Paris exchange rate / bank fees, need help!
Oct 2nd, 2008, 08:03 AM
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Paris exchange rate / bank fees, need help!
Quick question about bank fees in Paris. I need to come up with 1200 euros at the end of our week in Paris to give to the owner of the apartment in Barcelona the next day. We were wondering what the best way to do this was. I prefer not to carry that much cash, so I don't want to get in here in the States before we leave and then have to worry about it for a week.
So my two choices are:
1. Withdraw a little bit each day off of our credit card by ATM, so that we are in Paris so that by the end of the week we will have 1200.
2. Buy traveler's cheques here in the amount of 1200 and take it to the bank in Paris and cash it the day before we fly to Spain.
What I am trying to determine is which one is cheaper? The credit card charges 3% to withdraw off the ATM and gives the best exchange rate. I also know that the banks charge a percentage to cash money orders too, does anyone know if it's more than 3%. How is the exchange rate at the bank compared to off a USA based credit card?
I like to use the credit card for the miles, but if it's cheaper to cash a TC at the bank, that would be SO much more convenient than having to remember to go to the ATM every day. Also, if we max our credit card withdrawl limit each day we might cut into our daily spending money.
Any thoughts? Anyone use traveler's cheques anymore? I always thought this was an antiquated method these days, but the apartment owner suggested it?
Any advice is appreciated.
So my two choices are:
1. Withdraw a little bit each day off of our credit card by ATM, so that we are in Paris so that by the end of the week we will have 1200.
2. Buy traveler's cheques here in the amount of 1200 and take it to the bank in Paris and cash it the day before we fly to Spain.
What I am trying to determine is which one is cheaper? The credit card charges 3% to withdraw off the ATM and gives the best exchange rate. I also know that the banks charge a percentage to cash money orders too, does anyone know if it's more than 3%. How is the exchange rate at the bank compared to off a USA based credit card?
I like to use the credit card for the miles, but if it's cheaper to cash a TC at the bank, that would be SO much more convenient than having to remember to go to the ATM every day. Also, if we max our credit card withdrawl limit each day we might cut into our daily spending money.
Any thoughts? Anyone use traveler's cheques anymore? I always thought this was an antiquated method these days, but the apartment owner suggested it?
Any advice is appreciated.
Oct 2nd, 2008, 08:31 AM
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Every debit or ATM card I know of gets better rates than TCs (some of them <u>far</u> better). Some of the card issuers don't even charge any markup on the currency exchange. Mine (Schwab Investor Checking) doesn't, and it rebates any fees charged by the ATM I choose. It also absorbs the 1% International Service Assessment charged by the networks.
The net effect of all of this is that it doesn't cost me anything <i>at all</i> to get cash when I travel.
The net effect of all of this is that it doesn't cost me anything <i>at all</i> to get cash when I travel.
Oct 2nd, 2008, 08:39 AM
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Many French banks, with the euro, don't change money anymore IME - not sure about Paris but you may have to change checks at the train station or streetside Change booths that pay dismal rates and can charge for each cheque cashed.
Not sure but do more investigation about how to cash cheques without a seriously low rate - even in banks you'd get a much lower rate than the ATM
I'd let your local bank know that you need to get that many euros out of the ATM and i believe your local bank can arrange to up your normally daily limit of $250 or so so you would not have to do it every day
You could also investigate having a major bank in the U.S. wire the money into the bank account of the Barcelona apt owner
Not sure but do more investigation about how to cash cheques without a seriously low rate - even in banks you'd get a much lower rate than the ATM
I'd let your local bank know that you need to get that many euros out of the ATM and i believe your local bank can arrange to up your normally daily limit of $250 or so so you would not have to do it every day
You could also investigate having a major bank in the U.S. wire the money into the bank account of the Barcelona apt owner
Oct 2nd, 2008, 08:50 AM
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Giulia,
You wrote "Withdraw a little bit each day off of our credit card by ATM, ".
I want to verify that you meant to write "Withdraw a little bit each day off of our debit/ATM card associated with our checking account at home."
You do NOT want to get money from an ATM with a CREDIT card. Such a withdrawal will be considered a loan and you will be assessed a high finance charge as soon as you make the withdrawal--no grace period.
You wrote "Withdraw a little bit each day off of our credit card by ATM, ".
I want to verify that you meant to write "Withdraw a little bit each day off of our debit/ATM card associated with our checking account at home."
You do NOT want to get money from an ATM with a CREDIT card. Such a withdrawal will be considered a loan and you will be assessed a high finance charge as soon as you make the withdrawal--no grace period.
Oct 2nd, 2008, 08:52 AM
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I've paid large expenses before using bank drafts. In my case I mailed the draft.
Essentially a "cheque" that is in euro, drawn from a bank in Paris. My bank happened to use Societe Generale as its french clearing bank. No fee for the person to cash, and only cashable by that person. Cost for me was ~$7.
