euros or francs
 

Hello All,<BR>Going to Paris next week and wanted to take some travelers checks. The AAA office I have bought from in the past only has euros. Most of the info I've read seems to indicate that francs will be the accepted form of currency till the end of the year. Are francs still available in traveler check form. Should I get the euros? Thank you in advance for your help in this regard.<BR><BR>Have a safe and joyful Thanksgiving.

You could also just go ahead and get them in USD (I am assuming you are American because of the reference to AAA). ATM's are actually the easiest and cheapest to use, but sometimes its good to have a few travelers checks just for backup too. Have fun!

I noticed that the last time I was in AAA which was way last July, but I would never buy them in Eur currency anyway, just US dollars, so it doesn't matter. There is no advantage to getting them in Eur. currency and AAA's exchange rate is not as good as what you'll get in Europe, anyway (at least at my AAA it's not as I compared). YOu'll have to exchange them to local money in France anyway, might as well exchange US dollars and only pay a conversion fee once. I know some people try to use travelers' checks instead of local cash by using them directly, but I don't and wouldn't advise that--if that's your intention, it could be a problem (many places won't accept them anyway, regardless of whether they are USD or local currency).

Greetings Podunko (nice name)<BR>Based on what I have read, euro notes and coins are not legal tender until January 1, 2002. I interpret that to mean that if you show up in Paris with euro checks, you will have to conver them to francs. <BR><BR>I take only US dollar travelers checks with me to Europe for emergency back up only. So far I have planned on using my ATM card for currency on a daily basis. <BR>Until now, I used my credit card liberally. But now that various banks are socking us with an extra 2% above the 1% Visa or Master Card charge, I am hunting for a substitute card. <BR><BR>I see no reason at all to take euro travelers checks until after Dec 31. Banks with ATMs are all over Paris and they will distribute the appropriate legal currency to you at a favorable rate of exchange. <BR><BR>Based on my understanding, the euro will not be circulated as a medium of exchange until after Dec 31.<BR>(I.e. no euro banknotes or coins in cash registers.)<BR><BR>According to a Central European Bank release I read, there will be several weeks of currency transisition in France. The schedule is as follows:<BR><BR>Jan 1, 2002 is E Day.<BR>The euro becomes legal tender in the 12 member nations of the EU that have adopted the euro. Coins and banknotes go into curculation. <BR><BR>February 17, 2002<BR>End of legal tender of the national banknotes and coins in France.<BR><BR>June 30, 2002<BR>Last date for exchanging national banknotes and coins at commercial banks<BR><BR>Last date for exchanging national banknotes and coins at:<BR>national central banks<BR>Banknotes: ten years<BR>Coins: three years<BR><BR>NOTE === other nations have different schedules and policies. <BR><BR>Therefore I see no reason to worry about showing up with euros in France until on/after January 1, 2002. Even then, the ATMs will distribute what you need.<BR><BR>Right now, the way I read it, if you have euro checks, you will have to exchange them for francs until the euro goes into action. If you have euro denominated checks left over, what do you do with them?<BR>Bring them home? Save them for the future? <BR><BR>In four recent trips, I have cashed a US dollar check twice. Once was because the ATM at the bank in the Z&uuml;rich Airport was not working, and the bank window was open. Another time, in a small Swiss village, the bank I went to only took Master Charge debit cards. I did not know that a Visa bank (my brand) was just down the street. So I converted one of my US dollar checks out of ignorance.<BR>All of that happened on my first trip!<BR>I think I learned from that experience what to do!!<BR>

Bob, can you clarify something for me? I read that same report that says you can still change notes for Euros at National Banks way into the future, but do you know if there is to be some major charge for doing this? In July when I get to Italy will I be able to convert the $600 or so of Lira notes into Euros without some horrible fee? I'd never return home with them, but they were sent to me by mail (yes, in cash) as the refund for our four rained out opera tickets in Verona. I hate to convert them over here, because I suspect the exchange rate or fees will be so bad, but it seems like there should be no fee for doing it in Italy at a national bank. Right? Otherwise I'm almost tempted to do something I'd never normally consider -- sending them now in cash to prepay a hotel bill, since they are quoting in lira and Euros, and I know I'll get full value.

