Exchange Currency In Amsterdam How To Avoid The Traps 💶 (2024)

Do you need to exchange currency in Amsterdam?

You’re in the right place, as I’ve lived most of my life in the Netherlands, I know where to find the best deals and the places to avoid.

I also have to deal with currency when I travel, which I do often. I’m here to explain the different ways to exchange currency in Amsterdam.

By the end of this article, you will be comfortable with the process of paying and exchanging money in a foreign country.

Plus, I have a few tips on saving money with every method.

But first and foremost, many travelers wonder about the best way to exchange money. I always recommend using a free Wise Multi-Currency Debit Card.

This is the method I always use when I travel and the one I recommend to everybody. It’s hands down the cheapest way to deal with currency when you travel.

The currency used in the Netherlands (Holland) is the Euro. If you live in a country outside the Eurozone, like in America or Great Britain, you must exchange currency in Amsterdam or elsewhere for Euros.

You’ll find more information about the Euro in the frequently asked questions at the bottom of this post. But the main topic of my post today is about the best way to exchange your money.

There are many wrong ways where you will lose a lot of money and only a few good options. This is one of my main Netherlands travel tips.

I don’t know about you, but I rather spend my money on fun activities and not just give it to banks.

Below you will find a detailed explanation of the different options, why most lose you money, something we want to avoid 🤬, and which methods are better 😌. Let’s clear up the confusion around exchanging currency.

🚨 Option 1: Use Your Credit Card From Home

When I talk to my readers, I always ask if they thought about the currency before their trip, and still, I’m surprised when I hear: “Oh, I’ll just use my credit cards while I’m there.”

I understand it is the most simple solution. I also know the ads banks broadcast. I’ve heard them all. “With our card, you pay no fees for foreign transactions,” or “With us, you pay no markup on foreign currency.” They often throw in extra perks, like extra points, to sweeten the deal.

Great marketing, often not so great for your wallet. Usually, 9 out of 10, it is either/or. So no fees translate to a (high) markup. Or no markup means a fee is added. Rarely both are waived, this is how they make money, and you lose quite a bit, even with the nice ad saying there are no fees when you travel. Sneaky right?

What does this mean: a fee is usually a fixed amount for every charge or ATM withdrawal in a currency other than your own. This is on top of fees the ATM itself charges.

A markup is usually the commercial (inflated) exchange rate vs. the official (mid-market) rate you see on Google or Yahoo. Those costs add up, entirely out of sight to you. It looks free, but you pay pretty significantly for the privilege.

Before you’re absolutely certain you truly have a card with a good deal, check the fine print and look for fees AND markup. If not clear, ask the card issuer about their foreign exchange fees AND if they use the mid-market rate, if not, how much (%) they add to it.

🔔 Also essential to realize: Credit cards are NOT as well accepted as debit cards and cash in Amsterdam and beyond. Relying on your credit card only will become quite inconvenient quite quickly. Also, you need the contactless option on your card and a pin code for every transaction above a certain amount.

Of the main brands Mastercard and Visa are best accepted. American Express far less, and Discover even less then that. Especially in stores and restaurants AMEX and Discover can be problematic.

Many stores don’t accept credit cards at all. Albert Heijn Supermarkets (the largest chain in the country) does not accept them. Also, small old fashion stores might still be cash-only 🤔. So you want a card that also allows low cost (or better no cost cash withdrawals for those situations.

Option five is better: a specific travel-optimized multi-currency debit card with super low fees for exchanging currency, and free emergercy cash withdrawals. This is how I travel myself.

🚨 Option 2: Exchange Your Currency And Buy Euro Before You Leave

Especially popular with British and Americans is exchanging currency at home from a local bank, post office, or airport.

The advice usually sounds something like: better safe than sorry, and have (some) cash at hand when you arrive. It’s very EXPENSIVE advice. Please don’t do it. Here’s why:

Banks’ exchange rates are terrible on top of their hefty fees. Don’t be fooled by no-commission promotions often seen in the UK. The exchange rate will just be worse. Again always check against the mid-market exchange rate. That is the one you’ll find on Google. Just notice the difference between the two.

How about the benefit of having some local currency when you arrive? There is nothing at Schiphol Airport you can’t pay for with a debit or credit card. You do not need cash in your first hours in the Netherlands. Even for transportation from the airport, you can use a card.

And one of the nicer benefits of option five, my recommended debit card, is that you can, after arrival, withdraw some cash at no extra costs, just as a backup when you’re at a place that doesn’t take cards at all. This is a valuable and helpful perk of this card.

Please don’t exchange cash from home. It’s such a waste of your money. You worked hard for it.

🚨 Option 3: Exchange Euro at the Airport

No matter which airport you travel from, via, or to, exchanging your money at an airport is always a bad idea. It will cost you A LOT of money! It’s the worst option out of all.

Are you wondering why? Just look at those screens that publish the exchange rates at the exchange office. Do you see the massive difference between buying and selling rates? That is what they earn! Plus, the commission and fees they charge on top of that.

Do not be fooled by zero percent commission or free buyback offers. Ultimately, all that matters is how many euros you get for x amount of your currency. After all costs, I promise you it won’t be favorable.

You must know the mid-market rate to know if you get a good deal. That is the one you see on Google. You’ll be shocked to find out how much less an exchange office offers you, especially at an airport.

Be smart and spend your money on more enjoyable things and check out the Wise Borderless Debit card below instead.

Here are more tips for a smooth arrival at Amsterdam Airport Schiphol.

