Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of £3 per month, your representative rate is 27.7% APR (variable).
Slovakia hasn’t adopted debit and credit card spending as quickly as its European neighbours. Some 40% of payments in 2017 were non-cash transactions, while 60% were made in cash.
The proportion of plastic payments is growing, especially in its capital Bratislava, although Slovakian officials admit that cashless technology needs to be implemented better in smaller cities. If you’re visiting places such as the beautiful World Heritage Site in Vlkolinec, or skiing in glorious Jasna, you might have a harder time making card payments.
Visa and Mastercard are the networks most likely to be accepted in Slovakia. It might be more difficult to use smaller networks like American Express, Discover or Diners Club.
Whatever credit card you have, it’s sensible to carry euros as well in case you stumble upon retailers or restaurants that don’t accept card payments.
You’re best off exchanging pounds for euros before you head to Slovakia though. The country is packed with ATMs – or “bankomats” in Slovak – but most of them will charge a fee for withdrawing cash. That’s on top of the fees you’ll pay to your home bank.
It’s also worth noting that when it comes to cash advances and non-sterling transactions, many card issuers will start charging interest on the day your account is debited, rather than the customary “up to 55 days interest-free” that usually applies provided you clear your balance in full each month.
In January 2018 the EU required member states to adopt the Payment Service Directive 2 (PSD2), a ban on card payment surcharges (that’s when a retailer adds a fee because you’re paying with a credit card). However, it’s important to note that there are limitations and exceptions to this directive, and there are other fees that may apply when you pay by credit card. If your card is from a non-EU bank, uses a network other than Visa or Mastercard or is a business/corporate card, then the merchant may still levy a surcharge.
As mentioned, it can be difficult to avoid ATM fees when withdrawing cash in Slovakia. Your best bet is to use an ATM linked to your home bank.
To avoid fees when making credit card payments, consider taking out a card offering fee-free currency conversion (see the table below), even if you only use it when you’re out of the country. Once you have one of these cards, if a merchant offers to take payment in pounds, say you’re happy to pay in euros, since you know that your own bank won’t add a margin.
Some travel credit cards won’t penalise you for withdrawing cash either, although you’ll still be liable for any ATM fees charged.
American Express is accepted in Slovakia, although not everywhere. Visa and Mastercard are more likely to be accepted. If you have an Amex card, it’s worth carrying an alternative form of payment as well. Additionally, merchants may levy a surcharge for Amex payments.
Contactless payment technology is growing across Slovakia. If a merchant accepts card payments, you can expect to pay this way for transactions under 20 euros.
Chip-and-PIN technology is also a staple of Slovakian payments. Provided you have a four-digit PIN, you should be able to pay this way with no problems.
ATM and card payment scams aren’t particularly common in Slovakia, but it’s better to be safe than sorry. Here are some precautions you can take for increased security:
You can buy bus and train tickets using a credit card. Taxi drivers will want to be paid in cash, unless you book a cab using a mobile app such as Hopin or Taxify.
If you travel to Slovakia, you can safely use your credit card to make payments and withdraw cash. You’ll just have to be careful to not incur fees that you could otherwise avoid. With a decent travel credit card, you’ll avoid paying foreign transaction fees. By simply declining the DCC when offered, you’ll also avoid a poor exchange rate or commission.
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