Appreciate the advice. My last trip, the franc checques worked wonderfully, easy to convert to francs without a fee.But zee world, it never remains zee same, eh?

Patrick, I do NOT know the answer to your question. I have not seen anything that commented on it one way or the other. <BR><BR>My guess is that the fixed natiional currency to euro relationship would be honored at face value. <BR>I can imagine the loud protests that would occur when people went to the bank and got clipped a fee for exchanging national currencies to euros.<BR>I can see a fee if you are "out of nation". The same rules as always would apply. But to be in France or Italy and get socked with a conversion fee when converting national currencies within the issuing nation seems an awful policy.<BR><BR>And, Podunk, what do you do with left over checks in a foreign currency?<BR>You paid to acquire them, and you would pay again to convert them.

Thanks, Bob, I think you have to be correct on this and believe I will just take all this Lira with me in July and look for the first national bank I run into.<BR>In regards to this whole traveler's cheques thing, I just don't see it. I guess some people feel more comfortable with having a couple just in case, but I haven't carried any in several years and totally rely on the ATMs and credit cards. The idea that an ATM might not work hasn't stopped me yet, as there always seems to be another ATM just around the corner anywhere I've been in Europe. And once when I took my "safety" $100 US American Express traveler's check into the AE office in Geneva to cash into its face value for my return home the next day, I was greeted with a "we can't do that". They'd only cash it into Swiss francs with one exchange rate and then they'd exchange those francs into dollars at another rate. I think I was going to end up with about $80 for my $100 traveler's check. Anyway I look at it, I see travelers' checks as a no win situation.

Patrick: here is something I found that tends to answer your question.<BR>Here is where I found it:http://europa.eu.int/euro/quest/normal/frame.htm?language_nb=5<BR><BR>The source, to give full credit, is:]<BR>the European Commission home page on the web. <BR>Here is what it said:<BR>Question: Will we have to pay to get euro notes and coins in exchange for old notes and coins in national currencies. <BR><BR>The Answer: Not unless you have hoarded <BR>quite extraordinary quantities of your national notes and coins. The Banking Federation of Europe said that banks will not charge for converting household quantities of national currencies into the euro.<BR><BR>I suppose it all depends on what a bank wishes to define as a "household" amount. <BR><BR>I suppose the way around that is to do it a little at a time at different banks!!<BR><BR>Italy has not decided on the last date for converting national currencies at commercial banks.<BR>Different nations have different policies. My guess is the Italians better have a long time frame, or there will be many shouting, screaming customers lined up at the banks.<BR><BR>As you might well imagine, Europeans are worried about being cheated on the conversions, too.<BR>

Bob, AAA sells travellers checks in Foreign denominations for no fee. At least it did two years ago.

Theres' someting abuot this on the Fodor's site too. <BR><BR>http://www.fodors.com/features/nfdis...11105_stt_euro

