Europe is home to 200+ currencies — the euro, British pound, Swiss franc, and more. For Canadians visiting Europe, the right financial tools save hundreds of dollars in fees per trip. Here's how to handle money in Europe like a pro.
Most of Western and Southern Europe uses the euro (EUR): France, Germany, Italy, Spain, Portugal, Greece, the Netherlands, Austria, Belgium, and more. The UK uses the British pound (GBP). Switzerland uses the Swiss franc (CHF). Scandinavian countries use their own crowns (NOK, SEK, DKK). Eastern Europe has a mix including Polish zloty, Czech koruna, and Hungarian forint.
The good news: Visa and Mastercard are widely accepted throughout Europe, and credit card payments are increasingly preferred over cash in most countries. The bad news: standard Canadian cards charge 2.5% on every euro or pound transaction.
European merchants, ATMs, and hotel check-outs regularly offer Dynamic Currency Conversion — charging your Canadian card in CAD instead of the local currency. Always decline. Pay in euros, pounds, or the local currency. Your card network's rate is always better than DCC.
| Country | Currency | Card Acceptance | Cash Needed? |
|---|---|---|---|
| France | EUR | Excellent | Small amounts for markets |
| Germany | EUR | Good (some places cash-only) | Moderate — some restaurants, taxis |
| Italy | EUR | Good in cities, limited in villages | Yes — rural areas especially |
| Spain | EUR | Excellent | Small amounts |
| UK | GBP | Excellent (contactless dominant) | Rarely needed |
| Switzerland | CHF | Excellent | Rarely needed |
| Czech Republic | CZK | Good in Prague, weaker outside | Yes — some cash needed |
| Greece | EUR | Good in tourist areas | Yes — islands and rural areas |
Europe is generally safe for Canadians from a medical perspective — most Western European countries have excellent healthcare. However, costs can still be significant for non-residents. The European Health Insurance Card (EHIC) is for EU citizens and doesn't apply to Canadians.
Scotiabank Passport Visa Infinite includes emergency medical insurance for trips under 25 days, which covers most European vacations. For longer trips or backpacking adventures, purchase a separate travel insurance plan.
KOHO's premium plans include no foreign transaction fees — save 2.5% on every US and international purchase. Perfect for snowbirds and frequent travellers.
Get KOHO Free — Code 45ET55JSYA| Style | Daily Budget (CAD) | 2-Week Trip (CAD) |
|---|---|---|
| Budget (hostels, local food) | $800–$1200 | $1,1200–$1,6800 |
| Mid-range (3-star hotels, restaurants) | $20000–$3500 | $2,80000–$4,90000 |
| Luxury (4-5 star, fine dining) | $50000–$1,000000+ | $7,000000–$14,000000+ |
These figures exclude flights. Return flights from major Canadian cities to Europe typically run $80000–$1,80000 CAD in economy class, and can be reduced significantly with Aeroplan or Amex Membership Rewards points.
You can exchange a small amount ($10000–$20000 CAD equivalent) for arrival convenience, but rates from Canadian banks and exchange desks are 2–3% worse than you'll get at European ATMs. Use ATMs in Europe for the bulk of your cash needs.
Yes. KOHO is a Mastercard and works at merchants and ATMs throughout Europe on the KOHO Extra or Everything plans with no foreign transaction fee. Standard KOHO (free plan) does charge FX fees internationally.
Yes — Wise is one of the best tools for Canadian travellers in Europe. You can hold EUR, GBP, CHF, and other currencies in your Wise account, spend with the Wise debit card at no FX fee, and withdraw from ATMs at mid-market rates. See our Wise vs Bank Canada guide.
See also: Wise vs Bank Canada | Best Way to Exchange Currency | Travel Medical Insurance Canada