Jan

My bank will give me 95+ Euro for $1. I'd like to bring about $500 in Euro(well hidden)for availability, saving time, etc. Everyone here says getting them from ATMs over there is cheaper. But how much cheaper? Any recent experience? Thanks. Jan

ellie

I just got back from France little more than a week ago. I withdrew 240 Euros from an ATM in Albi on 8/20 and $237.16 was the total charge from my US account. However..I also brought approximately $500 worth of Euros with me from the US and was very glad I had done so as some of my fellow travelers spent their first few days in SW France dashing about trying to get their hands on cash...and had lots of trouble exchanging Amex travelers checks - this was in a fairly rural area, but I think the convenience of arriving with cash in hand is worth paying a bit more stateside. Have a great trip!

Chet

Hi Jan:<BR><BR>Based on numerous trips to europe, I strongly recommend you wait until you get to the airport and get your cash from the first ATM you find (They are plentiful). If you have a no-transaction fee debit card, you will get an exchange rate of 1% over the international rate, which should net you 103 to 105 euros per dollar. Your bank rate of 95 euros per dollar is a ripoff; they are charging you 8 to 10% commission. DO NOT USE A CREDIT CARD IN AN ATM. In addition to a cash advance fee, you will start accruing interest from the day of withdrawal. Take some greenbacks ($100 in ones. fives and tens) for tips, etc. until you get euros. Take about $100 in travellers checks only for emergencies. Another alert: Check your credit card terms and conditions. Many of the issuing banks (Amex, First Bank, BA, etc) now apply a 2 to 3% surcharge on foreign currency transactions. Do not use them!!. There are several banks that do not apply this surcharge (MBNA, CapitolOne, USAA, etc.) <BR>Happy travelling, Chet

rates

Chet is right on the principles, but just bear in mind that the US$ went down in the last few days. Right now the rate is 1US$ = 1.004 Euro.<BR>The easiest source for currency exchange rates is:<BR>http://finance.yahoo.com/m3?u

xxx

Personally, I arrive with nothing in Euro and use the ATM upon arrival. Some paranoids think it best to arrive with a little bit of spending money in case the ATM's are out. Should that occur, you need a back up. My back up is $200 in shiny green backs which I can exchange at an exchange booth while waiting for my luggage in the custom hall.<BR><BR>If you are paranoid, you should exchange no more than $50 before arrival but believe me it is totally unnecessary. This is the 21st century and the ATM's work perfectly,<BR><BR>Incidentally, it is absolutely rude to give anybody US currency as a tip in Western Europe. Would you accept a tip in Euro if you are a bell hop in the US. That is being very disrespectful of another country's currency and part of the Dirty American syndrome thinking the world revolves around the US dollar.

StCirq

Unlike Chet, based on numerous trips to Europe I strongly suggest you do not wait to use an airport ATM to get euros. You simply can't count on them to be functioning. On two trips last year, friends who were traveling with me landed only to find no working ATM in sight. Even when they are, you can lose valuable time waiting in long lines. I never arrive in France without at least about 200 euros in my pocket. I don't have to roam around jet-lagged looking for an ATM; I can proceed right to a taxi or train. I don't even have to think about money for a couple of days. <BR><BR>I have also twice had the experience of having my ATM card not work. In both cases, I tried another machine later in the day and it worked fine, but what if you land at the airport and for whatever oddball reason your card doesn't work? Having euros in your pocket on arrival eliminates all possibility of getting stuck in such a situation.<BR><BR>You may pay a tad more for your euros by buying them in advance through your bank, but the amount is insignificant.

