Exchanging Dollars for Euros - Best before leaving or after arriving?

Bring a little cash (USD) and only exchange it for EUR if you cannot withdraw EUR from the ATM.

Make sure you call your bank before you leave for Ireland to make sure they don't block your ATM card from access overseas.

i hope you have called your bank already if you are leaving on Tuesday. ATM gives best exchange rate.

Would it just be best to find an ATM as soon as we land and get the euros out of our account then?

Generally yes.

Of course the devil is in the details as they say. What will your bank charge you for the ATM withdrawal? Some banks (and I'm talking about your local bank) can be very greedy about what part of the transaction they will let you keep.

However, unless you are familiar with an exchange bureau that has exchange rates (include all fees and commissions) less that those you'll pay for an ATM withdrawal, it's probably best to use the ATM once you arrive in Ireland.

Changing $US into Euro before you leave the US is like buying a crate of oranges in Chicago before you fly to Florida, just in case Florida is out of oranges or the 1st store you come to happens to be closed.

It's ok to pack one or 2 in your carryon, but not a whole crate.

Use you ATM card. Bring some cash in case of an emergency.

Cambios charge exorbitant amounts, as much as 10%, to exchange currencies.

Use your ATM card for money for small purchases and your credit card for large purchases. Inform your bank and credit card company that you are travelling abroad if that is an unusual situation for you.

Thin

Many places want cash, especially when dealing with locals.
This is where I become confused and feel just exchanging our money ahead of time is the way to go. I really can't recall our local bank charging alot for the exchange.

Wow. I've never heard of a bank ATM in Europe charging anything, let alone $15.

In my 20+ years of travel to Europe I can't recall ever being charged an ATM fee by the European bank.

Why would you want to bring USD, exchange it for EUR at a terribly rip-off rate, instead of just getting EUR directly from an ATM when you arrive?

There are ATMS (bankomats) at all international airports.

Make sure your bank knows you'll be using your ATM abroad.

Horse is dead.

Things must have changed. On my most recent trip to Europe last spring I was charged a 1% foreign transaction fee when I used an ATM. My CU allows 8 free ATM withdrawals per month.

If your bank or ATM system is charging you 3% + $5 that could add up quickly. No matter how you slice it though, 3% + $5 is still cheaper than the 7-8% it'll cost you to get euro cash in the US before departure - that's the question floridapugmom is asking.

The link you posted above is a nice comparison.

If these fees matter to you then you should find a different bank, such as Schwab, which absorbs the 1% forex fee and doesn't charge ATM fees, or others as shown on the bankrate.com link.

I like to have as many methods as possible available to me to obtain cash when I travel. ATM after arrival is always my #1 method. But I also carry USD. And sometimes get ~$100 worth of the local currency at my bank before the trip. Credit card for the hotel bill and as a backup.

ATM. The dollar-euro exchange rate is bad enough without adding further exchange rates

Thanks to everyone! J62 you hit it right on the head. We bank with a Credit Union so I don't think we will have any ATM fees to worry about. Yes to you all, I have contacted our CU that we are going overseas and they have put a notice on our account that we will be using our debit card and VISA C.C. a lot in the next two weeks. The agent at the Credit Union that helped me set this up just got back from Bosnia so she knew just what to do. Our next step: to hit the ATM at Shannon Airport as soon as we arrive and get the euros we need for our first night stay at B&B. Yes, all of those we have reservations with want to be paid in cash. becky

J62,

Loved your orange analogy. I'll always think of it that way, now!

Hubby and I are going to Germany on Tuesday and we bank at Chase, one of the larger US banks. We believed it was better for us to exchange a large number of US dollars for Euros before we get to Germany, so that's what we did. Chase does not add an additional currency conversion fee at local branches, but they do charge a 3% foreign transaction fee for all credit, debit, and ATM usage. So for us, having cash Euros on hand is the way to go.

Floridapugmom, at this late stage, can you even get Euros at your local branch? That may be another consideration. For example, I live in Houston, a big metropolitan city, but I couldn't exchange dollars for Euros at my local branch; they had to order them for me. The large downtown bank, however, can do the exchange on the spot.

There is no reason to exchange at homem, except perhaps to get 100 euros for when you land to get you into town, but it is cheaper and easier to get money from an ATM.

It is not better to do large amounts at home, the rates are better over there, when using an ATM. Similarly do not bring US$ for exchange over there. Euros is not the local currency at banks at home, so you pay, US$ is not the currency of banks over there, so you pay for the convenience. ATMs give you a better rate than banks here or there for US$

Save money and don't need to carry large amounts of cahs with you. Win & Win.

mikes_girl01. You were likely conned by the old "no conversion fee at local branches" BS. It's not an intentional con, just that local tellers usually don't know any better.

