Currency exchange while traveling: why do some still carry wads of cash? (page 7 of 28)

But credit card theft can also be catastrophic if you're on the other side of the world.

Emergency transfer from the card service. Solidarity among travelers. Family.

Emergency transfer?

It’s something that stresses me out—losing all my payment methods.

That’s why I also prefer to carry cash for the day and leave my card at the accommodation.

I just get stressed when I first arrive since I’ve got everything on me, of course.

How do you handle it if you leave on the spur of the moment? That takes some serious planning on your part!

I’ve had it happen several times where I left it a bit late to get 100 € bills. So I withdraw 50 € ones instead, and most of the time I mix the two.

And how do you manage when you go snorkeling or diving?

I leave it at the hotel or guesthouse—I’ve never had a problem, whereas with ATM withdrawals I’ve had issues twice. You can also get your card and ID stolen while you’re in the water...

Otherwise, in South Africa, did you also lug around your wad of euros?

I did as usual, except that in South Africa I had more trouble than elsewhere exchanging money, but I never used my card to withdraw from an ATM—something I’ll never do again. Guest farms, camps, lodges, hotels, etc., I paid for everything with my card, and I did end up with more bank fees than in any other country.

A guy who’d rather lose money on exchange fees than withdraw from an ATM isn’t much of a man. If so, I might have to reconsider my opinion about your Auvergne roots.

I have a bank account with the bank of my choice where I get quite a few perks and lower bank fees and card costs. In return, using my card outside the eurozone costs me more. It’s a choice, and I don’t want to clutter myself with multiple cards.

when you're not used to it?

Yeah. More and more, I feel like it’s all about habit and how easy modern payment and communication tools make things.

No problem finding an ATM if you know how to use Google Maps or similar. No problem either if you prepare a bit ahead (ATMs are listed on Visa and Mastercard’s websites).

Those who prefer cash will stick with it, while card users will keep using their cards.

The rest is just anecdotal.

However, people who switched to cards for financial reasons seem underrepresented in this discussion.

Otherwise, standing in line at an airport counter, getting familiar with the local currency while counting it in front of everyone—isn’t that part of the travel experience too? Then the adventure can truly begin...

Don’t give that advice to someone arriving at certain airports. Big risk of getting scammed...

Clermont-Ferrand, for example. For Quebec, it’s ATMs or nothing! !

Those who love cash tend to prefer it, while those used to cards stick with them.

For me, it's cards in France—except Paris—and cash everywhere else.

Clermont-Ferrand, for example. For Quebecers, it's ATMs or nothing! 😊

We mentioned "airport"...

Michel

The reasons for dematerialization that you mention are the ones we’re happy to believe and that reassure most people. However, they’re also an effective way to use a supposedly "safer" world as a pretext to actually infringe on our individual freedoms.

Just look at how things work in China—the forefront of freedom-restricting laws—to see how absurd such measures are when gradually introduced into a population.

Along the same lines, why not install cameras on every street corner across the country? No more cash, what a great opportunity... And by the way, facial recognition at the entrance of every shop would be progress... Since we have nothing to fear, insignificant common people that we are! And so on, and so forth...

This is how we gradually slide into totalitarian regimes. Orwell already talked about it in his time. What a visionary!

I'm desperately trying to remember the title of a film about the risks of excessive dematerialization, which was initially meant to be a happy progress, and where the main character ends up being stripped of everything.

My great-aunt used to iron the bills and then store them in a sugar box, which she’d hide afterward.

So well, in fact, that she never found it again.

Emergency transfer?

Yes. There are planned fund transfers as well as sending a replacement card. You need to call the bank card service. (collect call, so free)

It may incur fees, but it's possible.

Otherwise, you call a friend or family for a transfer via Western Union or similar.

I don’t think getting help from another traveler is easy these days (with a promise to repay upon return). Trust...

I don’t think getting help from another tourist is easy these days (with a promise to pay them back later). Trust...

There are always exceptions to everything.

I once helped a fellow traveler in Lima—her card was blocked, and she paid me back when I got back to France. A month ago, I lent some French travelers a wad of pesos in exchange for a SEPA transfer back in France...

But let’s be real, this isn’t a reliable way to travel!

You can also get your credit card and ID stolen while you're in the water...

Yeah, but at least you don’t lose anything financially.

