Where Do They Get The Money For The Lottery

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Where Do They Get The Money For The Lottery – When it comes to money, Europe has never had it easier. Thanks to the ubiquity of ATMs and the widespread use of the single currency, gone are the days of going to your hometown bank to collect traveler’s checks or foreign cash, waiting in lines at AmEx branches abroad, or being hounded at exchange offices at every border. The following tips will help you get the most out of every penny you spend.

Resist the urge to buy foreign currency before your trip. Some tourists feel like they have to have Euros or British Pounds in their pockets when they get off the plane, but they pay the price with the country’s poor exchange rate. Wait until you arrive to withdraw money. I have yet to see a European airport that does not have enough ATMs.

Where Do They Get The Money For The Lottery

Where Do They Get The Money For The Lottery

Don’t bother with traveler’s checks. They are a waste of time (long queues at slow banks) and money (fees to get them, fees to pay them out).

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Avoid (or at least minimize) the exchange of cash. I generally avoid exchanging money in Europe; this is a big scam. On average, you lose about 8 percent when exchanging dollars for euros or another foreign currency at a bank. When you use an airport exchange like Forex or Travelex, the hit can be as high as 15 percent.

But exchanging money can make sense in certain situations, including emergencies (if your card—or the only ATM in town—doesn’t work) or when you’re moving to a country that uses a different currency.

If you need to exchange money, look for places that don’t charge fees. Pay attention to the difference between buying (the bank buys foreign currency from you to exchange for domestic cash) and selling (the bank sells you foreign currency) exchange rates. A good rule of thumb: the difference between the buying and selling rates should be less than 10 percent.

Use local cash. Many Americans are excited to find a store that advertises “Dollars Accepted.” The satisfied saleswoman does not tell you that the purchase costs you about 20 percent more because of the terrible exchange rate in the store. Without knowing it, you are exchanging money – at a low exchange rate – every time you buy something with dollars.

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Similarly, in some countries outside the euro area, the euro is widely accepted, but usually in poor supply. For example, in Switzerland, which officially uses Swiss francs, some ATMs dispense euros, prices in tourist areas are listed in both currencies, and travelers can find themselves with euros. But if you pay in euros, you get a broken exchange rate. Ideally, if you’re in a country outside the Eurozone for more than a few hours, go to an ATM and use the local currency instead.

Use your credit card for cash only in emergencies. If you lose your debit card, you can use your credit card at an ATM to get a cash advance, but you need to know your PIN and you’ll pay a hefty cash advance fee.

Don’t bother with currency conversions. All local currencies are logical. Every system is decimalized like ours. In every “big” (euro, pound, zloty, lev) there are a hundred “small” (cents, pennies, grosves, cents). Only the names have been changed – to confuse tourists. Examine the coins in your pocket shortly after arrival and within two minutes you’ll be happy with the dimes, cents and quarters of each new currency.

Where Do They Get The Money For The Lottery

You don’t need to constantly consult a currency converter. Although you can do real-time conversion with the app, I never bothered with it. You only need to know the approximate prices. I see no need to calculate to the third decimal place.

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Very roughly determine how much a unit of currency (euro, kroner, swiss franc, or whatever) is worth in US dollars. Let’s say the exchange rate is €1 = $1.10. If a strudel costs €5, then it costs five times $1.10 or $5.50. Ten euros would be about $11 at this exchange rate, and 250 euros = $275 (the number 250 plus about a tenth). When the euro is so close to the dollar, the difference may not be worth counting – but for say the British pound (it’s worth about $1.30 lately) or the euro, when the exchange rates are not so favorable to us, it’s more important to mentally adjust the numbers. Make a game out of asking yourself or your travel partner, and it will soon become second nature. Living on a budget is easier if you’re comfortable with the local currency.

Assume you’re going to run out of money. At banks, restaurants, ticket offices, everywhere — expect to get lost if you don’t do the math yourself. Some people who sit in cabs for eight hours a day taking money from foreigners have no problem stealing from ignorant tourists who don’t know the local currency. For 10 minutes I watched the man in the Roman underground exchange half the tourists passing through his revolving cross. Half of his victims caught him and got real change along with apologies. Overall, about 25 percent didn’t notice and probably went home saying, “

Plan your cash withdrawals wisely. Avoid having a lot of unused currency when crossing borders between countries that use different currencies. (This should also help keep your withdrawal costs down.)

Spend your coins before leaving the currency area. Because high-value coins are common in Europe, exporting loose change can be a costly mistake. Spend them (on trinkets or snacks), exchange them for bills or donate them before you leave for a country where they are worthless. By the way, you just bought a bunch of round flat souvenirs. Note, however, that although each euro coin has a national side (showing where it was minted), it is perfectly fine in any country that uses the euro currency.

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Debit card: Use this at automated teller machines (ATMs) to withdraw local cash, which you will use to pay for most purchases.

Credit card: Use this to pay for larger items (generally accepted in hotels, major shops and restaurants, travel agencies, car rental agencies, etc.). Although European card readers use a chip and PIN system that is different from that used in the US, this should not cause many problems.

Backup card: Some travelers carry a third card (debit or credit; ideally from another bank) in case it gets lost, demagnetized, eaten by a temperamental machine, or simply doesn’t work.

Where Do They Get The Money For The Lottery

While debit cards can be decent backup credit cards (provided your card has a Visa or MasterCard logo), credit cards are broken ATM backup cards because of their sky-high withdrawal fees and cash-advance interest. I would only use a credit card at an ATM as a last resort. (Note that an additional credit card can be helpful if you rent a car and use your card to waive collision damage coverage).

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US Dollars: I have 100-200 USD to spare. Although you won’t be using it for everyday shopping, the US cash in the money belt will come in handy in case of an emergency, such as a bank strike or an ATM card stop working. I was in Greece and Ireland when all the banks went on strike, closed without warning. But hard cash is hard cash. People always know roughly what a dollar is worth. Two crossed lines forming an ‘X’. Indicates how to close the interaction or dismiss the notification.

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Imagine finishing a run when you come across a pop-up market in your neighborhood that offers the freshest produce you’ve ever seen. It’s also cash only, and since you’ve been working out, you only have your keys and phone with you. Worse, the market closes in 10 minutes, so going home to get a debit card isn’t an option.

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But if you had a debit card stored in your smartphone’s mobile wallet, you wouldn’t need your physical debit card to withdraw cash at Chase ATMs without a card. They are made for times like these, so you can only shop with cash on the go.

Many people may not even realize that they can withdraw cash at Chase ATMs nationwide without an actual card. All this is due to NFC, the same wireless technology that allows you to pay at certain cash registers by touching your phone to the payment terminal. This saves you the trouble of rummaging through your bag or pocket to find your wallet.

At ATMs without a Chase card, all you have to do is open your mobile wallet and tap your phone to the ATM’s NFC symbol instead of inserting your card. You will then be prompted to enter your cash withdrawal PIN on the keyboard, just as if you were using your physical one

Where Do They Get The Money For The Lottery

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