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

Translated into English.

HA Hannahannah Globetrotter ·
No minimum balance required on the account?
Que se vuelva la tortilla
TA Tatra Globetrotter ·
There’s a minimum monthly income requirement when opening the account, I think; after that, no, I don’t think so—I’ve never heard of that.

No minimum balance required on the account?

Michel
HA Hannahannah Globetrotter ·
Thanks for the info, Michel.
Que se vuelva la tortilla
TA Tatra Globetrotter ·
Of course. I’m happy to answer any questions. My salary isn’t anything spectacular, just so you know; it’s some special circumstances that led me to have so many bank cards, all with online banks. I switched my last traditional bank about fifteen years ago; it was BNP Paribas.

Thanks for the info, Michel.

Michel
AO Aoreora Veteran ·
Hello,

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

Hi, What are these banks and cards? Thanks.

Michel

I’m interested.... Thanks.
MI MirandaMouse Globetrotter ·
Given my income, I can’t get a Premier account—I can only request one because I have some savings to deposit in my Boursorama account.

By the way, La Banque Postale offered to give me one, but it was paid, so no way. Given their fees outside the eurozone, no thanks.

I’m not against opening other accounts with online banks. It’s always good to have multiple options.

To avoid fees, there’s also Revolut now. No exchange fees, and it works like a digital wallet, so you only load what you need for your trip, I think.

My trips outside the eurozone aren’t that frequent. During my two stays in Russia, Mr. Souris handled payments with his online bank card if needed, but we preferred using cash.

Now I’m planning to go back to London, but I didn’t have the funds to get pounds at a good rate in Paris...
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 ·
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 wrote this post precisely because some banks have now reduced those less-than-2% fees to zero.

You no longer have any fees.

That’s the game-changer.
TA Tatra Globetrotter ·
Yeah, okay. I thought about switching my Boursorama Premier card to an Ultim one, but I’ve got to admit something: I’m super lazy when it comes to paperwork—I can’t stand it. 😏 So, yeah, laziness wins.

You won’t have any fees anymore. That’s the big news.

Michel
ZO Zorba Veteran ·
A trip to Puglia in Italy requires a large amount of cash since you can easily get a discount of 10 or 20 € on the price of a room. I can’t recall any other place with such a parallel financial circuit.
MI Michant Veteran ·
Hi Attila,

a useless piece of plastic.

Yes, that "piece of plastic" can become useless... Didn’t it occur to you that the chip in your card might have been damaged, making it inoperable? That’s happened to me before, which is why I always carry a backup card. Or maybe it’s the only ATM in the area that’s broken, or the terminal at the only gas station within 150 km that’s out of service. That’s why I’m glad I can rely on my euros!

And try showing up with just your card in Iran or in remote places like Chocó in Colombia or northern Patagonia in Chile... 😛
AT Atila Globetrotter ·
Boursorama’s policies are weird. Only new customers get free services with a Premier Gold card or higher.

Existing customers have to cancel and reopen an account.

Whoever came up with that must be a real shadock!

From what I understand, it’s automatic for existing customers at Fortuneo.

It won’t be long before others follow suit if they want to stay competitive.
AT Atila Globetrotter ·
I’d mentioned areas outside the country where merchants are allergic to taxes. ...
AT Atila Globetrotter ·
Hey Michant!

Yeah. There are countries where you need cash, and when you're traveling solo, two cards are better than one! 😛

Here, I mainly wanted to talk about places that aren’t off the beaten path—classic travel situations like a trip to Croatia, Namibia, or Ecuador, for example.
MI MirandaMouse Globetrotter ·
They’re weird at Boursorama. Only new customers get free service with a Premier Gold card or higher.

Existing customers have to cancel and open a new account.

Whoever came up with that is a real shadock!

From what I understand, it’s automatic for existing customers at Fortuneo.

It won’t be long before others follow suit if they want to stay competitive.

That’s how it usually goes with promos, customer offers, and the like!
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 ·
This is also how you lose customers...

It's such a pain to always have to ask, as a former subscriber, for the new-customer rate. 🤪

It's an annual sport for Canal+.
DJ Djalma Globetrotter ·
To avoid fees, there's also Revolut now. No exchange fees, and it works like a digital wallet, so you can load what you need for your trip, I think.

