logos999

The interbank rate is available to me, for smaller or lager amounts. It helps to check out a few German banks, which will offer you this. Who ever want's to pay extra fees or accept a conversion with a less favourable rate, go ahead.

janisj

Whenever I see a currency exchange thread w/ this many posts I just KNOW what has happened - and yep - I opened this one and it was the same as usual.

There is NO reason for a simple foreign exchange question to get this much response -- unless there are dumb posts (yes - dumb) that have to be refuted. It is just plain wrong to imply that either their US bank doesn't charge for €, or that buying € at their own bank is cheaper than at a European airport (or even the US departure airport). Neither is correct/accurate.

The buy/sell rates Bert4545 mentions should be a dead give away if you thought the bank doesn't charge. If there is no cost to buying €, then there should be no cost for the bank to buy them back. (The bank will make between 5% and 10% on <u>both</u> transactions)

It is perfectly OK that EmilyC and mr_tower are happy paying what they pay - but PLEASE don't spread erroneous info to innocent Fodorites who simply ask how things work.

(and logos999's info, even if correct, isn't relevant since s/he lives in Germany and has access to accounts which Americans can't use . . . . . )

logos999

Well I'm confident Robes gets the same deal on his US cards.
Americans can get a Sparcard24 at Deutsche Bank.
In general, try to break the limited boundries of what US companies have to offer and think global for the best deal in anything. A simple as that.

logos999

When someone says "This is the way it is!" and it isn't, you can only respond "No, it ain't so" .

Maggi

Very interested in this thread. I just happen to have a no interest Capitol One card. Just checked with them and they charge no service fee on charges, which is great for us, since we charge everything we can and just pay it off when we get the bill. They do charge 3% or $10 for an ATM cash withdrawal, so I'll have to find another way to do that.

xyz123

As janisj says..it's always the same on these threads. Of course times change too.

To a large (but not complete) degree, sometimes I think it's generational. Younger people are used to all sorts of electronic technology such as ATM's, older people come from a generation of cash is king or perhaps remember something that happened 10 years ago and compare it to today (yes this is a generalization and I'm sure people will scream no not me but I get this from lots of people)...One of the things I do is income taxes for people....now when I prepare taxes, almost all the returns I do are electronically filed. When I suggest, for example, that if a person owes taxes that they allow me to set up an automatic debit on April 15, most younger people say sure go ahead. Most older people say no way. Just an example.

Ten, fifteen years ago, yes there might be a problem with airports having ATM's few and far between and goiong down. In this day and age, in almost every international airport I travel through, there are loads of ATM's. And then you get the what if the ATM is down. Solution is simple...take some of your own currency, meander over to the exchange booth, and change $20 or $30 worth and you're set till you can find an ATM. Chances of having to do this range from about 0 to non existant in this day and age.

I have no problem travelling to Europe without any euro...while waiting for my baggage, there is usually an ATM. And you know something, in many European countries, you can use credit cards to charge public transportation into town.

In this day and age also, the need for cash is less and less. I don't think, I'm at home in NY right now, I've spent a dime in cash. Grocery store, credit card. Gas station, credit card, restaurants (fast food and modest ones) credit card, Broadway show this past Saturday, credit card, nyc metrocards for public transportation, credit card. The same, for the msot part is true, when I travel. Now I do understand that acceptance of credit cards vary by country. Germany is a place where entrance into the world of credit cards has been late. London, however, typical day, lunch at Pret a Manger, credit card, TKTS for half price theatre tickets, credit card, grocery stores to pick up drinks for half time at the theatre, credit card, dinner at a moderate restaurant, credit card, refilling my oyster card, credit card...I can go a week in London and pay about £10 in cash and credit card almost everything else. One visit to an ATM suffices. Now of course that's me and others might not like doing things that way. I've heard people say things like they only use credit cards for large purchases and that is certainly their perogative. I don't think I should impose my way of doing things on others.

The only thought I would throw out is that this is now the 21st century. The technologies we have work very very well thank you. I just can't conceive living any other way and paying cash for these everyday items (or even writing checks to pay bills...everything goes through my checking account either as automatic debits or through a bill paying service on my bank account)...the most important thing is what is convenient for you. For me, it's ATM's and credit cards. No worries whatsoever.

RufusTFirefly

I think some people have accounts at some very rapacious banks! I'd look into changing banks unless they have some other advantage at that particular bank. We have a no monthly charge bank account that charges no per traction fee for ATM withdrawals worldwide. If an ATM charges a fee, they reimburse the charge to us. Our daily withdrawal limit is $1,500. Shop around.

mr_tower

This is truly hilarious! Someone who has a house in France (which is fully paid for of course) calling themselves an "average Joe" and a "regular schlub." Surely you see the irony.

