AisleSeat

Earlier this year we bought some yen before a trip to Japan but the place charged a huge commission. We have generally hit the atm machines in Europe to buy Euros. With the favorable exchange rate we thought it would be a good idea to buy some at this rate for a trip in December. Where can I buy Euros without the big commission here in the US?

chicknpig6

We had a Travelex in our shopping mall in San Diego, search their site for a location near you. http://www.travelex.com/us/locations/default.asp

apersuader65

Ask your bank. They will have it available, it may take some time, but I'd say your bank.

I also heard on another thread of potentially opening an account in a bank where you are going. It'll be in the local currency, so you'll get the rate of exchange at the time of deposit, and you won't have to exchange it when you get there. Many US banks have partnerships with foreign banks, so that would be a start.

Robert2533

Frankly, why bother? You can get a better exchange rate once you reach the airport and hit the first ATM

WillTravel

I typically bother because I've had the experience of my ATM card not working for no good reason.

janisj

The simple answer is -- there is no place you can buy € in the States w/o a fee and/or huge mark up. If you mean buying €100 just to get you through the first day - go ahead, you'll only lose a little on the exchange.

If you mean buying a LOT of cash -- just doesn't make sense. And how would you feel if the € continues to tank? You'd not only lose on the fee, but even more on the exchange.

Currency traders who deal in millions of $/£/€ at a pop, don't always get the timing right. Amateurs don't have a chance.

Peter_S_Aus

How come you can't buy a Visa debit card denominated in Euro in the USA. Banks in Aus offer this, and the service is "free" - there's no fee for the initial transfer of funds onto the card, and the exchange rate is OK (about xe.com minus 2.5%, which is a normal spread for retail banking).

Once you have loaded Euro onto the card, then the exchange rate is locked in. (Some cash is a good idea too - a couple of hundred Euro is nice to have.)

avalon

Amex offices and AAA sell Euros , my Bank of America has a foreign exchange desk. But you do pay a fee, For 100 Euro, just eat it for your peace of mind having some cash to start with

Travelnut

"How come you can't buy a Visa debit card denominated in Euro in the USA"
- - we can, but the fees for loading, using etc. are typically ridiculous and definitely compare poorly with using an ATM card.
- - if there is any chance one of your ATM/debit cards won't work, plan to take a second 'backup' card. (meaning, you might need to have spending money in two accounts).
- - I've never <i>not</i> been able to use my debit card since I started funding myself that way years ago. If I can test it at an ATM here at home, then it will work 'there'. If one machine doesn't agree with me, walk a block to a different one.
- - Agree that it is nice to have a small amount in hand upon arrival, one less thing to slow me down from deboarding to transport to the city. 100€ exchange isn't going to break you.

Michel_Paris

Thanks to technology, going to Europe and getting euro is as comparable as going to Canada and getting $CDN...or me going to US and getting $US.

I've been using ATMs is Europe for..15 years? On occasion I've had to go to a second bank machine because the first did not accept...Cirrus or whatever network I was on, this happened in London last May. So I walked from NatWest machine to Barclay's, 20' away.

I have a couple of bank cards, but have not had to resort to that. The one thing that used to get me confused was..which account does it come out of, since there is no choice at the European machines. It is the primary account linked to that card.

I've also bought ~100 euro at home to tide me over when I land.

clayrr

A couple of thoughts, AisleSeat...

As someone else mentioned, Travelex not only sells currency but offers a pre-loaded debit card in euros. (http://www.cashpassport.com/) I looked into it (going to France in the Fall) and there are fees attached when you buy smaller amounts (e.g., $500), but if you load $2500 onto it there's no fee and the exchange rate is much, much better. If you're planning to spend a week or more, that might not be so crazy.

As for buying now vs December, that is indeed a crapshoot. I read the other day that some experts expect the euro to bottom out at around $1.18-ish. I think that we Americans are so used to being on the weaker end of the exchange for so long that it's hard to accept that things might be better for us for quite some time.

As for cash - depending on where you live there might be alternatives to banks. I'm in Los Angeles and just last week had a little cash I wanted to turn into euros, and by looking online and making a few phone calls, I found a small foreign exchange shop that charged no transaction fee. Saved $4 or $5 on a $100 transaction.

Viajero2

I buy the "landing Euros" at my local AAA office. Since I am a Plus Member I do not get charge an extra agent commission; I pay what AA paid. I never buy a lot as when the "landing Euros" are gone, I just used ATM for cash and CC as much as I can.

AisleSeat

Thanks for all the suggestions. I will check with Bank of America and see what they say.

Paul1950

It depends on what you mean by a big commission.

There is no place in the USA that you can routinely get euros at as good a rate as you can from a bank ATM in Europe. The only exception I can think of is if you had a friend who had excess euros and sold them to you at the current interbank rate just because you are his friend.

Though I guess one could come up with scenarios like a US bank teller or AAA clerk making a mistake and giving you too many euros, or the travelex website having a program glitch, or some random event like that.

Some sources in the USA are not as bad as others, but none will match a European bank ATM.

Turtlehead

So what do you do if you need a large amount of euros? We will be traveling for a week before we go to another city where we are renting an apartment. The owners will meet us at the front door where we will need to pay 1500 eur in cash. I'd rather not have that amount on me while I travel the previous week. Any suggestions?

BigRuss

This is generally not a commission issue, it's a rate issue. You won't get the Interbank rate on your exchange if you buy Euros in the US. You'll likely take a 4-6% hit from your bank in the RATE, which is less visible than a fee or commission of X%. Thus, if the Interbank rate is $1.25 per E, then you'll pay about $1.32. With your debit card, you go to the ATM, get the money at the Interbank rate (the true exchange rate) and pay whatever fee your bank charges (if any), which should be lower than the markup on the Interbank rate.

Paul1950

Explain your situation to your bank and get them to raise your daily withdrawal limit if it isn't high enough to cover 1500 euros. Then you and your travelling companion hit however many ATMs you need to in the day or two before your cash is due. My daily limit with my bank is higher than 1500 euros, so the only thing I have to be concerned about is the individual bank ATM limits.

So if the European bank limits you to 400 euros per transaction, you would have to make 4 ATM withdrawals. If 300 euros, then 5 withdrawals, If 500 euros, then 3 withdrawals, etc. Around a major plaza or shopping district you could probably find enough ATMs to get this done in a few minutes.

There are probably other ways to do this as well, but this is a quick fix and you'd only have to carry the money with you for a day or two.

logos999

It's so simple. You buy German Bunds or the Dutch or Finnish equivalent and sell them again before you leave. My bank buy or sells any amount for 9.90€ plus a small spread. You get the best rate and maybe some interest too. In Europe, you use the ATM. Et voilà you have secured todays rate minus 20€.

Takes me 30 sec over the internet via online banking.

Tiggy22

One of the easiest places to buy euros aside from your bank is at an American Express Travel office. Here is a link to find one nearest you that offers currency exchange services.
http://www.amextravelresources.com/

Dayenu

Bank of America - if you have an account with them, or they will charge $10 per transaction.

Any bank - you can order foreign currency over the phone, they will tell you right away how much it will cost, ask you to which brand they should send it, and when to expect - depends on the bank.