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Europe Travel Money - Best Options for Kiwis

Our guide outlines everything you need to know about spending money in Europe, whether it be with Euro or a specific European currency like Swiss Francs, Norwegian Krone, Hungarian Forint etc. We compare cash vs debit and credit cards vs travel money cards.
Updated 8 January 2025
Summary:
  • Europe is popular year-round with New Zealanders, and depending on what country you travel to, the costs can be low or sky-high. There's a big difference in prices between the price of a beer in Madrid and Zurich, or a coffee in Paris and Budapest.  
  • Europe is card-friendly; cash is accepted by things are moving towards a cashless society in arguably every European country.
  • 20 of 27 European Union member countries use the Euro - the official currency, often represented as EUR or with the "€" symbol locally. Over the past year, the exchange rate for NZD to EUR has seen some fluctuations, but on average, 1 NZD hovers between 0.54 and 0.64 EUR. As the NZD weakens, a trip to Europe gets more expensive, and vice versa.
  • European countries not using the Euro include Bulgaria, Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden. Switzerland sits outside of the European Union, as does Norway.
  • For most New Zealanders heading to Europe, most spending will take place in Euros, however if you're going into non-Euro countries and have physical cash, you'll be able to change Euros without any issues. 
  • Most New Zealanders will pre-book and/or prepay hotels, Airbnb and car rentals, but on-the-ground costs can be a lot more than prepaid costs. For this reason, having the most economical and convenient Euro payment method makes every New Zealand dollar go further.
  • We are confident in suggesting that Europe is increasingly cashless, and that cards are widely preferred as the method of payment. Any card-accepting business will take Mastercard and Visa, and in many cases, AMEX too. 

Our guide explains everything you need to know to make travelling in Europe a cost-effective experience. We cover:
Advertising disclosure: We may receive a payment if you sign up for a card via MoneyHub - please read our advertising policy for more details.

Related guide: The Best Travel Money Cards

Option 1 - Using Cash in Europe

If you want physical EUR notes before leaving New Zealand for Europe, you have a couple of options:

Getting EUR Cash from an NZ Bank: Most NZ banks have stopped offering FX cash services; Westpac is currently the only provider, but you'll need to be an existing Westpac customer to swap NZD for EUR notes.

Getting EUR Cash from a Bureau de Change/Forex Booth:
The primary operators are travel money booths like Travelex and No1 Currency. However, the FX rates are well below mid-market rates meaning you'll get less EUR for your NZD than you otherwise would if you used Westpac's services or withdrew EUR from an ATM once you're in Europe. Furthermore, it's near-impossible to change non-Euro European currencies in New Zealand - few forex booths stock Norwegian Krone, Swiss Franc or Hungarian Forint etc.

Important: While you will usually be able to change NZD in the UK, changing it in Europe may be difficult, and it's likely you'll be offered poor FX rates that effectively turn a healthy amount of NZD into a small amount of Euros. For this reason, we argue taking NZD cash to Europe is best avoided altogether because the FX rates you'll be offered are low. This is likely due to two reasons:
  1. The NZD isn't a popular currency (so finding a buyer for it will be difficult) and
  2. Anyone needing to change NZD to EUR is likely desperate and the FX rates offered take advantage of that.

Getting EUR Cash When You Arrive in Europe:
If you want to have physical Euros on hand for your arrival, there are ATMs in the arrivals areas and arrival concourses of all major European airports. The ATM fee you'll pay to withdraw money depends on your bank; for example, Kiwibank will charge NZ$6 while ANZ is free and Westpac offers free ATM fees if you use a bank on their international network.  Any ATM fee will be deducted from your bank account when you withdraw.

Warning: Throughout Europe there are ATMs offered by a company called Euronet, which charge fees and offer below-market exchange rates. This 2022 article from the Sydney Morning Herald explains more. Our view is simple - Euronet ATMs are best avoided; bank-operated ATMs are preferred.
  
Our View: We've found that the FX rates at Forex booths aren't as favourable as those offered by Westpac (for EUR and other currencies). Furthermore, Westpac's EUR rates aren't as good as those from Wise. In practical terms, if you use Wise to withdraw money from an ATM in Europe, you'll get an extra €1 to €2 for every NZ$100 you take out (compared to changing it with the FX booths), thanks to Wise's superior rates and lower fees.

