Converting to Euros?
Jul 2nd, 2009, 10:44 PM
#42
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<<< BTW, Discover Card said they are accepted in France wherever Diner's Club is accepted. >>>
Diners Club isn't generally accepted in France (or most places in Europe). So relying on a Discover Card could be problematical unless it's also affiliated with Mastercard / Visa
Diners Club isn't generally accepted in France (or most places in Europe). So relying on a Discover Card could be problematical unless it's also affiliated with Mastercard / Visa
Jul 3rd, 2009, 09:46 AM
#45
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SherrillMills
"but converted money in at ATM on the street as soon as we arrived" I assume you meant you withdrew euros when you arrived, not converted $ to euros at an ATM machine?
Dmania...someone else mentioned to make sure charges are in local currency...what they are taling about is Dynamic Currency Conversion. Someone, say hotel or shop, asks if you would like to charge it to your card in $ instead of euros and you figure, why not, Easy to see and understand total costs...except...they charge you a very poor exchange rate. They assume you will not know the exchange rate, and can make a few more euros off of the sale So just make sure that ALL of your purchases are in the local currency.
"but converted money in at ATM on the street as soon as we arrived" I assume you meant you withdrew euros when you arrived, not converted $ to euros at an ATM machine?
Dmania...someone else mentioned to make sure charges are in local currency...what they are taling about is Dynamic Currency Conversion. Someone, say hotel or shop, asks if you would like to charge it to your card in $ instead of euros and you figure, why not, Easy to see and understand total costs...except...they charge you a very poor exchange rate. They assume you will not know the exchange rate, and can make a few more euros off of the sale So just make sure that ALL of your purchases are in the local currency.
Jul 3rd, 2009, 11:30 AM
#46
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Don't know if someone mentioned this already but make sure to always be cognizant of the current coversion rate when withdrawing so as to not go over your limit, e.g. if your US bank has a 300 USD ATM max, then you won't be able to get withdraw 300 euros because--based on the coversion rate--that would add up to more than 300 USD. Hope that makes sense
Jul 3rd, 2009, 11:39 AM
#47
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One other thing, my ATM withdrawals in London this year came out of my checking account...I was not able to choose between checking and savings at the ATM machine, nor have I in the past, that I can remember. So...have money there if you have multiple account on your ATM card
Jul 3rd, 2009, 05:26 PM
#48
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Michel_Paris-good to know about the charge in local currency. I would have thought like you first said, easier to charge in USD so I know how much I'm paying. I will keep that in mind. Thanks for that helpful tip!!
wordteacher-I never thought about that also. Excellent point.
Michel-I understand what you are saying, good point once again.
The bank told me now that I have to pay 3% for every ATM transaction. Sigh...
mimar,
Thanks for your post about Capital One eats the charge. So, I opened a Capital One credit card today to use for Paris. That 3% charge adds up fast. They confirmed that there is no foreign currency charge. Thanks!!
wordteacher-I never thought about that also. Excellent point.
Michel-I understand what you are saying, good point once again.
The bank told me now that I have to pay 3% for every ATM transaction. Sigh...
mimar,
Thanks for your post about Capital One eats the charge. So, I opened a Capital One credit card today to use for Paris. That 3% charge adds up fast. They confirmed that there is no foreign currency charge. Thanks!!
Jul 3rd, 2009, 10:32 PM
#51
You don't have one so don't worry about it . . . . 
(European cc's use different technology than US-issued cards. They have embedded chips, ours have magnetic strips - they work differently. Chip cards require entering a PIN every time they are used. Like I said, don't worry about it since you couldn't get a chip card)
(European cc's use different technology than US-issued cards. They have embedded chips, ours have magnetic strips - they work differently. Chip cards require entering a PIN every time they are used. Like I said, don't worry about it since you couldn't get a chip card)
Jul 4th, 2009, 10:42 AM
#54
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JeanneB, we did something similar ... I didn't want the risk of an account open linked to checking.
A local bank is very fee-free and they don't charge the 2%, so I opened an account there, deposited cash and used that throughout Europe. I still have that account open and it is my 'slush fund'... I deposit money that I stumble upon in it as my cash for vacations. (for example, a rebate check or something). Makes paying for vacations pain-free.
Also, heads-up... my Merrill Lynch visa does NOT work in Europe. Last I knew, it was blocked from foreign transacations even though it has the plus sign on it. Now that they are part of BOA, I'll have to check, but I'd rather not take that one anyway since it has a rather large limit...
A local bank is very fee-free and they don't charge the 2%, so I opened an account there, deposited cash and used that throughout Europe. I still have that account open and it is my 'slush fund'... I deposit money that I stumble upon in it as my cash for vacations. (for example, a rebate check or something). Makes paying for vacations pain-free.
Also, heads-up... my Merrill Lynch visa does NOT work in Europe. Last I knew, it was blocked from foreign transacations even though it has the plus sign on it. Now that they are part of BOA, I'll have to check, but I'd rather not take that one anyway since it has a rather large limit...