What rate did they sell you Euros for? My guess is something about 1.56 USD/Euro, or about 7% worse than the rate you'd get at an ATM in Germany.

>>>Chase does not add an additional currency conversion fee at local branches, but they do charge a 3% foreign transaction fee for all credit, debit, and ATM usage. So for us, having cash Euros on hand is the way to go.<<<

No additional currency conversion fee doesn't mean you didn't pay through the nose for your money. I don't know of any US banks that give decent exchange rates at local branches. Believing something is better and actually being better are two different things.

Whenever I've gotten euros from Chase before a trip to Europe, there haven't been applied fees, but, yes indeed, the exchnage rate was poor--aboutt 7% worse than current rates in Europe.

Some people are still living in the Dark Ages and you can't change their minds. There are those who still take travellers' cheques to Europe with them.

Luddites. Bloody daft.

Thin

Amen, thin.

I have been in Spain where the ATMs weren't working one day - a day when I needed cash, and I have been in Greece when there has been a bank strike (no money in the machines for several days), and this summer when a lot of machines (again in Greece) simply weren't working. I will be a Luddite in future and go back to travellers' cheques at least in part. Also, I think it is "bloody daft" to rely on any one way of getting cash, whatever that is.

>>>I will be a Luddite in future and go back to travellers' cheques at least in part.<<<

You might not find many places that will accept them. Many simply won't.

My daughter lived in Spain for 6 months with one way of getting cash - ATM's. Never a problem.

There are several aspects to this question.

1. The rate, fee: The ATM at the destination is "usually" better. The "goodness" of this transaction depends on what you bank charges. What gets confusing are the battle of terminology. e.g. "The European banks don't charge transaction fees" which is true, but this does not mean you are fee from transaction fees. Your bank and Visa/MC charge them.

2. Whether your debit card actually works at foreign ATMs. There are several aspects to this.

The card itself needs to be enabled for oversea use. I have several debit cards with different levels of oversea restrictions. One always works overseas, other reduces fraud monitor threshold, while the third card is hard disabled for oversea use until I enable them for a specific period.

The ATM network must be functional including your bank. While you may be using an ATM at the destination's business hours, it may be a maintenance period at your home bank.

3. How critical that you need cash on arrival. If the lack of cash at arrival ruins your trip, paying a premium to convert into Euro beforehand can be a worthwhile insurance. Not everyone benefits from paying the premium, but each individual needs to decide what is relevant.

4. How much time you have to rectify a debit card issue. A bank coded my card incorrectly as "lost" instead of "enable for oversea use." It took a long phone call to rectify the problem. I always bring several debit cards from different banks because of this type of bank snafus.

Carolina, did you bother to read my FIRST post????

I clearly wrote BRING SOME CASH IN CASE OF EMERGENCY!!!!!!!

I guess being a Luddite means not wearing reading glasses.

Thin

Boy, I didn't know I would start such a lively decussion. Our credit union doesn't make currency exchange and the local big banks that do will only do so for those with an account with them. We do have 19 euros that one of my husbands co-workers just brought back from his Europe trip; so we are good until we hit the ATM. Thanks to all for your comments. Ireland, here we come!

Luddites. Bloody daft.>>>

Definately getting intouch with your inner limey now old bean.

If the ATM at your arrival airport isn't working for some reason, there will be an exchange booth or a bank at the airport--assuming you are flying into a major airport. The rate won't be as good as at the ATM, but better than what you can get in the USA. We do carry some US dollars to exchange when we travel just in case we have one day when we can't access an ATM. It's never happened yet, but it could.

Credit unions and CapOne cards are the way to go.

Chase sucks for ForEx. It charges a large exchange fee (3.5%) and $3 per transaction. I bring a couple hundred bucks in case of emergency and usually land in the US with that same dough.

US banks give awful ForEx rates because they do so little business in consumer-level foreign exchange. Mikes_girl got ripped off (evidently quite happily) because the ForEx rate she received at Chase was 8-10% worse than what she'd receive on the ground in Europe in a cash-for-cash "no fee" exchange.

If you buy Euros at $1.58 plus a 3% conversion fee and no "charge" for the transaction, but would get those same Euros for $1.50 per in Europe, you lose.

I would go on the record today that I will convert any amount of US$ to euros with no fees. Any takers?

(trick question but offer still stands)

WOW! I went back to get more advice regarding how to and where to exchange money. Is it my imagination or are many of the answers/comments a bit harsh? This is really not a good representation for reading Fodors (and I just recommended it to one of my students

If your students are on the internet, they will think this forum is calm compared to the sites they visit.

>>Credit unions and CapOne cards are the way to go.<<<

Why bother with a CapOne card when you can get a credit union branded Visa or Mastercard with fees that give you the interbank rate?

