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Where to exchange US Dollars for Euros
Posted on 6/2/14 at 3:16 pm
Posted on 6/2/14 at 3:16 pm
I am headed to Europe soon and would like to know where is the easiest/cheapest place to exchange currencies. Should I do it in the states or wait until I get to Europe? Any information is appreciated. Thanks.
5
Posted on 6/2/14 at 3:30 pm to The Fishin Magician
Exchange a little money in the US before you go, then use your bank card for transactions and ATM's. You will probably get a better rate that way and depending on your bank, you may not even pay any fees.
Be sure to notify your bank that you will be travelling or they will freeze your card.
Be sure to notify your bank that you will be travelling or they will freeze your card.
This post was edited on 6/2/14 at 3:31 pm
Posted on 6/2/14 at 3:44 pm to MamouTiger65
quote:
your bank card for transactions and ATM's
Be very careful with this. Some banks hit you with a currency conversion fee. Credit cards are notorious for high fees so just check out the situation with your debit and/or credit cards closely.
Posted on 6/2/14 at 3:46 pm to The Fishin Magician
Get cash out the ATM when you land. If you don't have a shitty bank this is far and away your best bet for getting cash money.
Use a no foreign transaction fee credit card while over there if you can. Unfortunately, not many cards here have Chip and PIN so that may be an issue, as that is how most of their systems operate. Thankfully that will change within the next year or so.
Use a no foreign transaction fee credit card while over there if you can. Unfortunately, not many cards here have Chip and PIN so that may be an issue, as that is how most of their systems operate. Thankfully that will change within the next year or so.
This post was edited on 6/2/14 at 3:48 pm
Posted on 6/2/14 at 5:51 pm to Teddy Ruxpin
Use an ATM. Converting large amounts of money is expensive. If you do exchange the money over there always price shop. Don't assume it's basically the same everywhere. It can be wildly different. Also never ever ever go to western Union.
This post was edited on 6/2/14 at 5:51 pm
Posted on 6/2/14 at 10:23 pm to The Fishin Magician
Go get a Capital One bank card. Use that at ATMs. Enjoy.
Posted on 6/3/14 at 6:03 am to The Fishin Magician
Not sure it's worth it to get a Capital One card just for one trip even if you do save on the conversion rates. Unless you're planning to convert ten grand or more, that is.
The bigger risk is in converting too much currency. You'll want to convert it back when you return, which basically doubles the fee. Convert less than you will need before you go, if you do it right then you can just pay in US dollars (which are accepted everywhere) for a couple of days at the end of your trip. Sure, you can save money by carefully researching all the options but unless you're spending like Donald Trump it isn't worth the trouble.
The bigger risk is in converting too much currency. You'll want to convert it back when you return, which basically doubles the fee. Convert less than you will need before you go, if you do it right then you can just pay in US dollars (which are accepted everywhere) for a couple of days at the end of your trip. Sure, you can save money by carefully researching all the options but unless you're spending like Donald Trump it isn't worth the trouble.
Posted on 6/3/14 at 7:07 am to foshizzle
In my very recent experience (Italy), I would recommend either a) converting a small amount of money (a couple hundred dollars/euro) before you leave for security, or b) get money in the major connecting airport to wherever you are going via ATM.
In order to decide the right move, call your bank and ask what they charge for both ordering euros, and for their international ATM fees. After that, you can withdraw 200 a day via ATM, and it is a painless process. I was told before leaving to not worry about much cash because everyone accepts cards (I have the sapphire preferred with no international fees), but that has not been the case. I have spent $700 EU in places that credit has not been accepted.
In order to decide the right move, call your bank and ask what they charge for both ordering euros, and for their international ATM fees. After that, you can withdraw 200 a day via ATM, and it is a painless process. I was told before leaving to not worry about much cash because everyone accepts cards (I have the sapphire preferred with no international fees), but that has not been the case. I have spent $700 EU in places that credit has not been accepted.
Posted on 6/3/14 at 8:26 am to MamouTiger65
quote:
Exchange a little money in the US before you go, then use your bank card for transactions and ATM's. You will probably get a better rate that way and depending on your bank, you may not even pay any fees.
Be sure to notify your bank that you will be travelling or they will freeze your card.
This is the best way, and I would just skip yhe Euros in the US and get them at the airport atm over there.
Obviously, check with your bank their policy, but most are a 3% fee, typically no other charges regardless of the atm.
Also, Chase no longer requires notification, I just got back last week and never notified.
