ZOZOMAN

I will be traveling to Paris in September 2008. Can anyone tell me what the best and cheapest way to exchange U.S dollars for Euros is ? I will need Euros in advance for the airport shuttle and Rent money for the apartment I am renting. I will used my ATM card once there, are the exchange booths at the airports worth while?? or a rip off ?? any suggestions?? Thank you for your help

Robespierre

The best and cheapest way is probably to withdraw Euros from your US checking account using ATMs in Europe. Capital One and Schwab (that I know of) don't charge any markup on the currency exchange.

You'll encounter ATMs all the way from baggage claim to the curb where your shuttle will pick you up, so you can change a few hundred as soon as you land.

The rent money might be a little more of a problem, because your bank will probably put a daily limit on your withdrawals that is substantially less than your rent. See if your landlord will allow daily "progress" payments against a bank check which you will get back when you've paid for your entire stay.

ira

Hi Z,

Exchange bureaus will cost 6- 12% more than ATMs.

If you and your spouse each have an ATM card you can double the daily amount of your withdrawals.

If you ask the bank to double your daily limit for a fixed period, you get 4x your daily limit.

If you open a second account and do the above, you get 8x.

As Robes suggests, ask the landlord to take a check in dollars, and take it back when you have made your payment.

This saves walking around with a lot of Euro your fist day, when you will be jetlagged and not very alert.

Enjoy your trip.

Christina

I would't call exchange booths at the airport a ripoff, they are offering a service to those who decide to take it. There are times when someone might decide that getting money at that time is worth the markup. However, of course, they charge more than in-town, I think that is the case at virtually every airport in the entire world (and train station).

The exchange booths at CDG are actually not as bad as in many cities, like London. I think they charge about 8-10 pct over interbank rate (in London, it's more like 12 pct). You have to decide if that's worth it to you versus you other options, including getting them at home (my bank charges about a 6-7 pct markup to obtain euros, that's pretty standard for banks in the US or online exchange services, like Travelex in the US). AAA charges about that amount, also, but I think they actually use Travelex.

I'm going to face the same thing in a few months, as my ATM limits are not high enough for the amount of euros I need. I'm taking two ATM cards from two different banks I have (one is my regular checking account, the other is a money market account, but they have ATM cards), and I'm also taking some USD TCs as backup in case I can't get enough that way. If I do have to use them, I am assuming it may be for only about 300 euro, and that 10 pct exchange fee will just be one of my vacation costs. It's not worth it to me to get them in advance from my bank in order to save possibly 3 pct on a few hundred euro, as it's possible I will get all I need from the ATM with my two cards. I'll have to see if my bank will raise my limits.

Landlords won't take checks in USD for the rent, as they won't be giving them back. I think they'd be kind of stupid to take them as security for you paying them the rent, as checks are not necessarily worth anything, they have no way of knowing if you even have any money in the bank. Maybe some landlords are that naive, though. I have a landlord who told me he wouldn't charge me any security deposit because I took out a renter's insurance policy from a French company (which he knew, he was arranged through the agency) for only 30 euro. I think he also considered the situation of who would be staying there -- one single older female.

bob_brown

The payment against a check is a good idea, if the landlord goes for it.
He will have trouble cashing it if it is in US dollars, but he can eventually do it. At any rate he has a signed obligation from you.

I use a money market account at Fidelity Investments for my money, but Capital One and Schwab offer the same service.

Bank of America is in the same global alliance as BNP Paribas in France.
If you use an ATM that belongs to BNP there is no fee for using your credit card.

You may be able to swing a deal of taking money out of your checking account at an ATM once there and buying a few euro notes before you go.

The last place I would go is a cambio at an airport because of the fees you get charged. It is not always labelled "FEE", but takes the form of a less than favorable exchange rate.

I have not done it in France but in Switzerland and Austria, I sent by mail a personal check that was held "hostage" until I aid the rent. Then my personal check was returned to me for destruction.

My landlady in Switzerland this summer let me pay in installments because the rent was more than my daily allowance of cash. No problem. I paid on consecutive days.

It all depends on how suspicious and untrusting our landlord or landlady happens to be.

ira

Hi C.

>..my ATM limits are not high enough for the amount of euros I need.

Have you asked your bank to raise your limit for a day or two when you will need the extra money?

Michael

<i>If you use an ATM that belongs to BNP there is no fee for using your credit card.</i>

Not quite. If I use my credit card to withdraw cash, even from a BofA branch, it is treated as a cash advance for which I am charged interest. For the complete elimination of fees (and I consider interest charges as fees in this instance), one must use one's ATM card.

Sue878

We have get Euros at our bank before we leave. We do have to go downtown because they do not have an International desk in the surburbs. They don't charge me a fee because I bank there. Then we can get more with our ATM card when we are in Europe.

We do this because we like to leave with some money with us.

Sue878

Wanted to say &quot;we get Euros at our bank&quot;