Money abroad - who's a seasoned traveller?

[Steve Maskery]

Whilst I was once well-travelled, it's been a decade since I went to continental Europe. But I have booked a trip to Rome, not to see the Pope, but to meet my Italian "handler", Francesco, for whom I write.

Two of us are going. What's the best way to take money? I have credit and debit cards, of course, and I have a Revolut card. It's fantastic when it works...

My friend does not have a credit card, but does have a debit card.

So how much should we take as cash and how much can we rely on plastic? I'm thinking that 1000 euro in total will be enough. If it's not, then things have got even more expensive than I realise.

Any advice please?

 

[AES]

Sorry Steve, I don't know what a Revolut (?) card is.

I have a (Swiss) debit card and even though Italy is "just over the - Southern - border" for me, my debit card tends not to work all that well in Italy (and many other European neighbour countries either).

I would suggest your mate takes some money in cash (Euros) and if you can afford it, you use your own credit card to draw money not only for you but also for him, as necessary. he can pay you back in £ sterling when your credit card bill comes in, then you'll see exactly what ER was charged - NOt necessarily the same as the published daily rate.

When using your own card for withdrawals, find out which Italian bank "corresponds" with the UK bank issuing your card. That will not nullify but will reduce the charge for cash withdrawals from the relevant Italian bank's ATMs.

But by all means do try your debit card too - sometimes they work fine (but as above, by no means always). This particularly if you try the Italian corresponding bank to your UK bank issuing your debit card. When they do work, debit cards usually have a lower charge for withdrawals than credit cards.

HTH

 

[Blackswanwood]

I travel with work regularly - mainly Asia/India and use a Halifax Clarity Credit Card for any personal expenditure. I always pay in the local currency and then pay the balance off on time to avoid interest. There are no charges and you get a good conversion rate. It is surprising how widely it is accepted for small amounts ... nearly everyone has a machine to accept payments nowadays.

https://www.moneysavingexpert.com/credi ... s/#halifax

 

[ScaredyCat]

I cut up my Revolut card when I found out how they treated their staff.

I still use my Monzo card though, which has similar features without the toxic work environment for employees. You get great exchange rates.


.

 

[Steliz]

It's generally always better to change money at your destination but take a small amount to tide you over until you find a change place.
Using plastic has become more common in the last few years and there are some cards that specialise in this type of use. Until I moved abroad permanently, I kept a Halifax card specifically for foreign travel expenses as it gave me a 'friendly' exchange rate in comparison to making withdrawals using my current account card or carrying cash to change when there.
Martin Lewis website will have some up to date info on the best cards available.

 

[Steve Maskery]

Thanks Andy (And everyone else while I've been typing this!). MY CCs are with NatWest, I also have a Lloyds DC, but the account is fairly dormant, I'd have to feed it.

Revolut is one of these FinTech products. Excellent in theory. You have an account and an associated Mastercard. No branches, no phone support, it's all online "chat" and an App. Horrible but inexpensive.

So you feed your Revolut card with Sterling, hop across the pond and your phone tells you how many Euros you have available. Jump on a plane to New York and, by magic, you now have Dollars at your disposal. Rand, Yen, whatever, it's automatic. I have a couple of hundred € on mine already.
My experience of being paid in AUD and EUR, however, is that it has been a PITA to get Revolut to acknowledge that the money has actually been meant for me before they grant me access to it.

Their Customer Service has improved a bit, but the first time I had a query and tried the Live Chat, I got a message along the lines of "All our agents are busy. You are in a queue. Someone will be with you in approximately 16 hours." And that is not theatrical exaggeration.

 

[marcros]

I wouldn't draw cash on a credit card. It is the most expensive way of getting cash.

I haven't been to Italy, but do get to Asia, Africa and the USA with work from time to time. I have a work amex card, which is virtually useless. I generally try and have a bit of cash, to buy incidentals and street food if I am somewhere for a few days. Most places seem to take visa so my debit card works for meals, hotels etc where I can't use amex. I always select the local currency and let the bank convert it.