This ain't no quilting bee, sweetie darling.

Some of us aren't happy until we draw blood.

Thin

If your students are on the internet, they will think this forum is calm compared to the sites they visit.

>>Credit unions and CapOne cards are the way to go.<<<

Why bother with a CapOne card when you can get a credit union branded Visa or Mastercard without fees that give you the interbank rate?

Opps! I thought I was editing my post. The second one "without fees" is what I meant to post the first time.

The point was I recommended Fodors-not what they do on their own-xxoo

This is always a hot topic. Not quite as hot as air-conditioning or use of the word "quaint" but still magma hot.

We europeans genunely can't believe how hard it is to get foreign money in America. Seriously, we have no idea.

Our high streets all have at least three or for Cambio of Weasels, plus all our retail banks and the Post office does it. From where I'm sitting in a sleepy suburb of london I have at least ten options.

So everytime a yank comes on and asks about this we tend to roll our eyes and wonder whats wrong with them when we don't really understand why they're asking what seems to us a silly question.

But the digest is this:

Use your US ATM card (if it has a 4 digit pin) to get euros from the cashpoint.

If not that - use your credit card (ideally chip and pin) to get cash.

If not that bring your money in cash and swap it here (as I say there are so many places that do forex the rates are competitive and you won't get striped like you do in the USA)

The last, and stupid, option is either traveller's cheques or a pre loaded payment card.

ps Fodors isn't fierce. Well I am, and Thin is, but the rest are either pussycats or barking mad.

Let us know how you got on - it will help others with the same query.

CW - suprisingly helpful. I must be ill.

Was I harsh? Hope not. CW, tells it like it is, which I like.

Your ATM money will come out of your checking account, you won't have a choice at the machine.

My point with currency exchanges is that there are always TWO parts to the transaction. The fees and the exchange rate. Many currency exchange outlets will advertise in large print NO FEES...but then just adjust the exchange rate to blend in the fees. Banks in the US are not in a comeptitive consumer foreign exchange business, so they charge fees for this. In my case, I've seen a markup of ~4-5% for currency at my bank.

Just like you would (hopefully) not get $CDN at home before coming to visit us, there is no need in Western Europe to worry about not finding an ATM to get cash. I have multiple ATM cards with me anyways, so in case some machine does not take one card, another machine or another card is available. In London in May NatWest did not take one of my cards, walked over to the Barclay's machine. When I went to Turkey in 2007, I landed with US$100 to pay visa, and no local currency.

From my experience, the ATM exchange rate is one of the better ones..but keep in mind any fees your bank may add to the withdrawal...making bigger withdrawals will help mitigate.
On my holidays, the thought of having to plan any of my time around finding somewhere to convert currency is not fun, I prefer the "walking down the street, oh, there's a machine I'll get some cash"

CW - Actually for an American to use a credit card to get cash they would likely pay more than using travelers checks since it's considered a loan with interest (high - 10%-25%) starting the moment you withdraw the money.

kybourbon--I'm with you. Coming from the U.S., using your credit card to get cash is the last, emergency-only choice.

The best way to deal with cash when travelling is to use ATM's....the second best way, well there really isn't a second best way if you don't want to get ripped off.

Now you can get ripped off with ATM's too if you are dumb enough to use a bank that charges fees for accessing your money. Be away that according to the rules of the two main shared teller networks, plus and cirrus, prohibit the bank that owns an ATM machine from charges you any fees; the only fees are the ones your bank chooses to rip you off with....

If you just love your bank, even though they rip you off with ATM fees, simply open up a special travel account with any bank (it is easily done these days on the internet) that will provide you with an ATM card that charges no fees and does not boost up the usual cirrus/plus fee of 1% above the interbank rates. Lots and lots of such banks exist. Many of them even rebate the fees US banks charge US ATM holders for using their machines....keep $1.01 in the account except just before you travel transfer (again easily done with most bill paying systems) your projected amount for the trip. Should you need more money from your main account, just find an internet cafe and transfer...when you get home transfer the money back and keep $1.01 in the account to keep it open. Simple, neat and fee saving. And it ain't brain surgery, that's for sure.

<<The point was I recommended Fodors-not what they do on their own-xxoo>>

A lot of Fodors threads are far "harsher" than this one. Did you not read through a few threads before recommending it to your student?

If your students are in America I think they read and heard far worse than this.

You get the best exchange rates at ATMs and I can confirm that there is an ATM in the Dublin airport. I am not sure about Shannon. However, you can't be positive what exchange rate you are getting until you get on a computer and can check your balance again.

