currency exchange

Old Jun 2nd, 2013, 09:32 AM
  #1  
Original Poster
 
Join Date: Jun 2008
Posts: 141
Likes: 0
Received 0 Likes on 0 Posts
currency exchange

Any advice on changing dollars to Euros, JFK or CDG?
pougal is offline  
Old Jun 2nd, 2013, 09:36 AM
  #2  
 
Join Date: May 2003
Posts: 27,868
Likes: 0
Received 0 Likes on 0 Posts
Don't exchange cash at either place. Withdraw euros from ATM using ATM/debit card when you arrive at CDG. Cheapest and easy to do.
DebitNM is offline  
Old Jun 2nd, 2013, 09:38 AM
  #3  
 
Join Date: Oct 2003
Posts: 57,890
Likes: 0
Received 0 Likes on 0 Posts
No place. Changing cash is like throwing 10% of your money out the window.

You should pay for larger expenses with CCs and use pull walking around money from your checking account at bank ATMs with your debit card. That's the least expensive way to pay for your trip.
nytraveler is offline  
Old Jun 2nd, 2013, 09:49 AM
  #4  
 
Join Date: Mar 2003
Posts: 8,827
Likes: 0
Received 0 Likes on 0 Posts
The exchange fees at the airport are outrageous, to say the least, closer to 12%, plus a bad exchange rate. The advent of ATMs in the 90's all but eliminated the need for currency exchanges anywhere in Europe and nearly put an end to the overpriced Travelers Checks, which very few will accept.

As already noted, get what cash you may need to pay a taxi or that public transportation at the ATM when you arrive at CDG, then stop by one of the bank ATM's once you're in Paris. Make sure you let you bank know you'll be using your debit card while traveling, otherwise it will be blocked. You should also make sure your daily limit will be high enough to allow you to withdrawal what you need for walking around pocket money.
Robert2533 is offline  
Old Jun 2nd, 2013, 10:03 AM
  #5  
 
Join Date: Jan 2003
Posts: 49,560
Likes: 0
Received 0 Likes on 0 Posts
Don't "exchange." Take your ATM card and use it at the first machine you come to.
StCirq is offline  
Old Jun 2nd, 2013, 10:35 AM
  #6  
 
Join Date: Mar 2013
Posts: 152
Likes: 0
Received 0 Likes on 0 Posts
Also, you may want to check with your bank to see what the fees are for using an ATM out of their network or see if they have an affiliated bank in France. For example, I think, but am not sure, that Bank of America customers can use banks in a Global ATM Alliance without having to pay the out of network fee. If you happen to have a debit card that does not charge for out of network withdrawals and also does not charge a foreign transaction fee, that would be ideal.
JAMH is offline  
Old Jun 2nd, 2013, 01:15 PM
  #7  
 
Join Date: Mar 2003
Posts: 8,827
Likes: 0
Received 0 Likes on 0 Posts
Bank of America customers traveling in France can use the BNP Paribas ATMs without charge. The same with Barclays in the UK, BNL in Italy and Deutsche Bank in Germany.
Robert2533 is offline  
Old Jun 2nd, 2013, 04:50 PM
  #8  
 
Join Date: Aug 2008
Posts: 2,989
Likes: 0
Received 0 Likes on 0 Posts
Folks, this may be a dumb question, but I will ask it anyway. Does it cost less than a bureau d’change, to change American dollars into pounds in person at a bank like Barclay’s in central London?

I guess my concern is that my ATM card might be stuck/gobbled up in an ATM machine in some remote location– then I would really be hurting. I only access cash at my local bank ATM at home.
latedaytraveler is offline  
Old Jun 2nd, 2013, 05:33 PM
  #9  
 
Join Date: Oct 2003
Posts: 57,890
Likes: 0
Received 0 Likes on 0 Posts
Many banks will not provide this service unless you are already a customer and if they do the rate will be much higher than pulling cash from an ATM - again - throwing 10% of your money out the window.
nytraveler is offline  
Old Jun 2nd, 2013, 07:05 PM
  #10  
 
Join Date: Jan 2003
Posts: 10,496
Likes: 0
Received 0 Likes on 0 Posts
latedaytraveler - I understand your concern - it's statistically unlikely but can be a royal PIA if it does happen. Did you know you can obtain a second ATM card from your bank to keep as backup? I have one and it provides peace of mind.
Seamus is offline  
Old Jun 2nd, 2013, 07:38 PM
  #11  
 
Join Date: Mar 2003
Posts: 8,827
Likes: 0
Received 0 Likes on 0 Posts
As nytraveler mentions, few banks, if any, will exchange non-customer's cash. I was lucky in the past of have a local take me into their bank to exchange the case, but unlike the States, you cannot just walk into a bank in the EU and expect to do business, if you can gain entry at all.

