Check the currency converter on websites like www.xe.com or www.bloomberg.com for the latest exchange rates.
As a general rule, it’s cheaper to convert money in France than at home. While currency exchange will probably be available in your arrival airport, it’s wise to bring enough foreign currency to last for at least 24-72hr.
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, it makes sense to convert large sums at one time (unless the currency is depreciating rapidly).
If you use traveler’s checks or bills, carry some in small denominations (the equivalent of US$50 or fewer) for times when you are forced to exchange money at poor rates, but bring a range of denominations since charges may be applied 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.
Traveler’s checks are one of the safest and most convenient means of carrying funds. American Express and Visa are the best-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 regions of France with high tourist traffic, but credit and ATM cards are more typical. 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. MasterCard (a.k.a. EuroCard in Europe) and Visa (e.g., Carte Bleue in France) 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 France. 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 you can withdraw per day (usually around US$500). There is also typically 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 France.
The two major international money networks are MasterCard/Maestro/Cirrus (for ATM locations ☎+1-800-424-7787 or www.mastercard.com) and Visa/PLUS (for ATM locations ☎+1-800-847-2911 or www.visa.com). American Express cards are not as prevalent in France as elsewhere, but they may be accepted in more upscale restaurants or in heavily touristed areas. Most ATMs charge a transaction fee that is paid to the bank that owns the ATM, although Bank of America cardholders can use BNP/Paribas ATMs without charge.
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. Otherwise, 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 France. 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. If your home bank has a relationship with a bank in France, make sure to use that bank, as the rate will be better. 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 France 08 00 90 32 75. To wire money using a credit card, 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 Services division of the US State Department (☎+1-202-501-4444, from US ☎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 France (see Getting to France: By Plane, ) and a railpass or bus pass (see Getting Around France, ). Before you go, spend some time calculating a reasonable daily budget.
To give you a general idea, a bare-bones day in France (camping or sleeping in hostels/guesthouses, buying food at supermarkets) would cost about US$37 (€24); 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$70 (€45); 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 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. 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.
By French law, service must be included at all restaurants, bars, and cafes. Look for service compris on the menu. If service isn’t included, tip 15-20%. Even when it’s included, it is polite to leave a pourboire (tip; from €0.50 to 5% of the bill) at a cafe, restaurant, or bar. Tip your hairdresser 20%; tip taxi drivers 10-15%. Concierges and other hotel staff may expect to be tipped for extra services (never less than €1.50).
You should inquire about discounts and less pricey options, but don’t try to bargain at established places like hotels, hostels, restaurants, cafes, museums, and nightclubs. Bargaining is acceptable—and usually expected—at markets.
The value added tax (VAT) is a general tax on doing business in France; it applies to a wide range of services and goods (e.g., entertainment, food, and accommodations). The tax can be up to 19.6% of the price of the good, although there is a reduced 5.5% tax on food. Some of the VAT can be recovered .
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