If you prefer to exchange before you leave I have generally found the best exchange rates at Wells Faro www.foreignexchangeservices.com. Just be sure to use your ATM card, not a credit card, when ordering to avoid cash advance fees. The service requires you to be home the next day to receive and sign for the delivery but you are guaranteed delivery the next day (at least Monday to Friday, don't know about the weekends). I have used the service any number of times without issue.

And just to muddy the waters...

Not all ATMs (we call 'em "Cashpoints") are equal.

All the big retail banks are the same, but you will often see smaller units in corner shops and pubs and so on. These WILL charge you a fee - often as much as £2 per withdrawal on top of whatever your bank chooses to mug you off with.

They do have to tell you this before they hand out the folding so you can decline and look for a free one (never usually that far especially in popular areas).

Does knowing that an audience has been exposed to "worse" really make it ok to abandon good manners?

floridapugmom, hope you're having wonderful fee-free travels.

We're leaving for Greece on Friday. Athens, Santorini and Mykonos, with a Bank of America ATM card. I've read that most of you agree that ATM is the cheapest way to go. What about this euro debit card that you "pre-load." It's insured and functions as an account debit card. Any thoughts on this?

You guys are very rude....(well...some of you, need some home training!)

I AM going to exchange $1200 into euros before I go...the reason being is the EURO is at its all time low this year and when I travel in May (historically speaking) its value against the dollar goes up...so for me to exchange at my local bank at $1.39 and a $5 fee will be much less than me paying $1.58 in May...now who is daft?

Common sense folks.

>>You guys are very rude....(well...some of you, need some home training!)

I AM going to exchange $1200 into euros before I go...the reason being is the EURO is at its all time low this year and when I travel in May (historically speaking) its value against the dollar goes up...so for me to exchange at my local bank at $1.39 and a $5 fee will be much less than me paying $1.58 in May...now who is daft?

Common sense folks.

--------------------

What on earth are you taking about? Why would the Euro spike in May??? If you really believe that, go buy some Euro futures or something.

The Euro is crumbling because of the PIIGS (Southern countries) debt issues. The value of the Euro will only fall further between now and May.

Who is daft...umm, probably you.

Historically speaking, $1.59 is been the all time high of the EUR.
It was about $1.56 last May.
In May 2007, it was about $1.34.
In May 2005 and 2006, it was about $1.27.
It was about $1.22 in May 2004.
$1.15 in 2003.

And going back to 2002, it was around $0.92.
In May 2001, it was $0.88.

Do you think your tourist needs for EUR are causing a seasonal spike in EUR??? It just doesn't exist.

The Euro bubble is bursting. In May, it will more likely be $1.20 than anywhere near $1.50.

for Elizabeth, You need to read the fine print on the preloaded cards. Most have a LOT of fees. Fees to open, fees to add money, fees to close, etc. They are really only a good value for someone who doesn't want or can't get a regular ATM card associated with a bank account.

Speaking about ATM availability in Ireland:

There is a Cash Point (ATM) in the Baggage Claim area of SNN. There are AT LEAST two more, in the Arrivals Hall, to the left of the Car Hire Desks, as you exit Customs and face the Exit Doors.

ATMs are few and far between on the Mizen Head, around Doolin, and Inis Mor (Arans)only has 1 or 2 that I know of. There appears to be NONE, in Glengarrif.

Beyond THAT, pretty much EVERY town of any size, typically has 2 or 3.

Bob

Suze: "for Elizabeth, You need to read the fine print on the preloaded cards."

Elizabeth's trip was 6 months ago. ma23peas topped this old thread to post that silliness . . . .

ma23peas: "You guys are very rude....(well...some of you, need some home training!)

I AM going to exchange $1200 into euros before I go...the reason being is the EURO is at its all time low this year and when I travel in May (historically speaking) its value against the dollar goes up...so for me to exchange at my local bank at $1.39 and a $5 fee will be much less than me paying $1.58 in May...now who is daft?

Common sense folks."

You topped a months old thread to post that? The €/$ does not spike based on month of the year or tourist season. Trust us here. If you want to waste a lot of money - go ahead an buy € at home. But don't advise others to do the same. Now - was that rude enough for you?

"Historically speaking, $1.59 is been the all time high of the EUR.
It was about $1.56 last May.
In May 2007, it was about $1.34.
In May 2005 and 2006, it was about $1.27.
It was about $1.22 in May 2004.
$1.15 in 2003.

And going back to 2002, it was around $0.92.
In May 2001, it was $0.88."

<<now who is daft?>>
Hmm ... three guesses.

As of September '07 there were no ATMs on Achill Island.

"I AM going to exchange $1200 into euros before I go...the reason being is the EURO is at its all time low this year...so for me to exchange at my local bank at $1.39 and a $5 fee will be much less than me paying $1.58 in May"

So why don't you exchange $2,400 and sell half back in May to make a profit?

