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Money changing in EU Member States outside the euro zone

The European Consumer Centre of the Czech Republic has recently carried out a survey on the expenses for money changing in EU Member States outside the euro zone.

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The study has been prepared in cooperation with the European Consumer Centres in EU Member States outside the euro zone, including Denmark. The study is finalized in a report.

The general conclusion of the report is that there are no serious problems for consumers related to money changing and that there are only minor differences in the exchange rates in the different countries.

However, in the report you will find some good advice on how to avoid problems when changing money.

The advice can be summarized as follows:

  • Note that the exchange rate differs depending on whether you are buying or selling the currency
  • Before going abroad, consider how much cash you need, what you will use your credit card for, and whether you can use your credit card at your destination
  • Never change money on the street
  • Where possible, avoid making direct payment in euro in a non-euro country. The exchange rate in these cases is always very poor
  • Before changing money in a bank or in a bureau de change, make sure you know the exchange rate and the exchange fee
  • In most cases it is more advantageous for you to change money at home if you are going to a euro zone country. On the other hand it is more advantageous for you to change to the local currency in the country you visit if you are going to a country outside the euro zone.