Six countries, five currencies - best money strategy

[DCSWO]

We are taking a northern European cruise in August. Between our layover stops in London, embarkation/ debarkation port of Copenhagen and the ports on the cruise, I'm looking at 5 different currencies - British pound, Danish kroner, euro (Estonia, Finland), ruble, and Swedish Krona. For those who have done similar trips I am looking for how you handled your currency exchanges. Part of me is considering using a credit card for most off-ship transactions which gives me the ability to dispute any problem transactions after the fact. At the same time, I always want to have some local cash for small purchases. I know well enough not to exchange unused currencies back into dollars since you lose money on each transaction. If I have leftover, I'll just convert it into the next needed currency.

I assume DCL does exchange onboard - how are the lines? Do they offer exchange in the concierge lounge? Thanks in advance for any recommendations.

 

[PrincessShmoo]

We are taking a northern European cruise in August. Between our layover stops in London, embarkation/ debarkation port of Copenhagen and the ports on the cruise, I'm looking at 5 different currencies - British pound, Danish kroner, euro (Estonia, Finland), ruble, and Swedish Krona. For those who have done similar trips I am looking for how you handled your currency exchanges. Part of me is considering using a credit card for most off-ship transactions which gives me the ability to dispute any problem transactions after the fact. At the same time, I always want to have some local cash for small purchases. I know well enough not to exchange unused currencies back into dollars since you lose money on each transaction. If I have leftover, I'll just convert it into the next needed currency.

I assume DCL does exchange onboard - how are the lines? Do they offer exchange in the concierge lounge? Thanks in advance for any recommendations.

You'll typically find your best rates for currency exchange is using local ATMs in each country. DCL will exchange dollars onboard, but the rate isn't that great.

 

[janiebubble]

We did this cruise last year. Our cruise left from Copenhagen We had 2 days in Copenhagen so got around 200 kroner (knew we’d be paying for meals and taxis at both ends of the cruise. We got £20 of roubles and £20 of Swedish krona. In Russia we just bought souvenirs in the Hermitage but it was worth noting they would have accepted euro. We spent the Swedish money on coffee and cake and used credit cards for shopping. We had around 80 Euro, we used it for museum entrance in Tallin plus lunch and a cake, and coffee and cake in Helsinki. Again shopping purchases by credit card

 

[aggiedog]

You really don't need much if any cash. We did that cruise 3 years ago and truly needed cash for one restroom in Stockholm and a hot dog stand in Copenhagen. Much of the Northern European countries are practically cashless, especially Sweden. We used our CC with street vendors, taxis, etc. I know someone on the ABD board used her ApplePay on her watch.

We did get some rubles on the ship, and ended up with left overs. The tour guide (we used TJ Travel) wanted clean American bills (we knew about that ahead of time) and the rubles were for incidentals.

When we do need money overseas, I look for ATM's associated with banks. Those seem to give the best rates.

If you look over on CruiseCritic, it's much the same. This is a frequent question for this cruise given the number of currencies involved. Very few people use much if any cash.

 

[hrhdhd]

I did a similar cruise in May. I bought a few pounds and euros and used a credit card with no foreign transaction fee for the rest. Much of Scandinavia is practically credit or debit only; you don't need local currency. (Except possibly for the occasional bathroom stall, but that can be avoided, especially if you're on tours.)

 

[OKW Lover]

You'll typically find your best rates for currency exchange is using local ATMs in each country. DCL will exchange dollars onboard, but the rate isn't that great.

Great point. A traveler will also want to avoid multiple exchanges as you loose each time. So, take the minimum local currency you think you'll need.

 

[Fyrefly]

I would get some kroner and pounds out of ATMs (best exchange rate I think) at the beginning and end and try to just get by with credit cards and maybe an emergency trip to the ATM for the rest. We really had to struggle to use up some of our currency at the end of our trip - aside from cab fares I think you'll be surprised by how little cash you really need. Just make sure to avoid ATM fees as much as possible by withdrawing as infrequently as you can (think 1 fee on 100 instead of multiple days grabbing a 20) and make sure that your credit card has no foreign transaction fee. If it does, find one that doesn't - there are plenty.

 

[DCSWO]

Thanks for the info to all!

 

[gotomu212]

I worked in Sweden recently for a short stint and it REALLY is almost completely cashless. I think the latest figures were something like only 1% of all purchases in the whole country were done with cash. The two banks by my apartment didn’t even keep cash AT THE BANK. Blew my mind. Some Swedish businesses will actually refuse to accept cash. Copenhagen and Finland seemed pretty similar when I did short weekend stays. I wouldn’t bother with any actual cash because it might not be accepted and is very much not preferred.

 

[Belle2002]

I worked in Sweden recently for a short stint and it REALLY is almost completely cashless. I think the latest figures were something like only 1% of all purchases in the whole country were done with cash. The two banks by my apartment didn’t even keep cash AT THE BANK. Blew my mind. Some Swedish businesses will actually refuse to accept cash. Copenhagen and Finland seemed pretty similar when I did short weekend stays. I wouldn’t bother with any actual cash because it might not be accepted and is very much not preferred.

