Money

TRAVEL TIPS

Money

ATMs and Banks

Your own bank will probably charge a fee for using ATMs abroad; the foreign bank you use may also charge a fee. Nevertheless, you'll usually get a better rate of exchange at an ATM than you will at a currency-exchange office or even when changing money in a bank. And extracting funds as you need them is a safer option than carrying around a large amount of cash.

PIN numbers with more than four digits are not recognized at ATMs in many countries. If yours has five or more, remember to change it before you leave.

Called Bankomats and fairly common throughout Austria, ATMs are one of the easiest ways to get euros. Cirrus and Plus locations are easily found throughout large city centers and even in small towns. Look for branches of one of the larger banks, including Bank Austria, Raiffeisen, BAWAG, or Erste Bank. These are all likely to have a bank machine attached somewhere nearby. If you have trouble finding one, ask your hotel concierge. Note, too, that you may have better luck with ATMs if you're using a credit card or debit card that's also a Visa or MasterCard rather than just your bank card.

ATM Locations

Cirrus. 1–800/627–8372; www.mastercard.us/cardholder-services/atm-locator.html.

Plus. 800/843–7587; www.visa.com.

Credit Cards

It's a good idea to inform your credit-card company before you travel, especially if you're going abroad and don't travel internationally very often. Otherwise, the credit-card company might put a hold on your card owing to unusual activity—not a good thing halfway through your trip. Record all your credit-card numbers—as well as the phone numbers to call if your cards are lost or stolen—in a safe place, so you're prepared should something go wrong. Both MasterCard and Visa have general numbers you can call (collect if you're abroad) if your card is lost, but you're better off calling the number of your issuing bank, since MasterCard and Visa usually just transfer you to your bank; your bank's number is usually printed on your card.

If you plan to use your credit card for cash advances, you'll need to apply for a PIN at least two weeks before your trip. Although it's usually cheaper (and safer) to use a credit card abroad for large purchases (so you can cancel payments or be reimbursed if there's a problem), note that some credit-card companies and the banks that issue them add substantial percentages to all foreign transactions, whether they're in a foreign currency or not. Check on these fees before leaving home, so there won't be any surprises when you get the bill.

Before you charge something, ask the merchant whether or not he or she plans to do a dynamic currency conversion (DCC). In such a transaction the credit-card processor (shop, restaurant, or hotel, not Visa or MasterCard) converts the currency and charges you in dollars. In most cases you'll pay the merchant a 3% fee for this service in addition to any credit-card company and issuing-bank foreign-transaction surcharges.

Dynamic currency conversion programs are becoming increasingly widespread. Merchants who participate in them are supposed to ask whether you want to be charged in dollars or the local currency, but they don't always do so. And even if they do offer you a choice, they may well avoid mentioning the surcharges. The good news is that you do have a choice. And if this practice really gets your goat, you can avoid it entirely thanks to American Express; with its cards DCC simply isn't an option. However, many establishments in Europe prefer MasterCard or Visa to American Express because of the high commission that the latter charges.

Reporting Lost Cards

American Express. 800/992–3404; 336/393–1111; www.americanexpress.com.

Diners Club. 800/234–6377; 303/799–1504; www.dinersclub.com.

Discover. 800/347–2683; 801/902–3100; www.discovercard.com.

MasterCard. 800/627–8372; 636/722–7111; www.mastercard.com.

Visa. 800/847–2911; 0800/200–288; www.visa.com.

Currency and Exchange

Austria is a member of the European Union (EU) and its currency is the euro. Under the euro system there are eight coins: 1 and 2 euros, plus 1, 2, 5, 10, 20, and 50 euro cents. All coins have one side that has the value of the euro on it and the other side with a country's own national symbol. There are seven banknotes: 5, 10, 20, 50, 100, 200, and 500 euros. Banknotes are the same for all EU countries.

At this writing, the euro continues to hold strong against the U.S. dollar, and one euro was worth about $1.34.

Although fees charged for ATM transactions may be higher abroad than at home, Cirrus and Plus exchange rates are excellent, because they are based on wholesale rates offered only by major banks. Otherwise, the most favorable rates are through a bank. You won't do as well at exchange booths in airports or train and bus stations, in hotels, in restaurants, or in stores, although you may find their hours more convenient than the banks’.

Even if a currency-exchange booth has a sign promising no commission, rest assured that there's some kind of huge, hidden fee (oh, that's right. The sign didn't say "no fee.") And as for rates, you're almost always better off getting foreign currency at an ATM or exchanging money at a bank.

Contacts

American Express. 888/412–6945; 0800/232–340; www.americanexpress.com.

Currency Conversion

Google. For currency conversion just type in the amount you want to convert and an explanation of how you want it converted (e.g., "14 euros in dollars"), and then voilà. www.google.com.

Oanda.com. This site not only converts specific amounts, it also allows you to print out a handy table with the current day's conversion rates. www.oanda.com.

XE.com. This is a good currency-conversion website. www.xe.com.

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