It seems you’re limited to 200 € in free ATM withdrawals per month... and 400 € with the Premium plan (for 8 €/month). That’s not much! Might as well have that in cash! https://www.revolut.com/fr-FR?p=branded_campaign&gclid=CjwKCAiAqqTuBRBAEiwA7B66hfu_4pATuda2KwJuCQhUsWKBNTmrdC0AYtEbxSpZ4A80erVmb1dbJRoCSGQQAvD_BwE
https://www.youtube.com/watch?v=-XCOyB7WStI https://www.youtube.com/watch?v=g2eI67iCbKY
DJ Djalma Globetrotter ·
And try showing up with just your debit card in Iran or in remote places like Chocó in Colombia or northern Patagonia in Chile...

And plenty of other countries too... In Spain, my card got swallowed... Took a whole day to get it back! In Colombia, I did get the receipt from the ATM, but not the cash (pesos) that was supposed to come with it! And since it happened on a Saturday, I didn’t wait until Monday to complain at the bank. I filed a claim when I got back to France and was finally reimbursed... 8 months later after getting a lawyer friend involved! Conclusion: I still use my card to pay for services, restaurants, or hotels, but I no longer use it at ATMs. I’m sticking with cash.
https://www.youtube.com/watch?v=-XCOyB7WStI https://www.youtube.com/watch?v=g2eI67iCbKY
MO Mondusthan Regular ·
Hi everyone,

Personally, I always carry cash with me. And of course, a Visa card just in case I might need it eventually. Whether in my daily life in France or during trips abroad.

Why?

- Because it reassures me to have cash on hand (ability to pay for anything, anywhere, at any time, and in any situation/condition).

- Because withdrawing cash from an ATM isn’t always that simple (dependence on hours, possible malfunctions, lack of ATMs, bank withdrawal fees, wasting time and energy thinking about it and going there...).

- Because I like the idea of managing my money as I please, without my bank necessarily knowing what my expenses were and where they took place... (we’re pretty surveilled these days).

- Because I manage my budget much better when I exchange money once a week, rather than paying for my regular expenses with my Visa card (with bills, it’s easier for me to keep track of what I have left and how much I can still spend each day/week).

- Because the idea that the world is increasingly dematerializing money to deprive us of financial independence really bothers me (it goes hand in hand with the trend of dehumanizing human relationships... yuck!).

- Because, finally, I have to admit it’s become a habit that suits me perfectly (you don’t change a winning team...).

As for the issue of theft—whether it’s a Visa card or cash—it’s a hassle either way. Of course, getting your bills or plastic card stolen isn’t the same in the moment. However, "after the fact," if the card gets stolen and I have nothing else, I’m really in trouble. If it’s cash and I have nothing else, it’s also annoying—unless I have a backup Visa card, which is my case. Then again, you could get both stolen (Visa card and cash)... but well, the risks are statistically very low, though I admit they’re real.

That’s about it. 🙂
SI Sissi57 Globetrotter ·
A country where cash still rules: Japan. When we went there, I exchanged my Swiss francs for yen here, because apparently it's tough to exchange Swiss francs in Japan. I didn’t want to have to change into euros or dollars here and then change again in Japan, losing out twice on exchange fees.

I’m also wary of card mishaps—like when a travel buddy’s card got swallowed in Budapest, and we wasted half a day dealing with the bank, not even sure if the amount she tried to withdraw (and never got) had been deducted from her account.

Years ago, a magnetic stripe card stopped working... and I only had that one card at the time.

I’ve also had it happen 2 or 3 times where I was in shops and the card payment systems were down for hours. Cash, on the other hand, always works.
Je n'aurai pas le temps...
KA Kate Globetrotter ·
The topic is why bring cash to exchange when there are free, zero-commission bank cards

Hey Agnès, So I’m gonna go off-topic here because I actually bring cash that’s already exchanged! It’s probably the worst in terms of planning, right? 😉 After that, it depends on the country, of course. But I always take some cash for the start of the trip and use my card as a backup.
Mes photos sur Flickr: https://www.flickr.com/photos/153304262@N05/albums "Le Temps nous égare. Le Temps nous étreint. Le Temps nous est gare. Le Temps nous est train".
EL Elare ·
Good point... You only forgot: you can also get robbed.
Angle de réflexion sur matière grise.
AT Atila Globetrotter ·
- Because withdrawing cash from an ATM isn't always that simple (depends on opening hours, possible malfunctions, no ATM available, bank withdrawal fees, wasting time and energy thinking about it and getting there...).

Just try exchanging dollars as a foreigner in Clermont-Ferrand...

Finding a currency exchange office is easy in some countries. Not so obvious—or even impossible—in others...

