ATM abroad: Euro or local currency?
Travelers often asked if they should convert local currency directly to Euros when withdrawing money or making payments abroad. Here's a quick check.
Having some local cash on hand during vacation doesn't hurt. Travelers can easily withdraw money from ATMs abroad, which often offer to convert the local currency to Euros - sometimes even with a "guaranteed exchange rate" or the promise "no surcharge."
However, a general rule of thumb: In most cases, it's cheaper to decline the conversion offer. High fees may result otherwise, warns the online portal "Kartensicherheit.de."
Before PIN or Signature: Check the currency
The same applies to card payments at the cash register, such as at a gas station or a restaurant. In such cases, it's generally better not to accept the offer to pay in Euros directly, advises the Consumer Center Bundesverband. The exchange rates of banks at home and credit card companies are usually more favorable than those of merchants.
It's best to take a quick look at the requested amount before entering your PIN or signing the receipt to ensure it's correctly displayed in the local currency. According to the Consumer Center Bundesverband, unfavorable conversions may be discreetly applied to customers.
At the ATM and language settings: Be cautious
Travelers should be more selective when choosing an ATM abroad. "Kartensicherheit.de" recommends using ATMs in bank buildings during business hours if possible. This way, there's a staff member available on site. And even if it needs to be quick: Always choose a language at the ATM that you understand - to avoid input errors.
If anything seems suspicious or unusual, travelers should abort the transaction. And: In addition to the case of theft or loss, the payment card should be immediately blocked if it's retained by the ATM. According to "Kartensicherheit.de," this also applies if the card is not returned after a transaction.
- To save money during their retail purchases in travel destinations, consumers should consider using their Giro account instead of relying on credit cards for payments.
- Before embarking on their vacation journey, travelers should familiarize themselves with the tests conducted by financial institutions to ensure their credit cards offer good exchange rates and low fees when used abroad.
- As a responsible guide, I always advise my clients to carefully check the currency displayed on credit card receipts at retail stores during their retail adventures, to prevent any unfavorable conversions or hidden fees.
- To fully enjoy their retail experience, consumers can link their credit cards to a trustworthy guide who can offer guidance on the best places to use credit cards for shopping in various travel destinations, ensuring they get the best value for their money.
