ofish

My 18-year-old son will be in Amsterdam, Brussels and Paris this summer. I'm not sure the best way to send him with money. He has a debit card so can take out money from ATMs, but we have to find out which ones will charge the least amount of foreign exchange fees I guess?? Do I send him with dollars to convert, too? Or should I buy Euro American Express Travellers Cheques (I can get these for no fee, but I imagine places may charge to convert). I'm confused and I want him to have cash for what he can't charge. Help!! Thanks.

WillTravel

The ATM will still be cheaper than the travellers cheques, because they will make their money on a non-favorable exchange rate.

Even in the worst-case scenario that your bank charges $5 per ATM withdrawal, he's probably going to be doing only a few withdrawals, so I would just stick with whatever bank you have.

I would get a few Euros beforehand, even at a less than favorable rate, so he has something to start with.

In an emergency situation, he could do a cash withdrawal on a credit card if he has a password for it, although this is not generally recommended due to extra interest charges.

If he has a few Euros to start with, an ATM card, and a credit card which also allows cash withdrawals, he will be all set for practically every contingency.

julia_t

I have a similar question, but in reverse!
We live in England and my daughter is going to Chicago in July.
I will send her with her debit card, so she can get out cash from ATMs and also use it for purchases. There will be a charge of 2-3% per use, but I have found the exchange rate to be competitive. I can always 'top up' her funds from home quite easily if necessary because I use the same bank. She will also take around 200 USD in cash. I need to check the rates but I think it is better to buy dollars here rather than change GBP over there. Anyway, she will need dollars on the flight and when she lands. Travellers Cheques are a safe option, but you do tend to lose out on the conversion rate so I'm not considering those.

My other daughter has travelled alone in Europe and we have used the same system. In addition I gave her one of my credit cards (yes I do trust her!) with a PIN for her to use in an absolute emergency. Thankfully that hasn't been needed. Though I don't suppose that would work in the US because you don't have the chip and pin system - or do you now?

Anyway, I'm sure your son will have a great time. Make sure you have his debit card info so you can top up his account, and send him with some euros to start with. How much depends on how sensible he is, etc.

Michel_Paris

Don't use Tcs, though they may be "no fee" that does not mean that there is no profit built into the exchange rate they use when you buy, and when you sell.

bratgrr1

I opened an account with Compass Bank. They do not charge ATM fees and will rebate the fees the other banks charge. All you will pay is exchange fee. Only downside is my daughter will have to keep her ATM receipts showing the fee and then turn them into the bank when she gets back. But she is responsible so it will be ok

AisleSeat

On one of our first trips to Europe I called the 800 number on the back of my Bank of America debit card and they told me the banks that they have arrangements with in the countries I was going to. In most cases we were able to use the sister-bank ATMs with no fee. In a couple of cases we just used what was there and paid the fee for the convenience.

kayd

For the English girl coming to the US, she will not need dollars on the plane and can get them from an ATM in her arrival airport. Buying dollars anywhere outsite the US will be more expensive than waiting to get them here. If she has 100 GBP to exchange if the first ATM fails her, that should be plenty.

ira

Hi OF,

My suggestions are:

Give him $100 to exchange at the departure airport for Euro. This will cost about $4 more than getting E in Europe, but will save having to look for an ATM when jetlagged and disoriented.

>He has a debit card so can take out money from ATMs,....

His debit card should not be linked to your bank account. Young people are more prone to unfortunate experiences than their parents are. You don't want to have to deal with a wiped-out bank account. You'll get your money back, but it is a hassle.

Give him a few hundred USD in TC's ($ not E) for emergency back up. They can be deposited when he gets home.

Any cash that he needs he can get at ATMs. European banks do not charge for use of an ATM, only your bank does.