself I’ll take the plunge, but I still haven’t. Probably my old age, I guess... Anyway, that doesn’t solve the problem of ATMs that don’t work or trips to remote islands where there are no ATMs and they only accept cards with a hefty commission.
daisy
TR Traplina Regular ·
I totally agree that carrying around euros in cash to exchange later isn’t very useful anymore—except, of course, for Argentina among the countries I know, but that’s a really special case (seriously, a *very* special case!).

Still, having a small cash cushion doesn’t hurt. I once had an ATM in Bolivia eat my only card, and I managed okay with just an unplanned night in the middle of nowhere, but I can imagine how much worse it would’ve been if that happened at some random airport right after landing. The trip would’ve started on a super stressful note. Lesson learned: always have at least two cards and/or some cash!

For those who really don’t like using cards—and to avoid the stress of hiding bills all over the place—transferring money to yourself from France is often a handy alternative...
TA Tatra Globetrotter ·
And what was the answer because I didn’t see it.

I like exchanging as I go, visually tracking my budget. Having 500 or 1000 € on me doesn’t bother me at all—I find it reassuring.

You mentioned financial gains. Nope. At best, it’s just a few crumbs; at worst, a loss.

I’ve often canceled ATM withdrawals at the last second because of the exchange rate they forced on me. With cash, it’s straightforward. I travel to countries where you can exchange money everywhere—in shopping malls, stores, you name it...

Distrust of banks—the big enemy? Sure, why not, depending on your perspective.

Oh, I’m not *that* left-wing... I’ve been using online banks since—well, *forever*, I think since 1996 with Banque Directe back in the day. My salary gets paid into ING, and I have accounts with AXA, Fortuneo, Boursorama, and BforBank. So much for being allergic to banks. 😏

Michel
LI LillieoneFE Veteran ·
" ce ne peut être que la fin du monde en avançant " A.Rimbaud
AO Aoreora Veteran ·
Hi Attila,

Which bank offers zero fees? (I read an interesting thread where Groschat made a big deal about the Max card.) Personally, I’m a bit like Tatra—I always have cash on me, anywhere from 50 to 1000 €! But honestly, I always carry cash even when I’m not traveling. (I’m not changing my ways!)
DA Daisyone Globetrotter ·
Daisy, good evening! In Cuba, a little tip I’d give you is to withdraw money directly from banks with your card—and especially your passport, as they’ll ask for it... You might wait a bit, that’s true, but you won’t have to worry about your card getting stuck in an ATM! The commission and withdrawal fees are deducted from your account upon return, around 3%, and your card must be Visa or Mastercard! To exchange your cash, you can go to *cadecas* or banks; double-check the amounts and take your time counting! And don’t forget the receipts. Personally, I bring cash that I hide well, and it works great because there’s no commission when exchanging! There you go, *buen viaje* Lillie

Thanks, Lillie. I’ve always been used to bringing cash—and my card just in case. I did note that I should recount everything... Not easy after hours of flying when you step off the plane, but I’ve already been burned in Bali, so I’ll be careful...
daisy
CH Choucarde Globetrotter ·
Yeah, I get the picture, but it made me laugh thinking about diplomats.

These days, you can also send yourself a Western Union before leaving. Another option.
Choucarde
MI MirandaMouse Globetrotter ·
I'm in a crappy bank with huge fees outside the eurozone. It's actually cheaper for me to exchange cash.

Thankfully, I'm in the process of changing that!

Otherwise, when I travel, I like to take out the cash I need for the day and not carry my card around, risking theft and ending up in a real mess...
http://www.lasourisglobe-trotteuse.fr/

Des milliers de photos et plein de conseils d'une souris pour voyager low-cost en Europe et hors des sentiers battus
AT Atila Globetrotter ·
Another reason is that, like me, many people hesitate to switch to online banks. Every year I tell myself I’ll take the plunge, but I still haven’t done it

Thanks for your honesty. 🙂

Even though I’ve taken the plunge, I still have an account with a physical bank.
AT Atila Globetrotter ·
I don’t know all of them. On this forum, people talk a lot about Revolut, N26, Fortuneo, and Boursorama.