Bonus: The Wise Debit Card offers withdrawals of up to NZ$350 per month without charging a transaction fee, meaning you can withdraw up to around €180 in cash without paying FX transaction fees (after NZ$350, it's a flat 1.75% fee). 

Know This: If you make a one-off withdrawal of say, the equivalent of NZ$1,000 while outside of New Zealand, Wise will charge you fees on the $650, whereas the first $350 per month is free.

Using EUR Cash - Pros and Cons

Pros:
  • Universal Acceptance: While cash is always king, many countries in Europe are moving to become cashless. Debit and credit cards, alongside Apple Pay and Google Pay, are most commonly used when in Europe.
  • Immediate Transactions: There's no risk of card machine issues, declined transactions or fraud on your card.

Cons:
  • Safety Concerns: Carrying large amounts poses a risk, especially in crowded areas and Europe has a lot of petty theft. Do not assume that criminals aren't watching ATMs - many crimes target tourists. However, if you do make an ATM withdrawal, you can always leave a portion of EUR in a hotel room safe or keep it somewhere secure on you.
  • Airport Exchange Woes: While convenient, exchanging NZD to EUR at the airport can be costly if you use a high-fee debit card at an ATM or get a bad rate at the Forex kiosk in New Zealand or Europe (if New Zealand dollars are accepted). This is because rates are often marked up, and there might be hidden commission fees, reducing the amount of EUR you receive for every NZD you change.
  • Euronet Rip-Off - As outlined above, ATMs offered by a company called Euronet, which charge fees and offer below-market exchange rates. This 2022 article from the Sydney Morning Herald explains more. For the reasons outlined, Euronet ATMs are best avoided; bank-operated ATMs are preferred.

If I have spare Euro on the last day I'm in Europe, what should I do with them?

  1. Spare notes and coins have a habit of gathering dust back in New Zealand, and it may be some time before you visit Europe again. The best way to avoid having leftover currency is to spend the notes and coins on your last day; many people make a part payment alongside their card to settle a final bill, for example a lunch or dinner, before they fly out. Or you can put the cash towards the hotel bill if you're settling the bill at the end of your stay.
  2. You can convert them back to NZD when you get back to New Zealand - the rates will be better than doing it in Europe where the NZD isn't widely exchanged. The EUR/NZD rate isn't likely to be market-leading at an FX kiosk, but having NZD you can spend are more valuable than EUR that sit there, so it's a cost worth incurring.
  3. Lastly, if you know someone visiting Europe in the future, giving them EUR notes and coins makes for a nice present they'll appreciate.

Option 2 - Using NZ-Issued Debit and Credit Cards in Europe

Many New Zealanders will use a debit and/or credit card when in Europe.

What Do New Zealand Banks Charge for Card Use? Most banks impose foreign transaction fees ranging from 0% to 3.5% of the total transaction amount. This fee is atop the exchange rate margin the bank adds to the daily exchange rate. Some banks might also charge a flat fee for overseas ATM withdrawals. 

For example, if you're using an ANZ Visa Debit or credit card, you'd typically incur a fee of 1.30% of the transaction amount when you make a purchase overseas per the ANZ's website while Kiwbank's debit cards will charge you 2.50%. The Co-operative Bank goes higher with a 2.60% fee. If you withdraw from an ATM, you may also pay an additional overseas ATM fee, although most Australian-owned New Zealand banks will have a $0 fee, but you may need to use specific ATMs (as outlined here by Westpac).

More details: Detailed bank charges are in our Debit and Credit Cards FX Fee comparison.

Warning: Throughout Europe there are ATMs offered by a company called Euronet, which charge fees and offer below-market exchange rates. This 2022 article from the Sydney Morning Herald explains more. Our view is simple - Euronet ATMs are best avoided; bank-operated ATMs are preferred given they don't transact unfavourtably FX rates.