OOOOHH! My first experience on Fodors and you all are so much fun! I love a tell like it is crowd.

Had to respond for ma23peas - (whom I think needs some economic training!) - the Euro is now 1.32. How is your $1,200 dollars doing now?

Let's see - holding the $5 constant you would've gotten about 860E in March and today you could get 905. Was the 'peace of mind' worth the 45 E/60USD?

Basic math mapeas.

Brighter people than me cannot make money on currency 'guesses' so I'll not try to pretend I know better. What I do know is that when you look at what a 5% or 10% swing in currency means, converted to a daily $ amount, it's usually peanuts, at most a bag of peanuts.

May has arrived. Instead of the Euro at $1.58, it is at $1.305 EUR/USD. The 12 month forward curve has the Euro at $1.307, so you can even lock in rates for May 2011 at this level.

We'll see where it goes from here. Further deterioration of the Euro is highly likely. Flight to safety to USD will cap the Euro for some time. I would guess that is will drop lower than $1.30 and stay that way before summer gets here.

I admit to being daft. Don't the banks in Europe give the best rate when I show up with USD for exchange?

TravelingMan61,

No. They are not interested in changing your $100 or $500 or whatever. It will cost them more in time and effort than it's worth so you get a poor exchange rate.

99.9% of the time for 99.9% of people your best bet is using an ATM. Your bank changes thousands and thousands of dollars to euros a day so you benefit and get a better rate.

PA,
Good summary. Banks are in business, and the more 'exotic' the transaction, the more they charge. Buying euros at home is 'exotic', getting them from an ATM in Europe is 'normal', except for the electronic processing.

"when I travel in May (historically speaking) its value against the dollar goes up...so for me to exchange at my local bank at $1.39 and a $5 fee will be much less than me paying $1.58 in May...now who is daft?"

Wonder how ma23peas fells now??

This morning the € is at the lowest it has been in over a year . . . . . Where is that $1.58 she forecast?

dlpiano
I agree, this is my first visit to this forum and doubt I'll be back. People are rude on this site. Trip Advisor removes posts that are rude or offensive.

As far as the whole exchange thing, I visited my bank yesterday and a financial advisor and I decided to exchange before I went. It depends on a person's personal situation. We've experienced identity theft and along with a couple other circumstances we will not take our debit card. My bank charges only a 15 dollar fee, so I can get a few hundred Euros before I go and have less hassle. An intelligent person gathers all the facts and makes the best decision for their circumstances. What will work for one, does not constitute a good fit for another.

SCarolina: "I agree, this is my first visit to this forum and doubt I'll be back. People are rude on this site. Trip Advisor removes posts that are rude or offensive."

You registered to post this one and only entry to tell us you won't be back?

People are not rude here -- they try to help people. If you don't like the advice - fine. But trying to save folks money and preventing security problems is not rude. Fodors editors DO remove nasty threads/posts -- none on this thread even come close to that level . . . .

Don't mess with the ego of ma23peas as he/she will hunt you down. He/she is fantastic, just ask!

Back on topic, get your money at an ATM at the airport, usually a good exchange rate. Get it there, there could be a lag between available ATMs.

Short story: we arrived in Ireland at 5:30 am with a small ziplock baggie of euros, left over from previous trips. We go up to the cafeteria for a scone and tea, energy to get going. We are done, I say: aren't you going to clear your tray? He says: She will do it. (an employee clearing some tables.) We hit the road toward Galway, through the Burren. I get thirsty. Can we get a bottle of water? Oops, we left our baggie on the tray. Good bye 25 euros, where is an ATM? We have already passed Lahinch. (See ATM at the tourist office.) Not a one to be found in Ballyvaughan. Back down to Lisdoonvarna, back down to Kilfenora, eureka! Should have carried on toward Galway, but we love driving around in circles in Ireland.

SCarolina--what exchange rate did you get at your bank? If it was good, please let me know the name of the bank.

SCarolina: "My bank charges only a 15 dollar fee, so I can get a few hundred Euros before I go and have less hassle. An intelligent person gathers all the facts and makes the best decision for their circumstances."

I hope that "all the facts" included what the exchange rate was vs. current market rates and not just the $15 fee.

When I asked at my bank about exchange rate to get euros, I was assured by the young teller "it's the market rate..."

I don't think he had a clue about buy rates vs sell rates, cash vs. electronic/interbank rates.

I'm sure many uninformed bank customers are similar assured by even less informed bank employees.

Maybe it is because I am in a major area for tourists, but for the last 20 years I have been changing about $200 USD for Euros or pounds at an excellent local office in Miami. I have found that it helps to have enough for arrival taxis, or incase I arrive very late..My rate has always been better than the foreign airport rate. I also check on the conversion rate my credit card charges for my charges in a foreign country. Some cards charge 3% and some as low as 1%. That is another cost that adds up if you use your credit card for big items.
It all depends on how much research you want to do. Find out the $ to euro rate in the newspaper or internet. Call the credit card company about their conversion rate.

