Currency - Copenhagen, Norway and Iceland

[swimfin]

Hi! I have seen a few threads about this and wanted to ask another question/clarification. Once on the Magic, if I wanted to exchange my US currency to the Norwegian Krona, does anyone remember if the rate was similar to the "current rate" and was there a fee? I have to get Danish Krone from my bank before I leave the states as we will be in Copenhagen for two days... just wondering if I'll get a better rate for Norwegian Krona on the boat or at my bank? Thanks!

 

[MotherKnowsBest]

I believe it's usually a better deal to get it at your bank. I opened a credit card with no foreign transaction fees when we went to Northern Europe last year and mostly used that. I did have a small amount of local currency for each country for tips, etc

 

[Geomom]

The best rates are from the ATM machines in the country you're in. I went to my bank for Canadian currency last year and the rate was much worse than we got with our credit cards (.76 on the credit cards, .82 at the bank plus a $10 fee to order it). DD17 just went to Germany on a school trip and was at Heathrow airport in London on the way home--she used a debit card to take Euros out of the ATM machines in Germany (I believe first ATM was at the airport), as well as paying with the debit card, and used the debit card at Heathrow as she had no pounds. Both came through at the current rate, no extra fees--much cheaper than if we had gone to our bank. It's amazing how much of a markup the banks have!

 

[disneyfaninaz]

Yea, but isn't there a fee to use your debit card in the ATM not affiliated with your bank?

 

[disneypaws]

I'm from the uk and if I use my debit card in mainland Europe or USA (to pay directly or to withdraw from the ATM), it goes through as the current exchange rate but there is then deducted separately on my statement a "non sterling transaction fee"

 

[aggiedog]

FYI, you will not need much, if any cash, in Iceland or Denmark. Pretty much everything can be paid by CC - taxis, street vendors, etc. On our Baltic cruise, I needed cash for a public restroom in Sweden and a hot dog cart in Copenhagen (but could have had my pick of other food choices, so I would have been ok. We had great crepes earlier that we paid by CC at a street cart.) I've been to Iceland twice and have never needed cash.

 

[MUN]

FYI, you will not need much, if any cash, in Iceland or Denmark. Pretty much everything can be paid by CC - taxis, street vendors, etc. On our Baltic cruise, I needed cash for a public restroom in Sweden and a hot dog cart in Copenhagen (but could have had my pick of other food choices, so I would have been ok. We had great crepes earlier that we paid by CC at a street cart.) I've been to Iceland twice and have never needed cash.

Did you have any trouble with your credit card working in Denmark?

 

[bibbidibobbidibecky]

I second the ATM. I never get money before leaving the US because it's so much easier to find an ATM. Also, we stayed for three days in Iceland and never got cash. We didn't need it as others said.

 

[Flossbolna]

Since you won't need much cash at all, I would just get it in the ship. Nearly everywhere in Scandinavia credit cards are accepted. Some market stalls might not take them. I would think 20$ would be enough for incidentals. So, even if the exchange rate is 20% worse on the ship you would only lose 4$. To me this is a case of convenience is worth a price. And I don't think the cruise ship rate is that bad at all! More likely a 5% up charge. And you can return unused foreign currency on the ship afaIk.

For Denmark looking into getting some from a cash point at the airport might be worth it. Or change cash there.

 

[MUN]

Since you won't need much cash at all, I would just get it in the ship. Nearly everywhere in Scandinavia credit cards are accepted. Some market stalls might not take them. I would think 20$ would be enough for incidentals. So, even if the exchange rate is 20% worse on the ship you would only lose 4$. To me this is a case of convenience is worth a price. And I don't think the cruise ship rate is that bad at all! More likely a 5% up charge. And you can return unused foreign currency on the ship afaIk.

For Denmark looking into getting some from a cash point at the airport might be worth it. Or change cash there.

Do you know how the cruise ship rate compares to the ATM rates?

 

[Flossbolna]

Do you know how the cruise ship rate compares to the ATM rates?

Sorry, no. I did a search and came up with this post:

I exchanged some money before we got to Barcelona in May on the Disney Magic....