Using NZ Bank Cards - Pros and Cons

Pros:
  1. Convenience: Your NZ debit or credit card (and travel money card) is versatile and widely accepted in every Europe-based business. Whether shopping, paying for hotel stays, or dining out, the card covers you.
  2. Tracking: One underrated advantage is the ability to track your expenses. With mobile banking apps, you can keep tabs on your spending, set budgets, and even receive instant transaction alerts. Europe can be expensive in many places and keeping track of your spending is essential.

Cons:
  1. Unpleasant Surprises: The cost of convenience can be high, and what NZ banks charge their customers to use a card overseas varies. The combined effect of foreign transaction fees and the bank's exchange rate margin can result in you paying significantly more than expected. Make sure you know the fees you'll be charged by reading your bank's website - our summary of overseas debit and credit card fees explains more.
  2. Dynamic Currency Conversion (DCC) Pitfalls: Sometimes you are offered to pay in NZD instead of EUR at card terminals throughout Europe, and it can become annoying. It might seem tempting to accept the NZD amount, but this service, called DCC, will almost always result in higher costs as the provider takes a margin, and the exchange rates used are often less favourable, and there might be hidden fees as well. When you agree to pay in EUR, you'll always get the bank or travel money card's best FX rate. 
  3. Potential Card Issues: There's always a risk of your card being declined, skimmed, or even captured by ATMs. Europe has a lot of bank and card fraud, so having a backup card is a good idea. We don't believe you need EUR notes and coins as long as you have one or two backup cards.

Our View:
  • While using a New Zealand bank debit or credit card in Europe offers undeniable convenience, too many New Zealanders pay far too much in bank fees.
  • It's not unreasonable to spend around NZ$5,000 to $10,000 for a two week holiday in Europe (excluding the flights from New Zealand). Paying $100+ in bank fees and getting bad NZD/EUR rates during the week is best avoided. Some banks are fair, but many fee-gauge and charge you a small (but still hefty) percentage on every time your card is used. We don't think paying the bank 2.50%+ on every dollar you spend is a good use of money. 
  • Please double-check the fees associated with your specific bank and consider alternative options like travel-specific or multi-currency cards that offer better rates and fewer fees.

Related guide: The Best Travel Money Cards

Option 3 - Using Travel Money Cards (Including the Wise Debit Card) in Europe

Know This First: Our review and comparison of travel money cards confirms Wise as the best option, with no card a close second. This includes options from Travelex, OneSmart and Cash Passport. For this reason, we've focused on Wise for this section to explain what you need to know.

Getting Familiar with the Wise Debit Card Usage in Europe
  • Wise offers a travel money card that lets you have multiple currency wallets and comes with a physical and digital debit card.
  • This includes the EUR, meaning you can buy EUR in advance and store it in an EUR digital wallet.
  • If you prefer to load NZD (loading is done by making a payment from your bank account to your Wise account number) rather than lock in an EUR forex rate, you can do that too.
  • This means when you spend in EUR (or any other currency), transactions are converted into NZD and deducted from your balance at the forex rate at the time of purchase. 
  • If you're travelling to a non-Euro country, you have the option to load European currencies in advance of your trip on your Wise account. 

What Does Wise Charge for Card Use? Wise prides itself on transparent fees and real exchange rates. They charge a small conversion fee (around 0.46%) when you convert your money to EUR, which is typically much lower than traditional banks, with the additional benefit of leading FX rates.
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ATM withdrawals are free up to a certain limit (NZ$350 per month), after which a 1.75% fee is applied. However, if you make a one-off withdrawal of say, the equivalent of NZ$1,000 while outside of New Zealand, Wise will charge you fees on the $650, whereas the first $350 per month is free.

Using the Wise Debit Card - Pros and Cons

Pros:
  • Acceptance: You can use a Wise card anywhere Visa or Mastercard are accepted (which is almost everywhere in Europe).
  • Competitive Rates: Wise uses the real exchange rate (the one you see on Google) and thus avoids the typical markup that banks add.
  • Multi-currency: The Wise borderless account lets you hold and manage money in multiple currencies (including EUR), which can be extremely useful when travelling to more than just Euro-zone countries. For example, you can store Swiss Franc, Danish Kroner, Norwegian Krone and other European currencies.
  • Transparent Fees: You always know what you're being charged, with no hidden costs. 
  • Instant Notifications: The Wise app notifies you immediately after every transaction, helping you keep track of your spending.

