I could not believe what one 'travel expert' said on the radio the other day

his advice was "to get money for incidentals from your local bank before going to Europe"

he cited his example of landing in Paris and "having to pay high fees to change money"

1- Local banks rarely change money at least in my large urban area and you have to go to travel agents or the airport and then get much lousier rates than you ever would at the Paris airport. Especially from travel agents as you typically have to change a minimum dollar amount at a dismal rate and then socked with a service fee to boot

2-Every airport i've seen in Europe has ATMs handy and as we all know this is by far the best way - bottom line - of obtaining spending money in Europe - going to an ATM once there over a travel agent at home can save tons of money - not as the 'travel expert' claims sock you with high fees - he may have been talking about airport changes but even then they seem to pay a better rate than at home

So though that advice may have been valid say 20 years ago it's misinformation today

We are exchanging in the US through a bank at the current rate with no fees. This is being done by a realtor friend through the bank they deal with.

I have not checked with my own bank to see what if any charges would be.

And exactly what "current rate" would that be. I'm sure it's at least 7 or 8% higher than the interbank exchange rate (the one, plus 1 or 2% that you get using your ATM card). Otherwise the bank would be losing money o n the transaction - not something I've ever known them to do,

To me it depends on what you mean by "money for incidentals". I would agree that you will probably lose out if you go w/ a few hundred Euro as the fees here will probably be higher. But I think it's a smart idea to have 20 Euro in your pocket when you land. I'm one who tends to get hungry quickly and if I don't find food I go downhill fast. The last thing I want to do when a hunger pang hits is wander the airport looking for an ATM. While ATMs are everywhere they do take time to find once in a while.

well my real complaint with the 'expert' is pointing to higher fees to change money there than at your local bank, which just ain't so

and there is a money exchange right outside the Customs exit at every airport i've been in that you can change a $20 bill quickly and without the fees you typically pay here

that said if you can change $20 or so at a Travelex at a U.S. airport i don't think you'd lose enough to worry about - but local banks and travel agents often have minimum amounts to change and then fees with lousy rates to boot.

So, who was the "expert", PQ?

Ira - my Alzheimers is kicking in but i believe the expert was actually the editor of the International Herald Tribune intervewed on CSPAN Q & A Sunday - but i can't be sure - i just jotted the advice down for use and then Alzheimers kicked in

<<Author: nytraveler
Date: 10/23/2007, 12:53 pm

And exactly what "current rate" would that be. I'm sure it's at least 7 or 8% higher than the interbank exchange rate (the one, plus 1 or 2% that you get using your ATM card). Otherwise the bank would be losing money o n the transaction - not something I've ever known them to do,>>

$1000 USD for 701 euros. My ATM withdrawals from Commerce Bank had the same exchange rate this April. This current rate is $1.42 for 1 euro.

We always return from Europe with $250 or so worth of Euros to use on our next trip. If I don't have enough, I go to the Bank of America in San Francisco. They have an entire "office" staffed with about 5 people that do walk-up currency exchanges. Rates are probably 5% higher than I would get at an ATM in Europe - but that's only $10 for $200 worth of Euros.

Does anyone remember 2001 (or it could have been 2003) when the people who supply France's ATMs with money went on strike??? Since people could not get money at ATMs, they went to banks & other sources, and drained them of cash also. We took about $1,000 worth of Euros with us to France - we had to make about that much in Gite rental payments & security deposits the first day we arrived..

Personally, looking for an ATM at an airport is the last thing I want to do when arriving in Europe after 20 hrs on planes & in airports.

Stu Dudley

I saw that C-Span interview and it was NOT him who gave that crazy advice. It takes about 2 minutes to find an ATM at the airport. Look for the lines of people who are not at security or at food outlets!

"Personally, looking for an ATM at an airport is the last thing I want to do when arriving in Europe after 20 hrs on planes & in airports."

Stu, I could not agree with you more. I always have $150 - $200 worth of local currency when I get to wherever I'm going. The 10 or 15 extra bucks I spend at my bank is nothing compared to the time I save getting to my hotel for that warm shower to sooth my reclined-in-front-of-for-12-hour body.

I'm with StuDudley on this one. I have avoided airpport ATM's ever since a traveling companion was robbed of all her cash after withdrawing it at the Zurich airport ATM.

I prefer to arrive with 50 or so in the local currency, and wait until the following day, when I am alert and awake, to withdraw my main stash of cash.

Jeez, too bad we don't know who this dude was. A few dozen emails from Fodorites might prompt him to do some better research.

Not to mention that none of my " local banks" even offer that service, or if they do they have to run it through some other bank or service, and I'd end up paying a fortune.

I'm one of those who arrives with euros in my pocket, too, as I have no desire to locate and deal with an ATM upon arrival, as trivial a matter as that is. I've arrived to find ATMs broken, with long lines, etc.

Are you guys really THAT tired when you land? All the "experts" on jet lag tell you to get out and do stuff your first day, not head off to sleep as soon as you arrive.

Then again, I'm cheap. That $10-$20 saved on money exchanges buys me 3 liters of beer or a night's stay in a Zimmer Frei. My vacation time, especially in Europe, is very dear to me and I need to use every Euro and every minute of time wisely.

Hi Z,

Changing $100 to foreign currency at the departing airport will cost <$5 compared to an ATM in Europe.

I don't think that it is a good idea to be using ATMs when jet-lagged. You are not alert to who is around you.

lydialikestotravel,

According to http://www.oanda.com/convert/fxhistory?lang=en, the interbank rate would have been 730-740€.

I regularly buy euro cash from my local bank. Rate is ~4% above interbank, which is not bad. But agree that ATM is the most convenient way to go.

On my last day in London last February, with more than enough cash to last me until my flight home, I pulled out 250 pounds from the ATM. Its been in my dresser awaiting my next trip. No need to look for an ATM on arrival or the first day or so. I have done this for years and don't understand why others haven't done the same.

<<< don't understand why others haven't done the same. >>>

Because £250 is a substantial amount of money and most people don't want it to sit in a drawer until the next visit or possibily getting mislaid.

In Australia my bank charges 1% of the Australian Dollar amount for foreign currency. Minimum charge of $15.00. As my sister works for the bank she gets the fee waived so in fact, it costs me nothing to get foreign currency.

This is what I have always done in the past - taken enough cash with me to see me through.

This time I'm going for awhile and am reluctant to take so much cash. I have organised a visa debit card but thinking about it now part of me is still thinking that maybe the cash is a good idea. At least buying your euros up front you lock in the one rate.

But it does seem like quite an expensive exercise to do the same in the States.