Money

One of the most often asked questions is "How much money do I need to take?" And my answer is always "How much money do you want to spend?" It all depends on the person.

You will need money for lunches and beverages at dinner if you choose something other than water. And you will want money for souvenirs and any activity not included in the itinerary. For example, your free day in London includes transportation, but not entrances to attractions. Check online as some have fees.

All tour companies recommend $50 per day. Although you are may not need that much, it is better to have too much than not enough. Look at your spending and eating habits and adjust accordingly.

In France, we will use the euro, but in England we use the British pound. You can go to this currency converter to see the value of each in American dollars.

Although you can do all your money conversions in the states before we leave (a plus as it is a convenience to already have the correct currency in hand and not worry about it later), however I highly recommend you check for all possible fees when you do conversions.

For example, I have been told that the best exchange rates are at the European banks exchanging cash for cash. However a bank location may not be that convenient to our destination (i.e. attractions, hotels, restaurants) and the time to find one and make the exchange for everyone on tour is a factor, including if the bank is open when you find it.

It is also recommended that you use a credit card for good rate and there is no charge for the use. But check with your credit card company before leaving to make sure.

You can also exchange at an airport when you land, however we are usually on a tight schedule when we land and are immediately ushered to the bus. However you can usually exchange money back to American currency in the airport before leaving for home. But again it depends on the time of the plane departure and if the exchange counter is open.

One of the easiest ways is to use your ATM card and exchange money once you get to the country. ATM machines are everywhere. Your bank will charge a fee (check what it is before you go as mine is about $6), so draw out money once for the whole time you are in a country. There is a fee each time you draw, so doing it often can add up. Drawing fewer times saves money. Don't forget your PIN number!

You can also order foreign currency from many banks, but there is a larger fee. For example, my bank charges a $40 fee and has two-day delivery. For a small amount of money, that is not a good idea, but you could get all your money this way before you go or several go together and share the fee.

There is an online exchange option through Travelex which we used before a short trip this past Christmas. We wanted the convenience of having all our money before we went, but we paid dearly for it too. It was ordered using my credit card and considered a cash advance loan. There was a $15 flat fee to Travelex and interest accrued on my credit card. In the end it was not a good deal as I paid the currency company and paid the credit card...and was not expecting those hidden fees. It would have been cheaper through the bank.

It is a good idea to have some euros before landing in France just in case you want something before we get to a bank or ATM machine. I highly recommend you check around. Before you go check your bank on fees and if there is a limit to the amount you can get at one time. Also contact your credit card company and your bank to let them know there will be international transactions. If you don't, they may cut your card activity off as a precaution to you.

Bottom line: There is no way to exchange currency without a fee. Just check around for the best way for you. My preference: Take a small amount with you (I have some left over from a previous trip) and use ATMs.

And what about Traveler's Checks? I haven't actually used them in years, but I always carry some with me for insurance. You never know when your card might be rejected or (horror!) shredded by a machine or you become a victim of theft. Traveler's Checks do not cost anything and are easily exchanged back when you return.

One last tip...no, this is an order! Never, never put your money or credit cards in your luggage. Always keep them on your body in your passport pouch.

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