Should I use cash or credit card abroad? This question is about Credit Cards

Should I use cash or credit card abroad?

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This question is about Credit Cards

Gina Marte, WalletHub Advisor

@ginamarte • 12/04/19 This answer was first published on 12/04/19. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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When abroad, it's best to carry a no-foreign-fee credit card or a no-foreign-fee debit card, to ensure you're getting the best exchange rate.

There's a catch though. Merchants and ATMs abroad will offer to convert your purchase or withdrawal amount to dollars (or other home currency) under the guise of "convenience" to you. This practice is known as dynamic currency conversion (DCC), which you should refuse every time, because of the higher costs.

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Marc Smith, Financial Advisor

@MarcSmith • 12/04/19 This answer was first published on 03/14/16 and it was last updated on 12/04/19.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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When I've travelled to Europe, I've largely relied on my credit card to pay for meals and other daily expenses. I have used ATMs over there to get cash. What I found was the exchange rate and fees were better to withdraw cash there than exchange a lot of money before you leave.

That said, I would probably get a hundred euros or so before you go just so you have it for when you arrive in case you can't access a cash machine. Although, I've always found an ATM in the airport when I land without problem. Enjoy your trip.

-Marc

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