Recently, my wife, our parents, and I embarked on a two-week trip to Europe.
Our journey covered France, Switzerland, Austria, Liechtenstein, and Germany, with stops in major cities like Paris, Interlaken, Lucerne, Liechtenstein, Innsbruck, Zurich, Berlin, and Frankfurt.
I’d like to share some insights on managing cash with both currency and forex cards during our travel.
Preparing Our Wallets
Most of the travel and accommodation were booked prior. To manage the rest of the expenses, we utilized a mix of cash and forex cards:
- Euro Cash: €200
- Swiss Franc Cash: CHF 200
- Euro Forex Card: €1400
- CHF Forex Card: CHF 1200
While the general recommendation is to carry 30% in cash and 70% in forex cards, we opted for a higher amount on the forex card.
The whole forex purchase costed us ₹2,75,398. Thanks to our team at Extravelmoney, we got much better exchange rates than what was available on the forex market in Kochi that day.
Why Cash Remains King
Cash proved invaluable right upon our arrival in Europe. At Paris CDG airport, the immigration process was delayed, leading to our pre-booked taxi driver demanding an extra €50 for the wait. We had no choice but to comply and since we had Euro in cash we could pay the extra amount by cash. Remember there was no option pay by card or any app.
Also on the way back from Eiffel Tower, we got into a bus that only accepted cash. Without cash, we would have been in trouble.
100% Trouble-Free Experience with Forex Cards
Other than a few instances where cash came in handy, Forex cards offered a mostly seamless experience, being accepted almost everywhere, from hotels to tourist attractions. The convenience of just swiping or tapping the card, and the ability to check balances on the Forex card app, made transactions smooth and straightforward.
Forex card is the best way to carry most of your cash. It's trouble-free because your card is already loaded with Euro or Swiss franc and there is no conversion happening when you swipe. We never faced any issue. You will get live alerts on your forex card app whenever you do a transaction.
You can use the card to book an Uber cab or purchase metro tickets via the apps. You can also use the card to withdraw cash from ATMs, but there could be an ATM withdrawal fee.
This is what your Forex card app will look like. You have a record of all your expenses. What you see on the bill is what you pay. No additional charges later on.
Forex Card Coverage in Switzerland and Beyond
In Switzerland, the forex card functioned flawlessly except at a coffee shop on Mount Rigi’s summit, where only cash was accepted. The SBB app for train tickets and supermarket payments all accepted the Forex card without issues.
Euro Balance exhausts in Germany and Austria
As I traveled to Austria and Germany, the forex card continued to serve well. Towards the end of the trip, my Euro balance got depleted. I had some CHF left on the card. So I checked with extravelmoney customer support team whether I can use the CHF balance to swipe on the Euro bill. I was told that the card would work fine but it would incur a 4% cross-currency conversion charge. Since all travel was pre-booked by my company, I did not reload the Forex card. Instead, I used my backup credit card.
If you are using a multi-currency card make sure you have sufficient balance in local currency when you swipe.
Why You Need a Backup International Credit/Debit Card
Make sure you have enabled international transactions on your credit and debit cards before you leave India. You can use it as a backup. Most cards usually charge you 3.5 to 5% conversion charge plus any other charge as per the bank.
Some credit cards like Niyo offers zero forex markup. I was having a Niyo credit card as backup. Niyo card also worked fine but it was limited to my card limit of 35000 INR. It worked fine in all cases except in one machine in the duty-free shop in Frankfurt where the transaction was declined where I paid in cash.
When using a Niyo card it will ask for how the payment is to be made. In INR or the local currency. You have to opt for local currency, otherwise conversion charges will again apply.
Selling leftover currency & balance in forex card after the trip
Upon returning, I had leftover CHF in forex card and some Swiss currency. I placed an order to sell the forex on ExTravelMoney, and our partner money changer handled the collection and encashment the very next day. Fortunately, I benefited from slightly higher Swiss Franc rates at the time of encashment.
The trip was completely trouble-free in terms of managing cash. Carrying local currency on our card, being aware of our exact balance at all times, and having a 100% working forex card ensured that our travel was enjoyable and worry-free.
I oversee marketing at ExTravelMoney. My foreign travels help me understand the diverse needs of international travelers regarding forex. I share these experiences and insights, aiming to help others make informed financial decisions while exploring the world.