Essentially a "cheque" that is in euro, drawn from a bank in Paris. My bank happened to use Societe Generale as its french clearing bank. No fee for the person to cash, and only cashable by that person. Cost for me was ~$7.
Oct 2nd, 2008, 09:13 AM
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I cash traveler's checks in Paris all of the time. Have been cashing them at the AmExp office on the rue Scribe(across from the old opera house) since the 70s. I was just in Paris in March and cashed them there again.
I'm aware that most people prefer using an ATM card. I'm one that prefers not to. One reason is that my bank charges $5.00 per transaction and there are other reasons that I don't care to go into.
As for cashing traveler's checks at AmExp, in Paris, the exchange rate isn't all that bad...not nearly as bad as some make it out to be. I got a quite decent exchange rate in March. I posted this info on one of the threads. You can do a search and maybe can find it.
Now, if you're nervous about the exchange rate, then you can use the ATM card. But, I'd also take the traveler's check,too....just in case there's a problem with the plastic...like the machine eats the card, the machine doesn't work, or the card is declined for some reason, or fraud has been committed on the card...I won't even go into that one.
I could have been stranded in Bangkok last summer on a declined piece of plastic...credit union cash card/Visa that doesn't charge exchange fees. Thailand happened to be on the high fraud list which my credit union didn't tell me even though I told them...was there in PERSON... that I was going to Bangkok and they had even okayed the card to be used there. But, thank goodness I had lots of cash, traveler's checks...which are very easy to cash there, my ATM/check card issued at my bank in that country and a credit card. So, I was able to pay my rent.
For me personally, using traveler's checks in Paris, is headache free. I like to cash most of my money at the beginning of my 7-8 day stay and not have to worry about it the rest of the stay. I also take along a credit card for big purchases. And on the last trip, I actually did take along the credit-union ATM card in case of a dire emergency, but never used it.
Happy Travels!
I'm aware that most people prefer using an ATM card. I'm one that prefers not to. One reason is that my bank charges $5.00 per transaction and there are other reasons that I don't care to go into.
As for cashing traveler's checks at AmExp, in Paris, the exchange rate isn't all that bad...not nearly as bad as some make it out to be. I got a quite decent exchange rate in March. I posted this info on one of the threads. You can do a search and maybe can find it.
Now, if you're nervous about the exchange rate, then you can use the ATM card. But, I'd also take the traveler's check,too....just in case there's a problem with the plastic...like the machine eats the card, the machine doesn't work, or the card is declined for some reason, or fraud has been committed on the card...I won't even go into that one.
I could have been stranded in Bangkok last summer on a declined piece of plastic...credit union cash card/Visa that doesn't charge exchange fees. Thailand happened to be on the high fraud list which my credit union didn't tell me even though I told them...was there in PERSON... that I was going to Bangkok and they had even okayed the card to be used there. But, thank goodness I had lots of cash, traveler's checks...which are very easy to cash there, my ATM/check card issued at my bank in that country and a credit card. So, I was able to pay my rent.
For me personally, using traveler's checks in Paris, is headache free. I like to cash most of my money at the beginning of my 7-8 day stay and not have to worry about it the rest of the stay. I also take along a credit card for big purchases. And on the last trip, I actually did take along the credit-union ATM card in case of a dire emergency, but never used it.
Happy Travels!
Oct 2nd, 2008, 09:19 AM
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the trouble to me with cashing all you money for the week at once upon arrival means you have to carry around a large sum of cash
But yes the AMEX may well pay better rates - used to be they did not charge commission on their own cheques but not sure about now
But yes the AMEX may well pay better rates - used to be they did not charge commission on their own cheques but not sure about now
Oct 2nd, 2008, 09:28 AM
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Hi GP,
>Withdraw a little bit each day off of our credit card by ATM,
ABSOLUTELY NOT.
That is a loan and will cost you.
If you have a DEBIT/ATM card, that is ok.
It will be cheaper than cashing USD TCs or buying Euro TCs.
>Withdraw a little bit each day off of our credit card by ATM,
ABSOLUTELY NOT.
That is a loan and will cost you.
If you have a DEBIT/ATM card, that is ok.
It will be cheaper than cashing USD TCs or buying Euro TCs.
Oct 2nd, 2008, 09:36 AM
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Pay for anything you can however with a Credit Card as in most cases it seems these days you will get a better bottom line rate than with an ATM
it depends on what you local bank charges you and what your credit card charges for for foreign transactions - call each and ask and then compare which is the better to use - credit card or cash from the ATM
it depends on what you local bank charges you and what your credit card charges for for foreign transactions - call each and ask and then compare which is the better to use - credit card or cash from the ATM
Oct 2nd, 2008, 09:48 AM
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I limit my credit card use to large vendors like department stores, rail, air, and hotel.
