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You’re excited about your trip to Europe. But right now, you have money on your mind. Specifically, you’re wondering whether you can use your credit card or rely on cash abroad.
The answer lies somewhere in between. Credit cards are widely accepted in Europe, especially at large establishments such as hotels. That said, you may encounter merchants who only accept cash. In general, it’s a good idea to carry both cash and credit cards.
If you’re taking along a variety of cards, debit cards and cash, read our full guide on spending money while traveling in Europe.
You’ll find Visa and Mastercard to be widely accepted in Europe. Generally speaking, you’ll find merchants in Europe willing to accept American Express cards and even fewer that will take Discover cards. If you have an American Express card, you’ll have the best luck using it in areas frequently traveled by tourists or business travelers.
Merchant acceptance | ATM acceptance | |
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Credit card acceptance isn’t uniform throughout Europe. Some countries, such as the Netherlands, Sweden and Denmark, accept credit cards pretty much everywhere. Others, such as Germany and Italy, will mostly only take cash.
For Europe in general, you’ll typically rely on cash for everyday spending for things such as buses and taxis. Be sure to carry enough cash to get you through each day, but don’t be afraid to use your credit card whenever you can.
International travelers often uncover a nasty surprise: Using a card overseas can be expensive. The main culprits are foreign transaction fees and currency conversion fees.
A foreign transaction fee is assessed when you use your card abroad, and it’s typically 3% of each transaction. However, all good travel cards come with no foreign transaction fees.
A foreign merchant may offer to convert your bill into US dollars instead of charging you in the local currency. This is called dynamic currency conversion. It’s expensive because you pay a currency conversion fee for it. If a merchant offers it, pass.
Before jetting off to Europe, consider getting a travel card without foreign transaction fees. This can save you a lot of money overall. Compare the cards below to find the best credit card for European travel.
Over the past few years, your card providers have probably upgraded your existing credit cards to one with a chip inside. These cards are called chip cards.
In the United States, we mostly have chip-and-signature cards — you must provide a signature during a transaction to verify your identity. Meanwhile, in Europe chip-and-PIN cards are standard. With this type of card, you enter a four-digit personal identification number to verify your identity.
You’re not out of luck if you own only a chip-and-signature card. If you don’t have a PIN, an attendant will collect a signature from you during each transaction.
However, you may run into situations where your chip-and-signature card won’t work. For example, you might find yourself at an unmanned train station kiosk.
To avoid this, carry cash or ask your bank to provide you with a PIN, so you could freely use your credit card in Europe.
If you’re still stuck with a magstripe card, call your provider and get a chip card. You can get by in Europe with a chip-and-signature card, but many retailers simply don’t accept a magstripe card.
For the most part, you’re quite safe from credit card fraud in Europe. You’ll rarely be on the hook for fraudulent transactions. Even if you owe money, US law states you can only be charged a maximum of $50.
As with all destinations, however, using the following safety tips is always a good idea.
Credit card fraud, skimmers and keeping card information safe
Thieves don’t just steal credit card information by recording your card number — they can also steal the card itself.
Pickpockets in many European cities heavily target tourists. The bigger the tourist destination, the more pickpockets there tend to be.
To decrease the chances your credit card will be stolen, consider keeping it in a money belt. This is a fabric pouch that you wear around your waist and hide under your shirt or in your pants. Also consider neck pouches, hidden pockets or a belt with hidden pockets.
Before going to Europe, ensure that you can use your credit card with no problems.
You’ll definitely need cash in Europe, but if you use your credit card to make a cash withdrawal at an ATM, you will incur a cash advance fee as well as a higher interest rate for cash advances.
Check out this card’s pricing information table. As you can see, the cash advance APR is 25.74%, which is higher than the APR you’ll get for purchases or balance transfers.
You’ll also see that a cash advance comes with a high fee. You’ll pay the fee that is the greater of $10 or 5% of your transaction. If you take out a $300 cash advance, for example, you’ll pay the 5% fee — that’s $15.
Of course, credit card ATM withdrawals may also be subject to foreign transaction fees. The implication is clear: Limit credit card use at ATMs.
Most debit cards have no cash advance APR or cash advance fees since you’re using your own money to make a withdrawal.
A debit card from the Schwab Bank High Yield Investor Checking Account is one excellent pick. It reimburses you for any fees you may incur at ATMs. The card also doesn’t charge foreign transaction fees.
Using your credit card in Europe is generally safe. Just make sure to keep an eye on your card. To avoid unnecessary fees, look for a card with no foreign transaction fees. Also, consider carrying a backup card in case something happens to your primary card; This can be a debit card, which you can use to make cash withdrawals to avoid cash advance fee or a cash advance APR.
Before deciding which card to get, compare your credit card options.
Images: Shutterstock
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