buying euros
Apr 19th, 2009, 06:52 PM
#41
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It looks like some of the limitations and fees might be imposed by the Italian banks more than BOA, here are a couple of useful articles. I did use Deutsche Bank and still incurred fees. This is explained here:
http://www.smartertravel.com/travel-...html?id=255059
http://www.somelifeblog.com/2008/08/...-in-italy.html
I would like to know the information of any bank that offers no transaction fee in Italy, ellenem.
http://www.smartertravel.com/travel-...html?id=255059
http://www.somelifeblog.com/2008/08/...-in-italy.html
I would like to know the information of any bank that offers no transaction fee in Italy, ellenem.
Apr 19th, 2009, 07:43 PM
#42
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HSBC
I can use any ATM anywhere and HSBC will charge no transaction fee. HSBC never charges anything for using any other bank's ATM, whether in the U.S. or anyplace else. If the ATM you are using charges you a fee, it asks if you agree to the charge, and that has nothing to do with HSBC. I've never had any Italian ATM charge me a fee.
HSBC does add the usual foreign exchange percentages of up to 3%. On my last rip I checked the exchange rates I got against the daily interbank rate and each ATM withdrawal was about 2-3% above that--and no transaction additional fee.
I can use any ATM anywhere and HSBC will charge no transaction fee. HSBC never charges anything for using any other bank's ATM, whether in the U.S. or anyplace else. If the ATM you are using charges you a fee, it asks if you agree to the charge, and that has nothing to do with HSBC. I've never had any Italian ATM charge me a fee.
HSBC does add the usual foreign exchange percentages of up to 3%. On my last rip I checked the exchange rates I got against the daily interbank rate and each ATM withdrawal was about 2-3% above that--and no transaction additional fee.
Apr 20th, 2009, 02:36 AM
#44
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Hi M,
You can keep track of foreign exchange at
http://finance.yahoo.com/currency-co...D;to=EUR;amt=1
You can keep track of foreign exchange at
http://finance.yahoo.com/currency-co...D;to=EUR;amt=1
Apr 20th, 2009, 04:48 AM
#45
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M--depending on exact date, it would be around 5.4-5.5% over. Not a big deal if you didn't buy a lot of foreign currency, but there's really no reason to buy in advance unless you are going to some dinky airport in a 3rd world country. We just got back from Japan, and getting our Yen at either one of the ATMs or Japanese bank at Narita airport was much less expensive than buying anywhere in the USA. Also, we had left over Yen when we left Japan--exchanging at Narita we got $1 US for each 102 Yen. At Washington Dulles the rate was $1 US for 112 Yen. That is almost a 10% difference.
Again, if you aren't buying or selling more than, say, $100 in the USA, you're only losing a little in actual cash. But if you buy or sell a lot, then you lose a lot. For example, we had 4700 Yen left and got $46 for it at Narita. If we'd waited until Dulles we would have received $42. It works pretty much the same if we buying Yen (or any foreign currency) instead of selling it; you can't get nearly as good a rate in the USA--and we did buy a lot of Yen in Japan as many of the places where we spent money did not take credit cards.
Again, if you aren't buying or selling more than, say, $100 in the USA, you're only losing a little in actual cash. But if you buy or sell a lot, then you lose a lot. For example, we had 4700 Yen left and got $46 for it at Narita. If we'd waited until Dulles we would have received $42. It works pretty much the same if we buying Yen (or any foreign currency) instead of selling it; you can't get nearly as good a rate in the USA--and we did buy a lot of Yen in Japan as many of the places where we spent money did not take credit cards.
Apr 20th, 2009, 05:26 AM
#46
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To P_M and St Cirq...why are your pants in such a bunch? The purpose of this forum is to provide info to others and they are free to take it or leave it.
I did not include any more particulars about my transactions because it was not important in the post.You can bet your bottom Euro that there is more info...
I did not include any more particulars about my transactions because it was not important in the post.You can bet your bottom Euro that there is more info...
