jazzie0498

I had been planning to bring US dollars to Europe and just exchange them thru a money exchange counter. How are the conversion rates if I will exchange currency thru them? And if I will use an ATM machine, how much does the ATM charge? I will be using Capital One Visa since they dont have any foreign transaction fees but they charge 3% for every cash advance. My question is the charge from an ATM machine? Thank you.

bvlenci

At a money exchange counter, you'll get a terrible exchange rate, costing far more than any charges your bank will make on your card.

I don't think we've ever been charged a fee for using an ATM in France, except the fee our own bank charges for not using their own ATM. I know that in Italy, no banks charge for using their ATMs. However, even if your bank charges a fee, it will still be a lot more economical than changing money at an exchange service, and also safer.

sparkchaser

<i>How are the conversion rates if I will exchange currency thru them? </i>

Horrible. Avoid this route if possible.


<i>And if I will use an ATM machine, how much does the ATM charge?</i>

Typically at bank-owned ATMs (as opposed to ATMs that are owned by a grocery store or casino) will not charge you a fee for using their ATM; however, your bank will very likely charge you a fee for using their debit card. Ask your bank for details. FWIW, my credit union charges me $1 for using a non-credit union ATM.

<i>I will be using Capital One Visa since they dont have any foreign transaction fees but they charge 3% for every cash advance. My question is the charge from an ATM machine? </i>

I would avoid using a credit card to get cash advances as the interest rate is typically much higher for a cash advance than a purchases. If you do insist on using a credit card, the bank's ATM will not charge you but the CC company might. Call them and ask.


Best thing to do is use a debit card to withdraw money from an ATM.


This topic has been discussed before several times.

For further reading:

http://www.fodors.com/community/euro...opean-atms.cfm

http://www.fodors.com/community/euro...e-question.cfm

http://www.fodors.com/community/euro...s-to-euros.cfm

http://www.fodors.com/community/euro...ange-funds.cfm

http://www.fodors.com/community/euro...and-turkey.cfm

http://www.fodors.com/community/euro...y-399618-2.cfm

http://www.fodors.com/community/euro...withdrawal.cfm

http://www.fodors.com/community/euro...tm-machine.cfm

http://www.fodors.com/community/euro...eed-advice.cfm

http://www.fodors.com/community/euro...tms-charge.cfm

Sarastro

French bank ATMs charge nothing to use. Typically, the entity making the currency exchange, Pulse, Maestro, or Sirrus charge 1%. Any other charge comes from your local bank.

Not all exchange bureaus are equal. I can give you the names of 3 which charge no more than 2% but for the most part, I would avoid them:

http://www.bureaudechange.fr/
http://www.ccopera.com/
http://www.fcochange.com/

DebitNM

<b>Never use credit card to get cash! </b>While Cap One would charge 3% fee to get cash out of ATM, it doesn't stop there!! --it is like a <u>loan and you will be incurring interest on the money from the time of I withdrawal til it is paid in full at a very high rate of interest - 14% or more!

jazzie0498

Thank you all so much for your comments! Good to know I don't need to bring cash, well only a few dollars....�� Ill have to call my bank and check the fees of my debit card when taking cash out. You all had save me a lot of hassle. I appreciate all of you! ��

Robert2533

Bank of America is the only American bank that has no ATM withdrawal fees when using BNP Paribas ATMs in France, but you still pay the debit card fee.

This is from Bank of America:
Be prepared before using an International ATM.
Before you use your card to get cash from an international ATM it pays to do a little research. When you use a foreign ATM, you could be charged a variety of fees, including non-bank ATM usage fees, ATM operator access fees, and international transaction fees for conversion to U.S. dollars. One way to limit such fees is to use your Bank of America ATM or debit card at one of our international partner ATMs. This enables you to avoid the Non-Bank of America ATM $5 usage fee for each withdrawal, transfer or balance inquiry as well as the ATM operator access fee.

Keep in mind that when you use your debit card to withdraw money from an international ATM, Bank of America will assess an international transaction fee of 3% of the converted U.S. dollar amount. Foreign ATM operators may offer to do your currency conversion for you, but they may charge a higher fee for conversion. You can refuse the foreign ATM conversion and be assessed the 3% Bank of America international transaction fee instead.

DebitNM

I can use my Cap One ATM card at any European ATM machine and have NO FEE at all. The same for my Andrews Federal Credit Union ATM card.

StCirq

My credit union also charges NO FEE at all for a withdrawal from a European bank.

