Currency exchange while traveling: why do some still carry wads of cash? (page 17 of 28)

Hey,

I’m replying because you mentioned the risk of cash theft...

Thieves have moved on too... They’re after smartphones now... There’s everything in smartphones... And so many aren’t secured (a PIN code isn’t security for a hacker)...

You’re probably right about the smartphone, but my point was that it doesn’t seem very sensible to travel with all the cash you need hidden somewhere, especially if you’re going away for a while. Back in the day, we had traveler’s checks, but I don’t even know if they still exist—ATMs are so much more convenient now.

...

In the past, we had traveler’s checks, but I don’t even know if they still exist—it’s so much more convenient to use ATMs.

No, traveler’s checks don’t really exist anymore.

Michel

hi, can you withdraw cash from ATMs in Cuba with a Revolut or N26 card? ???? or any other card thanks

Hello, Can you withdraw cash from ATMs in Cuba with a Revolut or N26 card? ???? Or any other card? Thanks

Hi, I’d love to answer you, but I’ve never set foot in Cuba and have no experience with those cards. I think this question was directed to the wrong person. :)

Hi there, For Argentina, we didn’t have any issues with credit cards. It’s obviously a huge country, and there are ATMs pretty much everywhere—with fees, of course. Also, our cards are debit cards, whereas in South America, they use credit cards, which sometimes causes problems in supermarkets. You just need to switch to a different payment terminal, which is easy enough if you’re patient. No issues with buses. At hotels, double-check if cards are accepted—some prefer cash. During our four months in South America, we only carried $150 as a backup plan. That’s it. Hope this helps! Happy trails, P.S.: We were even asked to pay in a virtual currency once—just an anecdote.

, ATMs are pretty much everywhere with a commission, of course.

In the case of Argentina, the commission far exceeds what’s reasonable. It’s normal for a bank to make money—every job deserves payment. But when it’s bordering on 10%, that’s just outrageous.🤪

You can’t get around the fixed fee charged by the local bank by making a large withdrawal since withdrawals are limited to small amounts.

Another issue: the official exchange rate versus the black-market rate. You can lose another 20% there. (Check Western Union rates, for example.)

I much prefer using my card, even if local practices add around twenty euros to my trip costs. But with a 20% difference, I’ll look elsewhere—it’s too expensive for the security and convenience. I even wonder if the VAT refund for foreigners on accommodation when paying by card is still worth it.

Comments can be important—just shop around. The only obvious problem is that withdrawals are limited, and there’s clearly some abuse going on. Nowadays, you can’t handle everything with a card. When you’re wandering through remote or even very isolated areas, you still need cash—so where do you get it? I’ve never used Western Union. The only time we had the VAT removed was when we were asked to pay in cash.

It's not enough to just go around. That's the rule in Argentina. Between 5 and 8 euros per withdrawal, and withdrawals limited to around a hundred euros if you're lucky.

Where have you been able to withdraw 500 euros in one go, or with a fixed fee of 2 euros max?

On top of that, you get the official exchange rate. Today it's 66.44. With Western Union, you get 91.39...

As for VAT, it's the law. If the hotel accepts credit cards, they're required to deduct the VAT if you pay that way. If you pay in cash when they accept cards, the discount should be greater than the VAT—otherwise, you're giving them a gift...

I’ve never withdrawn 500 € in one go—definitely not—but the hotel didn’t accept cards either. When you’re traveling for a while, you’ve gotta hit an ATM at some point.

I usually always use ATMs. I'm not one to pinch pennies. For Argentina, though, I think I'll make an exception because this isn't about pinching pennies—it's a good third of the cost.

Not just a few dozen euros, but a few hundred...

The exception that proves the rule.

Closer to home: Greece, Pylos, Messenia, 2018, 2019, February 2020. ATM withdrawal, any amount (max 600 on the screen - 400 withdrawn yesterday). Fee: 3 €. I don’t travel, I stay put—I’m a local hedonist (private achdoni).

Here, you're in countries where the question of using ATMs doesn't even come up.

Oh! Wow! Well, looks like there’s at least one more person who knows now. The world just got a little brighter.

