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convering USD to Euros...what's a good rate?

convering USD to Euros...what's a good rate?

Dec 10th, 2008, 09:42 PM
  #1  
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convering USD to Euros...what's a good rate?

I'm from los angeles, ca (usa). Planning to go to europe soon.

As of today,
Google lists 1 euro = $1.30 dollars.
Bank of America says 1 euro = $1.37 dollars.
A local currency exhange store requests 1 euro = 1.34 dollars.

I know there is no fee to use a BoFA atm card in france at BNP paribis , but what rate does BNP paribis give? i.e. If market rate is $1.33 dolars = 1 euro, what is BNP paribis charging today? How much can u pull out from an atm each day? Anyone who made a recent transaction let me know? thanks.
webazoid is offline  
Dec 10th, 2008, 09:51 PM
  #2  
 
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This depends entirely on your ATM card. Deutsche Bank, Postbank Sparcards and several credit cards don't charge for conversion or using your card. The dollar right now is at 1.3148. add 0.02% and that's what I get from the ATM using my cards.

The € still is very cheap but that will change very soon.
logos999 is offline  
Dec 10th, 2008, 09:59 PM
  #3  
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so even though i've heard that using bank of america at the alliance branches doesn't cause any markups, u should expect 1-2% markup? So earlie, if today's rate is 1.30 via google, an ATM would be 1.32, a los angeles currency exchange store is $1.34, and los angeles Bank of America currency exchange is $1.37? Thus, it would be better to to to paris and withdraw from atm?
webazoid is offline  
Dec 10th, 2008, 10:16 PM
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yes - it is better to get your € from ATMs in Paris

"what rate does BNP paribis give?" -- BNP doesn't give you a rate of any kind. You will ask for € from their machine and you will get € out of it. No "exchanging" involved. BofA will determine the final exchange rate once the withdrawal is presented to them electronically.
janisj is offline  
Dec 11th, 2008, 04:11 AM
  #5  
ira
 
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Hi web,

The ATM machines in Europe will give you Euros (mostly).

The bank does not charge you any fee for the service.

The rate your bank account will be debited will be about 1% above the bank rate. This is as good as you can get.

Your bank will then charge you an "out of network" fee and a "currency conversion" fee (usually).

In general, you get the lowest rate using an ATM overseas.


These fees can be $0 - $5, and 0 - 3%, respectively,

Check with your bank.
ira is offline  
Dec 11th, 2008, 04:23 AM
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Note, however, that there are many banks that do not charge either an out of network fee or any additional conversion fee. It might not be worth it to change banks just because of this, but the option is there.
RufusTFirefly is offline  
Dec 11th, 2008, 06:31 AM
  #7  
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I know that the euro atm's will give me euro. However, it's the final BoFA exchange rate which i'm unsure of. As of yesterday, to get 100 euro in the states, it'll cost me $137 at bank of america. The market rate was 100 euro = $130. If I went to paris at a an affiliated branch, would I just pay $130 or would I pay $137? I wonder if anyone has encountered this question.
webazoid is offline  
Dec 11th, 2008, 07:04 AM
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If the market rate is 1.30, and your bank adds the typical 1% for an ATM withdrawal, your cost today would be about 1.32.

The physical exchange of one currency for another usually costs 6-8%. The price you are given at your local bank reflects this, because it costs the bank more to handle piles of currency than to do the exchange electronically.
kayd is offline  
Dec 11th, 2008, 07:05 AM
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Your daily ATM withdrawl limit is set by your own home bank.

Whatever rate BoA ends up giving you on the ATM transaction will beat exchanging or purchasing currency any other way.

suze is online now  
Dec 11th, 2008, 07:18 AM
  #10  
 
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It's definitely cheaper to get your euros from a BNP ATM in Paris than buy them from BofA in LA. Or from anybody else in the US. You might inquire what BofA charges for non-associated ATMs, just in case.

You can ask your bank to raise the limit for one transaction at an ATM machine. But the machine also has a limit. The great convenience of ATMs allows us not to carry a lot of cash at one time.