I would probably get £100 worth of euros and use your debit card. If you are getting a taxi from the airport, you might want a bit more. Towards the end, use the cash up if you have some left. I tend not to bother converting currency back, particularly dollars or euros or somewhere I am likely to go again. It is handy to have enough currency to buy at least a coffee next time. There is probably £50 or £60 worth knocking about here in half a dozen currencies.

 

[marcros]

I have only just signed up, but a TransferWise account looks good. Possibly overkill if you don't travel often, but how do you receive the funds from your Italian publisher? It could help with that too.

 

[Steve Maskery]

In the richer old, bad(der) old days, we used to have a jam jar in the kitchen cupboard with unspent Euros in it, ready for Next Time.

I get paid once or possibly twice a year. A few hundred € a time. I'm not Boris Johnson (although I might try claiming that £250k a year is what the average British columnist is worth, see if they bite...).

 

[Rorschach]

In Spain I withdraw from a Santander (my bank) ATM using my debit card, without fail their exchange rate beats any other.

 

[lurker]

We have been to all the major tourist cities in Italy in the last five years.
Credit cards are fine for purchases, but don't let the retailer convert to pounds!pay in euros. Our bank (Santander ) seems to give a good exchange rate.
Use debit card (in ATM) if you run out of dosh, never your CC!
We have two different DD card accounts(me one and her majesty the other), just in case we get robbed and need to cancel one.
Make sure you have some low denomination euros for taxi and tips for when you arrive.
I always refuse 50 euro notes when I get the cash (tesco always seems best) as once we handled one over thinking it was a 10 euro (similar colour).

 

[treeturner123]

Hi Steve

I tend to take quite a lot of cash when going to the EU. Unless you've been to Rome recently, you will notice the prices have gone up quite a lot in the last few years!!

We've just come back after a few days and found that the best value things were the buses and trams, allowing for the terrible condition of some of the roads!

We were also advised to walk a couple of streets away from any major site before looking for somewhere to eat, so we found this place just away from the Trevi Fountain. L'Archetto, Via dell'Archetto, 26, 00187 Roma RM. Some 8 - 10 pages of different sauces for pasta and really nice staff.

Phil

 

[Steve Maskery]

That's not far from where we are staying. And they do veggie (I'm not). Is it possible to thank twice?

 

[Droogs]

I got back from Turkey last Tuesday and all I did before going was let the bank know when and where and my cards worked with no problems at all both credit and debit. there was no problem at all in any of the 4 countries I ended up being in last week regarding getting money out from any ATM

hth

 

[Peter Sefton]

We generally use the Revolut card abroad but last time we went to Italy we were amazed how many places didn't accept cards, it seems cash was king.

Have a good time.

Cheers Peter

 

[Glynne]

+1 for Halifax Clarity.
Have a look at Money Saving Expert ( Martin Lewis) for an up to date view.

 

[Blackswanwood]

We generally use the Revolut card abroad but last time we went to Italy we were amazed how many places didn't accept cards, it seems cash was king.

Have a good time.

Cheers Peter[/quote

I guess the general acceptance of cards correlates with the relative size of shadow economies in countries! Italy has the second largest shadow economy in Europe.

 

[sunnybob]

Get yourself a Nationwide credit account.
We use that card in the UK for £, in Cyprus for euro, across the border to Turkish lira, and last year in thailand baht.
Never a problem, Always pay in local currency and Nationwide converts it at a very decent rate back to your home currency .
Just say you will be traveling when you open the account and want the one that gives you free purchases abroad.
And of course pay it off before the due date. :shock:

Then just a couple 100 euro for things like taxis and drinks, because when you use the card you can always ask for cashback

havent been to Rome since 1973, so cant help on prices :roll: :roll:

 

[Sheffield Tony]

+1 more for Halifax Clarity. And when in Rome, watch your pockets.

 

[monkeybiter]

FWIW for the last decade we've visited Rome more or less annually. We take ~£500 in euros and usually bring some back, I tend to pay for most meals etc. by card, I've had no trouble using visa or Mastercard, including Visa debit; they've been accepted just about everywhere.