I saved for 8 months to have the privilege to take my family to Europe last year - something I'd say 90% of the population of my country will never have the option of doing.

But you obviously have much more at stake here than the real average Joe traveller who has a general question about exchanging dollars into euros. As someone who doesn't have a house in France, I'm trying to offer realistic advice for people like me who travel once every few years and to whom time is truly more important than money.

I didn't say the exchange was free, I said the bank charged us $3. Yes, in addition to that $3, the bank makes money on exchange. It is the price of doing business with a bank.

If you're interested you can see approximately where I'm coming from...Today, $700 CAD gets me $433 EUR according to xe.com. That's at a rate of 1 EUR = 1.61347 CAD. The bank I bought from last year says it would charge me $715 CAD for $433 EUR. Not a huge difference ($15), and for the average traveller certainly not worth spending time worrying about.

StCirq

No, mr_tower, I don't see the irony. Maybe I have a fully paid-for house in France because I'm intelligent about my money. My philosophy is that small amounts of money add up to big amounts over time and ARE worth worrying about.

NYCTS

<i><font color=blue>"When I suggest, for example, that if a person owes taxes that they allow me to set up an automatic debit on April 15, most younger people say sure go ahead. Most older people say no way."</font></i>

Interesting. I offered similar analysis on the Fill Your Profile thread.

<i><font color=blue>"Ten, fifteen years ago, yes there might be a problem with airports having ATM's"</font></i>

Yes, my horror inconvenience happened well over fifteen years ago. And it's true, times have changed and more ATM's are available at airports. However, once burned, it's hard to trust. My view is better safe than sorry. Plus, it's one less immediate concern upon arrival. I prefer to deal with money when I'm fresh and rested.

<i><font color=blue>"in many European countries, you can use credit cards to charge public transportation into town"</font></i>

Yes, you can now use a credit card in a NYC taxi, too. Those of us who are old enough remember the numerous scams that tarnished the NYC taxi business through the years. For almost two decades, all visitors were greeted with "beware of the gypsy cab" posters. For me, the thought of using my credit card in any taxi cab is downright laughable. It ain't ever going to happen. This doesn't make me old, it makes me feel slightly safer. No one can put a price on peace of mind.

<i><font color=blue>"In this day and age also, the need for cash is less and less."</font></i>

Well, this opinion certainly depends on how one defines need. Personally, I find cash transactions to be the fastest. And they can be safer. By paying with cash, I reveal no personal information to strangers. I'm not anti-credit card or an obssessive worry wart but I refuse to use plastic to pay for a $10 cab ride, $40 worth of groceries or flowers, a $20 lunch, a $60 manicure/pedicure, a $100 facial or massage, my hour with the trainer, or my dry-cleaning bill. Many service providers prefer cash and I always appreciate the extra kindness that comes from their appreciation.

<i><font color=blue>"The technologies we have work very very well thank you."</font></i>

They do work well but they're far from perfect. When you suffer and endure identity theft (or you know someone who has) and it takes years to fix all the serious, time-consuming problems it caused, it's extremely difficult to trust anything but cash.

Life is a delicate balance filled with choices. To each his own and may you always make the right choice.

xyz123

NYCTS...

Hi..I didn't mean to criticize you; everybody is entitled to their opinion of course.

We went through a bit of this on a previous thread and I came out looking terrible but I'll repeat it.

1. You need not give out any personal information when using a credit card. As a matter of fact, MC and Visa regs specifically state that no merchant can refuse a cc transaction because the cardholder refuses to show identification. The signature on US non pin and chip cards is sufficient. Now I know some people write see ID on the signature panel but in theory that invalidates the card. Not that many merchants in the USA look at signature panels anyway in this day and age. As a matter of fact, in many fast food places as well as the US Postal Service, signatures are not required at all for transactions under a certain set amount. You swipe and go.

Now you may say well I feel safer when they ask for ID when using a credit card. Here's the scoop. By itself the theft of a credit card number is a completely different issue than identity theft. Numbers of hot credit cards circulate freely on certain criminal web sites. It has happened to me and a lot of other people. while a bit disconcerting, no big problem. A call or two to the credit card company, and they stop the credit card and issue a new one with a new number and life goes on. ABout the only bad thing is having to change the billing information for all the merchants who automatically debit your credit card to pay bills, you know phone companies, insurance companies etc. It's happened to me twice, once for $8,000 or thereabouts.

However, identity theft is a horse of a different color and can take a long time to clear up. Identity theft rings operate on gaining information about you such as phone numbers, driver's license numbers, ss #'s whatever. Then you have a problem so I agree with you 100%. I don't give out any personal information. IF the clerk memorizes or steals the credit card number, it's a manageable problem.

