With a study abroad ahead of you, questions are bound to fill your head as you try to sort out all the logistics of a trip into uncharted territory with customs that are completely different than your own. While you may be able to tackle the more basic tasks, such as obtaining your passport and purchasing your plane ticket, other unknown elements may leave you stumped. One common concept that confuses travelers is money, and you could be wondering how to handle the cash situation in an unfamiliar currency.
The countries to which you're journeying with Forum-Nexus are a part of the European Union, so you'll deal with euros when buying something as small as an espresso. Sure, getting your hands on this currency is an exciting task, especially as the EU's bills come in pretty colors as if it were Monopoly money. However, even though it may not look like legitimate cash in the eyes of Americans, this currency is very much real, and is even worth more than our U.S. bills at this point.
As Rick Steves explained, the majority of transactions in European nations are carried out in cash. Because of this, you want to familiarize yourself with the euro to ensure that you are using them properly and not misplacing money.
Explore your exchange options early
Before you even leave the States, you should think about exchanging some of your American dollars for euros so that you have money on hand when you land in Europe. To get the best bang for your buck, you will want to shop around. There are a number of locations that allow you to exchange currencies – from banks to mall kiosks – but all of them have different rules and potential fees surrounding these transactions.
As it is, you are probably going to be shelling out more U.S. bills to walk out with fewer euros just because of the exchange rate. However, you should not pay more than you have to by relying on an establishment with all kinds of surcharges tied to this type of transaction. For this reason, you need to explore your options and settle on a trustworthy place that won't tack on excessive fees.
TRIP pointed out that if you choose to exchange money before you leave through your bank, you should do so well ahead of time. Banks may have a somewhat lengthy process to through to obtain the euros you need. Oftentimes, these businesses do not have foreign money on hand, which means that they have to send away for these bills. This can take a couple of weeks so you really have to be proactive and get everything in order early. If you're lucky, some banks have great customer services that could expedite currency exchange, so check with your institution to see what's available.
Avoid additional charges at the ATM
Chances are that you are not going to get a hold of all the cash you will need for the entire time you're studying abroad. In fact, you shouldn't have even close to that sum for security's sake. It's highly doubtful you would feel comfortable walking around with hundreds of dollars in your back pocket while you're in the U.S., and that uneasiness will only be augmented as you roam through the streets of foreign countries.
Because of this, you are likely to use ATMs in Europe, and the fees associated with withdrawals from non-EU accounts can be steep. To minimize these costs, you should consider getting an account with an American bank that is part of an international network and has ties with institutions in Europe so that you don't have to pay fees. For example, Bank of America may be a U.S. bank, but it is connected to BNP Paribas in France and BNL Banca Nazionale Del Lavoro in Italy, and you can take out money from these ATMs without losing additional money apart from that incurred by exchange rates.