Currency exchange while traveling: why do some still carry wads of cash? (page 4 of 28)

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.

I’d mentioned areas outside the country where merchants are allergic to taxes. ...

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.

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!

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+.

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

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.

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. 🙂

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.

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.

Good point... You only forgot: you can also get robbed.

- 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. 😉

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.

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.

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).

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%.

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.

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

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.

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? 🙂