Also, the ATMs in Europe do not charge to withdraw cash, it is your bank that charges you..some do not.

<<I was just replying to Janisj comment "WF is not cheaper than others - just isn't.">.

I understood. I just used the 5.5% to illustrate that even with that, savings would be minimal.

My bank (PNC) charges no separate ATM fee and passes on only the standard 1% MC/Visa fee when we use an ATM in Europe. Many banks do this--not anything like 3%.

My bank charges me only the MC/visa network fee of about 1%, plus an out-of-network fee of $3.50 if my balance is below a certain level (around $2000, I think) so the most I would pay to withdaw $300 from a European ATM is $6.50, a good bit better than the $18 it would cost to exchange one currency for another at 6%. Not to mention the ATM is the most convenient choice for me too.
An ATM doesn't charge fees, it ony dispenses cash and tells your bank how much it gave you. Banks charge fees, and the trend in the U.S. is for more and higher fees; the best advice is to check with your bank to see what its current policies are. And open an account elsewhere if you can get better terms.

We came back from Italy with 295 Euros that my wife didn't spend (!!). On November 8, I sold them on Ebay at a 1.59 rate. I took a small gamble and opened the bidding at 1.3.

People always seem to be buying and selling currency on Ebay, if you felt like checking that out.

I bought some €'s on Craigslist earlier this year. It was good for me because I had €200 in hand before leaving home. We used the market rate of that day so I didn't get hosed for the usual 7% fee my bank charges. It was good for the seller too because she saved the 7% the bank would have charged if she sold it to them. However I don't recommend Craigslist or ebay for people who are unfamiliar with how €'s look, but that doesn't apply to most Fodorites.

oinchats,

Please do the math again and you will see that using Wells Fargo is not a good deal at all. In fact, buying €'s in a US bank is NEVER a good deal. I don't know why you are so determined to do this, it really doesn't make any sense. Your goal is to save money but you don't realize just how badly you are shooting yourself in the foot. Please listen to the sensible people on this thread and don't bother with this risky venture. You will lose.

Use Wells Fargo if you want - it is your money to spend/waste/save as you see fit. But as almost everyone else is also trying to explain -- WF is simply not cheaper. The best way to get € is using an ATM <u>in Europe</u>.

meant to add . . . >>The best way to get € is using an ATM <u>in Europe</u>.<< Unless you can buy @ under the going rate on Craig's list or EBay.

But then you have the added issue of carrying all you cash w/ you on the trip.