Changing Euros (Not THIS Question Again!?)
 

I've talked until I'm blue in the face, but my husband refuses to go to Italy without "a couple of hundred" euros in our pocket.

I have read him the ATM/exchange rate posts and tried to convince him that we can just pull out what we need at the Rome airport there and get the best possible rate.

Nope, not doing it.

So.... given that he won't leave home without euros, where do people think we can get the best rates of exchange in the SF/Bay area? American Express? our bank? exchange booths on the street?

Thanks!

American Express is a reasonably good idea. you bank will do it for a fee - - but there may be a foreign currency desk at a major "downtown" bank, like B of A.

Exchange booths are almost always the worst deal.

By the way, it's not such a crazy idea to want to have some pocket money. you're talking about $10 or 15 down the drain. Peace of mind does have its place.

Best wishes,

Rex

Hi koshka,

It is not a bad idea. Sometmes the ATMs at the airport are not working, or the lines are very long.

You only need about $100 in euro upon arrival. The most convenient way is to just exchange money at the airport. You will only lose about $5.

Chase Manhattan Bank's web site lets you order Euros on line. The rate we got last time around was pretty good.

I agree with the previous two posters. The best solution is a compromise. Get between $50 and $100 worth of euro before leaving.
Check with your bank. You can usually get it through them. And, as previously stated, it'll cost a few extra bucks more than it would over there....certainly a small investment for your husband's peace of mind!

Sorry to say, you're husband is right (not something I'm normally willing to concede). I learned that the hard way--arrived in an airport where the ATMs were out of order (Malta) or shut down due to a strike of security guards (Paris).

I actually do understand the comfort level some may have with having a few euro (say 100) in hand on arrival in Europe. Who cares where the best rate is to get them. The differences of rate from buying them at various agencies or banks at home is maybe a difference of at most $5.00 Isn't $5.00 worth it, if you are concerned about your peace of mind? Just go to your bank if that's easiest. So maybe you'd save another $3.00 by ordering them somewhere else. Who cares?

I have learned the hard way also to take some euro with me. I found that there are a few B of A's who carry euro all the time here in Los Angeles, so I just go there an get some.

It is worth it just to be able to run out of the airport with euro and not have to deal with long lines from arriving planes at ATM's in airport and possibly broken or euro empty!! machines, all of these have happened to me at FCO for instance.

I take about 100euro, but this next trip I have to pay out a security deposit in cash at a rental apartment, so I have to decide on which is the best way to do that, too!

Wanderlust...

So what did you do? I assume you simply sauntered over to the currency exchange which was clearly open, gave them 2 20's and a 10 and exchanged some spending cash that way. You still would do better, probably, than at home.

The point is, nobody is saying to arrive in a country with only plastic. Bring some US currency (you will probably need it when you get home anyway) as a back up and if by some chance (and it is a small chance) the ATM's are not working, you change cash and take the loss on the exchange.

I am a world traveller, have been into Europe 5 or 6 times a year for the past 9 or 10 years and have never once run into a problem with airport ATM's. I will concede it is possible but I don't think you have to go out of your way to get Euro before you arrive.

To get a good exchange rate, you might tack up a notice at the "beanery" of a local college campus and see if someone has euro notes they would like to sell for US dollars. It can be a good deal for both parties if you can agree on the wholesale bank rate of exchange. Both of you prosper. The seller gets more than the bank would give in exchange, and you don't pay as much.

I have done that a couple of times. One year I bought from a returning student who was paid in euro notes and she had about 300€ to swap. We agreed on the wholesale rate and she got about $15 more from me compared to the bank rate, and I paid about $15 less.

Usually it is easier at the start of fall term when students come from Europe with euro notes. In small amounts of exchange, the surcharges can be quite high.

I usually like to have a few euro notes on me, but I agree that the rate is not in the little guy's favor. Also, you might end up exchanging with more than one person to obtain the requisite amount. BUT make sure your exchangee knows that you are basing the transaction on the wholesale rate of exchange, which can be found on Yahoo under Finance and Currency.

Having euros in hand upon arrival can be a major convenience. Last year my flight to Dublin was forced to land at Shannon, from where we were later bused to Dublin. While we were waiting in purgatory at the airport, the only ATM machine ran out of money because the day was Sunday, the machine was not serviced, and everybody it seemed was tapping it.

Fortunately, I had a few euro notes on me. I think I could have found some, but having a few dollars worth of local money helped under the circumstances.
Also, after arriving in Dublin, I had enough money for bus and cab fare. I did not have to hunt for a money machine until the next day.

Two points: Call your bank to ask if they have a foreign exchange desk. My closest branch of Bank of America used to keep foreign currency on site, but in the last few years they don't and it takes a couple of weeks to get it. It's still the most convenient way for me, but it takes some advance planning.

Second - beware of getting money on line. If you charge it to your credit card, it is treated as a cash advance and interest starts to run immediately. If the rate is good enough I guess it's worth it, but I didn't want anyone to have an unpleasant surprise.

At least the SF Main branch of B of A on Montgomery St. can sell euro because I need to get some soon. The teller says there's no fee if you've got an account with them but I will check again to make sure.

Actually I think the deal with Chase's foreign currency exchange is it is posted as a purchase which means you get the standard 25 day interest free treatment and no additional fee.

It was that way when it first started but some cc companies may have figured out a way to make it a cash advance what with the fees and lack of an interest free period.

francophile, I'm always amazed at people being impressed with the expression "no fee". If they choose to they could give you 3 euros for $100 and still say there is no fee. It is the exchange rate you need to check if you are concerned with the cost -- not the fact that they don't call it a fee.

Thefirst summer I went to Europe, I got 100E from my bank. Since then, I always bring back with me 100-200 E. So far it has paid off as the Euro has continued to go down.

I'm not sure if I'm getting the best rate, but for convenience and only a few days turn around, I go to AAA. I usually get 100 Euro.

I realize that too Patrick.

OK, I confess (oh, I blush), I felt the same as your husband. The 'what if my card didn't work, broke...got de-magnatized...etc.) Anyway, so? A friend who works at a bank exchanged my dollars for euro's very inexpensively...it was one of her perks! and one of my peace o' mind things

er um.. from my last post, the differece was exactly that the exchange rate ratio dollars/euros...no cost to do it tho... In november, what did I lose? 17 cents per ?? a few cents one way or 'tother

AAA carries both euros (cash) and euros TC (don't really recommend these, harder to use, previously discussed). Rates are OK.
I have traveled extensively without the country of arrival's cash, relying on ATMs in airports. For the most part it has worked very well. I did run into a situation in Italy where I wished I had some euros. The ATMs in the airport was not working. I bought a train ticket with a CC but on arrival in the station, ATMs in train station also out - system problem! (needed cash for taxi). Ended up cashing in small amount US$ at high rates at one of the exchange kiosks. But later found a working ATM near my hotel.
Now I always try to save some euros at the end of my trip for the next one.