Carrying currency on a tour in Europe

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bainbridge
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Joined: 26 Oct 2014, 7:19pm

Carrying currency on a tour in Europe

Post by bainbridge »

Hi tourers

Just want to pick your brains about money on a cycling tour. I've been abroad many times but never on a bike. Normally I'm based in the same hotel so my system is simple; buy foreign currency in the UK, stick it in the room safe and dip into the funds as required. Once back in the UK the remaining currency is used to buy sterling.

I'd like to hear people share their experiences around cash/cards when cycle touring. We're going to be cycling for 3 weeks through Holland and Germany, hostelling with the odd hotel as required. What I intend to do is take half of my funds in Euros, half on one of these Cash Passports http://www.cashpassport.com/1/en/uk/ and have my UK current account debit card with me for an emergency.

Is there a better system? Please note I don't have a credit card and don't want one.

Any comments around paying for a hostelling tour will be appreciated.

Thanks
robing
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Re: Carrying currency on a tour in Europe

Post by robing »

Get the Caxton fx euro traveller card. It's brilliant. You transfer money from your bank account. You get a really good rate in to euros, no commission. That's it! You then can withdraw euros from any atm with no charges or you can pay by card, it's visa.
kuba
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Re: Carrying currency on a tour in Europe

Post by kuba »

Halifax Clarity credit card is one of the best deals around. No fees on currency exchange, the rate is Mastercard's and spread on euro is about 1p. You get free cashpoint withdrawals all over the world. Worked great for me in and outside Europe. When you withdraw money, it's best to repay the balance right away (e.g. via internet banking) as they charge interest from the day of withdrawal. That's for cash advances only though, and the most I ever ended up paying was about £3 interest after a two-week holiday and getting 900 euro cash.
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al_yrpal
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Re: Carrying currency on a tour in Europe

Post by al_yrpal »

As above, Halifax Clarity credit card, no fees whatsoever all over the world. In Oz at the mo. Go to a cash machine draw some Oz $, just pay it back later and the interest at 1% a month. Easy peazy, no fees, small wallet and some notes in your pocket. You get the best Mastercard exchange rates everywhere too. Just find any atm and you are sorted.

Al
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eileithyia
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Re: Carrying currency on a tour in Europe

Post by eileithyia »

I just take cash, keep it with me at all times and have visa for emergencies / if extra cash is needed. With the frequency with which I use euros I rarely bother changing them back once home, just put it toward the next trip.
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TonyR
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Re: Carrying currency on a tour in Europe

Post by TonyR »

I just draw cash as I need it out of an ATM with my bank debit card. Too much risk carrying all that cash.
Vorpal
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Re: Carrying currency on a tour in Europe

Post by Vorpal »

I use my debit card, as well. I only carry enough cash for a taxi in an emergency, or to pick up a few things at a rural stop, if I can.

I think cash is riskier than a card. If you don't want to use your normal debit card, get a prepaid one.
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bainbridge
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Re: Carrying currency on a tour in Europe

Post by bainbridge »

eileithyia wrote:I just take cash, keep it with me at all times and have visa for emergencies / if extra cash is needed. With the frequency with which I use euros I rarely bother changing them back once home, just put it toward the next trip.


So would it be true to say that you can cycle tour on cash alone in Holland and Germany? I understand that cash would be accepted at probably all shops and restaurants but what about hotels? I've never paid for a hotel in cash and will be aiming to book 2-3 days in advance, so will using a UK debit card sting me with charges for using it abroad?

Also, maybe a dumb question, but does the internet recognise borders? There is a hostel booking app which pre-authorises your card when you book and then debits it properly when you check out. Will that be charged as if you were out of the UK?
bainbridge
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Re: Carrying currency on a tour in Europe

Post by bainbridge »

Vorpal wrote:I use my debit card, as well. I only carry enough cash for a taxi in an emergency, or to pick up a few things at a rural stop, if I can.

I think cash is riskier than a card. If you don't want to use your normal debit card, get a prepaid one.