So, if you look at the exchange rate of 1.4623 on 5/25/14 on the ship and compare it with the interbank rate on that day, which was 1.36238, you get a 7.3 % upcharge on the interbank rate. Usually when exchanging cash you pay a 5% upcharge, the typical ATM exchange rates are 2% over the interbank rate. So, my guess of paying about 5% more on the ship vs. an ATM was actually a good guess. So, for every 100$ exchanged you pay about 5 $ extra for the benefit of not having to find an ATM. And you can take anything that you did not spend back. That last thing might actually make it "cheaper" in the end. Just think you get out the equivalent of 100$, but only spend 90$ of that. You now have either 10$ worth of foreign cash that is of no use to you or you end up buying something that you would not have bought otherwise in order to spend the rest or you give it to charity (most airports have collection boxes for left over foreign currency for charity).

 

[aggiedog]

I had no problems using my CC in Iceland, Denmark, Stockholm, Tallinn, or SPB. I didn't stop to buy anything in Helsinki.

Just let your CC company know you'll be traveling.

We did get some money from ATM's during our Copenhagen 3 day pre-stay, but we really didn't need as much. Dh is just a cash kind of guy. We got some rubles on the ship, but ended up coming home with most of it then losing a big chunk of worth when we converted it back to dollars.

FWIW, even in French Polynesia, I just used ATM's for cash (fewer stalls and street vendors take CC's there.) The days of going to the bank before you leave and stocking up on foreign currency or traveler's checks are over.

 

[awaghorn]

I'm from the uk and if I use my debit card in mainland Europe or USA (to pay directly or to withdraw from the ATM), it goes through as the current exchange rate but there is then deducted separately on my statement a "non sterling transaction fee"

That is however bank specific. For travel in Europe if you are near enough London it is worth opening a metro bank account as they do not have a foreign exchange loading (i.e. Commission on the interbank rate) or a foreign ATM fee for most locations in Europe so it is cheaper than using most normal bank accounts.

 

[janiebubble]

I'm from the uk and if I use my debit card in mainland Europe or USA (to pay directly or to withdraw from the ATM), it goes through as the current exchange rate but there is then deducted separately on my statement a "non sterling transaction fee"

I'm from the UK too. I have a post office MasterCard that doesn't charge for foreign transactions- we always use that

 

[Luvmypetz]

So am I right to assume that if I exchange or pull currency precruise, specifically Kroner as I'll be in Denmark, if I don't use it all, I can add it to my OBC? (The cruise is one way to Dover) TIA

 

[bibbidibobbidibecky]

So am I right to assume that if I exchange or pull currency precruise, specifically Kroner as I'll be in Denmark, if I don't use it all, I can add it to my OBC? (The cruise is one way to Dover) TIA

You would have to convert it to USD first. The Disney Cruise only does transactions in USD, so if you wanted to add it to your on board account, you would have to convert it before they could add it. I hope this makes sense.

 

[lynette j in la]

I spend all summer in Copenhagen. To be honest, cash is rarely needed in the touristy areas. I sometimes had problems years ago in the Copenhagen suburbs when the cards did not have a chip in them. Once all my cards had the chip, I no longer had any problem. I use a no foreign transaction fee debit card (Capital One 360). I use it to buy food, train tickets, Taxi's take it, most street vendors, too. Only a few places only took the Dankort...So My daughter had to buy me lunch!
Last summer, I finally went to the ATM at the grocery store to take out some kroner, only because I wanted to use a push shopping cart and I needed a 20 DK coin to use one.
( I still have 100DK and several 20 kroner coins in my wallet so I'm set for all summer I managed 2 weeks, buying groceries almost every day with out cash. I also did not bother to get Norwegian Kroner for our cruise last year. If you need cash, just go to the local BANK ATM...The trick is to have the right debit or credit card... The Capital One 360 card uses ALLPOINT ATM's and I never am charged a transaction fees.
Warning-DISNEY VISA does charge foreign transaction fees , so only use it on the ship!