As far as cash transactions being quicker, well I just got back from the grocery store. The little old lady in front of me on the queue, bless her heart, bought $13.57 worth of groceries. After using the scanners to quickly check out the transaction, she then and only reached into her pocket book, went through it, found her wallet took out a $10 bill and three $1 bills, then her change purse and started counting out 57¢ but guess what...she didn't have 57¢ so back into her pocketbook for the wallket, didn't have another $1 bill so took the $3 back and gave the clerk a $5 bill and then the clerk first had to make change. Happens all the time that way.

My turn came. My groceries cost $23.17. Out came my mc, swiped it in the terminal, within seconds the receipt was printed, signed it (of course the clerk never looked at the signature panel) and out I went. which transaction is faster and more efficient?

Look, again, I don't mean to be critical of anybody who disagrees and there are ways they can fix up the American credit card industry (like bringing the portable terminals to the tables at restaurants rather than the waiter taking it into a back room where it can be cloned unbeknown to you) and adopting chip and pin.

But I myself me cannot imagine living the old fashioned way with cash and as I said, I just got finished paying my auto insurance bill with my credit card. Oh those frequent flyer miles!

Robespierre

<I>Sarastro on Apr 19, 09 at 08:12 PM

Only Capital One adds no fees and actually absorbs the 1% Visa/MC fee.</i>

Schwab Investor Checking charges no markups and absorbs the 1% International Service Assessment (ISA). There is no annual fee for the card.

RufusTFirefly

We use credit cards for everything we possibly can. Much more secure than carrying cash. Much quicker and easier than writing checks. And we get rebates of 1% to 5% on everything we purchase. That added up to over $1,200 for us last year.

kasialouise

Hi, back to the "buy a few Euro option"...I check the rate online ex: $1.25 for a Euro and then go to a local coin shop for a few Euro to arrive with...he would charge $1.29...not too bad. My credit union would charge $1.32 plus a $7 mailing charge for any amount. My bank was even more.

Peter_S_Aus

We found in Venice that the question “Is there a discount if we pay with cash” would sometimes yield a discount. We hit the ATM’s for money (we had a Euro denominated debit card), and were charge a two Euro fee per each withdrawal – that’s a 2 Euro fee against a 250 Euro withdrawal. In Italy, cash is king.

NYCTS

<i><font color=blue>"I didn't mean to criticize you"</font></i>

I didn't take any of your post as personal criticism. Frankly, xyz123, I think many of your thoughtful posts are smart and worth reading.

I hear what you say about the "little old lady" but she will be me one day. I love giving correct change. It's the easiest way to get rid of my coins. Had she been in front of me, I would have offered her my coin purse from Italy. I'll take the little old lady any day to the check writing moms in Ohio.

Of course I use my credit cards. I would never buy a computer, rent a car, pay a hotel, or purchase a plane ticket any other way. However, I know a few photography equipment dealers who will offer a 15% discount on top of the sale price if you pay cash. And I know many restaurant owners who will treat me like a Queen because they know I'm a cash customer. As Peter said, " In Italy, cash is king."

Credit card purchases increase my paper and time workload. A cross reference is necessary at the end of each month to be sure the bill is correct. Banks and merchants make plenty of mistakes. With cash, it's one piece of paper to file and I never look back.

The tools that card swipe thieves use are getting more and more sophisticated. I don't want to wake up one morning to find that my checking account has been emptied. So I limit the places where I swipe a plastic card. So far so good.

Like I said, to each his own. I totally get the frequent flyer mile perks. I have too many and end up giving them away. I don't need any more.

Robespierre

I, too, limit the places where I swipe a plastic card:

Hotel, dining, transport, attractions, big purchases at branded stores: credit card
All other purchases: cash from ATM withdrawn using debit card

RufusTFirefly

I don't think a thief can access your bank account with your credit card number. But we all have to do what makes us the most comfortable. The safety and convenience of credit cards keeps us swiping away! I even charge my $1.45 coffees each morning.

I also like being able to go online to get a summary of all purchases catergorized in various ways whenever we want, and the annual summary at the end of each year. Helps with tracking our spending and with our budgeting.

P_M

"I don't think a thief can access your bank account with your credit card number."

Oh yes they can. I worked in banking for 11 years thru 1996 and by the time I left there was a (then) new scam going on. All the thief had to do was to get the numbers off the bottom of your check, then they could auto-debit the account. They often called people on the phone asking for that info. I was surprised at how easily people would give out the numbers, thinking that w/o a signature nobody can draft their account. It is true they cannot LEGALLY draft the account, but it can be done. In my last year of banking I had to close many accounts due to these fraudulent drafts.

As I said I've been out of banking since 1996 so I don't know if this is still going on.

Robespierre

The numbers off the bottom of your check are: R/T number, account number, check number, and amount (once inscribed).

Few credit cards are linked to a bank account.

Setting up an ACH Debit authority is a lot harder than just telling the bank to draft the account.