Apr 20th, 2009, 05:30 AM
#47
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hahah
the machine in prague was so far away we needed our skates on
i took a pic of OH trying to get money out of a croatian parking machine once
i think ill be taking some euros with me this time lol
the machine in prague was so far away we needed our skates on
i took a pic of OH trying to get money out of a croatian parking machine once
i think ill be taking some euros with me this time lol
Apr 20th, 2009, 05:31 AM
#48
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Emily, my only problem with your post is that your information is not correct. Banks simply do not sell foreign currency for "free," meaning they have a considerable mark-up over the interbank rate. As I stated above, bank tellers don't always understand that the fee IS included in the rate that is charged, that's why they often say there's no charge. The fact is that banks never do this at no charge, and I am trying to help another poster to make a more informed decision by looking at the rate the bank uses vs the interbank rate.
Apr 20th, 2009, 05:40 AM
#50
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If there was more info, EmilyC, you should have provided it, precisely so as to HELP other posters, as P_M and I were trying to do. Your information was simply wrong; hence the attempt to help out other posters by pointing that out. You didn't get euros "for free" as you stated. End of story.
And what's the big mystery about all that information you did not provide?
And what's the big mystery about all that information you did not provide?
Apr 20th, 2009, 11:42 AM
#51
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>information of any bank that offers no transaction fee
Cards:
- Deutsche Bank, when using the card at partner banks.
- Deutsche Postbank (10 times per year and "Sparcard", any Visa ATM)
- DKB Deutsche Kreditbank (unlimited amounts using it's free Visa card)
And others. Free to a German Bank has to mean free.
Cards:
- Deutsche Bank, when using the card at partner banks.
- Deutsche Postbank (10 times per year and "Sparcard", any Visa ATM)
- DKB Deutsche Kreditbank (unlimited amounts using it's free Visa card)
And others. Free to a German Bank has to mean free.
Apr 20th, 2009, 12:08 PM
#52
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It's got to be cheaper to exchange them at your bank than at an airport. Why don't you call your bank and ask what the rate is? Our bank charged us a flat rate of $3.00 to exchange $700 into euros.
Then while we were on vacation we used the bank machines; paid possibly $20 total in transaction fees and didn't worry about it. You're privileged enough to be in Europe on holiday, you can afford some bank fees!
Then while we were on vacation we used the bank machines; paid possibly $20 total in transaction fees and didn't worry about it. You're privileged enough to be in Europe on holiday, you can afford some bank fees!
Apr 20th, 2009, 12:37 PM
#53
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<<< It's got to be cheaper to exchange them at your bank than at an airport. >>>
mr_tower: not necessarily.
<<< Our bank charged us a flat rate of $3.00 to exchange $700 into euros. >>>
The "flat rate of $3.00" is only part of the picture, and maybe only small part at that. Did you compare your bank's exchange rate to the interbank rate on that day?
mr_tower: not necessarily.
<<< Our bank charged us a flat rate of $3.00 to exchange $700 into euros. >>>
The "flat rate of $3.00" is only part of the picture, and maybe only small part at that. Did you compare your bank's exchange rate to the interbank rate on that day?
Apr 20th, 2009, 03:30 PM
#56
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If anyone thinks that banks will sell euros "free" they should try buying $100 worth of euros and then ask how many dollars they would get if they sold the euros back to the bank. The answer will not be $100! There used to be a "commission" charge when you exchanged money. This was usually a fixed sum that meant it was relatively cheaper to exchange a large sum of money than a small sum of money. I remember the first time I went abroad (from the UK) and brought back a small amount of pesetas and changed them back to pounds. The commission charge meant I got hardly anything back for them. I didn't realise until I saw the print-out. I was very naive then. Commission charges have been eliminated by everyone (so far as I know) and so you see "No Commission" signs everywhere - but that does not mean they are charitable institutions. There is always a mark-up when you buy and a mark-down when you sell foreign currency.