>>>I have found that it helps to have enough for arrival taxis, or incase I arrive very late<<<

What does arriving late have to do with anything? The ATM machine is sitting there no matter what time you arrive.

>>My rate has always been better than the foreign airport rate.<<

Foreign airports don't have rates. You must have used an airport money exchange service instead of an ATM machine. Exchange booths in the airports (or elsewhere)don't have good rates and I don't think anyone would ever advise using them. The best rates are from the ATM's.

>>>As far as the whole exchange thing, I visited my bank yesterday and a financial advisor and I decided to exchange before I went. <<<

Of course the bank's adviser is going to tell you to exchange at their bank so they make money off of you instead of someone else.

nexttrip--Visa and MC give you the best possible rate on both credit card purchases and ATM withdrawals--unless you find a crazy source of foreign currency that likes to lose money on exchanges. Even with the 1% Visa/MC network fee, the ATM rate will beat any other rate you can find. Again, this is true unless your source likes losing money on its transactions--and I have not found any source like that.

So why don't you give us the name of your source?

Euro is down $1.261 now...of course, the dow is down >500 points.

So on the one hand, my trip to Europe will be cheaper, but I just lost big $$$$ in the market...

"So on the one hand, my trip to Europe will be cheaper, but I just lost big $$$$ in the market..."

At least you're getting to Europe while the euro is lower. I just lot big $$$$$ too but I'm stuck here envying people who will be in Europe. Poor me!

Forget the loss, it will recover eventually (she said hopefully). Just go and have a great time.

Bon voyage!

If you are leaving Tuesday it will be hard to purchase Euros ahead of time here in the US. When I went to Europe in 2008, the bank here had to send out of town for them and it took several days. I took about $400 US in Euros with me, and was so glad I did. My granddaughter woke up the morning of our leaving for Europe with a sore throat. We were arriving in Rome on a national holiday. Had to take several cab trips, to pharmacy because closest was closed for the holiday, and visit to hospital. I am so glad I had the euros, and not have to worry about trying to find an ATM. In addition to all this, our luggage did not arrive with us! What a fun day, but it worked out and we had a great time. I feel that it was well worth spending the money for the exchange here.

If you belong to AAA, they exchange at the current rate for NO fee. Just give them a few days to get the money. I realize that it is too late for the initial question, but may help out others.

Cricket808285: "If you belong to AAA, they exchange at the current rate for NO fee"

I belong to AAA, and I would never get currency there. Sure there is no "fee" - but they do jack up the rate so it ends up costing you a fair bit . . .

"An intelligent person gathers all the facts and makes the best decision for their circumstances. What will work for one, does not constitute a good fit for another."

That's true, and the facts are that the rate is better at an ATM than at a bank, AAA or airport exchange. ATMs are plentiful at airports but if someone is worried or afraid they can't find one (?) and willing to pay an exchange fee to buy euros in the U.S. at a higher rate, then do it. Maybe it's best for your peace of mind, but is not the best rate.

The OP asked what is the "best" way and that is using an ATM.

"If you are leaving Tuesday it will be hard to purchase Euros ahead of time here in the US."

That was a Tuesday in September 2009.

>>>If you belong to AAA, they exchange at the current rate for NO fee<<<

Only certain AAA's offer that service.

Well i am in Australia and heading to Europe next month. I plan on using ATMs with my Visa debit card but i have been told by my credit union that the fee each time i use the machine will be $2.50 and the exhange fee will be 2.5% on monies taken. After ringing a few banks this seemed to be the best rate i could get....does anyone know of anything better???

deeza: "does anyone know of anything better???"

That is fairly typical. It is still cheaper than exchanging currency or buying at home.

The 2.5% id mostly likely the general 1% visa fee plus 1.5% tacked on by the bank. Some banks may offer a teensy bit better deal -- but not enough better IMO to warrant messing w/ opening new accounts/getting new cards.

deeza - Are you talking about a Visa prepaid card? Every time I run into someone from Australia in Italy that is what they are using, not a regular ATM card. The prepaid Visa's are expensive to use. You have to pay to load money on it and pay to withdraw.

The visa card is an actual debit card not a prepaid card...it is linked to my cheque account which is very handy. My husband agrees with you janisj..its not worth messing around opening new accounts etc....I just hate giving the banks more of my money...oh well...!

AAA sells you euros at THEIR current rate, not at the interbank rate you get at an ATM. Currently the AAA rate is about $1.35 per euro, compared to $1.27, or a 6%+ markup. It might be worth it for the convenience, or it might not--it just depends on your situation.

