Travel is a pleasant reason for spending money! However, it is easy when paying abroad for it to lead to less pleasant surprises. Debit cards or credit cards suddenly refuse to make a payment, automatic teller machines (ATMs) are difficult to find or charge exorbitantly high fees, and the exchange rates for foreign currencies are frequently scandalously high. The current edition of the FMA ’s consumer information series “Let’s talk about money!” explains in clear and simple language what Austrian tourists need to watch out for when paying while on holiday.
Tips and Tricks for Holiday Spending
- As a rule it is cheaper to exchange Euro in your destination country into the local currency, or to withdraw cash there from an automatic teller machine (ATM) in the national currency. If you pay in Euro there, the exchange rates offered are usually unfavourable. Cash withdrawals using a credit card are generally expensive, and if you use ATMs operated by third-party providers, generally there are high charges.
- Debit cards and credit cards are often additionally secured against misuse abroad, such as by means of GeoControl. Clarify with your provider, whether your card is subject to certain restrictions in the specific destination country, and as necessary ensure that these restrictions are promptly removed.
- In the event of your card being lost or stolen, ensure that you always have the telephone number and relevant information at hand to block your card immediately.
- And be aware that in the event that you are entering or leaving the European Union (EU) that you are required to notify the customs authorities about cash sums of € 10,000 and over.
These tips and many further useful tips can be found in the latest edition of “Let’s talk about money” with the title “Paying while on holiday”, which can be downloaded from the FMA’s website at Paying while on holiday – Let’s talk about money.
Journalists may address further enquiries to:
Klaus Grubelnik
+43 / (0)1 / 24959-6006 or +43 / (0)676 88 249 516