Jul 4th, 2009, 02:32 PM
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I always get a lot of flack from most people on Fodors, but we do it differently and have always done it with EASE!
Take a lot of euro from U.S.,,,,have it on hand....avoid the ATM's UNTIL you need more cash and then it is fine. Charge hotels on credit card,,,,,(and yes, try not to let a hotel charge you in dollars! ,,,,,we fell into that once, and later the manager explained that we were not paying more. Still in doubt, however).
We travel a lot, lived overseas for 5 years, so we're not "inexperienced". OF course many people don't want to have lots of euro/cash with them,,,,. We aren't out late at night, though we do walk interesting streets....just hold on to it.!!!
To each his own~~~OK? just sharing what my husband and I do.)
We "might " pay a little more getting euro from our bank in U.S.,, but we put it into the catagory of CONVENIENCE>.
Take a lot of euro from U.S.,,,,have it on hand....avoid the ATM's UNTIL you need more cash and then it is fine. Charge hotels on credit card,,,,,(and yes, try not to let a hotel charge you in dollars! ,,,,,we fell into that once, and later the manager explained that we were not paying more. Still in doubt, however).
We travel a lot, lived overseas for 5 years, so we're not "inexperienced". OF course many people don't want to have lots of euro/cash with them,,,,. We aren't out late at night, though we do walk interesting streets....just hold on to it.!!!
To each his own~~~OK? just sharing what my husband and I do.)
We "might " pay a little more getting euro from our bank in U.S.,, but we put it into the catagory of CONVENIENCE>.
Jul 4th, 2009, 05:49 PM
#56
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To me, stopping at an ATM on the way out of the airport is far more convenient than making a special trip to my bank. I've only been to my bank (actually a credit union) maybe 3,4 times in 20 years (do most of my banking online). Making a special trip to pay extra seems senseless.
Jul 4th, 2009, 06:50 PM
#57
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yes it is still amazing that people go into hives and frothing and foaming at the mouth and wringing their hands over "converting" or obtaining foreign currency before traveling to Europe. People people people....just use your ATM card and the hordes of bank/ATM machines in europe to obtain your currency and stop the endless useless sweating and special bank trips and paying crazy fees to obtain currency....stop the madness already.
Jul 4th, 2009, 07:06 PM
#58
mari5: Just about every time there is a thread about this, you come on to say you always get thousands of € from your bank ahead of time. No matter how many times you repeat this - still doesn't make it a good idea. You are happy doing this -- fine -- but PLEASE don't recommend it to others.
Your bank loves you since they are making a small fortune off your currency purchases. OK - maybe you can afford your own private stimulus program. But for most people that would be very foolish/wasteful. If it was me - I'd keep this to myself and not brag about throwing $$ away.
Your bank loves you since they are making a small fortune off your currency purchases. OK - maybe you can afford your own private stimulus program. But for most people that would be very foolish/wasteful. If it was me - I'd keep this to myself and not brag about throwing $$ away.
Jul 4th, 2009, 07:13 PM
#59
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<I>mari5 on Jul 4, 09 at 06:32 PM
We "might" pay a little more getting euro from our bank in U.S., but we put it into the category of CONVENIENCE.</i>
Even if s/he got exactly the same exchange rate as we do, a first-timer would still have to go the effort of getting that first load. And whatever subsequent transaction needed (for another trip) requires that same effort. So your CONVENIENCE factor, I'm afraid to report, don't mean diddly. All downside, with no upside.
Have you ever checked at xe.com/ccc to see what your actual cost was? You might find doing so to be enlightening.
We "might" pay a little more getting euro from our bank in U.S., but we put it into the category of CONVENIENCE.</i>
Even if s/he got exactly the same exchange rate as we do, a first-timer would still have to go the effort of getting that first load. And whatever subsequent transaction needed (for another trip) requires that same effort. So your CONVENIENCE factor, I'm afraid to report, don't mean diddly. All downside, with no upside.
Have you ever checked at xe.com/ccc to see what your actual cost was? You might find doing so to be enlightening.
Jul 4th, 2009, 08:04 PM
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Yes, of course we check,,,and we haven't found that much difference..TRULY............
AND the euros can be sent to your home! Simplest thing in the world, (or have them waiting for you at your bank) What's this about going to the bank,,, and having a hassle.
I think there is misunderstanding,,,, we don't get ALL the cash/euro for the whole trip.. but more than just a small amount suggested "for the ride to the hotel". The ATM's do come in handy a little later into the trip.
THis is "fun"~~ and some of you, though obviously educated and often sensible ,never cease to amaze me.
I still think our way can often work for a first timer.!
AND the euros can be sent to your home! Simplest thing in the world, (or have them waiting for you at your bank) What's this about going to the bank,,, and having a hassle.
I think there is misunderstanding,,,, we don't get ALL the cash/euro for the whole trip.. but more than just a small amount suggested "for the ride to the hotel". The ATM's do come in handy a little later into the trip.
THis is "fun"~~ and some of you, though obviously educated and often sensible ,never cease to amaze me.
I still think our way can often work for a first timer.!
