wgood35801

We will be in Parris in a few weeks and on to Normandy. Where will I get the best
rate to exchange US dollars for Euros?

kerouac

From any ATM.

Aramis

A major bank ATM, or inside the bank itself.

Not at any currency exchange booth.

Whathello

And from your credit card.
I use cc for 98pc of my purchases in france.

kerouac

And when he says 'credit card' it is just the generic term for a Visa or Mastercard. It is really a debit card that must be used in ATMs to avoid finance charges.

BigRuss

Go to an ATM that has the Plus or Cirrus logo that matches the one on the back of your debit card and withdraw the appropriate amount. And, when offered the option, do NOT pick the one that allows you to "convert" money at the ATM, just withdraw the cash without conversion. The conversion option always costs extra.

You don't exchange dollars for euros. That implies that you're going to do something daft like bring a passel of greenbacks to France (that's the country whose capital is Paris, dunno where Parris is) and swap them for some euro equivalent. The complete stupidity of this should be self-evident considering that you can lose the cash or get robbed and have no recourse. At least if you use the ATM card, only you know the PIN and if it's lost you can kill it electronically through your issuer while using credit cards for routine transactions.

MmePerdu

"And when he says 'credit card'... It is really a debit card that must be used in ATMs to avoid finance charges."

I don't believe that's true. If you pay the balance in full there are no "finance" charges when using a credit card. And if you have a credit card with no foreign currency exchange fees, there will no extra charges involved, just like using the card at home. So, yes, using such a credit card would be among the least expensive ways for paying for things.

Capital One charges no foreign currency fees and some Citibank cards. There are others but those are the ones I use.

Bette

Use an ATM. Contact your bank before your trip and advise them of your international travel plans or else the withdrawal may be blocked.

MmePerdu

Clarification on the above, Kerouac may be referring to getting cash out of an ATM using a credit card, rather than a debit card. In that case you'd incur "cash advance" fees. None of those using a debit card to withdraw your own funds.

Christina

He was, the reference was to using a card for cash from an ATM, not purchases, the sentence very clearly said that, it wasn't "may be".

Using a CC would not only get you cash advance fees but interest charges from date of withdrawal as it is a loan, not a purchase.

MmePerdu

Alright then, back to Whathello's post, to which K. was referring, "I use cc for 98pc of my purchases in france." That is most certainly a credit card, because he says it is and I believe him, and he's saying to use a credit card rather than paying for things in cash. I agree, if using a card with no foreign currency conversion fees or, as in Whathello's case, a local card.

kerouac

Like whathello, I call all of my plastic things "credit cards" when speaking casually. With French cards at least, there is never any "credit" for a cash withdrawal -- the money comes out of your checking account immediately. For buying things, some cards have a credit option, so you choose "debit" or "credit" when the keypad prompts you in a shop.

I must admit that I have no idea how American cards work.

StCirq

Well, they don't work like what the French typically call credit cards (such as a Carte Bleue). American ones start accruing interest the moment you use them in any way at all. French ones debit your account immediately, with no interest.

To the OP, you don't "exchange dollars for euros." You simply use your debit card, preferably one with zero transaction fees, to withdraw money from any bank ATM machine.

Whathello

Yes. That is what i meant.
What I call a credit card is a visa or master card or AMEx. It comes with a limit of use linked to the card not my bankaccount.
Then I have a debit card that we cell a mister cash in Belgium some say maestro. That card allows me to withdraw money anywhere in Europe with no fee. With a weekly limit for withdrawals and of course will not be allowed if your bankaccount is not provisioned.
So I pay most of my purchases with cc and use cash rarely. I often hold one week with 50 eur cash.
I recommend to do the same. Limit the cash you carry.

AJPeabody

Kerouac: American cards for the most part work for the maximization of profit to the credit/debit card issuer. Almost all charge an extra 3% in addition to Visa/Mastercard's 1% conversion commission for foreign transactions. Most charge a fee, usually $3-$5 for using a machine not owned by the particular bank. Debit cards remove money directly from your checking or savings account, whereas credit cards have to be paid in full monthly or interest at rates up to 29.99% plus a monthly fee are applied. If you use a credit card to get cash from an ATM, a fee applies and interest starts running immediately, not at the end of the monthly payment cycle. Once you are paying interest, all new purchases accrue interest until the entire balance is paid in full. Some credit cards charge interest for an additional month under those circumstances (so called two-month average balance method). And, just to rub it in, ATM machines generally charge a user a fee in addition to the card user's bank fee if you are from a different bank. And there are fees ranging from $29 to $39 for late payments or missed payments, or over the credit limit charges.

It's the Free Market, baby!

nanabee

Stairs. "Well, they don't work like what the French typically call credit cards (such as a Carte Bleue). American ones start accruing interest the moment you use them in any way at all. French ones debit your account immediately, with no interest."

These are two different ways of us g a credit card.

If you use a CC (MasterCard or Visa) to purchase an item like pay for your cab ride, dinner bill, buy a souvenir, etc your bank will convert the item bought in Euros at a better exchange rate than if you got cash using a debit card at an ATM machine. If you pay your bill on time there are no additional fees.

If you use your CC (MasterCard or Visa) at an ATM to get cash then it is a loan of money and you accrue loan fees immediately upon receiving this cash advance.

MmePerdu

Regarding American cards, this need not be as confusing, or simply incorrect, as some above have stated.

Credit card: Best used for purchases only. Do not accrue interest until after the end of the billing cycle. No interest at all if paid in full by the due date.

Debit Card: Attached to a bank account and some are subject to fees, but not interest, as you're accessing your own money.

Both types are offered with no foreign transaction fees, Capital One and some Citibank and others, as mentioned previously. Some, not all, will have a flat rate ATM fee.

nanabee

AJP "If you use a credit card to get cash from an ATM" yes you will incur loan fees on the cash you receive.

I don't think anyone consciously does this. It is a rather foolish way to get money from an ATM machine and most people have a credit card and use it to purchase stuff with, and if paid it off on time it will not incur loan fees.

Most people use a bank card at an ATM machine to get money.

I rarely use an ATM machine to get cash I just buy everything with a credit card when I travel overseas and my bank gives me the better exchange rate with no fees.

nanabee

I agree madam Perdue

Guenmai

wGood35801: If you need an exchange place, and you never know when/if you might need one, one of the ones that I have used for decades is Multi Change at 180 Blvd. St.Germain. It's on the same block, and side of the street, with Cafe Flore and is a short walk from where I usually stay. There are various Multi Change bureaus around Paris. That's just one company.

I saw three different exchange places on the nearby south part of rue de Rennes and within two blocks of each other. But, I was in a hurry that day and was trying to catch the bus and didn't check out the exchange rates out of curiosity.

On June 26,2017, the rate on xe.com was 1.119 for U.S. dollars and at Multi Change it was 1.149. I exchanged some money on that day.

Happy Travels!