Reason: the fewer "mom & pop" stores you entrust it to, the less exposure to fraudulent use.
Reason: the fewer "mom & pop" stores you entrust it to, the less exposure to fraudulent use.
Oct 2nd, 2008, 10:56 AM
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I am calling the AMEX office in my town to find out what fees are involved, I will post any info for anyone else.
I see there are many AMEX exchange offices in CDG, in both arrivals and departures, so that's great if AMEX turns out to be the best option.
I totally agree about the mom and pop shops, in Italy some little shops still print your entire credit card number on the receipt!
I see there are many AMEX exchange offices in CDG, in both arrivals and departures, so that's great if AMEX turns out to be the best option.
I totally agree about the mom and pop shops, in Italy some little shops still print your entire credit card number on the receipt!
Oct 2nd, 2008, 11:24 AM
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Oct 2nd, 2008, 11:25 AM
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American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 2B - Customs Zone
Paris , France 95741 +33 (0) 1 48 164 840
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 2E - Arrivals
Paris , France 95741 +33 (0) 1 48 166 381
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 2E - Arrivals (near terminal F)
Paris , France 95741 +33 (0) 1 48 166 381
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Transfer level - Satellite 3
Paris , France 95713 +33 (0) 1 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Arrivals - Customs Zone - Exit 34
Paris , France 95713 +33 (0) 1 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Arrivals - Customs Zone Carrousel 16
Paris , France 95713 +33 (0) 1 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Arrivals - Customs Zone - Exit 2
Paris , France 95713 +33 (0) 1 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Arrivals - Public Zone - Gate 16
Paris , France 95713 +33 (0) 1 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Departures - Public Zone - Gate 10
Paris , France 95713 +33 (0) 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 2A - Departures - Public Zone - Gate 5
Paris , France 95741 +33
Terminal 2B - Customs Zone
Paris , France 95741 +33 (0) 1 48 164 840
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 2E - Arrivals
Paris , France 95741 +33 (0) 1 48 166 381
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 2E - Arrivals (near terminal F)
Paris , France 95741 +33 (0) 1 48 166 381
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Transfer level - Satellite 3
Paris , France 95713 +33 (0) 1 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Arrivals - Customs Zone - Exit 34
Paris , France 95713 +33 (0) 1 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Arrivals - Customs Zone Carrousel 16
Paris , France 95713 +33 (0) 1 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Arrivals - Customs Zone - Exit 2
Paris , France 95713 +33 (0) 1 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Arrivals - Public Zone - Gate 16
Paris , France 95713 +33 (0) 1 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 1 - Departures - Public Zone - Gate 10
Paris , France 95713 +33 (0) 48 161 326
American Express Foreign Exchange Services Paris Airport - Roissy Charles de Gaulle
Terminal 2A - Departures - Public Zone - Gate 5
Paris , France 95741 +33
Oct 2nd, 2008, 12:04 PM
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As I previously posted, the AmExp office is on rue Scribe, across from the old Opera house. For me it's very convenient to go there as I can take a direct bus there from the 6th where I stay. Plus, it's less than a half block from Galerie Layfayette's Maison store and a block from Galleries Layfayette and Printemps department stores where I go on each trip to window shop anyway.
As for carrying a lot of cash around, I don't. I get my money, put it in a money belt, and then when I get back to where I'm staying just lock it in my safe. This system has been working fine for me, almost annually, and for over 3 decades and without any problems. And it doesn't leave me plastic dependent and having to keep track of ATM expenditures...which personally for me is...priceless. Happy Travels!
As for carrying a lot of cash around, I don't. I get my money, put it in a money belt, and then when I get back to where I'm staying just lock it in my safe. This system has been working fine for me, almost annually, and for over 3 decades and without any problems. And it doesn't leave me plastic dependent and having to keep track of ATM expenditures...which personally for me is...priceless. Happy Travels!
Oct 2nd, 2008, 12:10 PM
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Ok, I just got the scoop. I can go to AMEX here in my town, buy 1200 euro's worth of TC's for a 1% currecny conversion fee. There's no "per cheque fee" on top of that it's just the 1%.
Then, it's SO perfect, we can cash the TC's at any of the AMEX offices at CDG, right before we get on the plane to go to Barcelona for no additional fee.
Problem solved! That's so much better to me than carting around that much cash or having to deal with ATM's. And heaven forbid it get lost or stolen, then I wouldn't be in such a panic.
Hope this info can help someone else too!
Then, it's SO perfect, we can cash the TC's at any of the AMEX offices at CDG, right before we get on the plane to go to Barcelona for no additional fee.
Problem solved! That's so much better to me than carting around that much cash or having to deal with ATM's. And heaven forbid it get lost or stolen, then I wouldn't be in such a panic.
Hope this info can help someone else too!
