Europe is one of the most popular long-haul destinations for Canadians. Whether you are spending two weeks touring France and Italy, backpacking through Eastern Europe, or doing a Scandinavian adventure, managing your money well can save significant amounts on a trip that already involves expensive transatlantic flights.
Your primary payment tool should be a Canadian credit card with no foreign transaction fee. Visa and Mastercard are widely accepted throughout Europe. The major exceptions are very small rural vendors, some markets, and a handful of cash-only restaurants — especially in southern and eastern Europe.
Your card uses the Visa or Mastercard daily exchange rate, which is very close to the mid-market rate. Combined with zero FX fee, this is the cheapest way to pay in euros or any European currency.
For cash, use bank ATMs (Geldautomat in Germany, distributeur in France, bancomat in Italy). The rates are typically excellent. Using your Wise debit card or a no-FX debit card from a Canadian bank limits your costs further. Tips:
Wise is particularly useful for European travel because you can pre-load euros at a locked-in rate, then spend from your EUR balance. You can also hold GBP, CHF, SEK, and other European currencies simultaneously on one Wise account. This eliminates the need to exchange at each border if you visit multiple countries with different currencies.
| Region / Country | Currency | Card Acceptance | Cash Need |
|---|---|---|---|
| France, Germany, Italy, Spain | Euro (€) | Excellent in cities | €50–€100 |
| United Kingdom | British Pound (£) | Very high (contactless) | £30–£50 |
| Switzerland | Swiss Franc (CHF) | High | CHF 50–100 |
| Sweden, Norway, Denmark | SEK, NOK, DKK | Very high (nearly cashless) | Minimal |
| Croatia | Euro (joined 2023) | High in tourist areas | €50 |
| Czech Republic, Hungary, Poland | CZK, HUF, PLN | Moderate — more cash needed | €80–€150 equiv. |
| Greece, Portugal | Euro (€) | Good in cities, less in islands | €50–€100 |
This is the biggest trap. When paying in a restaurant or shop, the payment terminal may ask: "Would you like to pay in Canadian dollars or euros?" Always choose euros (local currency). The merchant's CAD rate is typically 3–6% worse than your card's rate. The machine often defaults to the worse option or presents it as a "convenience."
The Travelex desk at Heathrow or CDG airport offers convenient but extremely expensive exchange rates — often 10–15% worse than mid-market. Exchange only emergency funds at airports and get proper cash from a bank ATM once you arrive in the city.
Most Canadian cards now have chip-and-PIN (rather than just chip-and-signature), but older cards may have issues at some European self-service terminals, particularly automated kiosks, parking meters, and transit machines in France and Germany. Make sure your card supports PIN transactions.
The UK left the EU — if your Europe trip includes both EU countries and the UK, you are dealing with two currencies. Your no-FX card handles both seamlessly, but keep in mind UK prices are in pounds and can feel expensive when converted to CAD.
For most Western European destinations, €100–€200 in cash is adequate for a 2-week trip if you are using cards for most purchases. You will need cash for:
Canada is a visa-exempt country for the EU Schengen Area, but the ETIAS (European Travel Information and Authorisation System) electronic pre-travel authorization was phased in starting in late 2024 and 2025. It costs €7, is valid for 3 years, and must be obtained before travel. Budget for this administrative cost.
Before your trip, make sure your home banking has zero fees. KOHO gives Canadians a no-fee account with cash back on everyday spending — so you have more money for travel. Use code 45ET55JSYA for a sign-up bonus.
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