Cons:
  • ATM Withdrawal Limit: While they offer free ATM withdrawals, it's only up to a certain limit. Beyond that, there's a 1.75% fee.
  • Not a Credit Card: The Wise card is a debit card, meaning you can't spend money you don't have - we argue this is also a positive feature to avoid holiday debt.

​Our View: The Wise debit card, with its transparent fee structure and competitive exchange rates, is a value-delivering choice for many travellers in Europe. Combining the card with some cash will ensure you're prepared for all situations, and with zero FX fees on withdrawals up to NZ$350 per month (around €180), the card delivers on value.

Related guide: The Best Travel Money Cards

Our Top-Rated Travel Money Card - The Wise Debit Card

Christopher Walsh
MoneyHub Founder (and Frequent User of Wise)
We like the Wise Debit Card because it lets you:
  1. Get the best exchange rates out of any card on the market in New Zealand, including EUR and all other European currencies (CHF, DKK, HUF, PLN, RON and SEK).
  2. Spend abroad without hidden fees, and track all your spending through their app. 
  3. Convert and hold 54 currencies (Wise uses the real exchange rate to convert). You can store NZD and other European currencies in a wallet, meaning you can buy them in advance and lock in the rate.
  4. Go 'cardless' by connecting your Wise card to Apple Pay or Google Pay
  5. Order the card with a low one-off $14 card issue fee and set it up in minutes via the Wise website or app.

Our view:
  • The Wise Debit Card has no tricky fees, and is years ahead of all the other traditional travel money cards.
  • You will convert at the best exchange rates and pay very low fees on each transaction. Best of all, it's easy to use and won't confuse you the way traditional travel money cards might.
  • There may be fees for anyone who relies on physical cash - you can make two withdrawals of up to NZ$350/month in total (around €180) without any fees. However, after NZ$350, you will pay ATM fees (NZ$1.50/withdrawal) and a 1.75% commission. These fees are not charged when you use the card to pay online or in-store.
  • We don't have much time for the rest of the travel money cards available and can't offer a "runner up", which is unusual in most comparisons on MoneyHub. In this case, the other options don't offer anything as innovative and cost-effective as Wise does.

Must-Know Tips for Using Money in Europe

Tipping isn't the norm

​In most European countries, tipping is not mandatory but appreciated. However, the norms vary. For instance, a small tip is customary in Spain and Italy, while tipping is less common in Scandinavia.

Guard Your Money and Financial Information

Avoid keeping all your money and cards in one place. Hotel safes or other secure spots can be useful for storing backups. Always monitor your card during transactions to safeguard against unauthorized charges or potential skimming.

Stay Alert: Scams can occur anywhere, and parts of Europe are worse than others. Always be cautious and trust your instincts and don't talk to people who come up to you on the street. 

Cards Are Common, But Cash Still Has Its Place (For Now)

Europe is moving to become cashless but there are still places where cash is accepted. Credit and debit cards are prevalent, but for farmer's markets, food trucks, or some small-town establishments, having cash on hand can be useful (although not crucial).

Consider Mobile Payment Options

European countries have widely adopted mobile payment systems like Apple Pay and Google Pay. These options can be convenient, especially if linked to a card like the Wise Debit Card. 

Keep Track of Your Expenditures

It's easy to lose track of spending, and Europe can be an expensive place for a budget blowout. To avoid this, we suggest an app like Wise, which gives you instant payment notifications (when you're on WIFI or data), which helps you stay aware of your spending.

You can get VAT refunds on qualifying purchases

New Zealanders may be eligible for VAT (e.g. GST) refunds on purchases when leaving the EU. You'll need to keep all receipts and process them at the airport. More details can be found on the European Commission's Tax Authority website.

NZD to EUR Conversion and Spending EUR - Frequently Asked Questions

How does the NZD usually fare against the EUR?

The NZD-EUR exchange rate can fluctuate based on economic factors. Since 2020, 1 NZD has been worth between 0.54 and 0.64; you can check the live rate here.

