Sunday, January 13, 2013

What do I do about money?

In three of the four countries on our itinerary, we will be using the euro as currency. You can use the Currency Converter link in the frame to the right to determine the latest exchange rates. These rates change daily. In Germany, Italy, and France, we'll be using euros while in Switzerland we'll need Swiss francs. We'll start in Germany, so I suggest that you have at least $50 converted to euros so that you'll have money in your pocket when we arrive. Most airports have places to exchange currency, but you'll pay a fee every time you exchange money.

When we're ready to move to Switzerland, our tour director will guide us to the best places to exchange our money for Swiss francs, and when we get ready to leave Switzerland, if you have money left over, you can exchange it for euros.

The best way to handle money on tour is with an ATM debit card. Check with your bank to find out how much the bank charges to convert currency. ATM machines are plentiful in Europe, so you'll be able to use your card to get currency. But you'll want to minimize the number of times you use the card to minimize the currency conversion fees. I don't recommend carrying a lot of cash, but you should probably carry enough for about three to four days and limit your withdrawals—and thus your currency conversion fees—to four or five.

Remember that whatever foreign currency you carry home will have to be converted back to U.S. dollars before you can spend it. Check the rates to determine the best way to get the most for your dollar—or euro—or franc. 

Before going to your bank to purchase euros, shop around. Some banks require a minimum currency conversion of $250; some credit unions do not. Fees and amounts vary.

Also don't forget to notify your bank in advance of the dates we'll be traveling abroad; if you don't, your ATM card may not work!

Today, 1 euro would cost you $1.33.

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