It seems that the consensus is to get euro from an ATM once you arrive for the lowest fees. You might want to exchange a bit ($100-200) beforehand if that makes you feel more comfortable. Or you can stash a couple hundreds in your wallet to exchange upon arrival if for some reason you have trouble with the ATMs at the airport - just as a backup.

Make sure you let your bank know when you are travelling so that they don't freeze your account when they see a foreign transaction. You also should check your withdrawal limit and have the bank raise it if it is too low. Mine was set at something really low like $300 per transaction. That would have been a pain.

You need to double-check foreign transaction arrangements with your home bank to find out fees (if any) and international transaction % charge) (if any).

As a rule of thumb & generally speaking, yes it's a better value to use your ATM debit card and "just to go to an ATM in Europe" rather than buy in advance in the U.S.

Here is a follow-up question: when using an ATM in Europe, is it better to use your normal bank debit card or a credit card debit?

Your normal bank ATM/debit card NOT a credit card! (because it counts immediately as a "cash advance" and in most all circumstances has higher fees and interest rate than an ATM withdrawl).

Let me get this clear. Your saying that it is better to use a credit card, like Capital One, to withdraw money at a ATM.

No I am saying the opposite. Let me try again...

Do NOT use a *credit card* at an ATM machine because that transaction counts as a "cash advance" (not an account withdrawl) which typically bills at the highest rate of interest starting immediately.

(Of course it depends on the exact arrangements of your particular credit card, but the above is true in most circumstances.)

The banks are in the business of making profits. No matter which method you use to exchange currency YOU will lose.

If you are really worried about exchange rates you shouldn't be travelling. They will average out over the trip. Use your money as you normally would.

With cards make sure you have at least two accounts, from different banks, you can access. Keep the cards well separated. If one is lost or stolen you have the other as back up. Carry the account numbers separately as well. Carry the phone numbers of your banks as well.

We are pessimistic and have enough money on cards so that we can pay for the whole trip again, if need be, and claim on insurance on our return.

You do have travel insurance.

Whatever cards you use, make SURE you call the issuing companies before you go to tell them you'll be traveling, otherwise they're likely to put fraud blocks on your cards. Also get the non-1-800 phone numbers you'll need if you have to call from abroad.

What you should worry about are foreign transaction fees and fees for using "foreign" ATMs (ones not owned by your bank). You need to ask your bank and CC companies exactly what they will charge.

Foreign transaction fees are often as high as 3%. Credit Unions generally charge 1%. Capital One charges 0% - for both their checking accounts and credit cards. I just opened an online checking account with them for my next trip because of that - my bricks-and-mortar bank got taken over by Wells Fargo and now charges ridiculous fees. The Cap One account also gives me unlimited free withdrawals - my Credit Union charges $1/per after 5/month.

That's true. If you have a 3% foreign transaction fee on either your ATM debit cards or your charge card (which is not unusual) - over the course of a trip - that likely adds up faster than any of the straight out usage fees (like $0-5 to make an ATM withdrawl from your home bank account).