🚨 Option 4: Withdraw Cash From an ATM After Arrival

After all this bad news, this option might seem a cost-effective way to get Euro. Unfortunately, it’s often not. Unless you have the right card.

Most ATMs charge a fee if you are not a customer of them. Then your card issuer might add an ATM withdrawal fee on top of that. And most likely, you will also be hit with an inflated exchange rate higher than the mid-market rate. Often an ATM withdrawal can be nearly as expensive as exchanging at a bureau.

🏧 Here are a few tips when using an ATM to get Euro

• Use a bank card with low ATM fees (and reasonable exchange rates). Our recommended Wise card does precisely that.
• When the ATM asks you to be charged in your currency, like USD, decline, ALWAYS choose Euro.
• Debit cards are usually cheaper than credit cards (but check this).
• Obvious, but still often forgotten: make sure you know your pin code.
• Magnet strips don’t work in Europe. Make sure your card has a chip on the front (or is contactless)
• Tell your bank when you’re traveling, so they can unblock your card for overseas use.

✅ Option 5: Use a Wise Borderless Debit Card

My favorite method to hold my foreign currency is with the Wise Borderless card. This is the card I use, and it has helped me save a lot of money!

It’s a free account with a free debit Visa and Mastercard. Virtual cards (that you can use with Apple Pay or Google Pay) are free. For a small one-time fee, you can also get a physical card, which I recommend as a backup.

You can hold money in jars. Each jar is a currency. You can activate these, for example, in US dollars, British pounds, and Euros.

You only pay a small fee when you transfer money from one currency to another. Fees vary between payment methods, but they’re always super low cost.

I love how honest their fee structure is—no hidden charges. No monthly fees or maintenance charges either.

Once the funds are converted, you can spend it as a local without extra costs.

On top of that, a few small ATM withdrawals are allowed free of charge each month. If your card is not accepted, having some cash in your pocket is nice.

You can also use this card for online purchases in another currency, like Euro. For example, when purchasing your museum or transport tickets before you leave.

It’s a multifunctional payment card you will quickly appreciate when traveling overseas.

These are the benefits in short:

• There are no hidden fees, just low costs that are communicated upfront.
• Jars for each currency. The card is smart enough to know where you are and which to use.
• No monthly fees or maintenance fees. You pay when you add funds. That’s it.
• You can transfer between currencies if you have multiple currencies in your account.
• Any remaining funds can be easily transferred back into your home currency.

A Borderless account with a debit card is available if you live in the US, the UK, Australia, New Zealand, Singapore, or any country in the EU.

As a bonus, the card itself looks very cool. I often receive comments from people when I use it: “Oh, I like that card!” “Well, thank you very much. I like it too 🤗.”

This Is How Your Wise Borderless Account Works:

When you’re ready to add money, you can transfer the amount from your checking account or credit card to your Wise account. Login to your wise account. Click the currency you want to add (like Euro) via the + button.

You can then fill out how much you would like to convert. It tells you the current exchange rate and the costs (estimate). Then on the next screen, you select a payment method. Here you can see the definite costs.

A direct debit or bank transfer is often cheaper than using your credit card. Once the payment is received, your new currency is added and ready to be spent. It’s that simple.

Getting some cash from an ATM is easy in the Netherlands. Make sure it’s a yellow “Geldmaat.” They won’t charge extra fees and can be found anywhere in banks, railway stations, and often larger chains. Do not use the private ATMs you often see in tourist shops. These add additional costs.

You won’t need that much cash. However, I still advise having €100 in cash, just in case. This is free with the account.

Wise Borderless App

Another excellent benefit of your Wise debit MasterCard® is that it comes with a convenient app on your phone. You can use it to add money to your account with ease. You can see your balance(s) and get instant notifications when you use your card. It’s so helpful!

Wise compared to 5 other US bank accounts and PayPal.

🟠 Option 6: Change Cash After Arrival in Amsterdam

You can exchange cash currency for euros in the city and the rest of the country. Although outside Amsterdam, it will require some effort. At most train stations in larger cities, you will find a GWK Travelex, to change currency. But again, the rates aren’t favorable. Avoid it if you can.

You’ll also find independent exchange offices in Amsterdam and Rotterdam. Expect poor rates. But there is one exception, Potts Exchange in Amsterdam. I’m not affiliated with them, but they offer relatively good rates, so I want to mention them.

Potts is located on Damrak 95, opposite the Bijenkorf department store. Very central. Their rates are better than most but still expect to lose 3-4% depending on the currency.

The Wise debit card still is the better option. But sometimes you need a currency exchange, so it’s good to know a better option.

📝 Here is a Money Checklist Before You Leave

1. Check ALL fees, charges, and exchange rates other than midmarket rates for all your cards.
2. Activate your cards to use abroad before you depart. Also, cards you don’t plan to use: an emergency can happen.
3. You’ve checked if your cards have a chip on the front. If not, call your bank. In Europe, these are necessary.
4. You know all the PINs for your cards. You need to use your PIN in Europe.
5. You’ve opened a free account with Wise (if you’re eligible), ordered your debit card, and added Euros to your jar.
6. After arrival in Amsterdam, it’s smart to withdraw €100-€200 in cash from a “Geldmaat” ATM with your (Wise) card.
7. Pay for most of your expenses with your Wise debit card or low-fee bank card during your trip.
8. Avoid exchange offices if you can. Pott’s might be the exception here.

💬 Frequently Asked Questions About Euros

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