Euro is currently below $1.24 now. And looking ahead, it could drop further, according to Bloomberg:

"UBS AG said the euro will reach $1.15 by December and $1.10
by the end of 2011, in a report dated yesterday, trimming its
previous forecasts for the currency to trade at $1.30 and $1.25, respectively."

....actually I just read another report predicting parity between the euro and the USD by the end of 2011...

OK, one twist on the original question. I will be staying at B&B's which do not accept credit cards as payment and want cash. I will be using two rooms each night for my family of four. My debit card daily limit is too low to pay for the rooms and any other items that I may need to pay cash for. SO I bought Euros here. Not a ton, but enough to pay for a few nights so that I can then use the ATM's when I arrive but will have enough starting cash. Shopped around, got an OK rate. Maybe the Euro gets cheaper shortly. Maybe not. Either way, I'm going and the B&B's I'm staying in my first six nights will all get paid cash. This IS a lively discussion, isn't it!?

DrT: To get over that problem, many of us ask our banks to temporarily raise out daily limits. Most Banks do it w/o any hassle. Also -- if you and your wife each have a car on the same account, you each can withdraw up to the daily limit.

The bottomline take message I got from reading this and other threads is this:

-have some backup US dollars on you, as I do here anyway, about 200$ (that is just for MY peace of mind)
-use an ATM at the airport for initial euros (also probably about $200-300)
-alert my bank and capitol one cards that I will be traveling on said dates
-use my capitol one card for everything else I can since there is no fee with it.

Does this make sense?

as a backup, I think I will set up a schwab account and card since they also don't charge fees. Last time I went to europe, I didn't know to alert my credit card and capitol one was frozen on me halfway through the trip. I ended up having to use my visa card which cost me about 3% on all purchases.

oh yes, and I will check with wells fargo to make sure they don't charge overseas atm fees.

I read this on my bank's website:

Wells Fargo will assess a $5.00 fee for ATM cash withdrawals made outside of the United States and a 3% foreign currency conversion fee for Point of Sale purchases made with your ATM Card or Check Card. The owner or operator of the non-Wells Fargo ATM may also charge an additional fee.

ncounty--in Europe, a bank ATM will not charge an additional fee. Wells Fargo seems to be quite aggressive in charging fees.

I wrote to them, Paul, and they confirmed the $5 fee but no mention of the 3% fee. I wonder if that is additional only for point of sale purchases, like when you use it as a debit card rather than just withdrawing money from an atm.

They did say that they allowed my particular type of account 4 free atm withdrawals per month from non-wells fargo machines. I can manage ten days fine with 4 atm visits.

I take out the maximum amount per transaction in a foreign ATM. I get charged the fees so may as well get the most currency at one time.

As an FYI, I bank with Chase and I learned today that they do not charge a transaction fee per se to get Euros here in the U.S., just the exchange rate. While it appears they pad the exchange rate a bit (about 1%), it is significantly more cost effective (about $4 vs $15) to get Euros here rather than from an ATM in Europe. Chase charges $3 + 3% for ATM withdrawls & 3% on credit card charges (about the highest around). But, I live in Chicago and have to go to the main building, as my local branch does not have Euros, so it might not be feasible for everyone.

soccer1: I doubt that is true - very much doubt it.

What rate are they quoting you?

It's a hell of a lot more than 1%....at this instant in time, the euro = $1.3175...check what chase wants for each euro right now

Yet another traveler falling victim to the ole "no fee" ploy, simply quoting "the exchange rate" and not actual numbers.

If chase was indeed selling you euros at the interbank rate + 1% then 100 euros would cost you a net of $133.

soccer1, please tell us the real $ it will cost you to get 100 euros at Chase Chicago. I'll bet you it isn't $133.

When I was in Paris, I found the best rates at the time were at the local Post Office.

Jesse

This has to be the best thread on ATMs, exchange rate info, etc. that i have seen on the web. I have been searching many other travel site forums and they don't go in depth like this one. I will be asking my CU tomorrow on their ATM card fees and use over seas. I was initially gonna apply for the CapitalOne credit card since they have no foreign transaction fees, but i will ask my CU if their debit/credit Visa card also voids transaction fees. Btw, i asked Bank of America the other day about how much they charge for U.S dollars to Euro and they said if you exchange $1,000 U.S or more, they will waive the $7.50 shipping fee. However, they told me their exchange rate is 'retail' whatever that means which is $1.5046. From what i've seen on the web, the current exchange rate is $1.4273, so i would be getting ripped off pretty bad. Will post again tomorrow. Thanks.

See this Link

http://irelandyes.wordpress.com/2011/07/18/ireland-top-10-money-tips/

You NEVER get the rate in the newspaper. My banks add 5-7%.
Every currency transaction has two components that you need to know: the fee and the exchange rate.