I actually had more bank fees than in any other country

In South Africa, I really struggled more than elsewhere to exchange money

Well, yeah. The money changers must’ve loved you when they saw you coming with your euros. Good thing you didn’t go to Botswana, because there the exchange would’ve cost you nearly 30%...

It’s a choice, and I don’t want to burden myself with multiple cards.

That’s the gamble of traditional banks. The customer who prefers routine over prices.

They said "airport"...

It’s an airport. A busy one, mostly used by international business travelers (Michelin-level).

As far as I’m concerned, I use cards in France—except in Paris—and cash everywhere else.

Why not cards in Paris too?

There are always exceptions to everything

Yes. My parents had also helped out a French couple whose vacation cash was stolen from their caravan in Italy. This was at a time when international credit cards were rare, and even domestic ones weren’t that common. We ended up roughing it at the end of our own vacation—no money left to eat on the last day...

They were reimbursed without so much as a thank-you...

I don’t know if I’d help just anyone in the same situation today. Maybe a family.

The reasons for dematerialization are the ones I mentioned earlier. Plus the costs. Paper money is expensive!

Orwell would probably be looking at the internet and social media instead.

And yet, oddly enough, you don’t hold back on that?

As you said, with a budget of 2000 €, 20 more or less

That’s with a zero-commission card in countries where ATMs charge fees and don’t dispense much... In other cases, exchange bureaus can really inflate the bill. The loyal card customer whose bank isn’t travel-friendly can also lose out big time (Soviet-era Romania, Venezuela, Argentina sometimes).

If the goal is the best value for money, you’ve gotta juggle different methods depending on the country. Personally, that’s how I operate. Cards always come out on top after all these years, even if I sometimes get dollars when it’s the local currency or required for certain expenses and I’m passing through Paris.

. I don’t really worry about extra exchange or withdrawal fees—I just do what works for me.

But where do you manage to exchange money in Béziers???

Even at a bank, exchanging currency is getting complicated. Especially for anything other than dollars, Swiss francs, or pounds sterling.

Do you order online?

Switzerland isn’t always the most budget-friendly when it comes to super competitive rates, sniff.

If the Swiss now have to open accounts in France, the world’s gone upside down!

And on top of that, you’d need a third-party account like Revolut to transfer money without fees.

Oh yeah. The money changers must’ve loved you when they saw you coming with your euros. Good thing you weren’t in Botswana—there, the exchange would’ve cost you nearly 30%...

I’m not gonna name the bank outright since I’m not 100% sure anymore, but this summer I walked away from the last screen on a PLN withdrawal at Warsaw Airport from an ATM that was charging... 11%.

Personally, I also weigh a lot of things beyond just the "price": a balance with comfort, enjoyment, fun, peace of mind... You’ve got a very "low-cost" approach to funding your trips, I think.

Michel

I won’t name the bank directly because I’m not 100% sure anymore, but this summer I almost went through with a withdrawal in PLN at Warsaw Airport from an ATM that was charging... 11%.

I try to avoid ATM withdrawals in Poland—they’re not recommended because they’re heavily (or even doubly) overcharged. When you withdraw PLN from an ATM, does the screen immediately show you the commission percentage?

Hi there,

In my experience, ATMs usually only inform you about the commission at the very last moment. And it can be steep. Card payments also require attention: they often ask if you want to pay in euros or PLN.

Michel

In my experience, I think the ATM only informs you about the fee at the very last moment. But it can be steep

. I try to avoid it, but I’ve already used an ATM in Poland. I’ll admit I didn’t pay much attention—just to the amount I was withdrawing. Is the fee shown on the receipt? I usually only find out about the charges when I check my bank statements... long after I’ve returned.

Generally, the last screen asks a question like "Do you accept the transaction for this amount?" This doesn’t include any potential fees for withdrawals outside the eurozone from the French bank that issued the card. But sometimes the fees are so high that any kantor is a better deal.

Michel

You’ve got the "super budget" financing, I see.

I’ve got the "responsible parent" financing. The cozy, risk-free financing that’s kind to my wallet. Basically, the savings-account financing.

The countries I visit are usually more favorable with a card, but I adapt. I check local customs. I take note of Polish quirks. Never seen anything like it elsewhere for an ATM.

When a card payment gives you two options, always choose to be charged in the local currency. Never in euros.