I’ll let others chime in.
AT Atila Globetrotter ·
Otherwise, when I travel, I like to take the cash I need for the day and not carry my debit card around, risking it getting stolen and finding myself in deep trouble...

But you risk losing or getting your cash stolen just as much, don’t you? And then, that’s all you lose. Not a useless piece of plastic.

I’m stuck with a crappy bank that charges huge fees outside the eurozone

Can’t you take the leap either? So it’s not a generational thing since you’re not exactly ancient like us.
AT Atila Globetrotter ·
to visualize my budget,

Old-school, then.

because of the exchange rate offered—imposed.

Never seen that. Which country?

I go to countries where they’re everywhere

Not in Brittany...

Oh, I’m not that left-wing...

I pegged you more as a conspiracy theorist.
TA Tatra Globetrotter ·
Old-school, then.

Just like in real life.

Never seen that. In which country?

In Poland.

Not in Brittany...

I was talking about travel.

I thought you were more of a conspiracy theorist.

Meh.

Michel
HA Hannahannah Globetrotter ·
Since I travel on a tight budget, I’m always afraid of losing cash. I only have one bank and a Visa Premier card that’s more than enough, but the cool thing is the Cyrus card my bank gives me for free. With this card, I can withdraw cash easily. So, I withdraw with Cyrus, pay by card when possible, or use cash if nothing else is available. I was a bit nervous in Albania, but it turned out to be a country where I found ATMs everywhere and plenty of places to pay by card. I can’t afford to have five banks like Tatra, though ;)
Que se vuelva la tortilla
TA Tatra Globetrotter ·
Hi there,

Just a heads-up that none of my bank cards cost me a single cent.

I can’t afford to have 5 banks like Tatra does ;)

Michel
HA Hannahannah Globetrotter ·
What kind of cards do you have? With what benefits—at least international withdrawals?
Que se vuelva la tortilla
AO Aoreora Veteran ·
Hi, Which banks and cards are you talking about? Thanks.
MI MirandaMouse Globetrotter ·
Otherwise, I like to take the cash I need for the day when traveling and not carry my credit card around, risking it being stolen and finding myself in deep trouble..

But you risk losing or having your cash stolen just as much, right? And then, you lose everything. Not just a useless piece of plastic.

I’m stuck in some stupid bank with high fees outside the eurozone

Can’t you take the leap either? So it’s not a generational thing since you’re not that old.

I’m with La Banque Postale, and I’m opening an account with Boursorama because La Poste is really annoying me with their fees... plus, at Boursorama, I can get a Visa Premier with no fees!

I take the cash I need for the day. So at worst, I don’t lose much if it’s stolen.

There’s still the risk of being robbed when arriving at the airport, of course. You do what you can.

Usually, I have both. The credit card just in case and some cash. But in Malta, for example, I didn’t take my credit card out.
http://www.lasourisglobe-trotteuse.fr/

Des milliers de photos et plein de conseils d'une souris pour voyager low-cost en Europe et hors des sentiers battus
TA Tatra Globetrotter ·
Hello,

You’re quite curious 🙂. Boursorama Premier, ING Gold, Fortuneo Gold, BforBank Premier, and a trash card with AXA.

Hello, What are these banks and cards? Thanks.

Michel
TA Tatra Globetrotter ·
Good evening,

I didn’t bother looking for cards with no withdrawal fees; they all charge around 2% for payments and the same for withdrawals outside the eurozone. I’m fine with that.

What kind of cards do you have? What benefits do they offer, at least for international withdrawals?

Michel
HA Hannahannah Globetrotter ·
Are all the Golds free?
Que se vuelva la tortilla
TA Tatra Globetrotter ·
Flights?

Are all flights free?

Michel
HA Hannahannah Globetrotter ·
I’ve corrected it—the golds and so-called artificial intelligence, if you don’t proofread 😕
Que se vuelva la tortilla
TA Tatra Globetrotter ·
The only one that's free only if I spend enough is AXA’s. All the others—two Premier, two Gold—are free. Sometimes, though, you’ve got to remember to use them once a month; for example, I use one to pay my Free mobile subscription for 2 € every month.

Michel

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