I am planning a 10 days’ vacation in Europe with family. What should be best mode of payment for petty expenses like taxi fare, buying food etc.

1. Through Credit card and pay later in Canadian $ with conversion fee.
2. Get Euro from Canadian bank and pay cash.
3. Take out Euro in Europe through ATM using Canadian Debit card.

I will appreciate if any CD can share his/her thoughts on any other method of payment.

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A Delhite in Toronto

Sears mastercard is a good option, they dont charge transaction fee.

Go for MBNA or perhaps Scotiabank ... with a cash back of 1% or .5% ... so even if you are charged a conversion fee of 1.5% , you get the above cash back . Make all possible purchases by credit card.

Also keep some cash handy .If you were to use your debit card to withdraw , you would again incur conversion fee .. This was more than 10 years back but I recall carrying AMEX Travellers Cheques which were encash able at almost every major European city for free ... ( You would have to incur an initial exchange rate conversion but that would be lesser )

Having said that , it was not as convenient as using an ATM machine ..

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Fido.

Thanks Lemon925 & Fido. My other Master Card provider charges 2.5% conversion fee so I will go with Sears MC with zero conversion fee.

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A Delhite in Toronto

Delhite, you never know how much they approve you for initially. Sears may have a low limit like $400 or $500 to start with as a new card holder. I do not know if it will be worth it for you then. You should call them and find out the range you could be approved for. You will probably not know the actual limit until you put in an actual credit application.

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Give free food http://www.thehungersite.com ||

1) You will lose out in conversion fees and sometimes in transaction fee.
2) Best option. Sometimes you get better exchange rate and more favorable transaction fee with USD. So if you have some spare dollars(US), then you can exchange for Euro or even carry the dollars with you for use in Europe.
3) Again, you lose out on transaction fee and conversion fee. Worst option.

If you are uncomfortable carrying large sums on your person, then go for traveler cheques and exchange at the airport and other places. Just carry enough money for the day and a little bit more for transportation emergencies. Rest, leave it in your hotel safe or the front office(some hotels have the provision).

Never exhange money in Europe. They will swindle you.
Always exchange money in Toronto and also carry some Euro coins.
Yes. Amount lost in conversion will be there but it would not be as much loss as if it was converted in Europe.

Murali

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I am a Gents and not a Ladies.