Banks, exchange bureaux, hotels, guy on back street...they all get to set the exchange rate at whatever rate THEY want. Thye only thing that is fixed is the rate in the newspaper. That is the rate that, with volume, that they can BUY their euros at. It is not reflective at what they will SELL it at. They need to make a profit on the business. A bank in NA selling euros to you has a different overhead than one in Europe.

So when I see 'no fees', I know they are tampering with the exchange rate. They are not charities.

Occasionally you will get a better rate in some countries than the posted rate for cash, since the locals want cold hard cash. We found that in Turkey.

I found out my CU ATM card charges 1% on any foreign transaction plus $1.50 ATM fee. They said the ATM card is not part of all partner networks in Europe thus i will have to pay the $1.50 fee every time i withdrawal cash which is no big deal. I'm pretty sure the ATM machines in Europe will charge me an ATM fee also, but probably a couple bucks at most.

I also found out my Chase credit card charges a 3% foreign transaction fee. Last month, i was sent an offer for a Capital One credit card which i discarded, but i might have to contact them again to see if the offer is there...

btw, i am not going to Ireland, but Spain and France.

"I'm pretty sure the ATM machines in Europe will charge me an ATM fee also, but probably a couple bucks at most. "

Nope. The only fees will be assessed by your own bank or CU. (assuming you use a bank-owned machine and not a privately owned one like in a convenience shop)

"Nope. The only fees will be assessed by your own bank or CU. (assuming you use a bank-owned machine and not a privately owned one like in a convenience shop)"

This is the key.. Ireland does not to my knowledge have any privately owned ATM. UK on the other hand does, this includes the bit in the north east of Ireland under British jurisdiction so watch out for none bank machines up there.

>>>Michel_Paris on Aug 15, 11 at 9:34am
You NEVER get the rate in the newspaper.<<<

I always get the rate in the newspaper + 1% my credit union tacks on (they didn't charge even 1% until the last couple of years). Perhaps you should change banks. You can check what rate you were actually charged when you get your bank statement by using the history functions on Oanda or XE. You can search the transaction date to get the rates for that date.
http://www.oanda.com/currency/historical-rates/

>>>I found out my CU ATM card charges 1% on any foreign transaction plus $1.50 ATM fee.<<<

That's a decent rate. You want to withdraw the max each time from an ATM that has your logo (Star, Cirrus, etc). You need to know your daily maximum withdrawal limit and convert to euro before withdrawing so you don't ask more than your daily limit. At today's rates, $400 = 278€, so if your limit is $400, you can't ask the machine for 300€ or your transaction will be rejected (300€=$430). I haven't been to Spain lately, but in Italy many machines only have 250€ as your maximum choice.

>>>I also found out my Chase credit card charges a 3% foreign transaction fee.<<<

If you have a credit union credit card, you will probably get better rates with it. You need to notify them in advance you will be traveling and using the cards so they don't block it.

Good info everyone!
My ATM debit card has the VISA logo which i could use for purchases at restaurants,stores, etc. but i only want to use it for cash withdrawals at ATMs. The CU told me that their credit card has the same foreign transaction fee(1%) just like my debit. Basically, the terms are the same for both cards. I think i will apply for the CapitalOne credit card since i plan to travel annually anyway. It would be worthwhile. Thanks again.

oh forgot to mention that my CU said i could only withdraw $500 at a time

Glad my original post almost a year ago is still helping people. We have now been to Ireland twice and never had trouble getting money out of an ATM. We did make sure we told our CU that we would be going overseas, how long we would be gone, approximately how much we would need to withdraw each time, and had a notice put on our VISA that we would be using it a lot during that time period, so they would not think someone had stolen it and was using it illegally. NO problems with any of this. We can't wait to go visit Ireland again; our dream is to spend 6 months a year there IF retirement is possible in the next 5 years. I pray the global economy will improve for us ALL!

I went to Africa in March and phoned bank to inform them. For ATM card, there was no process to tag the bank accounts. For my VISA card, yes.

I'm headed to Rome soon and I plan to use my ATM card to withdraw money at the airport when I arrive. However, I know I need about $1000 USD the first day to pay for my vacation rental. My maximum that I can take out per day is $500 UDS. My bank suggested I request a cash advance from a bank in Rome. That way I can take out whatever is in my account. Is this a bad idea? Would I essentially be opening myself up to getting screwed with more fees and bad exchange rates?

Matt_Stone: A cash advance will be treated like a credit card loan. Usually a bad idea. Normally you can just ask your bank ro raise your daily limit --even if only temporarily.

I've never had my bank refuse to raise mine-- usually to $1000 but once to $1500..