Apr 20th, 2009, 04:38 PM
#59
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I think everyone understands there is a price you pay when you exchange currency.
My point is we all have more important things to do than chase down someone who will offer us the Interbank rate, if it's even available to everyday customers.
My point is we all have more important things to do than chase down someone who will offer us the Interbank rate, if it's even available to everyday customers.
Apr 20th, 2009, 06:58 PM
#60
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And my (our) point is that we do NOT all have better things to do than to pay 7-8% or more for currency when we don't have to. Especially in this economy (which came about exactly from people thinking the way you are thinking - we have better things to do than worry about 7 or 8% more on this or that, y'know?), it's more important than ever for folks who can travel to Europe to minimize their expenses.
No one is saying the interbank rate is available to everyday customers.It's not. But there are options for people looking to buy euros, and getting them from a bank or an exchange booth is downright dumb unless you don't care about squandering money.
Yes, there is always a price when you exchange money. If you have half a brain you can minimize that price. That's all we've been saying. And posts talking about getting money "for free from my bank" are just so screamingly naive, it's no wonder this economy is tanking.
It's great that you don't have to worry about paying an extra fee for exchanging money because you're just so excited to go to Europe. That's not the case for the average Joe, and frankly, as owner of a house in France and someone who travels there frequently, it's not the case for me, either. Between the exchange rate fluctuations in the past years and the add-on fees for credit cards and exchange agencies, you can lose a bundle of money just getting your funds together for a trip to Europe.
I don't pay a mortgage in France anymore because my house is paid for, but every month I pay an electricity bill, a water bill, a gas bill, and a garbage bill, plus local and municipal taxes. These go up and down according to the exchange rate. If I just used my U.S. bank to pay these, I'd be killing myself with extra fees because I'd be paying 7-8% above the Interbank rate. Just like you will be on your vacation. How dumb is that?
The question is not whether you have more important things to do than "chase down" someone who will offer us the Interbank rate, which is never going to happen anyway; the question is: how do I avoid paying exorbitant over-Interbank fees?
Really simple. If you're all set and comfortably rich and haven't lost anything in the stock market recently and a few hundred dollars here and there doesn't matter to you, by all means don't chase down the best exchange rate you can find. If you're just one of us regular shlubs, take heed and don't exchange money at your bank or an exchange booth.
No one is saying the interbank rate is available to everyday customers.It's not. But there are options for people looking to buy euros, and getting them from a bank or an exchange booth is downright dumb unless you don't care about squandering money.
Yes, there is always a price when you exchange money. If you have half a brain you can minimize that price. That's all we've been saying. And posts talking about getting money "for free from my bank" are just so screamingly naive, it's no wonder this economy is tanking.
It's great that you don't have to worry about paying an extra fee for exchanging money because you're just so excited to go to Europe. That's not the case for the average Joe, and frankly, as owner of a house in France and someone who travels there frequently, it's not the case for me, either. Between the exchange rate fluctuations in the past years and the add-on fees for credit cards and exchange agencies, you can lose a bundle of money just getting your funds together for a trip to Europe.
I don't pay a mortgage in France anymore because my house is paid for, but every month I pay an electricity bill, a water bill, a gas bill, and a garbage bill, plus local and municipal taxes. These go up and down according to the exchange rate. If I just used my U.S. bank to pay these, I'd be killing myself with extra fees because I'd be paying 7-8% above the Interbank rate. Just like you will be on your vacation. How dumb is that?
The question is not whether you have more important things to do than "chase down" someone who will offer us the Interbank rate, which is never going to happen anyway; the question is: how do I avoid paying exorbitant over-Interbank fees?
Really simple. If you're all set and comfortably rich and haven't lost anything in the stock market recently and a few hundred dollars here and there doesn't matter to you, by all means don't chase down the best exchange rate you can find. If you're just one of us regular shlubs, take heed and don't exchange money at your bank or an exchange booth.
