Streamliner

Back in the 1990's, when I used to travel to Germany for business, I would always exchange my Dollars for D-Marks at the Deutsche Bank window in the Frankfurt airport terminal. I don't recall them ever charging any huge fees. Is this no longer the case these days? I don't have an ATM or debit card, so I was planning on simply exchanging my dollars for Euros on this next trip? No good?
Any help or advice would be most appreciated. Thank you.

mokka4

There is a big mark up inherent in the exchange rate doing business this way (plus,I'm not sure that a walk-in bank would do this for you anymore). Get a bank card/atm or credit union card for ease and best rates. Compare the cost for Foreign Transaction Fees.

mokka4

Of course, I was advising to use the ATM for withdrawal of local currency...

Robert2533

Exchanging US Dollars for local currency, now Euros in Germany, went out with the introduction of the ATM. As noted, the usual exchange rate for hard currency is between 7% and 12%, far more then you will be charged using an ATM.

BigRuss

<< I don't recall them ever charging any huge fees.>>

Why should they, they screwed you on the exchange rate instead.

I don't know why you don't have an ATM card, you should because it's the least expensive way to change your dollars to funny money and carrying a big roll into a foreign country is usually something that suspicious persons do. That said, you are going to have problems getting cash, and will pay large markups, because you don't have an ATM card.

janisj

If you have a bank account you can most likely go into a local branch and get an ATM card on site. Even if you never use it except for traveling, it is something your should consider.

Pegontheroad

I would not dream of running around with thousands of dollars either in dollars or in Euros in my pocket, and especially without a way of getting more money.

Furthermore, if anything unfortunate happens--if your wallet is stolen or if you lose it (both of which have happened to me), you are in trouble. How will you obtain more money?

If you use a credit card and you have a password for getting a cash advance, you can use that, but you will be charged interest from the day you use it, as opposed to other charges, when you don't accrue interest until after the due date for payment.

If I were you, I'd get an ATM card for use when traveling. You can cut it up when you're back home. My own ATM card charges $5.00 for a withdrawal, no matter how much I get, so I usually get $500 at a whack, and I carry my big money in my moneybelt, which never leaves my body unless I'm in my hotel room.

P.S. Actually, MY wallet wasn't stolen. It was my sister's purse which was stolen, but she had given me her credit card and passport to put in my money belt.

nytraveler

Carrying all that cash simply isn't safe and changing it will be both difficult and costly. Local banks will no longer change currencies - except possibly for their own customers, which means you have to find a bureau de change to change cash. And they will typically charge you 8 to 10% above the Interbank exchange rate.

If you pull money from your checking account with an ATM card you will find machines everywhere and you generally pay 1 to 2% above the Interbank exchange rate (depending on what bank you use). The local bank does not charge for this and your home bank may or may not charge depending on the bank and what other accounts/business you have with the bank.

Citibank is our main bank and because of our other accounts/deposits there they charge us no fees for use of any ATM anywhere in the world and the minimum rate of exchange (I think it's now 1% above Interbank).

You really need to get an ATM card - and yes, you should be able to walk into your bank and get one on the spot.

PalenQ

Call your local ATM bank issuer and tell them exactly what countries you are going to or else they may block foreign transactions as a security measure.