Carrying Funds
Counter-intuitively, we suggest that you bring some cash. Cash is handy, though of course it has to be carried carefully. Your fellow travellers can provide emergency money-changing at night or on weekends - but only if you have cash. You can also avoid currency exchange transaction charges by using cash for small exchanges, shortly before crossing a currency border, for instance. We suggest the equivalent of about 400€, more if you are going on a long trip. 250 - 300€ should suffice if your trip is only a week.
It is generally cheaper to buy foreign currency once in Europe, and easier to predict how much you will need. However, it is comforting to have some foreign cash in your pocket before you take off from North America, and airport exchange rates are notoriously poor on both ends of the flight. A company called “International Currency Express” provides reasonable exchange rates and 2nd day delivery of foreign currencies. Look at www.foreignmoney.com, or call 1 (888) 278-6628. We don’t know these people, and accept no responsibility for their service. But occasional comments from guests who use it suggest that it functions as advertised.
ATM Cards
ATM cards can be the most convenient method of obtaining foreign currency while on the road. However, the costs for using ATM cards can be high, are tending to increase over time, and these charges are buried deep in your specific card agreements, in print so small that you would think it was an anti-forgery measure. Break out your magnifying glass, or you may find yourself paying $10 per transaction, plus a 5% commission.
Additionally, you should use ATM machines attached to banks, during banking hours. You want to be able to get the machine opened and to get your card back should there be an electronic glitch which causes the machine to eat your card (this happens with unnerving regularity).
Traveller’s Checks
Though they have become an anachronism, consider traveller’s checks for emergency funds. At the risk of sounding like an ad, hunt down AMEX checks. They are much easier to replace if lost or stolen: Amex’s service is a notch up from anything else you will find in the field. If you don’t use them, you can redeposit them to your bank account when you get home.
Personal Checks
We also recommend bringing a few personal checks. They can be surprisingly useful (with fellow travellers, or with us. For instance, you can pay for rental equipment with one...), and they are light.
Credit Cards
European credit card acceptance varies widely, and you will find many circumstances in which using your card is difficult or not advantageous.
- Often the least expensive merchants for a given service do not take plastic. Being tied to your credit card often means that you wind up frequenting establishments a solid notch up from what you really want, just to use the card. That’s all very well, until you get the bill....
- Many merchants only accept it for purchases above a certain amount. But how many liters of orange juice do you really need?
- Splitting restaurant checks is not widely done in Europe, and you may wait an hour after lunch if you try putting down three separate credit cards to settle the tab.
- You must pay for your evening beverages in cash, as your coordinator cannot collect via your credit card.
- Some countries have passes legislation allowing merchants to pass on credit card commissions. The worst is Denmark, where a 5% surcharge applies to most purchases made by foreign credit card.
Bottom line: do not plan on spending the bulk of your funds via credit card.
Country-to-country acceptance varies widely, and is generally not as wide as in North America, for instance. In particular, Germany and Scandinavia have unexpectedly low acceptance rates.
Generally, Visa and Mastercard are more widely accepted than American Express, though this also varies country-to-country. However, using Visa or Mastercard may cost you up to a 6% foreign exchange commission on every purchase, while Amex only charges 2%. Typical bank charges (Chase, Citi...) are 4%. Read your member agreement carefully, and choose the cards you put in your wallet accordingly.
At this writing, Capitol One is the only bank we know of which charges significantly less than 4% (1% at latest word). If anyone knows of any others, we would love to hear of them. MBNA used to be another, but this changed in early 2005, and MBNA now takes 3%.
How Much Should You Bring?
Depending on your spending habits, we recommend that you carry your currency's equivalent of 25€ - 35€ a day spending money. Expenses usually limit themselves to lunch daily, laundry, gifts, and drinks, and bicycle repair if you are bringing your own bike. (Bike care is usually at our expense for our bikes. While you are responsible for the bike and its accessories, we cover maintenance that results from routine wear and tear. You only fund repairs that result from riding full tilt through corn fields, or down the Eiffel Tower stairs, or over train tracks at 40 mph. Also, you cover the cost of the new pump to replace the one you left on the ground when you cycled off in the morning. Budget 10 € for this.)
Admissions to clubs, musical events, museums, et cetera should fall within this budget. But the beverage budget is the biggest variable. Allow extra if you are a wine connoisseur, or if you can't get by without three soft drinks at dinner. Coke is expensive in Europe, and ordering Diet Coke (“Coca Light”) is like wearing a money machine disguise. Local soft drinks cost less, but how do you feel about mint soda? The least expensive drinks are local “table” wines and beers. Water is always available, always drinkable, and free, but you will have trouble convincing a harried waiter that you need a gallon and a half just for you. Of course he wasn’t on a bike all day.... Hydrate before you go to the table.
People have told us that they were perfectly happy on 15€ / day, or conversely, that our guess at 35€ was low. We speculate that it depends on how you live. Extras like skiing in Zermatt and gift shopping are not included in these estimates.
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