I have been thinking about this currency thing as well, since I will be doing the Northern Europe cruise at the end of July. I was wondering if any of the non euro countries would except euros? I know when I did a Greek isle cruise and we stopped in Turkey, euros were accepted in most places even though they are on the Lira. Or is that not going to fly in some places? Which I can understand. For example, I live in Canada, a lot of retail stores will accept US dollars as we get a lot of US tourists here in the summer. As well, we regularly intermix US and Canadian coins and think nothing of it. However, I know that I can’t go to the states as a tourist and use Canadian dollars - even if a 5 cent coin is in the mix, it’s not accepted.
Of course going to all of these countries I intend to use credit as much as possible but if euros can be used in a pinch that would be great!

 

[DCSWO]

The research I did seamed to indicate that the Scandinavian countries that opted out of the Euro did so for a reason and really don't care for it. Since we are spending a day before and after the cruise in Copenhagen and probably going to Tivoli Gardens, I'll pick up some Danish kroner. As folks have recommended, I'm going to do most buying with my foreign transaction fee-free credit card. Places may accept euros or the dollar, but the exchange rate they give you will likely be terrible - which would include any change you have coming back.

 

[Geomom]

The research I did seamed to indicate that the Scandinavian countries that opted out of the Euro did so for a reason and really don't care for it. Since we are spending a day before and after the cruise in Copenhagen and probably going to Tivoli Gardens, I'll pick up some Danish kroner. As folks have recommended, I'm going to do most buying with my foreign transaction fee-free credit card. Places may accept euros or the dollar, but the exchange rate they give you will likely be terrible - which would include any change you have coming back.

We're on the same cruise as you, we've been trying to figure this out as well. We have 3 nts pre-cruise in Copenhagen, so we'll likely pick up DKK at an airport ATM. As we're also flying home from CPH after disembarking--I figure that if we have any DKK left, we can spend it at the airport on the way home. We're thinking about $200 USD worth of DKK for the 4 of us. We plan to use credit as much as possible everywhere. Taxis are supposed to take credit--you tell them as soon as you enter the taxi and they're supposed to swipe the card then. We have the Copenhagen card for most attractions/public transit in Copenhagen, Stockholm Pass for attractions there, and doing Disney excursions for the other 3 ports. DD18 brought back around $20 in Euros last year from Germany, so we'll probably bring around $17 of that with us. ($10 of it is in coins...why are there so many types of Euro coins?) I figure some of the 'bigger' coins would come in handy as I've heard a lot of Europe has pay toilets.

 

[olafLover]

.

 

[Geomom]

Toilets are usually 20 or 50 cents, so don't use the one and two euro coins for that!

Thanks! Do they take the 10 cent coins, or does it have to be a 20 cent coin? (This will help me decide which coins to leave home--already planning to leave the 5, 2, 1 cent coins home.)

 

[gotomu212]

I have been thinking about this currency thing as well, since I will be doing the Northern Europe cruise at the end of July. I was wondering if any of the non euro countries would except euros? I know when I did a Greek isle cruise and we stopped in Turkey, euros were accepted in most places even though they are on the Lira. Or is that not going to fly in some places? Which I can understand. For example, I live in Canada, a lot of retail stores will accept US dollars as we get a lot of US tourists here in the summer. As well, we regularly intermix US and Canadian coins and think nothing of it. However, I know that I can’t go to the states as a tourist and use Canadian dollars - even if a 5 cent coin is in the mix, it’s not accepted.
Of course going to all of these countries I intend to use credit as much as possible but if euros can be used in a pinch that would be great!

I can only speak for Sweden, but they didn’t even want to take their own money so I don’t think they would be open to taking other currency that they would then have to offload (which seems so weird to me since I’m used to so many other places we travel being okay with dollars/euros).

 

[OKW Lover]

Another point about using credit cards abroad, besides making sure your card doesn't charge a foreign transaction fee, is to have the merchant charge your card in local currency. Don't let them convert it to dollars!

 

[Dopey416]

We did the Northern European last year. Had 3 days prior in Copenhagen and did not do any exchange at all, everything was paid with CC, even in the fresh market in Helsinki. I do agree with OKW Lover, make sure they charge your card in local currency. Enjoy your cruise, it's awesome!!!!

 

[Geomom]

@DCSWO
Speaking of currencies...I put a currency converter app on my phone for our upcoming trip so that I'll have an idea how much things will actually be costing me. The Danish, Swedish, and Russian currencies are just too different from the US currency for me to do the conversion in my head. Euros I understand...

I put on a free one by Rome Rock App Studio. (I have an Android phone.) Seems to work well so far. It updates with the current exchange rates while on wifi, and then you can use the app offline. You can add currencies to your home page, so I have 5 currencies listed now and can quickly figure out how much something would cost me. (I looked up the cost for an unlimited ride tix at Tivoli--230DKK...yeah, I had no idea how much that would be--it's about $36 USD.)

 

[DCSWO]

Thanks. I keep one on my phone that includes all our stops.

 

[lilmc]

Just make sure to avoid ATM fees as much as possible by withdrawing as infrequently as you can (think 1 fee on 100 instead of multiple days grabbing a 20)

Charles Schwab has a checking account that reimburses foreign atm fees automatically.