Christina

I also know some currency exchange places in Paris with low rates, but it is maybe 10-12 pct at the airport. I think the OP doesn't realize that you should get cash with an ATM card, you absolutely do not do cash advances on credit cards, if you want to save money. That's basically taking out a short-term loan.

But getting a currency exchange booth to charge less than 3 pct won't be easy and not worth your time searching them out when there are ATMs on every corner practically.

kerouac

Keep in mind that a lot of people write "credit card" as the generic name of any piece of plastic.

bvlenci

On a recent trip to London I first saw an ATM that offered to do a currency conversion for me. I've been offered this "service" in shops before, especially in England and Ireland (pre-euro). You should always insist on doing transactions in the local currency, to avoid unfavorable exchange rates. Your bank or credit card company will always give you a better rate.

Andrew

Yes, bvlenci, when I was in France and Germany last month I saw the same thing: several of the ATMs offered to charge the withdrawal "in my own currency" - aka Dynamic Currency Conversion (DCC). This is a disturbing new rip-off; the only benefit I can see is for people really bad at math or who just want to see what the cost of their withdrawal is in their own currency, without checking later. Otherwise, you're paying a nice little unnecessary fee.

Several hotels offered to do the same thing when charging my credit card. I always declined, of course. None of my cards charge any currency conversion fee or ATM usage fee. There was no benefit to me at all to not being charged in Euros.

Kathie

"Bank of America is the only American bank that has no ATM withdrawal fees when using BNP Paribas ATMs in France, but you still pay the debit card fee."

Not true, there are plenty of cards that charge no fee for use of a foreign ATM, and some that even reimburse any fees charged by the foreign ATM. Some good bets for finding such cards: credit unions, brokerage accounts, small local banks,

xyz123

Bank of America has a restrictive network for "free" withdrawals from ATM's. Recently, they also have imposed a 3% foreign currency exchange fee on use of their debit card in ATM, even those on their network.

Many banks, but it might require looking, have debit cards that charge no fees and will reimburse you if an ATM indeed charges a feel Charles Schwab Bank is one example. Fidelity has a visa debit card that does the same. Exchanging cash is never as advantageous as using a debit cad which charges no fees and limits whatever foreign currency exchange fees to 1% (which is a pass along of a fee mc and visa charge).

Of course it's far better to avoid the whole issue and use credit cards without foreign transaction fees for ALL purchases made when out of the cuntry.

jazzie0498

I have travelled mostly to Asia and North America but never in Europe and I've always exchanged currency. I've never used a credit/debit card to take cash out on a foreign country so this will be the first time I'm doing this. I know Bank of America is notorious for charging so many fees. I quit banking with them years back because of this. Now I just have Chase and a debit card from a credit union. Plus recently , I just opened Capital One bec of their zero foreign transaction fees.

Sarastro

Bank of America has probably the highest fees associated with foreign ATM withdrawals of any US bank. B of A now charges 3% plus $5 per withdrawal. The $5 fee, which goes directly into the pockets of B of A, is waived if their customers use one of B of A partner banks.

From the B of A website:

<i>Your deposit account statement will reflect the U.S. dollar equivalent of your foreign ATM withdrawal. <b>Bank of America will assess an international transaction fee of 3%</b> of the US dollar amount for all ATM withdrawals processed in foreign currency. </i>
https://www.bankofamerica.com/deposi...aq-atm-fees.go

There are a good number of banks and credit unions that charge their customers nothing when using foreign ATMs. Bank of America is not one of them.

suze

<<Good to know I don't need to bring cash, well only a few dollars>>

No! I would never travel without cash... and a lot more than "few dollars".

Primarily I use an ATM machines with a debit card (NOT a charge card doing a "cash advance") but you want to have a back-up plan too. And a charge card for major expenses.

Changing cash for cash typically is a bad rate of exchange, but if it were an emergency, you might be really glad to have that option.

Andrew

Yeah, I bring some USD with me too when I travel, as an emergency, in case both of my credit union ATM cards are rejected (or lost) or something. But that has never happened, ever. (Except when one ATM occasionally rejects a card; go to the ATM across the street and it works fine.) I've never even needed my "backup" ATM card.

I keep most of my cash/cards in my wallet but keep an "emergency" Visa card and a few USD hidden in my luggage, in case I am pickpocketed or something.

bvlenci

If I'm traveling to a country that uses different currency, I usually pick up a small amount of that currency from my bank before leaving home. It saves me having to find an ATM machine at the airport. I prefer to use ATM machines at an open bank, so I can go inside if I have a problem.