I'm trying to get a little money converted before we go to Paris. The bank said they will use the daily conversion and then add $3 service fee onto it. Should we just get enough to cover food and transportation once we get there?

When we convert in Paris itself, do they just go by the daily conversion or do they add fees also? Is the best way to get euros in France by going to an ATM machine and just get Euros out of them?

Thanks!

"<i>the daily conversion . . .</i>" Yes, their daily conversion rate -- but exactly what is it. I have yet to see a bank that offers the official exchange rate plus just $3. My guess is they are charging their own "special" daily rate

That actually sounds more like what they'll charge for your ATM transactions in Paris.

If you want - just for peace of mind - you can get maybe €50 or €100 from your bank and then use you ATM card in France . . . .

ATM's are the best way to get money. You can get euros at the ATM when you arrive in Paris. If you feel the need, get enough euros to cover your transport to your hotel/apartment. Check with your bank/cc's regarding daily withdrawal limits and any fees they may charge. Don't forget to let your bank and cc companies know when you are travelling.

Agree...that sounds too low for a bank conversion. I used to get 100 euros before going, but the conversion rates stink. Now I just wait til I get over the pond.

Have you looked into a credit union? I joined one before our last trip and there were no ATM or foreign transaction fees...considerable savings. I think their conversion rate was favorable also.

ATMs have now become ubiquitous, so no need to worry that you will not find a machine. I usually carry more than one ATM card, but have found that if one bank does not accept my main card the next one will.
I have a local currency exchange chain that I've used to get my "landing money" in case I'm zonked when I land (jet lag for example).
Also, as you have found, all currency transactions have two components...exchange rate and fees. You will see exchange bureaus that say "no fees", but that's only half a story.
ATM rates are quite competitive, but my bank does not charge a per withdrawal fee.

My rule of thumb is CCs only for large items, cash for rest.

Or get a Cap One account -- no ATM or Forex fees there either. Straight interbank rate.

And even CDG, as cruddy of an airport as it is, has ATMs in the terminal.

Most banks in the US I've heard about add on 7 pct to get what is their bank's conversion rate.

If you want any in advance, I wouldn't get any to cover food, only transportation.

We take a couple hundred in US$ as a backup, but otherwise just get money out of the ATM. I figure that if the airport ATMs don't accept our cards when we land, we can use the currency exchange booth to change a bit of money until we find another ATM.

<<Is the best way to get euros in France by going to an ATM machine and just get Euros out of them?>>

Normally, YES. But you need to understand you own home banks fees on international transactions.

Thanks for ALL your input. I thought it was too good to be true that I would get the true conversion rate plus $3. IF that is the case, I will just exchange enough to get us to our apt and then do the rest there. Good to know there are many ATM's there.

My ATM card has NYCE, pulse, Master Card and STar on the back. The bank said make sure the ATM machines have those on there too. Will I be able to find these in Paris?

>>Will I be able to find these in Paris?<<

yes - all over. (assume you mean "Plus" and not "pulse")

Master Card is everywhere so no worries. Avoid where possible exchange booths as they are pricey usually, especially in Paris. Usually banks charge a percentage of total, say 1.5% with a minimum and max fee and rate varies each day and will almost certainly not reflect up to the minute rate. I find the rate is usually about 100 ponts off real rate! Ask your own cc company what their charges are for ATM usage abroad and be sure to let them know when you will be abroad.
Bon voyage!

It is not necessary to "convert" any money before you go. If you want you can convert enough to get you to your hotel. But to get the best rates you should charge everything you can to your credit cards and pull walking around money from an ATM.

I'm sure your bank will charge youa $3 fee plus convert the money at their usual rate of exchange - which is 8 to 10% worse that the Interbank rate. If you use credit cards of ATM you typically pay 1 to 3% (dpending on card issuer) higher than the Interbank rate (the rate that banks use among themselves for currency transactions in the millions).

If you want to change $100 or so - just do it at the bureau de change at your departure airport. the rate won;t be any wore than at your bak and it will be less trouble. (And pull some cash from the ATM as soon as you get to Paris.)

Rule of Thumb: NEVER, EVER put a credit card into an ATM is there is any alternative whatsoever. Taking a cash advance on a CC is tantamount to a loan at whatever usurous rate the bank charges, with a fee up front and the interest accruing from the date of the withdrawal. My rules:

CC for hotel, train, plane, works of art
DC to get cash from ATMs for everything else
Check transactions at xe.com/ccc when I get home

is -> if

I'd be surprised if you found ANY machine in Paris (and they are just about on every block) that did NOT take your card.

Wow, lots of info. Thanks! I did ask my bank about the fees and they said I have to bring in my card and they can tell me. Thanks for sharing your vast knowledge.

My ATM card does say pulse, strangely enough.

Anyway, as long as it says MasterCard, that is enough. Every single ATM in France takes both MasterCard and Visa.

Make sure to notify your bank that you'll be using your card overseas; some banks/credit unions actually have "blocks" on ATM usage in certain countries, thus, disallowing you to make ATM withdawals. Speaking of credit cards, make sure to charge in the local currency--do not allow vendors to convert charges into USD (it'll cost you more.)
Safe travels

<i>My ATM card does say pulse, strangely enough.</i>

Not strange at all. Pulse and Cirrus are for ATM transactions what Visa and MC are for credit card transactions - networks authorizing and executing the requests.

Like Visa/MC, Pulse/Cirrus charge a 1% fee on all transactions they process. What your bank may charge you for out-of-network withdrawals is another matter and worth the effort (sometimes a sizable effort) to find someone at your bank who can knowledgeably explain the fees.