off topic, question about international travel

bigbet1234 · Feb 5, 2004

i will be heading to norway in the coming months. what is the best way to convert my money to krons?

any info. would be helpful. this will be my first trip out of the country

would it be easier to get a pre paid visa card? get the money converted before i leave? i would like to use the credit card, but i think my bank charges a fee to convert. also, i would like to keep track of how much i spend.

like i said, any info would be great...thanks!

acw · Feb 5, 2004

would it be easier to get a pre paid visa card?
Credit cards surely have good exchange rates.

get the money converted before i leave?
So far the biggest spread I have seen on exchanges was in the States, so no! Do not do this.

also, i would like to keep track of how much i spend.
Try to use a credit card as much as possible and for cash I mainly use my ATM card.

peteep · Feb 5, 2004

Credit cards charge a hefty exchange rate fee typically. I would personally buy traveller cheques and bring a credit card. You may be able to get good rates in Norway....if so use the traveller cheques. If the rates there aren't favourable, you can revert to the plastic.

SportSavant · Feb 5, 2004

in Ottawa where I live we have local international money changers...Ur best bet is to bring your yankee dollars or trav chequs there...& exchange them there at a money changer or something to that effect...Check the internet for the best rates

DarrylParsons · Feb 6, 2004

I would get a Neteller debit card if I were you and just use an ATM when you're there. The exchange rates are very reasonable and it's hard to get any more convenient. I'd pay cash for everything b/c your cc company will surely rip you off on the exchange.

lakerfan · Feb 6, 2004

Visa and Mastercard both charge 1% currency exchange fee and most issuing banks tack on 1% or more. Off the top of my head MBNA doesn't charge anything additional, so 1% is REALLY tough to beat. Call your credit card companies and ask what they charge. Unless you have access to local who will get currency for you or have a bank account in the coutry you are going to, it is very tough to beat the 2% currency fee most credit cards charge. In addition you won't get screwed over if you lose your card. If you lose the cash you are SOL.

SportSavant · Feb 6, 2004

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> If you lose the cash you are SOL. <HR></BLOCKQUOTE>

thats why trav vhecks are good...you will maximize your dollar that way

waw · Feb 6, 2004

A related problem. I currently send wire transfers to my non USD bank account in Europe. The bank screws me badly on the exchange rate.

Anyone know how to send money to a different bank, with a different currency bank account without getting the worst rate ever?

I thought about WU or Neteller, but how do I get it into the european, non-usd account?

Thanks!

kongen · Feb 6, 2004

Exchange rates will screw you no matter what.

What I'd suggest is to use your cc as much as you can for purchases in Norway, NOT for withdrawing cash there. The exchange rate by doing that is the "true" rate meaning you won't pay fees.

For cash, bring some USD and exchange them there, or simply withdraw cash from the Neteller debit card (still more expensive than cc purchases).

Brock Landers · Feb 6, 2004

ATM ards work best, especially in countries liek that where the ATM is everywhere, your local bank isn;t likely to charge you any surcharge for the exchange rate, when you get your statement you will see the cash taken out in american funds of course, but at the time you were give the foreign currency.

Guest · Feb 6, 2004

bigbet1234,

It depends where are you heading. If it's some tourist place in Lapland shops might accept US dollars.

Lakerfan said Visa takes 1% commission, but it seems like we pay more in Finland. 2.5% commission if currency is something else than Euro + 2 Euros fee.

NeTeller Depit card doesn't work everywhere, even NeTeller says that.

A travel cheque or cash would be my choice, if I had to convert currency. You get better price for your dollars in Norway than in USA.

Forex is establising their first office in Norway soon, or they have already did it, and from my experiences it is one of the best exchange companies.

http://www.forex.no/

theswami · Feb 6, 2004

I recently spent two weeks in Europe and the folks here give some good advice. Here's what I did to minimize the impact of exchange rates:

1) Use your credit card (for purchases NOT cash) as much as possible. Credit card companies generally give you a pretty fair rate and while I used Amex, from previous experience I can tell you this is true of Visa/MC as well.

2) For the inevitable cash purchases use your ATM card to withdraw $$ from a machine. I have never been to Norway but from what I do know about the country you will have NO problem finding an ATM. Similar to number 1 above, your bank will give you a good rate.

3) If you have a lockbox full of cash and use that to travel then exchange your $$ in Norway at a bank.

bigbet1234 · Feb 6, 2004

thanks guys

what i think i will do is call my credit card company. i have citibank and chase. i did have MBNA and cancelled the card, wish i had not done this.

i will find out the fee, then use the CC for purchases. when i get to norway i will withdrawal some money from my checking account from an ATM

one more question, you say travelers checks. do i get them in american here? sorry, for the ignorance

thanks again

theswami · Feb 6, 2004

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by bigbet1234:
thanks guys

what i think i will do is call my credit card company. i have citibank and chase. i did have MBNA and cancelled the card, wish i had not done this.

i will find out the fee, then use the CC for purchases. when i get to norway i will withdrawal some money from my checking account from an ATM

one more question, you say travelers checks. do i get them in american here? sorry, for the ignorance

thanks again<HR></BLOCKQUOTE>

a) If your CC companies charge a "fee" for international CC charges get a new credit card. There should be no fee.

b) Travelers Checks you get here in the U.S. for dollars then exchange them overseas at a bank or foreign exchange company. In fact some places will accept them as cash. They provide a layer of security if you lose them or they are stolen. You can get them via Amex or a bank.

matahari · Feb 6, 2004

To resume it:

- Use credit/debit cards as much as you can
- If cash is unavoidable then withdraw at an ATM (check with your bank how much can you withdraw at once)
- Currency exchanges in most of the EU countries are a plain rip-off as they charge you a variable commission besides the exchange rate on display (this also applies for the travellers checks). Not sure about Norway as it's a non-EU country.

MeyerLansky · Feb 6, 2004

bring cash and put it in a money belt. It has never failed me.

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