Exchanging money

Oct 17th, 2010, 05:12 PM
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ossox: And you registered to post that?? (as did UCBerk BTW -- but then s/he immediately 'unregistered'. I'm pretty sure the Fodors editors don't know what 'berk' means )
janisj is online now  
Oct 17th, 2010, 09:26 PM
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As for Mimar and spaarne maybe you two should spend more time helping others
This is a forum to provide information and knowledge to fellow travelers.

Thank you so much for your advice. It looks like you shot and ran.

Please see my first post on this thread. In summary, you just find a credit union with no ATM fee or CC foreign transaction fee and you save $5 and/or 3% whichever is greater. You will get the interbank exchange rate, the best there is. Open an account and laugh at the banks.

For LIBBIER, bringing euros to Europe is like carrying coals to Newcastle.

For those who need more than the daily withdrawal limit, all you need to do is open more accounts at home. Bring 3 or 4 ATM cards with you. It is best to have more than one ATM card anyway because you never know when one will get swallowed or lost. Avoid debit cards because of the lack of limits on liability until you report it missing. Your account can be cleaned out before you know the card is missing. Pickpockets are scum, but they are professionals.
spaarne is offline  
Mar 21st, 2011, 11:22 AM
Join Date: Mar 2011
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My bank says I can get a Euro MasterCard with 985 Euros on it for US$1500. Would this be a good way to handle my money while traveling in Italy?
Duetsinger is offline  
Mar 21st, 2011, 12:38 PM
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No! It will cost you $1.52 for one Euro if you take this lousy deal. The going rate today is $1.42 for one Euro. Just use an ATM in Italy. Even if they charge your bank charges you a percent or two, you will still come out ahead.
nukesafe is offline  
Mar 21st, 2011, 12:51 PM
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Deutsinger - Use an ATM card to get cash when you get there. The exchange rate with that euro card is bad.

Yahoo is showing an exchange rate of 1 euro per $1.42. For $1500, that would be 1056 euro. That eurocard will cost you an extra $100 or so or close to 7%, if my math is right - and that doesn't include any other fees, which is common with these cards.

For ATM withdrawals oversees, my bank charges 3% plus a $5 per transaction fee - which in and of itself is terrible. Pulling out the equivalent $1500 in euros from an ATM (assuming 3 transactions) would only cost about $60 in fees - a $40 savings, even with my crappy bank. If your bank is better than mine and doesn't charge the per transaction fee, then it would cost you approx. $45 in fees to get your money in euros.
november_moon is offline  
Mar 21st, 2011, 01:34 PM
Join Date: Mar 2005
Posts: 10,404
If I use my bank or credit union ATM card today to get 985 euros from an ATM in Europe it would cost me $1411 US.

The interbanking exchange rate = 1.4184, + 1% ForEx fee + $0.00 charged by my bank.

So in my opinion, no, spending $89 to get access to your own money is not a good way to handle money.
J62 is offline  
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