Getting a good inr to euro conversion rate while Traveling in Europe is like a wise investment plan. If you are not wise enough, you lose small yet significant amount of your travel budget. The best thing about traveling europe is euro is acceptable in most of the countries or let’s say euro is the most common currency. Countries like Czech republic, Hungary, Switzerland still have their own currencies.
Convert the currency in India itself:
It’s better to avoid the risk of converting indian rupees to euros in Europe. Convert your indian rupees into Euros before hand. This will save you from carrying thousands of Indian rupees along with you. Another advantage that you get is, in India, you know the authentic currency exchange shops like banks with forex facilities, western union etc. But in Foreign countries, you do not know what is authentic and what is not.
Make Debit card international:
You might not know but most of the debit cards we use in India can only be used at nationalized banks ATMs here. When you take the Debit card abroad, you need to inform your bank about the duration of your stay and you will be using it. If you fail to inform the same to your bank, your bank will block the uses of your debit card if found being used outside India.
There will be many circumstances where your credit card might not be accepted. For example at some of the shops and restaurants. So you will certainly need cash for that.
Taking out cash from ATM? Prefer Debit card:
Now the next question arises what to use to take out the cash from ATM. Debit card or Credit card? Here is a basic rule. For every transaction you do, irrespective of your card, your are charged some percentage by your native bank and also by the foreign bank. Check with your bank for the international money withdrawl rate using your debit/credit card. Charges will be mostly like 3.5% on money withdrawn.
Withdraw heavy amount at once:
If you withdraw small amount many times from ATMs over there, every time you pay some charges for that. So its better to withdraw sufficient amount at first than withdrawing again and again.
Visa, MasterCard or the Maestro?
Visa card is the most widely acceptable card type throughout Europe. MasterCard and Maestro follows it. Try to avoid American Express. First American Express is seldom accepted. Second even if it is accepted, you will be charged very high fee on that.
Cash is the best friend:
Pay in cash whereever you can. Paying with credit/ debit card is equal to doing transactions every time you pay through your cards. So take out sufficient money at once from the ATM.
Where to get the best exchange rate?
First thing you should do is to calm down. Once you arrive at the airport, train station or bus stand, you might see a lot of shops. Do not get tempted. First take a look around at a few shops. Ask for exchange rate and also the charges, if any on top of that. And then decide.Banks, Western Unions and Post offices are the best places to get your money exchanged.
Currency exchange shops will have touts outside offering very tempting exchange rates. Use them at your own risk. I would recommend to never get your money exchanged with them.