This means you'll be paying a charge (in some way) on every purchase doesn't it?
bainbridge
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Re: Carrying currency on a tour in Europe

Post by bainbridge »

robing wrote:Get the Caxton fx euro traveller card. It's brilliant. You transfer money from your bank account. You get a really good rate in to euros, no commission. That's it! You then can withdraw euros from any atm with no charges or you can pay by card, it's visa.


Thanks for this suggestion, Martin Lewis says it's a good card and taking into account we leave a fortnight on Monday and this card takes 5-7 days to arrive it might be the way to go.
Vorpal
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Re: Carrying currency on a tour in Europe

Post by Vorpal »

bainbridge wrote:
Vorpal wrote:I use my debit card, as well. I only carry enough cash for a taxi in an emergency, or to pick up a few things at a rural stop, if I can.

I think cash is riskier than a card. If you don't want to use your normal debit card, get a prepaid one.


This means you'll be paying a charge (in some way) on every purchase doesn't it?

The fees vary from one card to another. http://www.moneysupermarket.com/prepaid-cards/ has comparisons.
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psmiffy
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Re: Carrying currency on a tour in Europe

Post by psmiffy »

The only time ive ever carried significant wads of cash was on tour in New Zealand years ago when I was warned in advance that cashpoints were a) often quite far apart b) didnt deal well with UK accounts

The only problems I had were a) having to tumble dry $750NZ $500US and £1000UK after stopping for coffee by the roadside and forgetting to put wallet back in dry place (only internaly packed that wet) b) same evening being very tired left wallet on bar top after paying for meal - out of bed before bar shut and wallet returned :D - but generally:

having lots of cash is not a good idea - typically I tour with enough local cash to last me (about €200) a week plus a reserve fund of about €200 which is stashed separately (ive never really worked out a decent place for the stash) and top it up from a cashpoint when I get down to half of that (depending on where you are cashpoints can be a bit fickle either compatibility or getting a connection) - depending on proximity of borders and potential different currencies.

I like the idea of the top up cards - maybe get one to stash in my shoe with the SD card with all my scans of my personnel documents and carry a smaller reserve
tatanab
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Re: Carrying currency on a tour in Europe

Post by tatanab »

psmiffy wrote:typically I tour with enough local cash to last me (about €200) a week plus a reserve fund of about €200 which is stashed separately (ive never really worked out a decent place for the stash) and top it up from a cashpoint when I get down to half of that
I do the same. For a safe place for the reserve I have considered inside the handlebars, but I've never got around to doing it - yet. I've been looking at prepaid cards for a couple of years and have not taken one because on a debit or credit card I would probably have access to enough cash or credit to get home from anywhere, whereas if I just have a prepaid card I might not. So I'd have to have a debit/credit card anyway so why bother with a prepaid card as well?
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foxyrider
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Re: Carrying currency on a tour in Europe

Post by foxyrider »

These days i usually only take enough currency to cover a couple of days then find an ATM when i need to top up the funds, using the card to pay for accomodation etc where possible. I do take an emergency fund of 100 euros in my bike safe (stem) but i try not to carry too much cash to reduce any potential loss.
Convention? what's that then?
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simonhill
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Re: Carrying currency on a tour in Europe

Post by simonhill »

My mate uses one of those Caxton cards and swears by it. He is pretty financially savvy so I reckon it is a good bet.

However, a lot of points have been raised and here are a few of my thoughts. I always think it is worth working out your money arrangements well in advance, it can save you up to 10% of your holiday costs.

The just take cash: that will probably be got from somewhere like Post Office at bad rate. Also taking £s and changing abroad can be expensive (Although in places like Thailand it can be the cheapest).

Use current a/c bank debit card: check the charges, some are great, some are awful.

Withdrawing small amounts can be much more expensive, again, check.

There may be a local charge on top of your own bank's charges.

Its MasterCard: this is OK in Europe, but can cause problems in other countries eg Japan and Cuba. Always check which is accepted Visa or M'card.

I am sure everywhere, including hotels wil accept cash at point of sale. Obviously you will need a card if doing anything on the internet. Is the Caxton OK for that?

You dont want a credit card. Unfortunately the credit rating agencies like to see credit worthiness. No card shows no history and can result in you having problems. Martin Lewis wil tell all.
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