Card or cash – and where to exchange it?: With these tips, you won’t have to pay extra money unnecessarily during your vacation abroad

Anyone traveling to a country in the eurozone can easily exchange the euro in Switzerland. It is a common myth that SBB meters offer the best conditions for this. But most people change their money sensibly at home banks. You don’t even need to go to the cashier for this: you can usually withdraw Euros at reasonable rates from ATMs in your bank. On the other hand, third-party banks often charge an excessive surcharge. Things to keep in mind: Many stores are dissatisfied with large euro bills.

Withdrawing euros at an exchange office or ATM usually incurs higher fees than in Switzerland. This can quickly make the difference between 3 or 4 euros to 100 euros. But banks have to declare the fees on the machines. You should be especially careful in central locations with non-bank machines. These providers often charge exorbitantly high fees for cash withdrawals.

The situation is different when traveling to a European country outside the eurozone: For example, you will usually get a better deal if you withdraw zloty from an ATM or currency exchange office in Poland. With more exotic currencies, the conditions for exchanging money in Switzerland are often unfavorable.

A few years ago it was still better to have little more than just not enough cash with you. In more remote places, attention should still be paid to this today. Other than that, however, a purse full of foreign currency doesn’t make much sense these days. On the one hand, the loss is much heavier in the case of theft. Sometimes it is not difficult to pay cash in Scandinavian countries. With high inflation in many countries, bringing home larger amounts of foreign currency is also extremely inconvenient. Money continues to depreciate. And back in Switzerland, a hefty toll can be charged – when it comes to exotic currencies, the exchange rate can also be bad.

Depending on the bank, you can pay by card abroad without any guilt. This is especially true in the euro area. Working completely digitally, neobanks offer the best conditions. As the Moneyland comparison service wrote in a fee comparison released Tuesday, these are often significantly cheaper than conventional banks when shopping abroad. Anyone who uses Neobank for purchases and withdrawals at home and abroad is best off with Neon and Revolut. If you also use the account for payroll and bills, Yuh and Neon are the cheapest. When paying by card abroad, be sure to pay in local currency.