Exchange $ to Euros
 

If have $500.00 US dollars I can get 374,00 Euros at BOM. What would I get in Italy at an ATM machine for $500.00?
Thnak-you

Whatever the current exchange rate is on the day you withdraw the money, plus whatever fee the ATM charges you (usually 3 to 5 euro) plus the foreign bank fee your bank will charge you.

I would be surprised if you get that rate. Which bank you are talking about? BOM - Mexico? Mongolia? Mozambique? That is the current interbank rate and most banks will tack on a fee to exchange.

What's BOM?

The interbank rate for today, you could get 373.815 Euro for $500 (1 EUR = 1.33756).

If you were to exchange $500 for Euro in the States, you would most likely have to pay a conversion/transaction fee of about 3-5%.

If you were to use an ATM in Europe, you would get the interbank rate, plus whatever conversion fees or Stateside bank fees your bank would charge you. ((b))

As an airline employee, I would say that BOM is Mumbai.

But as an erstwhile North American, I might guess Bank of Montréal.

So after all the fees, etc, what exactly would $500 get you in euros? Would it be better to use a credit card and pay just the 3% fee?

Why do you need to know EXACTLY?

You won't know EXACTLY the amount until the day you withdraw the money. The exchange rate fluctuates and what you get today will not be what you would get next fall, for example.

Both ATMs and CCs use a bank determined (sometimes interbank) exchange rate plus an additional fee. This fee varies by bank and by bank CC. Either way you are going to very likely pay something. There have been many discussions of low fee cards, but since we are talking 1-2% difference, it should not make much of a difference for amounts like $500.

Note that if you buy euros from a bank at home (BOM?) you are also paying a fee above and beyond the exchange rate, in some cases a lot more. It is buried in the exchange rate that they use. I have bought euros at home for 2-3% above interbank rate, but from what I can tell, I'm getting a good deal compared to other's experiences.

I guess I didn't literally mean EXACTLY. It is just confusing because people mention different fees and while I am trying to figure this out, nobody has been very specific with their particular CC or bank ATM....so the way to figure "roughly" in my head is what I am talking about. A credit card of 3% vs. a bank charge of $5 per transaction from Bank of America, just wondering if their is any other conversion stuff I am not aware of or don't understand on top of those.

I have a BofA ATM card, and I definitely leave home without it. Never used it in Europe. ((b))

cupid make a mistake in saying the fee the ATM charges you is usually 3-5 euro. European ATMs usually charge you nothing. I'm not going to say never, because somewhere they may be some that do, but I have never had a European ATM charge me a fee. Your own bank may charge you, though, as you know ($5 per use).

So I think you understand it -- comparing 3 pct for a CC versus your $5 fee. So it would make more sense to use a CC if you only took out $100 or less each time, as the $5 fee is greater than $3. If your own bank adds some conversion fee to ATM withdrawals, you'll have to find out. I don't think that is very common, and don't recall anyone saying that on here about BofA, but I don't use them myself.

BOM= Bank of America. I realize that the rate changes daily, I was just wondering how much more you would get for yur dollars at an ATM in Italy as to buying them here. Thank-yo for your responses.

M = America -- who'd a thunk????

From experience with Bank of America, I can say it is more cost-effective to get your currency from an ATM in the European country rather than buying them in advance in the US.

Also, they have connections with some other foreign banks (Barclays, Deutsche Bank, some others I can't remember) whereby the $5 fee would be waved. Not sure that this would help you in Italy, though.

Basically, withdraw a good bit of money your first go so you don't have to keep going back and pay the $5.

Also, call them before you go to tell them you are traveling outside of the country so they don't block your card.