Hi,

I’m re-entering a discussion about opinions that’s been going on for a while and that I took part in a few weeks ago. I don’t quite understand the point of it... I just got back from Guatemala and Honduras, and things are super simple: I planned to buy US dollars before leaving (in small bills of $5 to $50) and I paid for everything in cash, much to the delight of the recipients. Of course, I always have two credit cards available, but they’re tucked away, except in rare cases. We’re leaving for Uruguay at the end of March, and we’ll do the same. I don’t see the problem with carrying $2000 in cash in your luggage. You just need to be well organized. And everything is so easy—no ATMs, no worries.

Moana

The point is to understand why some people prefer to bring cash and exchange it on the spot, since it's not for economic reasons in most cases. (Unless you're counting every 20 €)

Argentina isn't "most cases." A bit like Venezuela.

Anyway, why do you prefer to bring cash since you don't gain anything by doing so?

In short, why do you prefer to carry cash since you don’t gain anything from it?

But yes, not just your 20 €, but even if it’s not quantifiable upfront, maybe more if you have to look for it under unexpected/unforeseeable conditions. So for me, major benefits: - Material comfort, speed (never having to search for an ATM) - Risk eliminated, peace of mind (knowing there won’t be any unexpected issues... no equipment failure, etc.) - Cash available everywhere, all the time. - No unnecessary/extra exposure to the risk of physical assault - All denominations planned for (partially true). ... credit cards simply as a backup. But all this has already been mentioned. Why do we have to keep repeating the same thing?

Oh yes, totally agree! We keep splitting hairs over this on the forum... There are the die-hard credit card fans (debit card = potential issues in many countries, if only for the car rental deposit) and the cash loyalists like Arnulf and me. That’s just how it is. Even in France, when I’m not traveling, I pay a lot in cash too. It’s helped me significantly cut down on the fees from using cards, which the bank lists every January. Over a year, I save around 250 €. Who can top that? AND then, cash isn’t digital... That’s what I love. It’s my freedom to pay with actual banknotes. Almost shocking in France, yet so common and ordinary in Germany, Spain, or Italy.

When traveling in the Schengen zone, the euro rules. Elsewhere—especially in countries with constantly fluctuating or rapidly devaluing currencies—it’s the US dollar that everyone loves. Bring plenty of small bills: $1, $5, $10, and $20, new if possible. Super handy! And you pay your bills to the exact dollar. Buy dollars when the exchange rate dips against the euro. In short: plan ahead. It’s so simple...

Moana

Why do we have to keep repeating the same old tune?

I didn’t start this thread back up. You’ve got the wrong person in your reply.

But all of this has already been pointed out.

Yes. It’s already been said that, in most cases, it’s not about squeezing out a little extra money that drives travelers to carry cash to exchange on the spot—it’s just habit.

No argument, no matter how rational, can change years of using credit cards, checks, or cash.

Well, actually, one thing can. Time.

Cash, checks, and even credit cards are yesterday’s payment methods. Today, it’s all about digital.

Haven’t you ever seen people paying with their smartphones at the supermarket? It’s not a generational thing. The last person I saw do it was at least 70 years old. 😮

When I started this discussion, I didn’t think there’d still be so many people who *want* to use cash. I’m really surprised by the response.

Even in France, when I'm not traveling, I also pay a lot in cash.

There you go.

I never pay in cash in France.

Well, actually, I do. Maybe about thirty euros a month.

No cash, no easy way to go off the books—so everyone contributes to the social contract. A virtuous circle.

It allowed me to significantly reduce the fees generated by using the card, which the bank sends a statement for every January. Over a year, I save about 250 euros. Who can beat that?

You’re the banker’s dream client... You change your habits instead of changing banks.

Who can beat that?

Well, quite a few clients of other banks... One of mine, for example, now has zero fees...

- it's the US dollar we love.

In your predicted countries. Not in mine.

Buy dollars when it drops against the euro.

So, contributing to the financial bubble.

You usually say things well, most of the time clearly. In this discussion, everything has been said, repeated, contradicted. Tell me, what if you just closed it? (Oh! ... how? This discussion, of course!). Otherwise, you might not get out of it before you're 70, and you know, that would really be the end of everything—the absolute black hole. Once you pass that fateful mark... Sniff! I’d be interested in a conclusion, a final assessment, some kind of summary of all these interesting reflections (but what a job!). Otherwise, you’d let slip the chance for this thread to be understood. You won’t back out, right?