Currency arbitrage for europe

[hritiksakshi]

Travelling to Europe this summer.

Heard stories about the infamous atm scams there...if somebody can shed a light over it here...

Back to my question. I will be carrying a lowmarkup credit and zero markup debit card. However as Europe is not digitised say like our own country....

I think carrying some currency also makes sense.

My question is now....from those who have travelled and experienced..

What is the best way to carry currency from India?

Shall I convert my money to say usd or euro here itself or is it more beneficial to carry rupee/usd there and convert into euro for better rates (currency arbitrage)

Lastly some other currencies like Czech one or the Swiss franc one...if I carry that ane convert there...will it be more beneficial in that sense


I plan to carry approx 2000 euros worth of money so any help will be appreciated

 

[aayusharyan]

Travelling to Europe this summer.

Heard stories about the infamous atm scams there...if somebody can shed a light over it here...

Back to my question. I will be carrying a lowmarkup credit and zero markup debit card. However as Europe is not digitised say like our own country....

I think carrying some currency also makes sense.

My question is now....from those who have travelled and experienced..

What is the best way to carry currency from India?

Shall I convert my money to say usd or euro here itself or is it more beneficial to carry rupee/usd there and convert into euro for better rates (currency arbitrage)

Lastly some other currencies like Czech one or the Swiss franc one...if I carry that ane convert there...will it be more beneficial in that sense


I plan to carry approx 2000 euros worth of money so any help will be appreciated

I personally just land at the airport and withdraw from the ATM.
Regarding scam ATM, I recommend check out this video:

 

[CARDBITRAGE]

I personally just land at the airport and withdraw from the ATM.
Regarding scam ATM, I recommend check out this video:

Haha. Euronet makes billions every year through ATM fees.

 

[CARDBITRAGE]

Travelling to Europe this summer.

Heard stories about the infamous atm scams there...if somebody can shed a light over it here...

Back to my question. I will be carrying a lowmarkup credit and zero markup debit card. However as Europe is not digitised say like our own country....

I think carrying some currency also makes sense.

My question is now....from those who have travelled and experienced..

What is the best way to carry currency from India?

Shall I convert my money to say usd or euro here itself or is it more beneficial to carry rupee/usd there and convert into euro for better rates (currency arbitrage)

Lastly some other currencies like Czech one or the Swiss franc one...if I carry that ane convert there...will it be more beneficial in that sense


I plan to carry approx 2000 euros worth of money so any help will be appreciated

Link: Avoid these ATMs
Coming to currency, take 20% of your expected total expense in the form of cash(Euros). The rest you can withdraw while you're in Europe. Keep this 20% in cash that you converted in India with you for contingencies and exhaust it towards the end of your trip. Most places will accept card, but cash is necessary for small shops, restaurants and restrooms. So the bulk of your expense can be put on your CC/DC. You can withdraw cash in Czech Republic and Switzerland if you require, so you don't need to exchange your currency there.

 

[hritiksakshi]

Makes sense ...thnx a lot guys


But two doubts

1) if God forbid, I run out of cash and have to draw out an atm if any then which one to go for?

2) secondly which currency to carry from India? Euro or dollars?

I will be travelling to france, swiss, Austria and Czech.

 

[aayusharyan]

Heard stories about the infamous atm scams there...if somebody can shed a light over it here...

Ohhh, completely forgot to talk about this point. There are many scams, top of my head are:

1. Donation Scam - Someone will aproach you with a notepad kind of a thing asking for donation. (Like People with Disability and stuff). First they will say just sign it, and then later ask for money. This is by far the most common one. I have even seen this at arrival section of intl airports in Europe. (Paris and Amsterdam in my experience).

2. Friendship Band Scam - Someone will ask you time or something like that and then try to give a friendship band because they like you and blah blah blah, then they will ask for money for the same.

3. Walk on Painting Scam - This is very common in crowded places, scam artists will place printouts on the floor and hope for you to step on it, then once someone does, they will guilt trip that person into paying money for that so called "painting".