BTilke

Contrary to the anonymous xxx, I am not paranoid, but I HIGHLY recommend bringing about 100 euros (in 20 euro notes or smaller; merchants/cab drivers can be reluctant to take 50 euro notes) and not use the airport ATMs. One, the lines can be long (while returning to Europe in May, I walked past an airport ATM that had more than 20 people waiting in line). You stand in enough lines when traveling by air--why add another one? Two, the ATMs can be out of order, out of cash, etc., especially if you are arriving during a peak travel period. I wish they did work perfectly, but I've been to more than a dozen international airports so far this year and can assure you they do NOT work perfectly. Having a small amount of the local currency on hand is a convenience that, in the end, costs very little.<BR>If you are traveling to a more rural part of France, you could consider bringing a little more. In Paris or any French cities, ATMs are numerous. <BR>I live in Europe, travel extensively within Europe and the U.S., and I find this policy the most practical. It works on my trips to the U.S. as well--we always keep about $50 to $100 on hand when flying to the states. When I get off a plane, I don't want to spend time hunting for an ATM machine. <BR>BTilke (Brussels)

Christina

I think xxx is Jeff Jaguar, he writes the same phrase every time (about taking $200 in greenbacks and exchanging while waiting for luggage) and likes to insult people, which is why he likes to call people who don't do exactly what he wants to do names (like paranoid or stupid). <BR><BR>I don't think it's necessary to have euro when you arrive in the day time in a big urban area, but the ATMs may not work (and in some airports, you don't have access to exchange bureaus until after you get out of the luggage area). A few weeks ago, ALL of the ATMs in Heathrow T4 were not working, and my ATM card did not work several times in Barclay's ATMs; in France, I've had sporadic problems with it working in BNPs ATMs (not sure if it was their machine or not, my card worked in others).

Becky

Okay, I'm confused. I just perused my bank's website (bank of america) and learned that they charge a "retail rate" for exchanging dollars to euros, but no other commission. They also advise that they will charge a $3 transaction fee for using an ATM in Europe, plus whatever fee that particular ATM charges ($3-5), so that even if you get a slightly lower exchange rate by using ATMs it might end up costing more than converting ahead of time. So it is all a wash?? Here's what I'm thinking: bring a couple hundred euros over so we don't have to worry about changing cash immediately, then use ATMs solely for their convenience (i.e. so we don't have to carry a lot of cash with us at one time). But what about using banks while we're there...is it more cost effective to exchange currency at a local bank? We'll be in Paris then Florence. Thanks for this useful dialogue.

BTilke

My own experience is that exchanging currency at banks is one of the most expensive options. And the lines are VERY tedious. I've waited in line more than 20 minutes at my local branch with only one person in front of me. Most European banks don't have "express" lines. They are also short staffed (deliberately or not) with tellers, just like a lot of U.S. banks. <BR>If your card is a debit card, use that for purchases whenever possible. We still use our U.S. debit cards extensively in Europe and we don't get charged fees when we purchase meals/items with them, but we do pay a fee ($3) for cash withdrawals.<BR>The other thing to look for are Citibank ATMs. Check with your bank to see if the fees are lower if you use your ATM card at an international Citibank machine.

StCirq

A $3.00 per-withdrawal charge from your bank sounds very high to me. My bank charges nothing.<BR><BR>And I've never yet come across an TM machine in Europe that charged me anything, either.<BR><BR>I agree completely that waiting in lines at banks in Europe is a dreadful way to pass the time and will end up costing you more in the long run.<BR><BR>

