buying euros
 

We're heading to Italy in a few weeks. Is it more economical to buy Euros here in the US or after we arrive in Italy? Thanks

You don't need to "buy" them anywhere. Just use your ATM debit card at any machine upon arrival in Italy. If you feel more comfortable arriving with euros in hand, you can purchase some at an exchange booth at the airport upon departure, but it will be costly and unnecessary.

Good question. I'll be watching for the answer. When we travel I always order at least a few hundred dollars in Euros or whatever currency I'll be using from my bank. That way I at least have some money until I can get to an ATM or bank or whatever. We're headed to Italy in a few weeks too! Enjoy!!!

What StCirq said. Airports these days have banks of ATMs. You can get money right away.

You might check what your bank charges for overseas withdrawals. Some banks tack on both a percentage and a per withdrawal fee. My credit union only chares the system 1 percent. But even with the addons, it's almost always cheaper than buying foreign money in the US.

The sensible option is, as Ponyup says, to take a couple of hundred Euros with you and plan to get the rest from an ATM machine. This way will allow you time to get your bearings for 48 hours. I can think of nothing worse than having to rush around an airport looking for an ATM machine in the early morning, with instructions in a language that you probably don't know. Never, never use an exchange booth at an airport. The exchange rate is usually terrible.

You don't have to search the far corners of the airport. There are almost always ATMs close to the baggage pick up on your way out of the airport.

One of the conveniences of ATMs is you don't need to carry and guard large amounts of money.

almcd - I've never seen an ATM machine in Europe that had instructions in fewer than 4 languages - English, French, German, etc. The first option on the screen is to choose your language. When I first started using ATMs in Europe in the mid 1990s there was always an English option.

<i><font color=blue>"I can think of nothing worse than having to rush around an airport looking for an ATM machine in the early morning, with instructions in a language that you probably don't know."</font></i>

I relied on "get your money at the airport ATM upon landing" once, many years ago, and I will never do it again. The airport ATM that I found (about a mile away from where I needed to be) was out of cash. Talk about frustration and inconvenience.

Frankly, I don't go anywhere in NYC without at least $200 in my wallet. That may sound like a lot to some people but here it's nothing. I don't carry a check book and I'll use a local ATM only if I run out of cash and need more while I'm out. So why would I travel to Europe with less?

I know many people do just fine but I'm not a big fan of gambling on the what-if's, especially in unfamiliar territory. After that one disaster (some people learn from their mistakes), I never go abroad without $200 worth of local currency.

Since you can't do much without money, especially in an emergency, I view preparation as a smart thing. I prefer to eliminate any need to secure immediate funds upon arrival in Europe. When I'm tired from an overseas flight, I prefer to go from plane to luggage to car to hotel, in that order, with no interruptions or surprises. I value the sense of security and convenience that $200 in my wallet provides. The amount of money I paid for Euros in NYC far outweighs the benefits, IMO. But NYC does offer a variety of exchange venues that offer competitive rates. In other cities, in can be more expensive to exchange dollars to Euros. IMO, it's still worth it.

Since I travel to Europe often, I have my own personal Euro stash in my office so I no longer need to exchange before I travel.

Travel smart. Travel safely.

I've never had a problem finding a bank or ATM either while waiting for my luggage or right outside of customs.

One word of advice: U.S. banks are notorious for having a terrible exchange rate. U.S. banks are not used to handling foreign currencies, whereas European banks do it on a regular basis every day, and the rates are much, much better.

It is a tradeoff. If you want peace of mind then donate 8% of your money to your local bank and help the local economy.

My bank charges about 2 cents over the interbank rate, so it's cheaper for me to get some Euros here at home and not have to pay a fee for using an out of network ATM at the airport. I always bring home at least 100 Euro or GBPs so I often do not bother with exchangingany money before a trip.

On my last trip, I had 500 Euros in hand before leaving... 55 went to pay for the taxi ride from CDG to our apartment in Paris, then another 60 went to pay for the apartment cleaning fee on arrival.

I stretched the rest of the Euros by using my credit card when I shopped, but I still had enough to pay for small meals and tickets for about 8 days...

I'd rather be prepared too!

What bank do you use avalon? Are you saying that your net cost to get 100 euro today would be $133, or 2% over the interbank rate of $130? Or does your bank quote you the interbank rate to BUY euros in the US, which would be 6-7% higher than the 1.3027 rate from yesterday.

We exchanged for some euros at our local bank yesterday because we'll be arriving on a Sunday and I've read that some have had ill luck with empty airport ATMs later on a Sunday.

Wells Fargo exchanged at 1.37 plus $5 transaction fee. As J62 notes, the rate was 1.3027, so that was 7% higher, plus the fee. Our own bank doesn't have euros on hand.

We were able to get some euros in the Philadelphia airport(last May) with an exchange travel booth in the airport that did not charge us anymore than the rate for the day when we got at least 400 euros. Like some of you I like to have some before we go. My bank charges 3%.

You were "had" big time by the exchange boot at PHL if you believe what they told you about the "rate for the day" maryanne1. I'm willing to bet the 3% your bank charges you (over whatever rate they quote) is a better deal then you got at the TravelEx at PHL.

How kind of them in Phiily. They all willing to work for free and even pay for the booth I can assure you they got their 7 to 8%--all money brokers do.

Thank you all, keep them coming your comments are very helpful.

Annie
If you do opt to carry US$ with you (which I do) I am sure you will find an exchange counter in the airport. You will need to carry the "newer" $100 bills with the large face, not the older ones with the small face in the center. Also, be sure the bills are in good condition. If they show a lot of wear, they might be refused.

I do use ATMs in Europe to get extra cash when needed. My ATM card is with a very small local bank. They will charge me a fee at the end of the month for using European ATMs. When I put my card in the machine, it asks me if I want to credit my checking account in dollars or in the foreign currency. I found out the hard way to always say to credit in the foreign currency. If you say to do so in dollars, you get a double exchange cost, so just a word of caution. DH and I both have Wells Fargo ATM cards as well. We are charged a $5 fee per ATM withdrawal in Europe, and we are NOT asked if we want to credit in dollars or the local currency. I'm still not sure why my small bank ATM card would bring up that question.

Enjoy your trip!

I have never had an ATM machine ask me that question - where did that happen? I've heard of merchants asking that question, or recommending your card be charged in dollars, although it's never happened to me, and I would know better than to do that, but an actual ATM machine poses that question when you try to use it? That's something new and disturbing if it's true.

And I would never bank with any bank that charges me $5.00 for an overseas withdrawal.