Euro Exchange Rate

Sep 9th, 2008, 07:56 PM
  #1  
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Euro Exchange Rate

Well I was at my bank today and now that the Euro is eequal to $1.41 I asked what their exchange rate is - I like to have some Euro with me and the landlord wants Euro Cash when I arrive...

the bank is charging $1.49 for 1 Euro.

Do you think that's a good exchange rate?


M.


Mahya2 is offline  
Sep 9th, 2008, 07:59 PM
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i always prefer to withdraw from my bank account in the country i am visiting using an ATM for the best rate of exchange...
rhkkmk is offline  
Sep 9th, 2008, 10:09 PM
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Of course, it is a bad exchange rate.

In the area of U.S. bank supplied Euro, the rate is about normal.

However, in your circumstance, you have other options.

I presume the Euro cash need exceeds your normal ATM withdrawal limit?

1. You can usually request a temporary daily withdrawal limit increase from your bank.

2. Do this to multiple debit card so that just in case your 1st card does not work, you still have backup cards to extract enough Euro for your landlord.

Understand how your bank counts "1 day." When I call banks to inform I will be using my debit cards abroad, I always confirm just how they define "1 day" in the context of daily withdrawal limit. A bank defines a day as a calendar day based on CST, while another bank limits the withdrawal by PST. My third card is limited by the amount I take out within "24hr interval."
greg is offline  
Sep 10th, 2008, 06:39 AM
  #4  
ira
 
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Hi M,

> I like to have some Euro with me and the landlord wants Euro Cash when I arrive...

the bank is charging $1.49 for 1 Euro.

Do you think that's a good exchange rate?<

It is no worse than what you will have to pay at the departure airport.

I would not get the landlord's payment from your bank.

Have the bank raise your daily limit for the day that you arrive to an amount high enough to cover the fee plus another 100E.

You will save 6-8%.

Enjoy your visit.




ira is offline  
Sep 10th, 2008, 06:53 AM
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The official exchange rate is just that--what the banks get. It will not be what you will get at an ATM or your US bank for a few euros.
I just exchange a $100 at the airport for Euros to have some in my pocket to arrive with. After that use your ATM card, and withdraw enough for a couple of days, to cut down on the "per transaction" charge most US banks charge. Bank of America doesn't charge if you use their partner banks in Europe.
Gretchen is offline  
Sep 10th, 2008, 09:11 AM
  #6  
 
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this is just math, you'll have to decide if you think it is good (1.49/1.41=1.06). I think it's not too bad for a bank if you really want some with you on arrival. Most banks in the US seem to charge 6-7% that I've examined (including mine). I think that's because they may all use the same source, Travelex, and that is their markup. It's a lot better than the exchange bureau in the airport, if that's your alternative. Not as good as an ATM, of course.

Christina is offline  
Sep 10th, 2008, 09:26 AM
  #7  
 
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I have gotten euro from my bank in the past just to have when I arrive in Europe and have to say their costs are extreme and I do feel it, even when I try not to. For my upcoming trip in a little over a week, thank goodness I still have some euro left from my March trip, but I will wait until I get there and go to the ATM as I do have a balance of 100 euro to pay for the apartment rental. One can hope that when you get there the euro to the dollar will be lower.

Happy Travels!
jdc
jdc26 is offline  
Sep 10th, 2008, 09:26 AM
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Well the best way is with an ATM, preferably with a card that

1. doesn't charge you for accessing your money at an ATM other than its own and charges no more than 1% above the official bank rate. Lots of such cards exist.

Personally, I don't see any need whatsoever to secure euro in advance. The ATM's work 99.9% of the time and if by some chance they don't, you can always go over to the exchange booth at the airport and change a small amount of cash.

I use credit cards for everything whenever and wherever they are taken no matter how large or small the purchase. Therefore I don't need all that many euro (or whatever currency I'm usiog) and have no problem taking out small amounts as my bank doesn't charge me for ATM withdrawals.
xyz123 is offline  
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