Going to Europe in Jan. I was always told to change dollars to Euros before travelling at my local bank. My bank told me I'm better off waiting until I get to Europe, even suggesting to use the kiosks in the airport, which I've always been told are the worst places to use. Any suggestions? Also will need local currency in czech republic. Thanks!

>>I was always told to change dollars to Euros before travelling at my local bank. My bank told me I'm better off waiting until I get to Europe, even suggesting to use the kiosks in the airport, . . .<<

Don't buy currency at home -- unless you just want a little bit to tide you over the first day. But even that isn't necessary.

Leave your $$ at home and use your ATM/debit card to get cash as you need it.

>> . . .which I've always been told are the worst places to use<<

Only use the airport kiosks if/when an ATM is not available or out of service. The kiosks are fine but using an ATM is cheaper.

In Prague airport you will find atm for krona and euro. Get them there.

Exchanging currency is a thing of the past, much like travelers' checks. You'll be fine just using an ATM.

However, you could ask your bank about buying a "tip pack," which would give you some cash to get along with.

While I've used ATMs exclusively on arrival for many years, on a recent trip, having no cash from the country in question from a previous trip, and the fact that I landed in the wee hours and could not assume currency exchanges would be open (back-up in case of problems with ATMs), I ordered $300 of local currency at a rate I considered not extortionate, online from Travelex using a credit card. While, as I mentioned, it isn't something I ordinarily consider and Travelex is a bad word in general for their less-than-favorable exchange rates, I found their rate online was better than my bank, the service was excellent and it was a painless way to relieve my concerns with timing, etc. and have a bit of cash on arrival. I'd do it again.

Right now my home bank, Bank of America charges about 6% when selling foreign currency. This is in addition to any delivery fees. If I use an ATM which is in the bank's ATM group network I get charged a 3% currency exchange fee. Travelex, right now, is charging about 12% to change money.

ALL of those currency exchange bureaus make their money ion one of two ways: they either charge no commission and make their money by giving you an unfavorable exchange rate OR they give you a more favorable exchange rate and charge a commission.

They do not do anything "for free." I agree your best bet is to use an ATM.

I stand by my use of Travelex under the qualified circumstances mentioned, having compared several online possibilities & my bank. Sometimes paying bit more for short-term peace of mind is worthwhile. Of course ATMs are the least expensive, generally speaking, not always but usually. We all know that, the rest is hot air.

If you were going to exchange money, it probably would be cheaper to do it at home through your bank. Most bureaux de change in foreign countries charge more than 6-7%, especially in airports. But I can't imagine someone would want to take all that money at one time, anyway. As a matter of fact, I have exchanged currency at times in Europe and have gotten rates better than 7%, but in some cities where I know the cheap places (Paris). I have noticed signs in others and it is usally more than that. Of course, that would assume your bank does charge 6-7%. I don't think anything wrong with getting about US$100 worth before you go, though, if your bank will not tack on an extra fee for that small amount.

As others said, not a good way to do it, anyway, though, I just use ATMs most of the time. I take about US$200 with me as cash for emergencies, and also make sure I have PINs on a couple credit cards to get cash, also. Have never had to do that, luckily. I also always have 2 ATM cards with me.

>>it probably would be cheaper to do it at home through your bank<<

Not so IME. Unless one is a very 'high value' customer where they waive fees etc -- it will cost more from most brick and mortar banks than at an airport Bureau de change (though again -- an ATM will be much better)

OK -

No - you bank at home will give you a terrible rate - probably 8 to 10% worse than the Interbank rate.

first you charge everything possible on your credit cards to minimize the loss on exchange rate (banks get much better rates since they bundle money from so many people - you do NOT get this rate with cash which is a PIA to banks).

Second you pull the local currency from ATMs (preferably located next to a bank to avoid fees) from your checking account to use as walking around money.

You can take a $100 cash with you for emergencies - but changing cash anywhere is going to be very expensive.

Plan on paying cash for most everything less than $15 or so. And some small local merchants will want cash.

Be sure to take with you at least 2 credit cards (Visa and MC are preferred while AmEx is mostly for moderate and up places; Discover is NOT supported) and 2 ATM cards.

My personal experience, because I often do bring cash to exchange, including a very recent trip to Paris and Copenhagen:
1) Cash from your local bank is usually the most expensive, but still worthwhile to have some local money upon arrival, provided you have no other local choices;
2) Currency exchange in the U.S. (I have one in a nearby mall) is better than my bank (Bank of America);
3) Currency exchange at airports is usually a bad idea;
4) Recent currency exchange at the central train station in Copenhagen was a good bargain;
5) If you research properly, you can usually find a decent exchange rate abroad, but you must be willing to at some point get to your selected place and this can admittedly be problematic in some cases;
6) your bank ATM, provided it has reciprocity with a foreign bank so most fees are waived (BofA with Paribas in France for example) will usually be, but isn't always, the best option. The advantage over a local exchange place can be so small as to not make a material difference.
7) Many local tours, small businesses, bars, etc want cash; again just my personal experience.

<i>your bank ATM, provided it has reciprocity with a foreign bank so most fees are waived (BofA with Paribas in France for example) will usually be, but isn't always, the best option.</i>

Credit unions are often a better option. Mine charges the 1% Visa conversion charge, others do not; I use my credit union as my foreign travel bank.

Seems like a rather strange posting >even suggesting to use the kiosks in the airport, which I've always been told are the worst places to use<, but as the OP hasn't returned, it's difficult to discern what's going on, or where he's coming from.