crs7568

I was hoping that someone could help me. I was just sent information by Rail Europe about purchasing Euros before leaving for France in a few weeks. My plan had been to just use my credit card but I see that it can add up to 3% in extra fees for every purchase. Is it a good idea to purchase currency ahead of time to avoid the 3% credit card fee? Also, is it just as simple to bring cash from the US and exchange currency when I get to Europe? Thanks for any advice.

Bird

I wouldn't bother. I would wait until you get to the airport in France and use your ATM card for currency. The exchange rate from your bank will be much better. Make sure you know your PIN before leaving. (Numbers, not letters) I wouldn't take a lot of cash either, for security reasons.

nibblette

There are lots of threads regarding this topic. if you do a search, you'll find them.

But basically, if you need cash, the ATM is most often the best way to get euros. There are several ATMs in the airports. Always check to see what your bank's fees are for using out of network banks. The French banks will not charge a fee. Except for your banks fees, the only other charge is the 1% currency conversion that most banks pass on to their customers.

Purchasing euros ahead of time in the US will often cost you more than the 3% CC charges. But it is up to you. You may want to have a small amount of euros before you arrive (most recommend $100 equivalent). Exchanging cash in France will also cost you more than 3%. Best to use your ATM card for cash.

Some people like to have euros in hand before they get to France. I usually will save some from my last trip for this. But if I have none, I just get them from the airport ATM.

I use credit cards for everything I can. Not all CCs charge 3%. Many charge o or 1%. Capital One charges 0. It does not even pass on the 1% from MC/Visa. Others including USAA only pass on the Visa/MC 1% conversion fee.

Be aware of the spreading phenomenon of dynamic currency conversion. It does not appear to have taken hold in France yet but this may change. DCC is where the merchant automatically converts your charge into your home currency at an inflated rate. This is often 3-5% above the official rate. You do NOT have to accept this despite what the merchant may say. You have every right to demand that the charge be cancelled and redone in THEIR official currency. If they continue to refuse, write on the charge slip, no currency choice given, refuse conversion, and challenge the charge when you get home.

Have fun on your trip!

Nikki

The consensus of the many threads that have appeared on this subject is that exchanging dollars for euros, either in the US or abroad, is much less cost effective than using ATM cards or credit cards, even if you have to pay the 3% conversion fees charged by some credit cards.

suze

Using an ATM card after arrival is the most effective and efficient. It costs only what fee your home bank imposes for an international transaction (if any, typical $0-5USD) and gives the going daily exchange rate.

If you really feel the need to have currency before arrival it's a toss up: order it from your own home bank, buy it online, buy it at Thomas Cook or AAA, or at your departure airport all these methods involve some fees &/or poor rate of exchange.

You can bring U.S. cash and go to a bank to exchange it, but that is not really "just as simple" and I am not sure what fees or exchange rate you will get. Some banks will not do this for non-customers so you may end up at an exchange bureau instead (again possible fees and poor rate of exchange).

suze

Is Rail Europe trying to get you to buy euro thru them? Aren't they the agency that marks up the train tickets significantly?

elaine

yes, suze, they are

suze

Thanks Elaine. It was the mention of Rail Europe that caught my eye in this post. I never purchase train tickets ahead of time myself, but read on Fodors that this agency upcharges tickets something like 30%. What a deal!

Patrick

I hate to sound obvious, but of course it's a good idea to buy the currency before you go IF it's going to SAVE you the 3% you figure credit cards will cost you (although you could save 2% of that with a different credit card or probably 3% by using an ATM card). But of course, the bottom line is WILL you save the 3%? If you think there's someone out there willing to "sell" you the currency and not make anything for doing it, I think you're sadly mistaken. All you have to do is find out how much it's costing you to buy that currency. I doubt you'll end up doing it when you find out the answer.

Intrepid1

I agree with using an ATM in Europe but I do NOT agree that RailEurope and other agencies consistently mark up rail ticket prices "significantly."

We recently took a night train from France into Spain and were unable to purchase the tickets on the SNCF site so I had to use RailEurope. Except for the shipping and handling fees of $15.00 the price charged by RailEurope was exactly the same as that listed on the Voyages-SNCF site.

MissPrism

I visit Italy regularly from the UK and always bring some Euros back with me to use when I return.

If I were you, I'd buy a few before you go just for peace of mind.
After that, you can rely on cash machines and credit cards.

suze

Intrepid, I was repeating what I had recently read on Fodors (and said so), someone posted that Rail Europe marked-up tickets 30%. I had no personal experience or idea if that was true or not.