If you obtain a second ATM card, it will have to be from a separate account. I have debit cards from both a personal and business account that are not tied together. My wife has a separate account altogether should anything happen.
Robert2533 is offline  
Old Jun 2nd, 2013, 08:02 PM
  #12  
 
Join Date: Nov 2004
Posts: 7,160
Likes: 0
Received 0 Likes on 0 Posts
If you're worried about your debit/ATM card being gobbled up by the machine, only use ATMs at a bank when the bank is open. That said, I've used ATMs all over Europe in small towns and big cities at all hours with no problems at all. (My accounts in the US are in credit unions, which charge no transaction fee and a minimal exchange rate of 1% over the interbank rate.)
Mimar is offline  
Old Jun 3rd, 2013, 01:19 AM
  #13  
 
Join Date: Aug 2008
Posts: 2,989
Likes: 0
Received 0 Likes on 0 Posts
NYtraveler, Seamus, Robert, and Mimar, thank you for your thoughtful replies and for the reminder that banks abroad do not do business as openly as those in the US. I will try to use my ATM only at banks during their working hours. It’s reassuring to know that you folks haven’t lost your cards yet.
latedaytraveler is offline  
Old Jun 3rd, 2013, 04:13 AM
  #14  
 
Join Date: Jul 2006
Posts: 25,426
Received 4 Likes on 4 Posts
crikey, I've never had any problem changing money in a bank in europe (when I had to do it) unless the bank is not a retail bank of course.

But I'd rather pull the cash from an ATM

two things to remember with ATMs

1) cover the pad as you put the pin in incase someone has stuck a camera above the pad
2) do make sure the slot is the original not a capture slot.

http://www.innocenthacker.com/2012/0...rotection.html
bilboburgler is online now  
Old Jun 3rd, 2013, 08:46 AM
  #15  
 
Join Date: Jan 2003
Posts: 10,496
Likes: 0
Received 0 Likes on 0 Posts
Robert2533 on Jun 2, 13 at 10:38pm:...If you obtain a second ATM card, it will have to be from a separate account...>>

Nope, not necessarily. It is of course possible to get a second account and card but I have a second card tied to my checking account.
Seamus is offline  
Old Jun 3rd, 2013, 10:50 AM
  #16  
 
Join Date: Nov 2003
Posts: 229
Likes: 0
Received 0 Likes on 0 Posts
Never change money at an airport booth. BUT, there are plenty of banks in New York that will exchange USD for Euros for a five percent fee. So it's not 10 percent as one commentor claimed.

Unless you have a no-fee ATM card you will pay a three percent foreign transaction fee plus an ATM fee that likely adds up to more than five percent. I personally like having a little local cash on me when the plane lands.
FHurdle is offline  
Old Jun 3rd, 2013, 05:59 PM
  #17  
 
Join Date: Jan 2003
Posts: 10,496
Likes: 0
Received 0 Likes on 0 Posts
FHurdle - did you check what rate you get at such places?
Seamus is offline  
Old Jun 3rd, 2013, 08:10 PM
  #18  
 
Join Date: Mar 2003
Posts: 8,827
Likes: 0
Received 0 Likes on 0 Posts
FHurdle, okay, a 5% fee on top of a very bad currency exchange rate. You end up losing all around. Bank of America charges a 1% foreign transaction fee plus $5 per transaction, which is why when we're in the Basque country (both sides) we get cash from the BNP Paribas ATMs, no fees or transaction charges.

Seamus, if you have two ATM cards attached to the same account, if one is blocked, both will be blocked, as the account will be frozen until you respond to the phone call they made to you home phone.
Robert2533 is offline  
Old Jun 4th, 2013, 09:36 AM
  #19  
 
Join Date: Nov 2003
Posts: 229
Likes: 0
Received 0 Likes on 0 Posts
No Robert2533, a five percent fee on top of the current SPOT rate. I calculated this. Currency values are based on an exact price. Currently the spot price is 1.30880. Multiply that by 1.05 and you get 1.37424. That is the price you will pay for Euros at Wells Fargo, plus a $5 fee regardless of the size of the transaction.

This is a better deal than using an ATM unless you have a no-fee cards, since ATM users must pay both a three percent transaction fee and an ATM fee, and they are limited to relatively small transactions.

Seamus, yes, I've checked the rate and used the service before. I actually called a couple of weeks ago to get the current rate, compared it to the spot rate, and figured out that they were marking them Euros up by five percent, which is quite reasonable.
FHurdle is offline  
Old Jun 4th, 2013, 01:25 PM
  #20  
 
Join Date: Aug 2008
Posts: 2,989
Likes: 0
Received 0 Likes on 0 Posts
I’m back. Today I stopped into my bank – SOVEREIGN north of Boston – where I have had an account for years, although this bank site has had many iterations in the last decades. I was told that I could purchase sterling at the daily rate with a charge of $8 for overnight mailing. It could take a day or two.

Sounds good to me…
latedaytraveler is offline  

Thread Tools
Search this Thread

Contact Us - Manage Preferences - Archive - Advertising - Cookie Policy - Privacy Statement - Do Not Sell or Share My Personal Information -