Currency Exchnage
 

I have read conflicting reports on how to pay for stuff while in Athens and Santorini. I would love to hear how others exchange their US dollars for EUROs. In other words, how do you pay for your trip? Do you use Travelers cheques, US currency, credit cards, etc..? Also, what extra charges are there if any, and where do you get the best exchange rate? Thanks.

This question comes up several times a day on Fodors. Search ATM or currency and you'll come up with some long threads on this topic.

Consensus is use to ATMs to get cash overseas. Many use a backup option just in case. I never use anything but my BofA ATM anywhere in the world.

J62, up until now I've been a TC/cash sort of traveller, but I'm going to be using my BofA Debit card for the first time while travelling when I go to Greece in a couple of weeks. Have you used yours in Greece? What are you charged over the built-in percentage in the currency exchange rate? BofA told me they don't have a global alliance with any banks in Greece so I should expect a transaction fee at the time of withdrawl. What is your experience in this matter?

Bro,
Sorry I can't help you w/ Greece. Unintentionally, I believe I've always used one of BofA's partners, because they haven't charged me an ATM fee, or perhaps it's buried in the #'s.

Net, I usually think I get a point or 2 better than the posted currence exchange rate, and always a couple of points better than any credit card purchases made on the same day.

Regardless of the exact rate, it's always been by far the best exchange rate when all is said and done than any other method.

I'm sure someone else can tell you about BofA & Greece.

Thanks for the follow-up

On Bank of America's website, they have a schedule of fees. Here is the link...

http://www.bankofamerica.com/accessi...5-11-3000B.pdf

Page 11

ATM withdrawals overseas are $5.00

Hope this helps.

Thanks for that link.

Recent debit card withdrawals have cost me a $1.50 ATM service charge, a 3% foreign currency conversion charge and of course the current exchange rate. Please consider that carrying dollars and converting them into local money may be the least expensive. Considering the newly generated 3% CC charge it may pay to use travellers checks denominated in dollars.

GSteed, to which countries did this apply? Was this a BofA debit card?

Here is some more info on BofA:

Bank of America customers, for instance, can avoid all access fees by using ATMs at Barclays, BNP Paribas, and Deutsche Bank.

Do a search on these bank partners to see about ATMs in Greence or where ever. I'm in the same boat - trying to decide whether to purchase a VISA Travel Money card. With the high fees that BofA charges for overseas ATMs, the VISA card is looking better. Especially by purchasing from AAA (I'm not a member, but can still purchase from them - cost is $9.95 versus $4.95 for members - National Bank, another provider charges $14.95 and their other fees are higher, too).

My son is on a 4-5 month trip and is mainly using a BofA ATM card for all his cash purchases.

When a BofA partner bank is available (Barclays, BNP Paribas, and Deutsche Bank), he uses it and as mentioned, no extra fees are paid.

Otherwise the BofA fee is $5. That may seem a lot, but if you're withdrawing $200 at a time, it's still only 2.5%.

The exchange rate itself us very close to the interbank rates published on Yahoo Finance and other sites -- we're probably within 1%.

For every $1000 cash on trip expenses (hotels, meals, etc) -- that's about $40 fees. That's not too bad.

Thanks for all the info. To add to it, VISA adds 2% to the Federal Reserve Board's daily dollar value. It's built into the exchange rate used at a foreign ATM machine, so it doesn't translate as a fee although in reality it surely is. It's still a heck of a lot cheaper than a cash advance using a normal credit card!