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Money Matters

Thriving in Europe’s most expensive cities

Mastery of Europe’s major cities — Rome, Paris, London, Vienna — is the mark of a good traveler. Teeming with color, energy and cultural vibrancy, these places, while expensive, richly reward the thoughtful traveler.

There are plenty of ways to thrive in big European cities without going broke. And the good news is that, in so many ways, the less you spend, the more you’ll engage in the life around you. 

Tips on exchanging currency

I find that even quite experienced North American travelers are often very uncomfortable with and ignorant about foreign exchange. Europeans, on the other hand, are usually much better informed because they travel internationally more.

I offer the following advice for travelers, based on my experiences over many years.

Saving money in Copenhagen

Before boarding a ship for a Baltic cruise, my friend and I, along with my daughter and her husband, spent four days and three nights (Sept. 1-4, 2014) in Copenhagen, a city with a reputation for being one of Europe’s priciest. With careful planning, however, we were able to enjoy our time in this clean and modern yet historic city without breaking the bank.

Somalia’s first ATM

The first automatic teller machine (ATM) in Somalia began accepting transactions in September 2014 in the capital, Mogadishu. Owned by Salaam Somali Bank and located at the luxury Jazeera Palace Hotel (Airport Road, Mogadishu; phone +252 1 857500, www.jazeerapalace.com), the ATM accepts Visa and MasterCard (including debit cards) and American Express and provides only US dollars. (Somalia’s currency, the shilling, has almost no value.)

Windjammer money troubles

The precarious financial status of Windjammer Barefoot Cruises (www.windjammer.com) forced it to cancel certain sailings in November and December 2007, and more sailings may be canceled.

Rumors and conflicting statements abound as to whether the company will formally enter bankruptcy or struggle on with a ship or two. Passengers holding tickets for future cruises should contact their travel agents.

Reduced-rate trips and ITN

First, I wish to express our deep gratitude to those who take a copy of ITN on their trips, show it to other travelers, then gather up the names and addresses of those who would like sample copies sent to them. Thank you.

Next, there’ s an issue that seems to come up about every three years. Some of our cherished readers query about the suitability of ITN staffers and Contributing Editors going on reduced-rate or free trips and the credibility of the resultant articles.

The sleaze of fees

On my last trip to Europe, I didn’t take my usual $200 cash reserve. With just a few bucks in my wallet, I landed in Madrid, relying entirely on two ATM cards and no cash safety net. It turned out okay.

At the airport, I withdrew some euros from an ATM and tucked the bills into my money belt. After decades of traveling to Europe, I have found that the cheapest, safest way to go is to pay with cash for most items and withdraw money as I zip from one place to the next. The reason? To cut down on fees and fraud.

Thai ATMs

The Thai Bankers Association in April began charging a 150-baht fee (near $4.25) for ATM withdrawals made with a foreign debit or credit card at TBA member banks. You can find a list of member banks at www.tba.or.th/tbamembers.htm. Other banks in Thailand also may raise the rates.