Exchange Currency before we go?
 

Greetings: <BR> <BR>Is it a good idea to exchange currency before you go? I know taking some small amount ($100) is essential, but is it wisest to use one of the many internet services to change, say $600? The best rate is about .1443 FFR. Can you do better in Paris? We have an ATM card, but it is from a small credit union and probably will not work.... Thanks for the tips!

Take $100, no more. And do the exchange at a local bank. <BR> <BR>I'm not expert on ATM cards, but my understanding is that the size of your bank (or credit union) doesn't mattter. If it's a valid ATM card, it's accepted just about anywhere. <BR> <BR>If, for some reason, there's a problem with your credit union ATM card, I suggest opening an account at a bank and getting another ATM. It's really dumb to do Europe without one.

I would argue that it is not *essential* to take a small amount with you. I usually do not (but I will when my first stop is Belgium). But that's another story. <BR> <BR>If the back of your ATM card has Plus or Cirrus on it, you should have no problem using an ATM in Europe. Those internet services will not have good rates. You're better off taking US$600 with you and exchange it at the airport when you get there (if you're not going to use your ATM card).

I just checked with my local bank for 200 pounds to take with me on my trip to London. After bank fees, etc. the 200 pounds would cost me $322.28. Does anyone have suggestions for getting pounds for less money? This seemed high to me. The fees and delivery were $22 and the rate quoted to me was 1.501401. Thanks for any suggestions.

Using the current market exchange rate and adding an additional 2% (conservative estimate) you could get those 200 pounds from an ATM for about $292 (plus any fee that your bank charges you for use of a non-bank ATM). <BR> <BR>I don't know what the rates paid at the currency exchange booths in London's airports are, but I'm almost certain they're not as bad as you're going to get from your local bank on any internet-delivery company. <BR> <BR>Either rely on your ATM card when you get there, or exchange dollars when you get there.

Get foreign currency from the local ATM machines will usually give you the best exchange rate. As I understand, different banks do offer different exchange rate. You would want to use the big banks which have large global presence, such as Citibank or Chase, to get the best FX rates. Have fun!

If your ATM card will not work in Paris, I would take travelers' checks if I were you (assuming you can get them free). I use them frequently in Paris and know that exchange rates in Paris are very, very good at bureaux de change (Paris has peculiar regulations or customs that seem to make banks give worse rates for exchanging money than private Bur de Change; they don't want that business anyway and have been worse in my experience, although I've heard some people claim foreign banks around Garnier Opera building give good rates) and you will do about the same as ATM card. Really. Avoid Chequepoint chain, but excellent exchange rates (it's not customary to charge a separate fee for this exchange in Paris in my experience, which is preferable for the consumer as it's easier to compare rates) are available at these places I know: inside Parisvision office across from Opera Garnier, exchange bureau on Champs Elysees approximately across from Gap store, many places on rue de Rivoli near Louvre, and the exchange bureau in front of Vavin metro stop on north side of street. Last time I looked Thomas Cooks exchange rates were horrible (also near Opera); I've heard people say Am Express gives good rates but I'm not sure, there are many other convenient places to go. You will definitely get better rates in Paris than buying in US. If you have a large ATM fee, you could possibly even do better exchanging travelers' checks.

PS do NOT exchange money at the airport unless desperate