The currency chart below is based on August 2007 exchange rates between local currency and Australian dollars (AUS$), Canadian dollars (CDN$), New Zealand dollars (NZ$), British pounds (UK£), and US dollars (US$). Check the currency converter on websites like www.xe.com or www.bloomberg.com or a large newspaper for the latest exchange rates.
As a general rule, it’s cheaper to convert money in the Netherlands than at home. While currency exchange should be available at Schiphol or your point of entry, it’s wise to bring enough euro to last for the first 24 to 72 hours of your trip.
When changing money abroad, try to go only to banks or bureaux de change that have at most a 5% margin between their buy and sell prices. Since you lose money with every transaction, convert large sums (unless the currency is depreciating rapidly), but no more than you’ll need.
If you use traveler’s checks or bills, carry some in small denominations (the equivalent of US$50 or less) for times when you are forced to exchange money at disadvantageous rates but bring a range of denominations since charges may be levied per check cashed. Store your money in a variety of forms; ideally, at any given time you will be carrying some cash, some traveler’s checks, and an ATM and/or credit card. All travelers should also consider carrying some US dollars (about US$50 worth), which are often preferred by local tellers.
Traveler’s checks are one of the safest and least troublesome means of carrying funds. American Express and Visa are the most recognized brands. Many banks and agencies sell them for a small commission. Check issuers provide refunds if the checks are lost or stolen, and many provide additional services, such as toll-free refund hotlines abroad, emergency message services, and assistance with lost and stolen credit cards or passports. Traveler’s checks are readily accepted in Amsterdam and in other large towns and cities in the Netherlands. Ask about toll-free refund hotlines and the location of refund centers when purchasing checks, and always carry emergency cash.
Where they are accepted, credit cards often offer superior exchange rates—up to 5% better than the retail rate used by banks and other currency exchange establishments. Credit cards may also offer services such as insurance or emergency help and are sometimes required to reserve hotel rooms or rental cars. Although the Dutch widely accept credit cards, many budget hotels require a stay of several nights or charge a surcharge if you want to use your credit card to pay your bill. We recommend making your reservation with a credit card but then paying in cash. MasterCard (a.k.a. EuroCard in Europe) and Visa are the most frequently accepted; American Express cards work at some ATMs and at AmEx offices and major airports.
The use of ATM cards is widespread in the Netherlands. Depending on the system that your home bank uses, you can most likely access your personal bank account from abroad. ATMs get the same wholesale exchange rate as credit cards, but there is often a limit on the amount of money you can withdraw per day (usually around US$500). There is typically also a surcharge of US$1-5 per withdrawal.
Debit cards are as convenient as credit cards but withdraw money directly from the holder’s checking account. A debit card can be used wherever its associated credit card company (usually MasterCard or Visa) is accepted. Debit cards often also function as ATM cards and can be used to withdraw cash from associated banks and ATMs throughout the Netherlands.
The two major international money networks are MasterCard/Maestro/Cirrus (for ATM locations ☎800-424-7787 or www.mastercard.com) and Visa/PLUS (for ATM locations ☎800-847-2911 or www.visa.com). Watch out for transaction fees that are paid to the bank that owns the ATM.
If you run out of money while traveling, the easiest and cheapest solution is to have someone back home make a deposit to your bank account. Failing that, consider one of the following options.
It is possible to arrange a bank money transfer, which means asking a bank back home to wire money to a bank in the Netherlands. This is the cheapest way to transfer cash, but it’s also the slowest, usually taking several days or more. Note that some banks may only release your funds in local currency, potentially sticking you with a poor exchange rate; inquire about this in advance. Wiring money in the Netherlands is about as straightforward and fast as it gets, especially at larger banks. Money transfer services like Western Union are faster and more convenient than bank transfers—but also much pricier. Western Union has many locations worldwide. To find one, visit www.westernunion.com or call in Australia ☎1800 173 833, in Canada and the US 800-325-6000, in the UK 0800 833 833, or in the Netherlands 0800 736 3666. To wire money using a credit card (Discover, MasterCard, Visa), call in Canada and the US ☎800-CALL-CASH, in the UK 0800 833 833. Money transfer services are also available to American Express cardholders and at selected Thomas Cook offices.
In serious emergencies only, the US State Department will forward money within hours to the nearest consular office, which will then disburse it according to instructions for a US$30 fee. If you wish to use this service, you must contact the Overseas Citizens Service division of the US State Department (☎202-647-5225, toll-free 888-407-4747).
The cost of your trip will vary considerably, depending on where you go, how you travel, and where you stay. The most significant expenses will probably be your round-trip (return) airfare to the Netherlands (see Getting to the Netherlands: By Plane, p. 10). Before you go, spend some time calculating a reasonable daily budget.
To give you a general idea, a bare-bones day in the Netherlands (sleeping in hostels/guesthouses, buying food at supermarkets) would cost about US$50 (€35); a slightly more comfortable day (sleeping in hostels/guesthouses and the occasional budget hotel, eating one meal per day at a restaurant, going out at night) would cost US$90 (€65); and for a luxurious day, the sky’s the limit. Don’t forget to factor in emergency reserve funds (at least US$200) when planning how much money you’ll need.
Some simpler ways include searching out opportunities for free entertainment, splitting accommodation and food costs with trustworthy fellow travelers, and buying food in supermarkets rather than eating out. Bring a sleepsack to save on sheet charges in European hostels and do your laundry in the sink (unless you’re explicitly prohibited from doing so). Museums often have certain days once a month or once a week when admission is free; plan accordingly. In the summertime and on Queen’s Day (April 30), there are tons of free concerts and events.
If you are eligible, consider getting an ISIC or an IYTC; many sights and museums offer reduced admission to students and youths. For getting around quickly, bikes are the most economical option: renting a bike is cheaper than renting a moped or scooter. Don’t forget about walking, though; you can learn a lot about a city by seeing it on foot. Drinking at bars and clubs quickly becomes expensive; it’s cheaper to buy alcohol at a supermarket and imbibe before going out. That said, don’t go overboard. Though staying within your budget is important, don’t do so at the expense of your health or a great travel experience.
Service charges are included in all hotel, restaurant, and shopping bills as well as taxi fares, so tips are not necessary—but certainly accepted and appreciated. Taxi drivers are customarily tipped 10%, and bathroom attendants usually receive €0.10-0.20 per visitor. At restaurants, it’s polite to leave a 10-15% tip. For small purchases, such as a drink in a bar or cafe, it’s usually enough to round up the tab to the nearest euro.
The quoted price of all goods and services in the Netherlands includes the value added tax (BTW in the Netherlands), which is set at 6% or 19% depending on the type of good or service purchased. The general tax rate—most often for larger goods (clothing, electronics, and jewelry)—is set at 19%. The going rate for some services (hotels) and smaller purchases like food, books, and tickets is 6%.
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For 52 years, we have published the world’s favorite budget travel guides, written entirely by students and updated every year. With pen and notebook in hand and a few changes of underwear stuffed in our backpacks, we spend months roaming the globe in search of travel bargains.
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