DO NOT go to currency exchange kiosk unless absolutely necessary, as they will rape you. ATMs are easy, just stick to ones attached to banks and not random sketchy ones. If you have time, consider getting a CC with no foreign trx fees like chase sapphire preferred, which also has the chip, which makes life a little easier there.
Posted on 6/3/14 at 8:36 am to Teddy Ruxpin
quote:
Unfortunately, not many cards here have Chip and PIN so that may be an issue, as that is how most of their systems operate.
I have honestly not found this to be an issue with a chip and signature. The machine just automatically spits out a receipt to sign. I know every country is a bit different, but if you have a chip and signature and a debit card with no chip but a pin, you will be able to pay 98% of the time, and use cash to fill the gap. The only place it might not work is a unmanned kiosk (train/metro tickets). Just always have cash and you should be ok.
The chip and signature is not as big of an issue as I thought it would be, and I believe it helps out with language barriers as it takes guesswork out.
Like you said, this will all be uniform pretty soon. I would love to be one of the people selling the new chip and pin reader technology to retailers...would also love to invest in European version of the Square, but they all appear to be privately funded.
Posted on 6/3/14 at 8:38 am to foshizzle
quote:
Convert less than you will need before you go, if you do it right then you can just pay in US dollars (which are accepted everywhere) for a couple of days at the end of your trip
USD are accepted nowhere in Europe maybe aside from gypsies selling laser pointers.
Posted on 6/3/14 at 10:39 am to OceanMan
This. Asking to pay in dollars will basically just piss them off. I had a business in Switzerland even refuse Euros.
Posted on 6/3/14 at 12:28 pm to foshizzle
Opening a capital one checking account is pretty low impact, and you can use that account every time you go out of the country for the rest of your life. It would be worth it to me.
Posted on 6/3/14 at 12:41 pm to OceanMan
Ya, I was transiting Amsterdam and was getting out of the airport for a bit during the layover last August and went to get a ticket for the train. Manned booth wouldn't take anything that didn't have a chip, but at that point, CSP didn't have a chip.
I'll be going to Spain in December so we'll see then, but this time I'll have a Chip and PIN Barclays so I should be all good to go.
I'll be going to Spain in December so we'll see then, but this time I'll have a Chip and PIN Barclays so I should be all good to go.
This post was edited on 6/3/14 at 12:42 pm
Posted on 6/3/14 at 12:59 pm to Teddy Ruxpin
Slightly off topic but I've got a long weekend trip to Cancun planned soon. I'm assuming they want USD and I can just use my Amex otherwise?
Posted on 6/3/14 at 5:42 pm to Golfer
I've never had a problem using USD in Mexico.
Posted on 6/3/14 at 6:48 pm to jmarto1
USD will be just fine in Mexico.
Posted on 6/3/14 at 8:23 pm to Joshjrn
quote:This.
Go get a Capital One bank card. Use that at ATMs. Enjoy.
ATMs are not a slam dunk though. Call your credit card company(s). Check on exchange charges.
Buyer Beware.
Many credit cards will take you to the cleaners on exchange rates.
There are some that are excellent. Given a good one, the CreditCard/ATM route is far and away the best.
If you have a private banking relationship, it can serve well too. Problem is, you won't want to carry a whole trip's worth of cash from the outset. But you can start with a couple of days worth of cash at very low cost.
Posted on 6/3/14 at 8:45 pm to NC_Tigah
You need to inform any bank that issued to you a credit card you plan to use abroad that you are traveling outside the US. They'll ask for the countries and dates of your itinerary.
Also, Capital One does not have credit card with a EMV chip in it at present. Some merchants in Europe & elsewhere will refuse them as they will have to manually enter the card data and your PIN. If a merchant has a problem, you can call Capital One collect from abroad, that's no guarantee that the merchant will honor the card. They do not HAVE to honor it.
Also, Capital One does not have credit card with a EMV chip in it at present. Some merchants in Europe & elsewhere will refuse them as they will have to manually enter the card data and your PIN. If a merchant has a problem, you can call Capital One collect from abroad, that's no guarantee that the merchant will honor the card. They do not HAVE to honor it.
Posted on 6/4/14 at 7:53 am to Teddy Ruxpin
quote:
I'll be going to Spain in December so we'll see then, but this time I'll have a Chip and PIN Barclays so I should be all good to go.
Yeah you will be fine for sure...I've even found the southern European countries to be easier than northern as far as payment security.
quote:
Ya, I was transiting Amsterdam and was getting out of the airport for a bit during the layover last August and went to get a ticket for the train.
Just had to grab some of that sweet fresh Dutch air huh?
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