Can I use my travel money card, NZ debit card or credit card everywhere in Europe?

Yes - all corners of Europe widely accept card payments, alongside Apple Pay, Google Pay and cash.

Do I need different currencies for different European countries?

It depends on where you go. 20 out of 27 EU countries use the Euro, but countries like Switzerland, Norway, and Hungary have their own currencies.

What's the best way to get the most EUR for my NZD?

Services like Wise can offer better exchange rates than traditional banks or airport exchange counters. The rates are better, the fees are lower, and there's an app to track all spending so you know exactly what you paid for something.

Our Conclusion

The exchange rate between the NZ dollar and the Euro does see fluctuations. On average, one NZ dollar typically converts to between 0.54 and 0.64 Euros throughout the year.

In terms of accessing EUR, things are straightforward:
  • Cash: While cash is accepted in many places throughout Europe, a noticeable trend in major European cities is the shift towards cashless transactions. Securing Euros in advance at Forex kiosks in Auckland or upon arrival in European airports may appear convenient, but the rates often leave much to be desired and usually offer disappointingly poor exchange rates. Alternatives like Wise for low-fee bank cards allow you to withdraw Euros in Europe and have a reserve without losing 10% to 20%  on bad FX rates from airports and kiosks.
  • NZ Bank Cards: While widely accepted throughout Europe, these cards can come with numerous fees – from foreign transaction charges to exchange rate margins, and, for some banks, ATM withdrawal fees. Despite some improvements, we argue NZ banks are still too greedy and don't need to charge the 1.3% to 2.5% FX commission when Wise is fixed at 0.46% (and with far more transparent FX rates too).
  • Wise Debit Card: The Wise Debit Card is a robust, multi-currency solution that is very useful in Europe given its competitive exchange rates and nominal fees. We also like the fact that for the occasional cash necessities, travellers can withdraw up to NZ$350 per month without any FX conversion charges.

Know This: Europe comprises multiple countries with unique payment preferences and norms. So, while some countries might rapidly move towards a cashless future, others may still have a strong cash culture. We suggest doing research about your specific destinations before travelling to see how popular cash will be.
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​​Our View: Cards are so widespread in Europe that we don't see the need to use cash at all for everyday costs. To make every dollar go further, we suggest considering the Wise Debit Card as your primary spending tool, ensuring you get great rates and minimal fees. You can then use your NZ-issued debit card and/or credit card as a backup. However, if you do want to withdraw cash, Wise allows up to around €180 a month free of fees. This is useful for taxis and drivers that won't take cash, local markets that are cash-only and other small-value purchases.

Our Top-Rated Travel Money Card - The Wise Debit Card

Christopher Walsh
MoneyHub Founder (and Frequent User of Wise)
We like the Wise Debit Card because it lets you:
  1. Get the best exchange rates out of any card on the market in New Zealand, including EUR and all other European currencies (CHF, DKK, HUF, PLN, RON and SEK).
  2. Spend abroad without hidden fees, and track all your spending through their app. 
  3. Convert and hold 54 currencies (Wise uses the real exchange rate to convert). You can store NZD and other European currencies in a wallet, meaning you can buy them in advance and lock in the rate.
  4. Go 'cardless' by connecting your Wise card to Apple Pay or Google Pay
  5. Order the card with a low one-off $14 card issue fee and set it up in minutes via the Wise website or app.

Our view:
  • The Wise Debit Card has no tricky fees, and is years ahead of all the other traditional travel money cards.
  • You will convert at the best exchange rates and pay very low fees on each transaction. Best of all, it's easy to use and won't confuse you the way traditional travel money cards might.
  • There may be fees for anyone who relies on physical cash - you can make two withdrawals of up to NZ$350/month in total (around €180) without any fees. However, after NZ$350, you will pay ATM fees (NZ$1.50/withdrawal) and a 1.75% commission. These fees are not charged when you use the card to pay online or in-store.
  • We don't have much time for the rest of the travel money cards available and can't offer a "runner up", which is unusual in most comparisons on MoneyHub. In this case, the other options don't offer anything as innovative and cost-effective as Wise does.
Related Guides:
Country-Specific Travel Money Guides: