8 mistakes with currency when traveling: how tourists lose money at ATMs and exchange offices

On trips tourists often lose money not on major purchases, but on currency exchange, ATMs and card payments. Some simple rules will help avoid unnecessary commissions.

An international trip can become more expensive even before you buy your first souvenir. Enough withdraw money with the wrong card, choose a “convenient” conversion at an ATM, or change cash at the airport. Banks, exchangers and payment systems have long been able to turn a tourist’s inattention into an accurate commission.

The problem is not that paying abroad is difficult. On the contrary: in many countries, a card or digital wallet is accepted almost everywhere – from a hotel to a bus. The problem is in the details: which card is used, where the money is withdrawn, in what currency the transaction takes place and who exactly sets the exchange rate.

Below are eight common mistakes: because of which travelers quietly lose tens and sometimes hundreds of euros. As usual, nothing mystical: just small financial traps placed where a person is already tired after a flight and wants coffee, and not a lesson in banking mathematics.

1. Carry too much cash

In many popular destinations Cash is no longer needed in the same amount. In North America, Western Europe and a growing number of countries, most everyday expenses can be pay by card or phone.

But you shouldn’t completely give up cash either. A small amount of local currency may be needed for markets, buses, tips, taxis, small cafes, tolls, or places where the terminal suddenly doesn’t work. Apparently, terminals also sometimes take vacations.

The best option is take a small amount for the first hours of the trip and don’t carry your entire budget in cash. Athens News has already reminded tourists: when traveling, it is better to take with you only the money and cards that you really plan to use. What to do if your documents are stolen abroad.

2. Change money at the airport

Exchange offices at airports are almost always convenient and almost always disadvantageous. The inscription “no commission” does not mean that the exchange is free. More often than not, the commission is simply hidden in a bad course.

A tourist sees a beautiful sign, exchanges money “just in case,” and then finds out that this “just in case” cost him a significant part of the amount. That’s why exchange at the airport should be used only as a last resort and for a minimum amount.

3. Not checking the map before the trip

Before you travel, you need to understand how much your bank charges for transactions abroad: for card payments, cash withdrawals, currency conversion and using other people’s ATMs.

It is ideal to have a credit or debit card with no foreign transaction fees. If you don’t have such a card, it’s better to estimate expenses in advance than to be surprised after the trip by a statement where each cup of coffee looks like a small bank tax collection.

It’s also a good idea to install your bank’s app and enable push notifications. Many banks no longer require advance notice of travel, but if there is unusual activity, the card may still be blocked. The application helps you quickly confirm a transaction or unblock a card.

4. Pay with a debit card everywhere

A debit card is best used primarily for withdrawing cash. For general payments abroad, a credit card or a separate multi-currency card is often safer.

The reason is simple: in case of a disputed transaction, fraud or blocked money, a credit card usually provides more protection. The debit card is linked directly to your account funds. If something goes wrong, you are no longer arguing about the bank limit, but about your own money.

A good practice is to keep a separate account or card with a limited amount for travel. Then even with skimming, data theft or blocking, losses will be limited.

5. Withdraw cash by credit card

One of the most expensive mistakes is withdrawing cash from a credit card.. The bank usually considers such a transaction to be a cash advance: with a separate commission and interest that begins to accrue immediately.

To withdraw money abroad, it is better to use a debit card or services like Wise and Revolut if they are available in your country and suit your route. They allow you to store and exchange money in different currencies, often at a better rate than regular bank cards.

6. Use random ATMs

It is better to choose ATMs at bank branches rather than individual machines in tourist areas, shops, airports or on busy streets. Bank ATMs are usually more transparent about fees and safer in terms of technical risks.

It is better to withdraw money during branch opening hours. If the ATM swallows the card or malfunctions, at least there are living people nearby, and not just a screen with the mocking inscription “operation impossible.”

Before your trip, it’s worth checking whether your bank has partner networks abroad. Sometimes this allows you to reduce the commission for cash withdrawals.

7. Choose payment in the currency of your card

The most common pitfall is the question at the terminal or ATM: should I write off the amount in local currency or in the currency of your card?

The correct answer is almost always the same: choose local currency. If you agree to pay in the currency of your card, the rate is set not by your payment system or bank, but by a foreign terminal or ATM operator. Usually this course is worse.

This is called dynamic currency conversion. On the screen she looks like she is caring for a tourist: “Do you want to know the exact amount in your currency?” In practice, this often means: “Do you want to pay more for psychological comfort?” A wonderful service if you like to voluntarily lose money to the interface.

8. Returning home with a large amount of small currency

Before leaving, it is worth calculating how much cash you will actually need for the rest of your trip. The remainder of small currency is then difficult to exchange profitably, and banks often do not accept coins at all.

If the amount is small, you can spend it at the airport, leave it as a tip, save it for your next trip, or give it to friends. If there is a large amount left, it is better to exchange it before departure or at your bank after returning, understanding that double conversion will still lead to losses.

A short reminder for the trip

• do not change large amounts at the airport;
• withdraw cash from ATMs at banks;
• To withdraw, use a debit card, not a credit card;
• When paying and withdrawing, choose local currency;
• keep a separate card for travel;
• install the bank app and turn on notifications;
• take cash only for real expenses;
• Check your card fees in advance.

The main rule is simple: When traveling, you don’t need to be afraid of cards, ATMs and currency exchange. You need to be wary of automated solutions that offer a “convenient” rate, “zero” commission and “fast” conversion. Convenience in finance often means that it is not you who is comfortable, but someone who has already built their commission into the button.

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