Not to mention the honesty of said exchange office. I remember a nice scam in Bali. Slick as can be!

without my bank necessarily knowing what I spent and where... (we're pretty monitored these days).

Tatra then.

- Because the idea that the world is increasingly dematerializing money to strip us of financial independence really bothers me

I didn’t get it at all!

Because having cash on me is reassuring (I can pay for anything, anywhere, anytime, and in any situation/condition).

An argument that seems to resonate with a lot of paper money users. 😉
AT Atila Globetrotter ·
A country where cash is king: Japan. When we went there, I exchanged my Swiss francs for yen here, because apparently it's hard to exchange Swiss francs in Japan.

Aren’t there ATMs in Japan?

The real question is: why don’t you use ATMs to get local currency, since now you can find free debit cards with no fees, making it the most cost-effective option?

At first, I thought this cash-exchange obsession was purely financial. As this discussion goes on, I’m learning it’s not.
AT Atila Globetrotter ·
Hey Kate 🙂

But why do you prefer doing it this way?

I also wonder how people who use cash manage to get large euro bills (ATMs in France don’t have them, and you have to order them from your bank)?

2000 € in 20 € bills isn’t very discreet, is it?

And where do you hide the money?

Not all hotels have a safe in the room.
MU Muwue Regular ·
Hi there, When it comes to Latin America—and Argentina in particular—you need to make sure your card is a **credit** card, not a debit card like most of ours (in the EU). No problem withdrawing cash from ATMs when they’re available, and it’s generally fine in Argentina. But if you try to pay in supermarkets or small shops that accept cards, sometimes your card gets declined because it’s "debit" instead of "credit." I’ve had this happen multiple times personally. There’s a workaround with the terminal, but not all cashiers know how to do it, so having a little cash on hand can help.

How much you need depends on how long you’re traveling, but on a long trip, a small stash of US dollars in Latin America can come in handy in certain places or situations. Personally, we never ended up needing that stash of dollars.

Happy trails! PS: Having two cards can be useful in case of theft (personal experience).
MA Masterpo Globetrotter ·
There are no ATMs in Japan?

Only post office ATMs and those at 7/11s are accessible to foreigners. But there are 7/11s everywhere. I even remember a spot where I could see three of them ^^

I initially thought this exchange obsession was purely financial. As this discussion goes on, I’m learning it’s not.

Actually, it’s an age-old fear—fear of running out. Anyway, it can’t be financial, since cash—whether exchanged before leaving or on the spot—costs more than withdrawals and payments made locally. For example, with my C-Zam card, 0% on payments and 1 € for a withdrawal. In India, my 10,000 INR (about 125 €) only cost me 1 €, so 0.8%.
MA Masterpo Globetrotter ·
And where is the money hidden?

I’ve traveled with the equivalent of 3000 € in Japan before, and I kept it on me. But hey, they haven’t invented theft yet. You just have to avoid running into a careless tourist.

Since then, I’ve significantly scaled back.
TA Tatra Globetrotter ·
Hi there,

I also wonder how cash enthusiasts manage to get large euro bills (ATMs in France don’t dispense them, and you have to order them from your bank)?

You can still get 50 € bills pretty easily, though. Withdraw in Germany, and you’ll get 100 € bills.

And where do you hide the money? Not all hotels have a safe in the room.

Personally, I keep it on me.

Michel
SI Sissi57 Globetrotter ·
The question is, why don’t you use ATMs to get local currency now that there are free debit cards with no fees, making it the most cost-effective option?

I’m wary of ATMs—like the time my card got swallowed in Budapest, or the touristy ATM tour in Luxor (the first ones I tried didn’t spit out anything) just to pay for a hotel whose card terminal wasn’t working (real or a scam???). Then there are the "rigged" ATMs that skim your card details and PIN. I don’t know about where you are, but in Switzerland, there have been quite a few cases.

Also, when you (European forum members) travel in Europe, you don’t have to worry about exchange rates since you stay in euros. My card draws from my Swiss franc account, and the exchange rate offered by the card isn’t great. It’s better for me to exchange my money here, at the bank—Migros, to name one—that offers very favorable rates for amounts over 1000 CHF.

For transportation, I’ve made pockets to wear under my pants where I keep my cash and a backup card in case my wallet gets stolen.
Je n'aurai pas le temps...
MO Mondusthan Regular ·
Hi Attila,

Finding a currency exchanger is easy in some countries. Not obvious to impossible in others...

Not to mention the honesty of said exchanger. I remember a nice scam in Bali. Didn’t even realize I was being swindled!

