What currencies will we be using on this trip?: With the advent of the Euro in 2002, traveling in Europe became much easier. On most of our tour this summer we will be firmly in the Eurozone. However, we will also be visiting two countries that do not use the Euro as their primary currency. In London, the British pound is still king. Great Britain is part of the European Union (EU), but chose not to join in a monetary union with the rest of Europe. Our swing through Switzerland takes us out of the EU and the Eurozone. The Swiss still use their own currency, the Swiss franc (CHF). You can still pay in Euros in many Swiss shops, but you will end up paying a higher price.
How much hard cash should I bring?: I usually start off with $100 worth of each of the currencies that I will use on my trip. For this trip, this means that I will bring $100 worth in British pounds, $100 worth in Euros, and $100 worth in Swiss francs. This will get me started in each currency area. I also bring $100 in US dollars for our airport layovers.
How much should I budget for spending money each day?: ACIS recommends planning for $50 per day in spending money. This amount includes one meal per day and any souvenir purchases. This is an average amount per day. Most days, you won't get anywhere near spending that $50. Some days, you might spend a little more. This is usually dependent upon what kind of souvenirs you end up purchasing.
How do I get more money in Europe?: Thankfully, travelers' checks are a thing of the past. Don't even consider them. They are expensive. Most merchants in Europe don't accept them, and most banks will not cash them. Those banks that still exchange travellers' checks charge exorbitant fees that will end up cutting into your spending money. I've found that the best way to get money in Europe is the same way you get it at home, with your ATM card. ATMs tend to give you a better exchange rate, and if they charge a transaction fee it is much less than going into a bank to exchange cash. Pulling larger amounts out of the ATM will help you to minimize those fees. I also bring a credit card for larger purchases. Be sure to call your bank to inform them that you will be travelling. Most banks will shut down your card once it is used in Europe unless you tell them where you will be.
Just a few more things about money in Europe. Europeans tend to use more coins than Americans. There is only one way to spend 1 Euro; in coin! Be prepared to spend those coins. You will not be able to exchange coins when you get home.
