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The ten biggest cost traps on holiday

What Dr. Dr. Money says
Frau mit Reisekoffer
Holiday time – summer, sun and the seaside! Avoiding cost traps will leave you more money for real fun.
Mobile phone – international roaming charges
Still the number one cost trap. Domestic rates apply only in domestic mobile networks. Outside Austria you have to pay roaming charges. While roaming rates are regulated in the EU, you may have to spend some real money in Turkey, not to mention the United States, North Africa, South America and Southeast Asia. This applies to telephone calls, text and multimedia messages as well as online services. One way to avoid extra costs is to buy a prepaid card for online data transfers at your destination and e-mail the number to all your contacts.

Exchange rate

In countries outside the euro area, banks often charge hefty fees of € 5 to € 7.50 for withdrawals at cash machines. And it won’t be any cheaper when you use a credit card: up to 4% processing fee, and an additional amount for currency conversion may also be charged. Your best options are to take cash with you or withdraw larger sums from the cash machine. Try to avoid withdrawing cash little by little. It is better to withdraw money in the local currency! The charges for converting into euros can be very high.

Exchange rate

Currency exchange bureaux charge fees for exchanging money. These tend to be highest at airport exchange bureaux. A good idea is to go to a currency exchange beforehand and compare the charges. If your destination is a country with a strong currency, you will be better off changing money at home and taking it with you. In countries with weak currencies, such as Thailand or Egypt, changing money there is the better option.

Extra charges on budget airlines

A “no-frills” flight may not always be as cheap as expected. Read the small print before booking your ticket. Sometimes there are sizeable additional charges, for example for luggage.

Road tolls

Just jump in the car and drive away – no costs except for refuelling, or so you may think. But in several countries you should expect to pay road tolls for using the motorways. For an overview of road tolls in Europe, visit the website of the Austrian motorists’ association ÖAMTC.

Cover charge in restaurants

Not a big outlay, but annoying if you aren’t expecting it: Some restaurants demand a “cover charge” for the use of plates, knives and forks and for the bread they put on the table. This practice is especially widespread in Italy. So keep an eye out for what is called “coperto” there. And don’t forget about tipping: In many countries, waiting staff are not paid a proper salary; tips are their only income. If it says “service not included” on the menu, this means that you should add a certain percentage to the price of your meal. You can of course always leave more at your own discretion.

Value-added tax and customs duties

In some countries, such as the USA, value-added tax (called sales tax there) is not included in the price you see on price tags. This may result in an unpleasant surprise when it comes to paying: The article you chose may cost more than you expected. This is even more irritating with food: You have already eaten it, so you will have to swallow the unexpectedly higher price, too. Duty-free shopping:
Within the EU you can buy and take home anything you like. But there are some limits to buying in Non-EU countries such as the UK or Thailand. If your purchases are worth a lot of money, you have to declare them to customs. Smuggling is subject to severe penalties.

Penalties for fake brands

You bought a “genuine” Rolex watch or Louis Vuitton bag at the bazaar? That’s forbidden. If you get caught, you’ll have to pay a stiff fine.

Holidays on credit

If you do not have the money to go away, better spend your holidays at home or do something less expensive. Consider the Russian proverb “It’s harder to pay for bread that has already been eaten” – it’s no fun having to pay for a trip for months and months after it’s over.

Falling ill without insurance

Travel health insurance costs money, but if you fall ill or are injured in any way, the costs of treatment and transport back home could make you feel queasy all over again. Credit cards often include insurance cover. Before going abroad, you should contact your regular health insurance provider to find out whether you have sufficient insurance cover.

The ten biggest cost traps on holiday

What Dr. Dr. Money says

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