So far, I’ve always found exchange places in all the foreign countries I’ve visited. That said, I never exchange money on the street—I prefer going to exchange bureaus and/or banks when possible. So no scams, except maybe not always getting the best exchange rate at the moment...

Tatra then.😇

What does that mean?

I didn’t understand a thing!😮

I admit I worded my thought very poorly... What I meant was that the idea of the world gradually moving toward dematerializing currency is a way to virtualize transactions and ensure we no longer have control over our money. A sort of control over our lives to make us as servile as they want... Not sure if I was clearer this time? 🙂
MO Mondusthan Regular ·
I also wonder how cash enthusiasts manage to get large euro bills (ATMs in France don’t dispense them, and you have to order them from your bank)

I usually only carry 50 € bills. No trouble getting them from French ATMs or any bank. For larger bills (like 100 € ones), you can ask at bank counters.

Isn’t 2000 € in 20 € bills a bit conspicuous?

And where do you hide the money?

Not all hotels have a safe in the room.

Hidden all over the place: some on me (pockets, wallet, clothes...) and some in my bag. 2000 € in 50 € bills is only 40 bills (not a huge amount). On the other hand, I don’t see any point in lugging around small 20 € bills...
LY Lysa74 ·
Hi, I don’t get it either—I always carry very little cash when I travel.

Plus, I got an N26 bank card, and it’s really great: free, fee-free withdrawals in Europe, and I think it’s just 1.1% abroad. For all in-store payments worldwide, there are no fees—perfect. For those interested, account opening is quick, and you get your card in about 8 days.

That said, I still have another card from my main bank, just in case. I mainly use N26 for travel and transfer money as needed!

Have a great day.
MA Masterpo Globetrotter ·
abroad 1.1%

1.7%.

for all merchant payments, zero fees worldwide—awesome.

Yeah. The main downside is that you fund it by bank transfer, which isn’t instant.
LY Lysa74 ·
Yeah, you're right—planning for 2 days means thinking ahead! But hey, you avoid some fees, and it's good to have a backup card.
DJ Djalma Globetrotter ·
I also wonder how people who use cash manage to get large euro bills (ATMs in France don’t have them, and you have to order them from your bank)?

2000 euros in 20-euro bills isn’t very discreet, is it?

Every ATM dispenses 50-euro bills. Personally, I contact my bank to get 100-euro bills. A week later (at most), I go pick them up. Not really inconvenient.

And where do you hide the money?

I’ve always used a belt with a discreet zipper inside. I carefully fold 5 or 6 100-euro bills inside. I always keep my cash on me—except at night! I keep a little stashed in my bag to hand over in case of a robbery, but it’s never happened to me. Just a heads-up: I never use those big, obvious money belts or pouches that you can’t hide well under clothes—they’re a magnet for robbers and pickpockets!
https://www.youtube.com/watch?v=-XCOyB7WStI https://www.youtube.com/watch?v=g2eI67iCbKY
DJ Djalma Globetrotter ·
Plus, I got an N26 bank card,

How much can you withdraw fee-free? With Revolut, you're limited to 200 euros/month!
https://www.youtube.com/watch?v=-XCOyB7WStI https://www.youtube.com/watch?v=g2eI67iCbKY
MO Mondusthan Regular ·
Hi Lysa74,

It’s true that the N26 card is super handy for all the reasons you mentioned. I don’t have one myself, but friends do and they’re really happy with it.

That said, the reason I don’t use it is because I know from experience (as mentioned earlier in the discussion) that there are plenty of places around the world where you can’t pay with a card—N26 or otherwise.

For example, that little roadside shack in the middle of the bush in Madagascar, Mali, Sri Lanka, and so many other countries... Not to mention homestays that only take cash, small rural shops, certain forms of transport like tuk-tuks, local buses, bike rentals from private owners, etc., etc., etc... The list goes on and on.

Which is why I say that while an N26 card can be really useful (I totally agree), traveling without any cash is like heading into the Sahara naked but making sure to pack sunscreen... 😏

I’m joking, but it’s true that having cash on me at all times gives me peace of mind... 🙂
DJ Djalma Globetrotter ·
What makes me say that while an N26 card can be super handy (I’ll readily admit that), traveling without any cash on you is like heading into the Sahara naked but having thought to bring sunscreen... 😏

I’m joking, but it’s true that having cash on me at all times gives me peace of mind...

