Best Place to convert $$

[MKCP5]

Hi Guys

We are going to Europe for Feb vacation and I am wondering where/how you get the best exchange rate for $$. I don't know if we should charge most things and let them do the exchange and pay it all off when we get back? Or should we use euros? Do I get a better rate exchanging my $$ here in the US or waiting til I get there? Better at the bank or the airport? EEEEKKKK!
I have NO idea. Any help would be appreciated.

thanks!

 

[dvcgirl]

Here's a good article on the best place to exchange currency......hope it helps.

http://travel2.nytimes.com/2006/06/25/travel/25prac.html

Keep in mind this article is 18 months old....the dollar is in even worse shape now.

 

[aka-mad4themouse]

We were in France in July. The best exchange rate was by using the ATMs. There is no fee on the European side of the exchange and my bank (Commerce) does not charge a fee, either. I did make sure that I got a AAA TipPak prior to leaving the USA, so that I had some euros in my pocket for tips and lunch when we arrived. And I brought my CC, just in case my ATM card didn't work or if we were in a remote area with no ATMs available.

 

[tomthebarncat]

As I currently reside in Germany and have for 10 years, I can easily say that using your ATM when you arrive is the best way, there are ATMS at the airport. You should get the international exchange rate and the charge will be minimal. Be forewarned that most european ATMS use 4 digits vs 6 in the states. Also many US credit cards such as Amex, Diners club are not widely used in Europe. Visa and Mastercard are the prefered credit card, but often times you will need a pin number to use them. Europe is big on chip and pin numbers for theft reasons. I would also inform your credit card company that you are going abroad so that the fraud dept, is not alerted and your card frozen. It happened to me the last time in the states, go figure! since I use USAA but have only been back once in 10 years. DO NOT BRING TRAVELERS CHECKS!! No merchants will take them and most banks will not cash them without hefty fees. They really are obsolete. Have fun and remember to bring money as europe is expensive and the exchange rate is absolutely awful. Today at the bank on base it is 1 dollar=67euro cents. A cup of coffee at my local German bakery cost 1.60 euro that is a little over 2 bucks.

 

[CarolA]

I just returned from London and have traveled a lot in Europe. Don't let the "pin" issue on MC/Visa scare you. It has NEVER been an issue. Hotels, resturants, pubs, bars, shops etc ALL have been able to process my American credit card without a pin. (Granted you might ask your card company WHYwe can't adopt this technology it does provide better protection, but.....)

Check with your credit card company for "fees" I use my USAA Master Card as it does not charge some the HIGH currency conversion fees Chase does for example. Capitol One used to be a good deal too.

I agree that for CASH use your ATM. A few other hints. In Europe you can ONLY access your checking account for cash from the ATM so don't plan on accessing the savings. Check with your bank for fees. Bank Of America charges a RIP OFF of $5 per withdrawal unless you use a "partner" bank!!!!

I also contact my bank so the idiots at BOA don't put a "hold" on my account for using the debit card in Europe!

If at ALL possible NEVER change cash as the airports.... once again it's a rip off!

 

[suzydisney971]

I agree with everyone regarding the use of ATM's as the best conversion rate. My husband and I did a Mediterranean cruise for our honeymoon in 2006. Every time we were let off the ship, we would hit an ATM and withdraw as much as we could for the day ($400 in US dollars I think) so that we would have euros to cover if we didn't find an ATM the next time. That cuts down on any withdrawal fees if you have any. I did bring some euros with me for tipping and snacks on our first day.

 

[tomthebarncat]

I just returned from London and have traveled a lot in Europe. Don't let the "pin" issue on MC/Visa scare you. It has NEVER been an issue. Hotels, resturants, pubs, bars, shops etc ALL have been able to process my American credit card without a pin. (Granted you might ask your card company WHYwe can't adopt this technology it does provide better protection, but.....)

Check with your credit card company for "fees" I use my USAA Master Card as it does not charge some the HIGH currency conversion fees Chase does for example. Capitol One used to be a good deal too.

I agree that for CASH use your ATM. A few other hints. In Europe you can ONLY access your checking account for cash from the ATM so don't plan on accessing the savings. Check with your bank for fees. Bank Of America charges a RIP OFF of $5 per withdrawal unless you use a "partner" bank!!!!

I also contact my bank so the idiots at BOA don't put a "hold" on my account for using the debit card in Europe!