We have a credit union account and have only paid the usual 1% on withdrawals from ATMs all over Europe.
Mimar is offline  
Dec 11th, 2008, 07:41 AM
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I've tested the issue in previous years, comparing what BofA charges from an BNP ATM machine and what my credit union charges (it claims that there is no charge). It turned out to be very close, maybe 4 tenths of a percent, to what Google or XE.Com lists as the exchange rate.
Michael is online now  
Dec 11th, 2008, 07:42 AM
  #12  
J62
 
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You ask about daily limits.

My experience has been that I had no problem withdrawing 250 or 300 Euro at at time from ATMs in several European countries using my BofA card. The 2 times when I needed more than that in one day I either used my credit union ATM card, or my wife's BofA ATM card.

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Dec 11th, 2008, 08:10 AM
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i also bank with bofa and recently used an affiliated bank in germany and CH to withdraw cash. in germany, i used deutschbank, no ATM charge. in CH, i went used a credit suisse atm which a learned upon seeing my electronic bank statement, charged me $5. i called bofa's cust svc and they reversed this charge on the basis of what one of their cust svc reps told me before i left for europe - that credit suisse is affiliated bank, therefore no atm charge.

i also called a few days before we left to have the bank raise my daily withdrawal limit to $2000, the max they can give. this order is good for 2 weeks and then it goes back to your previous daily limit.

at the credit suisse atm, i had to insert my atm card twice on the same visit, bec the machine's limit is 1000 euro per transaction. the atm will dispense more cash (as long as you havent reached your daily withdrawal limit) if you re-insert your atm card.
worldclass is offline  
Dec 11th, 2008, 08:13 AM
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btw, which european country are you visiting? i have also used my bofa atm with bnp paribas in spain, and yes there no atm fee.
worldclass is offline  
Dec 11th, 2008, 08:25 AM
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I'd be interested in a list of all the "many" banks that do not charge a foreign conversion fee on their ATM card now. My impression is that the vast majority of US banks now do, and very few do not. Out-of-network ATM fees are a different story, and I'm not concerned about that, as my bank doesn't charge one if you have a premium account, and I know that is more common. But I really do not know of any bank in my area that does not charge a foreign conversion fee now on ATM withdrawals abroad. I might be wrong, which is why I'd like to know about all the many ones that do not.
Christina is offline  
Dec 11th, 2008, 08:53 AM
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I set up a Capital One bank account primarily for travel because Cap One does not charge conversion fees and does not charge out of network fees. Instead, I get the Interbank rate on my transactions. This was great in Japan because instead of taking a 3% hit on credit transactions, we paid cash and got a better than expected rate.

By contrast, my Chase account charges $3.50 plus 3% on withdrawals in another country.
BigRuss is offline  
Dec 11th, 2008, 08:54 AM
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I'd be interested in a list of all the "many" banks that do not charge a foreign conversion fee on their ATM card now.

The San Francisco Federal Credit Union does not charge a fee.
Michael is online now  
Dec 11th, 2008, 08:57 AM
  #18  
 
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By contrast, my Chase account charges $3.50 plus 3% on withdrawals in another country.


I'm always confused as to which is which. The $3.50 (B of A charges $5.00) is the out-of-network ATM fee? If so, B of A doesn't charge if you use Barclay's either. I believe they do charge a conversion fee, but I'm not sure how much it is. We were in Egypt this summer and paid that danged $5.00 a lot, because we couldn't find a Barclay's most places.
sf7307 is offline  
Dec 11th, 2008, 02:25 PM
  #19  
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i'm going to begium, france, and netherlands. BNP paribis only has no $5 atm fee if u're in france. anyone in europe now? wonder how much the rate is. as of today, google is $1.33 for 1 euro. Some of the mom and pop shops in LA sell 1 euro for $1.38.
webazoid is offline  
Dec 11th, 2008, 03:53 PM
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I believe they do charge a conversion fee, but I'm not sure how much it is.

If they do, then even the Google exchange rate has a built in conversion fee.
Michael is online now  

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