What really gives me peace of mind is not having to stick my card into a foreign ATM. I’ve had two bad experiences: my card got swallowed, and worse—getting the withdrawal receipt but not the cash!! So that’s it—I sometimes use my card to pay for a flight ticket on the spot or a hotel room, but never again to withdraw cash!
https://www.youtube.com/watch?v=-XCOyB7WStI https://www.youtube.com/watch?v=g2eI67iCbKY
MO Mondusthan Regular ·
Hi Djalma,

We’re totally on the same page! When I first started traveling, I had the same kind of experiences more than once—things you’d rather avoid. It was a good lesson for me too.
LY Lysa74 ·
With N26, the only limit is what’s in your account 😄
MO Mondusthan Regular ·
And by the way, what do you think about this new card offered by La Poste called "Ma French Bank"? Has anyone here tried it and could share their experience? More (or less) advantageous than N26? Any opinions?
LY Lysa74 ·
It's true that for places where you pay in cash, you need to plan ahead, so withdraw from ATMs as you go or at the airport when you arrive. With fees of 1.7%, is it really worth starting with a lot of cash since there are always exchange fees? I’ve often wondered about this, and in the end, I decided—long live plastic! Best regards.
DJ Djalma Globetrotter ·
N26 is really great—free, fee-free withdrawals in Europe, and 1.1% abroad, I think.

On their website, they display this:

5 free withdrawals per month in euros, and fee-free card payments in all currencies.

And:

If you choose an N26 You or N26 Metal account, foreign currency withdrawals are fee-free and unlimited. If you opt for a standard N26 account, a 1.7% fee of the total amount is applied for each foreign currency withdrawal. These fees are charged in the following days.

PS: The standard N26 account is free, but N26 You and Metal accounts are paid.
https://www.youtube.com/watch?v=-XCOyB7WStI https://www.youtube.com/watch?v=g2eI67iCbKY
TA Tatra Globetrotter ·
Good evening,

I don’t have an opinion on the card itself, but I do have one on the marketing choice to give it such a ridiculous name.

And by the way, what do you think of this new card offered by La Poste called "Ma French Bank"? Has anyone here tried it and could share their experience? More (or less) advantageous than N26? Any thoughts?

Michel
MO Mondusthan Regular ·
Hi Tatra,

I totally agree that the wording choice is really poor.

Anyway, I checked out the reviews on N26’s mobile app out of curiosity. Surprisingly, they’re really bad and don’t make you want to open an account with them! I’d suggest taking a look—it’ll give you an idea...
GR Groschats Veteran ·
Hey,

About fee-free withdrawals... It's gradually becoming obsolete... Since more and more banks are charging hefty fees for withdrawals... And they limit withdrawals to a paltry amount, like in Southeast Asia...
Qui écoute trop la météo, passe sa vie au bistrot !
GR Groschats Veteran ·
Just to let you know about N26...

I got the ex-Black card a year ago. There was a 6-month free promo... I tried it out. It was fully refunded, great, and especially with a very responsive app...

But when I wanted to leave, I did everything they asked two weeks ago... And then a whole bunch of nonsense to refuse the account closure... Fake excuses to ask for another letter... You send it again, and more nonsense to tell you that you missed the date by one day...

I set the account to zero... My letter was sent on the right day with proof of the date, and the content was their own template... Let them have their fun—it’s settled for me, and I don’t care what they think...

Also, don’t transfer too much money... You have to justify yourself constantly to customer service, which rarely responds. Many people have had their accounts blocked and lost a lot of money.

N26... already ditched... Testing something else for next year. max
Qui écoute trop la météo, passe sa vie au bistrot !
TA Tatra Globetrotter ·
Good evening,

Justify what?

You also shouldn’t transfer a lot of money... We constantly have to justify ourselves to customer service, which rarely responds. Many have had their accounts frozen and lost big.

Michel
GR Groschats Veteran ·
Someone asked me to provide documents proving the origin of the funds because I had made a transfer they considered too large... (with a reminder of the law, etc...)

But no explanation about the document or how to send it... Just a short deadline or risk having my account blocked...

I managed to reach them, and a pay slip was enough... It's really annoying when you're in Nepal on a trek, though.

Twice in 1 year...
Qui écoute trop la météo, passe sa vie au bistrot !
LY Lysa74 ·
There are negative comments, it's true—most of them date back to the launch period. Generally, happy people don’t write much, or at all—I’m the first to admit that. But if I’m not satisfied, I’d definitely want to talk about it or write a review... Anyway, I’m thrilled with N26 for traveling—of course!

Similar discussions

You might also like