Five tips for a carefree holiday: How to save money when traveling abroad!

Five tips for a carefree holiday: How to save money when traveling abroad!

With an upcoming vacation outside the Eurozone, many travelers are faced with the challenge of optimally managing their financial resources. Good preparation is crucial to enjoy a worry-free vacation. It is important to find out in advance about the best payment methods and how to obtain cash. The Federal Association of German Banks (BdB) recommends a mix of cash and cards, with the choice of cards being particularly important.

Debit cards and credit cards valid worldwide are particularly recommended for travel outside the Eurozone. However, it is important to note that debit cards are not accepted in all situations, such as deposits for hotel reservations or rental cars. Travelers should make sure they have not set too low an international limit on their cards before departure.

Tips for getting cash

It is often cheaper to withdraw cash in local currency directly from an ATM than to do so at exchange offices, where hidden fees and inferior exchange rates are common. When exchanging cash, it is advisable to visit official banks or exchange offices to avoid overpriced rates like those found at street vendors. It is important to be informed about the conditions and costs for cash withdrawals abroad before you travel.

Another consideration is that ATM operators often charge fees for cash withdrawals, so larger amounts should be withdrawn to minimize these fees. You should also use credit cards to pay in the local currency, as this is often cheaper than paying in euros. When using ATMs, please note that there is often a surcharge for converting into euros.

Information about girocards and credit cards

There are specific regulations for holders of a HypoVereinsbank (HVB) girocard with Maestro. These cards enable worldwide use, although the conditions will change from February 17, 2025: New girocards can then only be ordered without the Maestro function, which means that they can only be used in Germany. However, with the current girocard with Maestro, cash can be withdrawn free of charge in Europe and at UniCredit Bank ATMs, while other ATMs charge a fee of 1% of the withdrawal amount, but at least EUR 4.75.

The fees for paying in stores also vary: in EU countries, payments in euros are free, while outside the EU or in EU countries with foreign currencies a surcharge of 1% is due. A minimum amount of EUR 1.50 and a maximum of EUR 5.50 apply for trade payments.

In addition, HVB offers the Visa Debit Card, which can be used under the same conditions as the girocard. Cash withdrawals from UniCredit Bank ATMs are also free of charge, while other ATMs may also charge fees. Here too, payments in euros are free of charge, while payments in local currency are charged at 1.75% of the amount available.

Proper preparation can play a big role in avoiding potential costs and inconveniences while on vacation. Travelers should always research the most suitable payment methods and plan their finances wisely. Further information on hands banks and payment methods can be found in the article by Yahoo Finance and specific information on travel payment transactions can be found on the website HypoVereinsbank to find.