4. Gold Ring Scam - Someone will say that they found a gold ring and ask if that is yours, then they will try to say it's like 1000 Euros in value and you my poor tourist will think that it's real gold for free (which ofc it's not), then to give that ring to you, they will say let's split it like 250 Euros they will ask for that ring...

5. Restaurant Pricing Scam - Many touristy restaurants have different prices on English Menu than local menu. This is common only in very popular City, like in my experience in throughout France, I have only experienced this in Paris.

6. Fuel Emergency Scam - Someone will come to you saying that they work for so and so big company, they will give business card and say that they are low on fuel and need help with that and ask if you help them, they will repay way more money as gratitude. Which ofc they won't. Everything is fake.

Other than that, be careful about Pickpocketing. It's very common in touristy and crowded places.

 

[aayusharyan]

I run out of cash and have to draw out an atm if any then which one to go for?

Any state owned bank you can go, in France I know BNP Paribas, Credit Agricole, Sociate Generale, HSBC, AXA, Postal Bank.

In fact, generally, postal bank should be the way to go, if not. Follow the locals, the ATM where locals withdraw should be good. (That's my general rule of thumb).

ALWAYS check for skimmers, it's a bit common there. And if any ATM provides currency conversion, decline that always.

 

[aayusharyan]

secondly which currency to carry from India? Euro or dollars?

Carry Euros, There is no point in Carrying USD, IMO.
Ideally, I never carry forex cash with me on any of my trip. I only did that in my first trip around 5 years ago, since then, never. It's too risky. I'd rather just withdraw from ATM.

But yeah, 20-25% makes sense as emergency.

 

[CARDBITRAGE]

Makes sense ...thnx a lot guys


But two doubts

1) if God forbid, I run out of cash and have to draw out an atm if any then which one to go for?

Withdraw from local bank ATMs, they should not charge you any fee or will charge around €3-5/transaction. All banks are mandated to display the fees if any, so you can decline the transaction if you are not okay with fees and try a couple of ATMs around you. And for emergencies, you can use any atm. Just don't accept their conversion and you should be good. You can use Euronet as well, which will try very hard to trick you into accepting their conversion(15-30% DCC markup) over multiple steps during the transaction, but you should be careful. If you don't want to take the risk, avoid it altogether.

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2) secondly which currency to carry from India? Euro or dollars?

I will be travelling to france, swiss, Austria and Czech.

Euro should be your go-to currency. You will get the best rates for Euros.

 

[Walter White]

Makes sense ...thnx a lot guys


But two doubts

1) if God forbid, I run out of cash and have to draw out an atm if any then which one to go for?

2) secondly which currency to carry from India? Euro or dollars?

I will be travelling to france, swiss, Austria and Czech.

Euronet aur Raiffesian se dur rehna. Baaki bade banks reliable hote hai.

 

[hritiksakshi]

Thank you sooo much guyss, recvd more replies than I cud ask for....very informative and knowledgeable whole technofino base is ...

Cheers

 

[hritiksakshi]

Ohhh, completely forgot to talk about this point. There are many scams, top of my head are:

1. Donation Scam - Someone will aproach you with a notepad kind of a thing asking for donation. (Like People with Disability and stuff). First they will say just sign it, and then later ask for money. This is by far the most common one. I have even seen this at arrival section of intl airports in Europe. (Paris and Amsterdam in my experience).

2. Friendship Band Scam - Someone will ask you time or something like that and then try to give a friendship band because they like you and blah blah blah, then they will ask for money for the same.

3. Walk on Painting Scam - This is very common in crowded places, scam artists will place printouts on the floor and hope for you to step on it, then once someone does, they will guilt trip that person into paying money for that so called "painting".

4. Gold Ring Scam - Someone will say that they found a gold ring and ask if that is yours, then they will try to say it's like 1000 Euros in value and you my poor tourist will think that it's real gold for free (which ofc it's not), then to give that ring to you, they will say let's split it like 250 Euros they will ask for that ring...

