Dollar/eoro rate exchange

[ginnygi]

We live in the US and are visiting Ireland in 2 months. I am not thrilled with the dollar/euro rate exchange as it is right now, but also worried it might get worse. Does anyone who works in finance/economics have any advice on when is the best time to exchange? Will the dollar rise? Euro fall? Any advice is appreciated thanks.

 

[tvguy]

We live in the US and are visiting Ireland in 2 months. I am not thrilled with the dollar/euro rate exchange as it is right now, but also worried it might get worse. Does anyone who works in finance/economics have any advice on when is the best time to exchange? Will the dollar rise? Euro fall? Any advice is appreciated thanks.

DD leaves in a few days for 10 months overseas. The advice I am getting now from financial experts is the same advice I got when I studied abroad 37 years ago. Charge everything you can. The credit card companies do bulk exchanges of currency, and have systems in place to try and exchange at the best rate. You certainly could get a better rate if you spend all your time watching the exchange rates and happen to hit a favorable rate, but over all, if you let the financial pros do it, you'll be money ahead over all.

 

[CPT Tripss]

Don't exchange much here, charge as much as you can when there as you will get a better exchange rate, and get cash from ATMs there. If you don't have one, get a chip and PIN no foreign transaction fee credit card ASAP.

 

[NHdisneylover]

Don't exchange much here, charge as much as you can when there as you will get a better exchange rate, and get cash from ATMs there. If you don't have one, get a chip and PIN no foreign transaction fee credit card ASAP.

This.

 

[packofjedis]

Don't exchange much here, charge as much as you can when there as you will get a better exchange rate, and get cash from ATMs there. If you don't have one, get a chip and PIN no foreign transaction fee credit card ASAP.

We're taking a trip to the UK soon and I agree with this. Our bank charges a flat fee of $5 per ATM withdrawal or nothing, depending on which kind of account you have. Even at $5 per withdrawal, it was way better than the "fee" our bank was going to charge us to exchange dollars to pounds here. $40+ for roughly £500. Over there I could have gotten that for $5 at most from the ATM.

Chip and PIN cards are hard to come by here in USA. There's one through PenFed (I think). You should be able to get by with just a normal credit card except unmanned places (ticket booths at train stations etc). Have cash for then. Capital One has a no foreign transaction fee credit card.

I'm also having a hard time calculating how much things "would have cost" here. But it's part of the trip. Just enjoy yourselves!

 

[CPT Tripss]

Check here for chip and PIN cards or do a search. http://creditcardforum.com/blog/chip-and-pin-credit-cards-usa/

 

[tvguy]

One other piece of advice on Debit cards. Made sure your PIN is no more than 4 digits. Both my bank, my daughter's study aboard office and the University she is going to in England all say that many ATM systems in Europe don't recognize Pins with more than 4 digits.

 

[WebmasterMaryJo]

Don't exchange much here, charge as much as you can when there as you will get a better exchange rate, and get cash from ATMs there. If you don't have one, get a chip and PIN no foreign transaction fee credit card ASAP.

This is great advice. The foreign transaction fees really added up the last time I was in Europe. I'm going to have to look into that.

 

[ginnygi]

Thank you all very much!

Just to clarify, I need a special debit card in order to use the ATM. I remember when we went to Mexico years ago, our regular old debit card worked at the atms...

 

[SondraC]

Thank you all very much!

Just to clarify, I need a special debit card in order to use the ATM. I remember when we went to Mexico years ago, our regular old debit card worked at the atms...

We just did a Mediterranean cruise last summer, and I used ATMs in Italy with my regular debit card. No issue at all.

 

[cobright]

Talk to a travel agent about finding a currency exchange service before you leave. We pay a flat rate if $11.00 to purchase up to ¬10000.00 at daily spot rate (wife says no limit, could purchase as many as we wanted).

I wouldn't worry much about fluctuating exchange rates. We have near purchasing power parity with the euro and very stable exchange month to month. I'm not saying you won't gain or lose a couple bucks but it won't be a significant expense either way.

Going to Ireland, I would take cash. When you get there if you bring more than a couple grand go to a bank and rent a safe deposit box short term or use the hotel safe if it is bonded. Using cards will buckle and dime you with transaction fees and I was never sure if the pubs accept them till they're getting my eyes to focus on the tab at closing bell.