If at ALL possible NEVER change cash as the airports.... once again it's a rip off!

Good point about the checking account, I have an EC card, as I get paid in Euros and very rarely us my american money account at the ATM as the exchange rate is so bad. I disagree about the pin but then again I live here and do not frequent touristy places, and have never been to the UK. But I have been unable to complete many purchases due to not having a pin number for my USAA Visa card. BTW, watch your wallets and handbags as the bigger cities in Italy have a lot of petty crime. You can get alot of information about traveling to Europe, etc on the fodors travel board, www.fodors.com. Have fun and once you return you will never look at the Olive Garden in the same way

 

[buckler]

One thing we found on our honeymoon to the UK 14 years ago is they don't call them ATM's. When we asked for an ATM people looked like we weren't speaking English ! They call them "cash dispensers" in England.

We always had luck getting money from ATM's in England and Germany. They're all over the place.

 

[MyGoofy26]

We got cash from the ATMs as well (my cousin was military so we'd also exchange cash at the Naval base in Gaeta) and paid minimal fees. I think my bank charged $3 transaction fees which was much cheaper than going to an exchange office.

I also used my CapOne card since there were no fees at all. Not sure if this is all CapOne cards or not. But call all your CC companies and find out the policies and stick to the cards with no or minimal fees.

Oh, and be sure to call your bank if you're going to use your debit card. My bank I didn't have to do anything, but my aunt had to call and tell them she'd be using the card outside of the country. They would have immediately declined had she not called. Don't want to assume that you can use the card overseas and get over there with no access to cash (at least not without a long distance international call)

 

[ExPirateShopGirl]

If you do find yourself in the airport needing cash, approach a counter agent or a gate agent (before you leave the sterile area) for any US airline. More often than not, they have a corresponding airline credit union ATM on the premises. Better rate and no fees. Generally, they are placed in airports worldwide for the convenience of airline employees but anyone may use them. Better yet, if YOU belong to a credit union and they are on the same network, your transaction will likely be fee-free.

Always check your bank card's ATM policy and favored locations/partners before you go.

 

[MKCP5]

excellent advice everyone. I really appreciate it. If you think of anything else, please post!!

Thanks again!

 

[SHAYMARAYSMOM]

If you have an amex card call them When we sent DD to England we went thru them and got a great deal.

 

[clh2]

I absolutely agree with the ATM advice. We were in Berlin in October, and we found that many establishments did not take credit cards - period. So we needed the Euros. (Of course, we frequented many "neighborhood" types of restaurants, so - no cash - no service. We did know in advance that our hotel would take Visa/Mastercard.

We also purchased 2 trip paks from AAA, as DH went earlier than DD and me. I just wanted to make sure that I would have taxi money, and for a good cup of coffee after the flight to Europe.

As needed, we took money out of our checking account from the ATM.

Have a fun trip!
clh2

 

[sk!mom]

ATM's are cheapest and easiest. We used that or credit cards exclusively. We took a little cash in cash of an emergency but never exchanged it.

 

[MKCP5]

I absolutely agree with the ATM advice. We were in Berlin in October, and we found that many establishments did not take credit cards - period. So we needed the Euros. (Of course, we frequented many "neighborhood" types of restaurants, so - no cash - no service. We did know in advance that our hotel would take Visa/Mastercard.

We also purchased 2 trip paks from AAA, as DH went earlier than DD and me. I just wanted to make sure that I would have taxi money, and for a good cup of coffee after the flight to Europe.

As needed, we took money out of our checking account from the ATM.

Have a fun trip!
clh2

What are trip paks? I have never heard of them

 

[clh2]

A trip pak at AAA cost $100, and there are some Euros in it. I did the math back in September, and the $100 includes about a $12 service fee, and then the rest is converted to Euros, based on the conversion rate the date they assembled the trip paks. Very convenient, however, if you buy multiple trip paks, the service fees will really add up.

I checked around at several banks, and unfortunately, in my neck of the woods, there weren't many that carried Euros, most you would need to order them in advance, by about 1-2 weeks. They will also charge a service fee, however the service fee is a 1-time fee, regardless of the amount of euros. AAA gets a $12 fee for every trip pack.

The trip packs worked for us, because they have an office close to my work, so it was a lunchtime-errand. And, we really were only looking for our cash needs specifically for my cup of coffee upon arrival at the airport, and for a cab ride to our hotel.