Anne

Becky, your US bank will probably charge you to use any other bank's ATM. Some do not, particularly credit unions, USAA, or others who have a limited # of ATMs of their own, so to attract customers, they waive the charge for using a "foreign" ATM. In bank lingo, a "foreign" ATM is one that is not owned by the bank. Could be across the street, or across the ocean. So, that is one charge.<BR><BR>The bank which owns the ATM may charge a fee, as you are not their customer and they are providing you a service. This is very common in the US, but apparently is illegal in the EU. Therefore, you should not have a charge from a European bank. <BR><BR>The total of those two fees is your "transaction" cost. It is a flat cost, regardless of the amount withdrawn, so it makes sense to withdraw larger amounts rather than small amounts several times a day.<BR><BR>Note that if you use your credit card to take a cash advance, you will have a "cash advance fee" on your card, PLUS you are charged interest from day 1. This is generally the worst way to get cash from an ATM. Use your ATM or debit card.<BR><BR>The other component of the cost is the acutal currency exchange rate. By getting cash from an ATM, you are exchanging at the inter-bank rate, which is usually much better than you can get at any exchange agency.<BR><BR>Another note: there is some debate about 4 digit vs. 6 digit PIN. Standard rules say 4 digit will work anywhere in the world. Some banks will take a 6 digit, some will not. So, if I had a 6 digit, I would change it to 4 just to be safe.<BR><BR>Note also that Eurpoean ATMs often only allow access to your checking account, not your savings, so make sure you transfer your $$ before you go.<BR><BR>I'm in agreement with those who say to take some Euros in case there are ATM problems when you get there. Last thing I want to do is stand in another line! I'll just get about $200 before I go. Might cost a smidge more than waiting, but worth it in my opinion to avoid any hassles.<BR><BR>Hope this helps!<BR><BR>Anne<BR><BR>

Becky

Anne, thank you so much for putting everything in such plain terms. Very helpful! Thanks to all about the comments on the bank lines too; I hadn't considered that aspect of it. I transact all my banking either online or by ATM, so I rarely visit the bank the "old-fashioned" way anymore and I forgot how annoying those lines can be!

Advice

What would you suggest as the best alternative for someone who's credit union does not issue debit cards? AmEx checks or credit card?

len

Becky<BR>I recently purchased a few (300) Euros from Bank Of America in advance of a trip. No service charge, got the current daily rate, and they mailed them to my house for free! I have found that the lines at the airport ATM combined with my jet lag make for a bad start on a vacation. For the remainder of the trip, I just hit the ATM where ever I am. Good luck!<BR>Len

xxx

I believe that BofA charges a fee overseas if a bank providing the ATM is NOT a member of their Global Alliance. Barclays Bank is a member. I believe this would eliminate the charges???

Becky

I just received an e-mail from Bank of America in response to my inquiry regarding transaction fees at ATMs in Europe. Here's a portion of their response:<BR><BR>Also please note that there is a $3.00<BR>International ATM access fee every time you use your card, which is<BR>independent of any charges applied by the proprietor of the foreign <BR>ATM.<BR><BR>While traveling outside the United States, you can avoid the access fee<BR>by using an ATM at the following banks in these locations: Barclays<BR>(United Kingdom), Deutsche Bank (Germany), Scotiabank (Canada), BNP<BR>Paribas (France), and Westpac (Australia, New Zealand).<BR><BR>

Anne

Advice...you don't have an ATM card at all??? Wow...I'd never have any cash at all, and I work at a bank and would just have to walk downstairs to the lobby!!<BR><BR>If you have an American Express card, I believe (but am not sure, so check it out), that you can cash a personal check at an American Express office. Not sure what kind of exchange rate you could get. I plan to bring a couple of checks in case of emergency (like ATM card getting eaten). <BR><BR>Another way would just be to bring however much cash you would need. I'm actually hoping that we don't use too much cash... train/planes/auto already paid for (or will be when this month's bill is paid), hotels all accept cc, and I'm thinking most dinners will be cc. Just need cash for lunches and little items. Really depends on your comfort with carrying a few hundred in cash, and how much trouble you'd be in if you lost it. My comfort level isn't that high <BR><BR>Sorry I don't have any better ideas!<BR><BR>Anne

Bob C

Another way to control costs on your ATM use is to withdraw large amounts. Don't 60 euro here and 60 euro there, but withdraw for example 400 euro at a time. If your getting hit with $3 for each withdrawal then limit the number of withdrawals.

Jan

I'd like to thank everyone for the outstanding suggestions. That's what Fodors is all about. Jan