earlyshow2

Would it cost more to exchange money at our hotel in Athens than it would at a ATM machine using a debit card? My bank charges $5 for each debit transaction plus a 1% transaction fee.. I'm leaving for Greece next week. I would appreciate any input.

yiassas

Exchange rates at hotels are usually very poor. If your card attracts a $5 fee for each withdrawal, make several larger withdrawals during your stay rather than lots of small ones, you should be well in pocket. Many ATMs in Greece allow quite a high amount to be taken in one transaction, our local National Bank of Greece is €1200, reduces to €600 sometimes outside bank opening hours so that it doesn't run out, but this amount is ample! Any ATM you try that has a lower maximum than you want, move on to the next rather than make 2 withdrawals/transactions.
Extend your card withdrawal limit with your bank if necessary to enable you to do this.

bettyk

I guess the only way to answer your question is for you to see what rate your hotel will give you and figure out if it's better than you could get from an ATM.

We upped our daily limit from our bank so when we do use an ATM overseas, we can take out the equivalent of $500 per transaction. Since we only have to do this a couple of times, it doesn't cost us that much on a 2 to 3 week trip ($20 - $30).

Overall, a few dollars one way or another shouldn't make that much difference on a vacation that cost thousands.

KayF

Hotels usually give dreadful rates of exchange - you are much better of withdrawing from an ATM. Withdraw larger amounts (within reason but you will be limited by a daily withdrawal amount anyway I expect) so the fees don't add up so much.

I would take maybe 100 or 200 euros with you so you have some local currency when you first arrive, try and get smaller denominations in case you want a drink, a luggage trolley, a taxi etc.

Kay

earlyshow2

Thank you all. Yiassas I was hoping you would reply to my post. I really appreciate all the information you have given other people. I'm from New York and it isn't practical for me to get euro before my trip. I will be bringing US currency as a backup to my debit card. I have 20 euro, enough for coffee in the airport until my tour guide meets me. I don't plan on converting my cash, unless for some reason, I can't get euro from a ATM. I get into Athens at 9:00AM May 18. I don't know how long I will have to wait for the shuttle to my hotel

yiassas

Hit the ATM at the airport! There are a couple on arrivals level.

brotherleelove2004

There are lots of ATMs at the Athens Airport so if you decide to get more you won't have any problems. Just be sure to advise your banks and Visa/Mastercard that you plan to use your cards outside the USA.

Christina

Don't assume anything, no one can tell you what rate your hotel will give. When I was in Athens, my hotel gave a very good exchange rate, better than elsewhere. But an ATM would probably always be the best choice unless you are going to be taking out small amounts (in which case your $5 fee per transaction is very high as a percentage).

flanneruk

"I'm from New York and it isn't practical for me to get euro before my trip."

Can this possibly be true?

You live in a city which purports to be the world's financial capital - but you can't get a few euros? I live in a village one twenty thousandth New York's size: it's simply inconceivable our only financial institution (the post office) could operate without at least two foreign currencies constantly available. Dozens of outlets in our nearet town (pop: one ten thousandth of New York) sell two dozen foreign currencies each.

We understand that banks in Moronsville, Iowa, don't sell euros. But surely New York at least tries to behave like a world city?

ekscrunchy

Of course you can buy euros in NY! I know that Chase can order them and your own bank probably can as well. But it is not necessary. I agree with Christina. I have received very good rates at hotels from time to time. You just have to check when you are there.

yiassas

SOME hotels give a good TOURIST(cash exchange) rate, yes, but it will never be close to the ATM/commercial rate. There is anything between 3-5% difference between the two rates, can even be greater if the hotel is one that offers one of the poorer rates.

bettyk

Agree that anybody living in NYC should definitely be able to get Euros from a local bank. I live in the Houston area and I call my Chase Bank and order them, then pick them up at my local branch. Nothing could be simpler!

Pegontheroad

Yeah, I agree that you can get euros from your bank in NYC. I have ordered them through my bank in Spokane, WA, which has been described, quite accurately as "somewhat isolated."

Like most people on the board, I think your best bet is to get euros from an ATM, but do it in large amounts. I think my bank's max is $500, for which I am charged $5.00. If I have unspent euros, I just tuck them away for my next trip.

Because the Visa that I normally use accrues miles, I charge many of my expenses, but I think it's a better deal to use cash because my charge card charges 3% for all charges overseas. Before my next trip, I plan on obtaining a card from my credit union, which will charge only 1%.

I find it hard to believe that anyone can get a good rate at a hotel, but what do I know?

ekscrunchy

I agree that the rate will not be better than at ATM, but when you figure in the ATM charge (mine is ridiculously high), there is a small chance that it might be the same or even better at a hotel. But you have to take it on a case by case basis. I am just speaking in general, not particular to Greece, by the way.

earlyshow2

New York is a state in the USA. It isn't a city. I live in upstate NY 450 miles from NY city which is called downstate NY. I live near Buffalo NY in a small suburb. I have used my bank to convert to foreign currency and found it very expensive. I have experienced situations where a hotel had better rates or worse rates then other sources. Each country around the world is different. I appreciate all the input and I love this web site for international travel information. Greece might be the last place I visit overseas. My husband and I will be celebrating our 50th wedding anniversary on this trip and we are both very excited. Thank you all for the input.

nytraveler

Hotels are not in the business of currency exchange - and do it as a favor for guests - at a usually very high price. If you check a hotel I think you will find that it's 10-15% off the interbank exchange rate - versus 1% for an ATM. So - do youmind throwing away 9% of your money. (A $5 per transaction is nothing as long as you don;t go pulling 20 or 30 euros a couple of times a day.)

BigRuss

There's more to New York than the five boroughs, Long Island and Westchester? Good gosh, who knew?

ATM is probably best because a 1% plus $5 means $10 to pull 400 or so euro (assuming exchange rate dips to 1.25 so that 400 euro = $500). A hotel exchange rate likely will be Interbank plus 5% at least, which means an equivalent transaction will cost $25, not $10.

Paul1950

You might also consider someday changing to a non-ripoff bank. Our bank (PNC) doesn't charge anything for ATM withdrawals anywhere in the world with our account. So shop around if you want to consider changing banks--though it can be a pain to change if you have a lot of automatic payments set up.