I agree, AAA may not charge you a fee for the travelers check transaction that is labelled as such, but you pay more than the bank wholesale rate when you buy American Express checks denominated in foreign currencies. True, there is no fee per se like the one banks used to add on, but those AE checks ain't free!!<BR><BR>The euro rate at AAA today was .89675 if you bought AE checks; the bank wholesale rate today for the euro is .88170 as of 9:30 EST.<BR>The AAA rate is 1.7% above the bank wholesale rate. I agree that it is a fairly minor cost, but it is still a cost, whether you label it with the word "fee" or not. <BR><BR>To use AE checks in Europe, you have to find a place that will accept them, or you have to convert them to spending money at a financial institution.<BR>If you do not go to an American Express office, you more than likely will pay a fee to convert the checks to banknote form. <BR>With ATMs, I get money that will spend right there.<BR>And the fee for the ATM transaction is usually 1% or less. (Unless you do what my world traveler friend Rudy did; he used his credit card to get out money and then complained to me that he got socked with 4% or some such fee. Of course he did; it was a cash advance, not a withdrawal from his checking account.)<BR>Let's see now, for $3000, the difference we are discussing is .007, or .7%, which comes out to $21.<BR>I think we can each afford that!!<BR>At any rate, depending on conversion rates, the AE checks from AAA are cheaper than using a charge card that socks you with 2% on top of the 1% charged by Visa or MC. Now we are talking $90 versus $30. If I saw $60 lying on the street, I would move quite rapidly to pick it up!!!!! Might even brush past someone to do it. <BR><BR>But the question remains. You arrive in Paris on Sunday, you want to pay the cab driver, buy a carnet of Metro tickets for 58 francs, and have a cup of coffee at a small sidewalk cafe. All you have is a wad of American Express checks denominated for 100 euros each. What then, even on Jan 2, 2002?<BR>

I always carry some AE travelers checks.But I do it in lira,francs,etc.It is a simple matter to get rid of them when paying your hotel bill & resturant bills than trying to cash american dollar travelers checks. Some(many) hotels give a 5%discount for cash or travelers checks payments. The Belvedere in Bellagio for instance while some insist on cash only. I usually turn in all my remaining travelers checks at the last hotel I stay at and use my charge card for the balance.

Euros will be circulated starting Dec. 14, but will not be accepted until Jan. 1.

Thank you Bob. I agree with everything you are saying. I was planning to cash them at an AE in Paris. If AA was selling ff, my conversion costs would be minimal, comparable to credit cards and atms. But with the euro situation as it stands right now and no ff at AAA, CLV.

<BR>I once had a terrible experience in France with traveler checks in FRANKS!<BR>No bank and I repeat, no bank would cash them! They happily took traveler checks in DOLLARS!<BR>So be careful. They all still love the American money. <BR>Ada

Ada, they probably loved the US$ traveller's cheques because they could screw you on the exchange rate, which is of course more difficult to do with TCs in French francs cashed in France. TCs are an instrument of the past. they are very expensive. Debit/ATM card for cash withdrawals + credit card for emergencies is all you need.

I know one thing is for sure. If you are in several different nations, switching currencies gets really expensive when you add up all the little fees. The euro will help solve some of that problem, but Britain, Switzerland, and Scandanavia (- Finland) have not opted for the euro. Moreover, Prague, and the Czech nation, are not in the "union" and Prague has become a popular destination in eastern Europe for Americans.<BR>So the problem will be reduced but not removed. <BR>My major concern right now is finding bank that issues a credit card that does not add on 2% for foreign currency transactions. I got by with my MC card last September, but when I got home there was a little "nastygram" waiting for me in the mail. My MC issuing bank announced that, effective mid October, <BR>it would start adding on a 2% charge for non US dollar denominated transactions in addition to the 1% added by MC.<BR>Anybody know of a bank issuing any major credit card that does not sock it to us at the 2% rate? <BR><BR>Curious about the availability of euros in Europe. Where was there an announcement about that fact?<BR>I scoured the web trying to find the answer to Patrick's question.<BR>But never did I see any reference to a date of first availability of the euro in banknote form. <BR>Also it is interesting to note that some German banks will convert coins.<BR><BR>

Bob: check out http://www.euro.ecb.int/ for everything (and more!) that you want to know about the change to the euro.

Bob: this is still the policy. However, commercial banks already have been stocked with euro coins and banknotes, and shops will be stocked in the second half of December, so no doubt there will be some leakages and euros will appear on the market in December. To be sure you have *real* euros, I would advice any tourist not to accept any euros in December and get your euros from January 1st from ATMs, banks and larger exchange offices which you trust. No doubt there will be some scams where criminals will try to sell/change fake euros to uninformed locals and tourists. <BR>To answer Patrick's question: you can change your ITL into EUR for many years at Italy's central bank and there won't be a fee. <BR><BR>