gracejoan - Somehow you ignored the OP's question.
"Is the best way to get euros in France by going to an ATM machine and just get Euros out of them?"

The best way, of course, it to use the ATM's which are on every street corner these days.

Note the OP didn't ask how you got your own money or how you personally choose to spend your own money. The OP asked the "best way" to exchange.

Michel_Paris -- no need to carry cash to South Africa. There are ATMs everywhere.

Oh yes, and I was mugged when I went there.

As in many questions asked by people..we do stray away from the primary question asked. I think the OP received a large variety of information..even to mugging in S Africa!

The important thing is that they have been able to sort it all out and to make their own decisions for their trip planning.

Have a good trip...

Joan

Kerouac, I will pick your mind at some time. There is move afoot to plan a trip to the World Cup, seeing some games in Durban. Need to buy game tickets soon. I have an image of SA that is...needing some input

janisj--no we were not charged an exhorbitant exchange rate! It was the going rate-nothing added. And selling it back to the bank we actually came out ahead a little. Why would I be wasting money taking cash? It doesn't take any more effort to safeguard this money in my purse than it does to safeguard our other possessions that we are carrying about. Cash in hand or something billed to my Visa was the same amount for us.
I'm not recommending this to anyone or telling them that this is the way that they have to travel, just that this is how my husband and I chose to do it. What shame would there be if they did follow what we did? All I did was relate our own personal experience on this particular subject.

decee: The bank doesn't "add" anything. They charge a different rate. Yes a "going rate" -- just not THE going rate. What rate did they charge you per £ and about when was it?

For various reasons, I have had dealings w/ many different banks re foreign currency and have yet to find one that charged the official rate. Say the day's "going rate" is $1.60 - then most banks will charge between £1.67 and £1.71 - but to the customer it <i>looks</i> like there are no fees.

oops - wrong symbol . . . . . will charge between $1.67 and $1.71 per £ . . . .

decee,

I don't get it, either. What possible difference could it make!

Joan

There is the official exchange rate in the newspaper, then there is the bank rate at your local branch, which seems to be ~5% more last time I checked. The "going rate" is the rate they charge you and make money.

As with all currency transcations, fees and exchange rates are where the businesses make money. In bank's case, no fees but worse (i.e. more than what they pay to get it) exchange rate.

decree: The only way you could come out ahead selling back is IF the $ - £ exchange rate changed a lot in the interim. For instance in early April the £ was very low against the $ but by May the £ had climbed about 13¢ so selling back would mean making a cent or two per £.

Banks use different buy and sell rates so normally you lose on BOTH ends of the transaction.

Always use an ATM at your destination. When you arrive at your destination airport, go the ATM and withdraw as much as you can to avoid multiple ATM and conversion fees. Carry around as much as you feel comfortable with and put the rest in the hotel safe.

The ATM fees are much cheaper than converting USD to Euros at banks or currency exchange offices.

Should have added.... use you ATM debit card, not a credit card at an ATM. Also, if you use an international bank at home such as Chase or Citibank, you will avoid ATM withdrawal fees if you use that bank in Europe.

This is the way I see it: For banks that handle foreign currency, that cash is inventory that requires humans to handle, safeguard, and dispense, and space to store it. The banks sell this inventory at a markup to cover the handling expenses. No one should expect to buy that inventory at a price that would result in a loss for the bank, so the bank's rate for cash will necessarily be higher than the cost of getting local currency (pounds, euros, whatever) from an ATM where the entire transaction (as far as the US bank is concerned) is completed electronically.

yes, kayd -- simple concept isn't it

Janisj
We all know that banks are in business to make money. There is the official exchange rate and the rate the bank charges. I don't know why you think that I am being ripped off--I know that to buy a foreign currency that I will be charged an exchange rate that my particular bank charges--the price of doing business so to speak. I paid the exchange rate that was posted by my bank and nothing else.
If I wanted to spend forever time trying to find a bank that doesn't make money doing this type of transaction then I wouldn't have time to take a trip.

decee: The point is -- NO bank will give you a good rate. None. Buying currency is expensive and totally unnecessary in the vast majority of cases.

You posted that you were not charged any fees and I was just saying you they got their "fees" through the exchange rate they charged you. Which is just money down the drain IMO. But it is your money . . . .

decee,

I think it is pointless...janisj prefers to use ATM's..she says that is the best way..what she forgets to say is that it is the best way for her! It is definitely not the best way for me and it evidently was not the best way for you for your last trip. She can only speak for herself.

Whatever I pay to take my euros with me is for my convenience and I am the only one that I have to satisfy for that. The same for you. Yes, it is our money to spend as we please, and for her to do the same. That way we are all happy. Why not drop it. The OP has found out what they want to do.

Joan

gracejoan,
cap one said it will take 3 weeks to get the card. That's a long time. I need extra cards too, they won't send extra cards yet. I did call the other credit cards to notify them. Cap one won't let me do anything til they send out the first card.

Sorry to cause such a heated argument. I did learn both sides of the coin though-thanks!!

I just found out the VIP apts don't have a safe in the apt. I was planning on keeping important stuff in there. With no safe, do you recommend just getting euros from ATM as we need them?

That's too bad about it taking so long to get the cards. It is probably the time of the year. They definitely told you that you won't have them in time for your trip? Try getting to a supervisor and maybe you will get one who will get something to happen for you.

Don't worry about what sometimes goes on within the discussions. Some just think their way is the only way.

I guess you will be using the ATM machines more than you wanted to. Yes, they are probably the way for you to go for most of the time.

Not sure about the security in the VIP apartments. The apts. that I stay in do have safes, but I never use them. Never felt it necessary with them.

Split up whatever cash you have..taking with you or from ATM's. Don't carry it all in one place.

I have never had a problem of any kind. Just use some good common sense about things and you will be OK.

Good luck with the CapOne cards...

Joan

decee - You don't seem to understand the exchange rates and how they work. If you go to bank in the US and get money, you will pay whatever rate that bank decides to charge which is generally 7-10% (or more if they so decide plus sometimes a transaction fee in addition)above the interbank rate that day. If you go to an ATM in Europe, you will get the actual interbank rate plus 1-3% depending you your type of ATM card. You are overpaying 7-9% to get money from the US bank. It's fine if you want to overpay, but most people don't want to waste money that way.

If the interbank rate is $1 = .72€ (this minutes current rate) your bank rate will be around $1 = .65€ (or worse). Additionally, they tack on fees for exchanging smaller amounts on top of giving you the lousy exchange rate. If you were to exchange $1000 at an ATM in Europe you would get $720, but if you exchanged at the bank in the US you would only get $650 (or less). A loss of $69. As janis said, no bank in the US will give you a good rate. Just doesn't happen.