Exchange money now or later

Mar 17th, 2008, 01:27 PM
  #1  
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Exchange money now or later

Hello,
I wanted to ask your opinion about whether exchanging money from $ to Euros now or just wait. I am going to Europe in June and i am scared that by then the Euro price goes up even more. I asked about travelers checks, but they said it would be only in dollars, so it doesnt really makes sense. I dont want to carry cash with me everywhere. So I am lost. Is there any bank in the US, which i can deposit euros and keep euros?
Please help.
Thank you,
touchthesky is offline  
Mar 17th, 2008, 01:34 PM
  #2  
 
Join Date: Jan 2003
Posts: 45,840
Sure, there are banks in the USA where you can deposit euros...and they will immediately convert them to dollars and charge you a fee for it. Anyway, where would you get the euros to deposit, and why would you do that?

You CAN buy traveler's checks in euros, but that's a lousy idea as you'll pay more to get them, and IF you are able to use them in Europe (and it's becoming almost impossible to do so), you'll pay a fee at the other end, too.

So you'll just have to do what everyone else does: buy now or buy later and take your chances.
StCirq is online now  
Mar 17th, 2008, 01:34 PM
  #3  
 
Join Date: Jan 2007
Posts: 251
You may save a few dollars if you buy enough euros before you leave for your trip, but it is so much easier to just use the ATM. You get the current exchange rate and the only other cost is maybe a couple of dollars if there is no partner bank to yours at your destination.
jscarbary is offline  
Mar 17th, 2008, 01:36 PM
  #4  
 
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>but they said it would be only in dollars,
You can get travellers checks in many currencies incl. the Euro. You would need to find an American Express office once you arrive to avoid further (rather high) charges. I believe they also offer a banking card denominated in €, which you can use at many ATMs.
logos999 is offline  
Mar 17th, 2008, 01:38 PM
  #5  
 
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The card is called "Travelers Cheque Card"
logos999 is offline  
Mar 17th, 2008, 01:40 PM
  #6  
 
Join Date: Jan 2003
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I thought AMEX discontinued that euro-denominated banking card. But it too was/is a rip-off.
StCirq is online now  
Mar 17th, 2008, 01:42 PM
  #7  
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Thank you for the quick response. I will be getting the euros now at any bank, in case i would decide to go that route. I think we are just scared that the Euro goes to $2.00. We have really try to budget around the $1.50 and things would get very difficult if it goes to two or more. Maybe i am just overreacting
touchthesky is offline  
Mar 17th, 2008, 01:49 PM
  #8  
 
Join Date: Feb 2005
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I made a little money using TCs. Expecting the YEN to rise "dramatically", buying checks months before was a good option. In my case, it was better than using the ATM. Nobody can tell you how fast the $ is going to fall, but buying at least some checks now would be an option.
logos999 is offline  
Mar 17th, 2008, 01:50 PM
  #9  
 
Join Date: Jan 2004
Posts: 923
Really it's up to you to decide if you want to exchange now or not. No one knows what will happen between the Euro & dollar.

Personally I never use travellers checks anymore (not for at least 10 years now). It's just such a hassle. Take cash or ATM cards. Charge as much as possible.
LilyLace is offline  
Mar 17th, 2008, 01:55 PM
  #10  
 
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>Maybe i am just overreacting
Everybody is panicing right now, so you're not alone. The changes in the currency markets in the last two weeks were dramatic, who knows what's to come?
logos999 is offline  
Mar 18th, 2008, 07:30 AM
  #11  
ira
 
Join Date: Jan 2003
Posts: 74,144
Hi T,

>we are just scared that the Euro goes to $2.00. We have really try to budget around the $1.50 and things would get very difficult if it goes to two or more. Maybe i am just overreacting.

I think a $2 E is a rather high guess.

Yes, you are overreacting.

How will you feel if you buy E at your local bank for $1.69 (7% premium) and it is only $1.56 when you get to Europe?

ira is offline  

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