Withdrawing cash from the ATM is subjected to additional fees (even if you have a “feeless” card, there are other charges). Depending on the ATM in question, there’s DCC meaning it shows up a prompt whether to accept the ATM’s flat rate for conversion or continue without DCC (your bank is handling forex instead). There are alternatives such as Wise or Revolut (for multi-currency accounts).

Currency exchanges are a mixed bag (NEVER USE THE ONES AT AIRPORTS AS THEY RIP YOU OFF). You can go contactless throughout the entire trip (but at least have physical money on hand, in case). You get a smaller cut from the “market” rate referenced online. For instance: if you exchanged $1000 (861€) for Euros, you receive 795€ depending on the place, why is money lost upon conversion?

Also, expensive currencies I’ve encountered whilst traveling are: UAE Dirham & Kuwaiti Dinar for example since I have a rough idea on how much to withdraw (in order to not exceed my balance). Getting AED 1000 (234€ / $272) is expensive despite using a card without forex fees. That came out as a single bill upon being withdrawn from an ATM in Dubai, will stores accept it for small transactions?

Have you traveled abroad and withdrawn cash where it only consists of one bill (the highest denomination) due to how valuable the currency is (i.e. Omani Rial)? Or the reverse, withdrawn cash where it ends up being a reasonable stack due the currency’s value being shit (inflated) like Vietnamese Dong? The reason why Japan is popular for travelers besides anime is the Yen’s value has gotten weaker.

  • LedgeDrop@lemmy.zip
    3·
    7 days ago

    Take a look at Revolut and/or Wise (non-referal links used).

    With either, you’ll get a plastic debit visa/master card.

    Anything you’d pay for you’d just use your card, each transaction they will do the currency exchange based on the immediate forex exchange rate.

    The other option is that (depending on the foreign currency) you can create an “account” in that foreign currency and exchange money to/from that foreign currency whenever you want. Any transactions made will be automatically pulled from that foreign account. If you don’t have enough to cover it, whatever foreign currency you have will be used and the difference will be pulled from your primary currency.

    The same rules apply to ATM withdraws. You don’t need to pay ATM fees, because there is no currency conversions.

    So, if I’m planning a trip abroad, I’ll just look for a favorable at the exchange rate convert some currencies and when I come back, I’ll convert the left over back.

    Caveats:

    • ATM withdraws have a monthly limit, that you can withdraw w/o paying revolut/wise a fee (as they make their money from the cc purchase).
    • You might need to “shop around” and find a foreign bank/ATM that won’t try to ding you with stupid fees
    • Do not do currency transfers on the weekend, either have a foreign account and/or enough local cash. As the exchange/forex markets are closed during the weekends, wise/revolut have worse exchange rates on Sat/Sun (but still probably better than your bank)
    • You may want to get both Wise and Revolut, as there are some places Revolut won’t work at, but Wise will (and the opposite is true).
    • For me Revolut offers more “value”, but they’re following the enshitification mantra… so, I’ll be happy to dump them as soon as something " better" is available.