5. Restaurant Pricing Scam - Many touristy restaurants have different prices on English Menu than local menu. This is common only in very popular City, like in my experience in throughout France, I have only experienced this in Paris.

6. Fuel Emergency Scam - Someone will come to you saying that they work for so and so big company, they will give business card and say that they are low on fuel and need help with that and ask if you help them, they will repay way more money as gratitude. Which ofc they won't. Everything is fake.

Other than that, be careful about Pickpocketing. It's very common in touristy and crowded places.

This is really helpful bhai

 

[hritiksakshi]

Link: Avoid these ATMs
Coming to currency, take 20% of your expected total expense in the form of cash(Euros). The rest you can withdraw while you're in Europe. Keep this 20% in cash that you converted in India with you for contingencies and exhaust it towards the end of your trip. Most places will accept card, but cash is necessary for small shops, restaurants and restrooms. So the bulk of your expense can be put on your CC/DC. You can withdraw cash in Czech Republic and Switzerland if you require, so you don't need to exchange your currency there.

Makes sense thnx

 

[hritiksakshi]

My final strategy is now

1) niyox debit card - primary debit
2) idfc first wealth - primary credit
3) dcb - backup credit (would have been primary but for low acceptance)
4) 25% of funds in cash (euro) to be spend only at City of departure..

Other cards I have.... Any suggestions amongst this for usage?

1) icici sapphiro
2) tata neu infinity
3) bob icsi ( have put request for Eterna upgrade)
4) hsbc platinum
5) federal one card
6) sbi cashback



Have applied add on dcb for wife so her lounge access is sorted....since dcb having same number creates issue for more than one card (some places) I would use dreamfolks for idfc and icici for myself...

Anything m i missing here? Any other card would u guys add in the mix?

 

[sxchzy]

seems good +

 

[abhiver]

Travelling to Europe this summer.

Heard stories about the infamous atm scams there...if somebody can shed a light over it here...

Back to my question. I will be carrying a lowmarkup credit and zero markup debit card. However as Europe is not digitised say like our own country....

I think carrying some currency also makes sense.

My question is now....from those who have travelled and experienced..

What is the best way to carry currency from India?

Shall I convert my money to say usd or euro here itself or is it more beneficial to carry rupee/usd there and convert into euro for better rates (currency arbitrage)

Lastly some other currencies like Czech one or the Swiss franc one...if I carry that ane convert there...will it be more beneficial in that sense


I plan to carry approx 2000 euros worth of money so any help will be appreciated

This year when I went there, I used debit card for almost all payments.

If you take just 200 to 300 Euro per person from India with yourself then it would be more safer.

 

[aayusharyan]

My final strategy is now

1) niyox debit card - primary debit
2) idfc first wealth - primary credit
3) dcb - backup credit (would have been primary but for low acceptance)
4) 25% of funds in cash (euro) to be spend only at City of departure..

Other cards I have.... Any suggestions amongst this for usage?

1) icici sapphiro
2) tata neu infinity
3) bob icsi ( have put request for Eterna upgrade)
4) hsbc platinum
5) federal one card
6) sbi cashback



Have applied add on dcb for wife so her lounge access is sorted....since dcb having same number creates issue for more than one card (some places) I would use dreamfolks for idfc and icici for myself...

Anything m i missing here? Any other card would u guys add in the mix?

This is good.

 

[CARDBITRAGE]

My final strategy is now

1) niyox debit card - primary debit
2) idfc first wealth - primary credit
3) dcb - backup credit (would have been primary but for low acceptance)
4) 25% of funds in cash (euro) to be spend only at City of departure..

Other cards I have.... Any suggestions amongst this for usage?

1) icici sapphiro
2) tata neu infinity
3) bob icsi ( have put request for Eterna upgrade)
4) hsbc platinum
5) federal one card
6) sbi cashback



Have applied add on dcb for wife so her lounge access is sorted....since dcb having same number creates issue for more than one card (some places) I would use dreamfolks for idfc and icici for myself...

Anything m i missing here? Any other card would u guys add in the mix?

Great! But do keep at least 2 debit cards for your atm withdrawals.