Where did my money go?

Remember to always bring more money than you budgeted. There are always unexpected costs...that tour that was super cool...or that restaurant you couldn’t pass up because of the view...or that extra train ticket to that castle you had to see...or the extra metro tickets...

Point is, plan on spending extra and allocate accordingly. Don’t be mad at yourself for it, know that it is expected and normal, and that you are on vacation. My dad always said to worry about the money before and after a trip, but not during. I think that is sound advice...be budget savvy, but know that you are on vacation and you may never have the opportunity to have that romantic dinner on the cliff overlooking that blue ocean again. You get to decide it the extra 50 euros is worth it.

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Most countries that are part of the European Union (EU) use the euro as currency. That means that if you are traveling via train through France, Italy, and Spain, you will not need to exchange your money (yeah) ... this was not always the case.

There are 15 countries that use the Euro:
Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain.
Notice that the United Kingdom, Denmark, and Sweden are not included.

Also, remember that the dollar is not equal to a euro (€) and definitely not equal to a pound (GBP or £). You can use the calculator below to calculate the currency exchanges.

It you buy a sandwich in London for £10 and the exchange rate is 1.5 then you are paying $15 for the sandwich. If the exchange rate is 2.0, then that sandwich is $20...quite an expensive sandwich.

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Back in the day, travelers checks were all the rage. Not anymore - you don’t need them, plus it’s scary to carry around all that ‘not yet’ cash. Instead, an easy way to go is to use your credit card for major purchases. Most places take Visa and Mastercard (beware of the American Express since it is only accepted at very few places) and use the interbank exchange rate, which is usually the best rate you can get for currency exchange. Be aware that your credit card company will charge currency conversion fees each time you make a purchase in a foreign currency, usually 1-3%, which is still lower than exchange bureaus.

The easiest way to get cash abroad is by the ATM’s. ATMs are abundant in European cities and utilize the same interbank exchange rate as credit cards with the standard ATM fees tact on. They do, however, require a pin number (4 digits). In the US, we are not accustomed to using a pin when retrieving money through an ATM, therefore, you want to make sure you have one before your leave for Europe. Call your credit card company for further information. Debit cards can be used at their relating ATM (Mastercard or Visa).