ParisFlaneur

The euro now is down to $.95. I am going to Paris in May and would like to buy euros now to take advantage of the favorable exchange rate. Where is the best place/best bank to buy euros. I know there will be fees involved but would like to check on options.

Thanks for your input !

janisj

>>The euro now is down to $.95<<

No it isn't. And - how do you know the € won't be even lower in 5 months. And - w/ fees you will pay more. And - you really don't want to carry a boat load of cash - using ATMs in Europe to get cash is smarter and safer.

Michael

Right now--1/1/17 9p.m. PST--the euro is $1.05

janisj

My guess is you looked at the rates backwards $1 = .95€

WoinParis

Over theast15 years the rates I have known have been lowest around 0,9 and highest 1,5. $ per €

But Confucius said experience is a lantern that only lights the path you have slready taken.

You will lose about 5pc fee but will have your cash. How much would you buy ?2000 € worth ?
Say You lose 100$ in fee - rate must be higher by ,05 to pay off.
And you'll travel with a lot of cash.

5 months inactivity means you lose 1pc against a conservative interest rate. Add ,01 to pay off.

spaarne

<i> Buying euros in US
Posted by: ParisFlaneur on Jan 1, 17 at 11:07pm</i>

If you want to speculate you can buy Forex futures on the CME, http://www.cmegroup.com/trading/fx/g10/euro-fx.html. It's a crap shoot. In the real world the best deal is usually at ATMs in Europe. At any bank in the USA you will be charged 10% more.

Wekiva

Regardless of the rate we almost always land with about $100 in local currency at our first location. It's ATM from that point forward. I've got too many things on my mind when I land, luggage, kids, tired etc. No reason to mix in getting money at that same time to grab a snack or a taxi.

janisj

$100 is one thing but it sounds like the OP is talking about <i>real</i> money . . .

ParisFlaneur

Thanks for the conversation. Having been squeezed in the past by a strong euro, I have been happily watching the rate drop in favor of the dollar -- and the tourist. But my travel financing has long relied on local ATMs and that is probably still the best strategy. I thought if there was an easy way to snarl away some lost cost euros I would do it, but that doesn't seem the case.

Thanks again for the input...

Sarastro

One strong indicator of the dollar to euro ration will be what happens to US interest rates. As they rise, and it is highly anticipated interest rates will, expect the euro to drop accordingly against the dollar.

Many observers believe that the dollar will be very strong against the euro this year, reaching parity at some point. I would not be in a rush to make an exchange of dollars for euros anytime soon; particularly within the US where costs of doing so are very high.

Use ATMs when you get to France. Some credit cards might give you an even better rate.

fuzzbucket

I think it's always wise to obtain the foreign currency of any country I'm visiting before my trip.

You won't need much - maybe the equivalent of 200 "units" - but it will help first-time visitors, in particular, get to their lodging and perhaps have something to eat or drink if there is a travel delay. The bank charges a fee for this convenience, but not an excessive amount.

There are times when machines "go down" to be serviced, there are long lines to use them, or your cards might not work.
After you get settled, you should rely on ATMs exclusively.

ssander

Points, many of which have already been made...but I am reinforcing:

-- You get the best rate at ATMs in Europe.

-- You get hosed in the US when you convert.

-- Your next best rate is paying by credit card (assuming you have one without a foreign transaction fee.)

-- It's a good idea to bring approximately 75-100€ with you, for convenience, and in case you have an issue at the airport ATM or your credit card. You might need it for transport to your hotel.

-- It's a very bad idea to travel with large amounts of cash. Get your large amounts after you check into your hotel (which, hopefully, will have a safe) and have rested after an overnight trans-Atlantic flight.

Repeat travelers know these things. I always bring ~80€ (or GBP) back from each trip to take with me on my next trip...but if I didn't have them, I would get ~100€ (never more) at AAA or some such place so that the exorbitant fees don't hurt too much.

ssander

WoinParis

I have in my backpack leftovers from previous trips that allow me to take a taxi to my hotel - at least. HK$ shekels zlotys leis usd etc. my daughter stole my reserve of striking pounds...
I usually jump on the first ATM I see.

Macross

I have bought before going when the exchange rate was good but have a money market account and my bank charged me a very low fee so I came out ahead. I did it with two others since we all three needed cash for apartment rentals as soon as we arrived. Not Paris btw so don't go there. It was for Germany where cash is still king in many parts. We had done paypal for deposit but they wanted cash on arrival for balance. I now try to bring back enough to get me started for the next trip.

mjs

I keep about 100 Euros or Pounds when I leave Europe so I have some cash for the next trip. I however go to countries with other currencies so I just rely on a airport ATM machine. I have been to over 50 countries+ in 5 continents my life and have never not been able to use an ATM at the airport. In the worse case scenario I suppose you can use one of those currency Kiosks. You also I imagine have a credit card or two. I do make sure everyone in my party has an ATM card linked to an account with some money in it just in case I lose mine. (did that in Salta once) Also keep backup cards in hotel safe.

Gretchen

A report I heard a day or so ago is that the dollar will be even stronger on into the year. And the local aTM will still give you the best rate overall.
It's great for American travellers--not so great for american manufacturers.