Get Euro now?

Sep 19th, 2003, 01:56 PM
  #1  
Original Poster
 
Join Date: Aug 2003
Posts: 15
Get Euro now?

Hi Everyone,

5 more days till departure to Italy
I just have one more question hope you guys can help. I just called the foreign exchange in my area and the rate is 1.16 for buying euro. Is this rate better than using atm or credit card? I am just wondering if I should get all the cash that I will need right now, instead of changing it over there. Thank you very much for your help....

clok
clok is offline  
Sep 19th, 2003, 02:09 PM
  #2  
 
Join Date: Jan 2003
Posts: 4,247
Use your credit card and ATM..I always feel more comfortable having about 100 E in hand when I arrive..so I pay the rate..1.16 is not bad..BofA rate today was 1.18. Is the peace of mind worth a few dollars to you?
jody is offline  
Sep 19th, 2003, 02:20 PM
  #3  
rex
 
Join Date: Jan 2003
Posts: 13,194
<<wondering if I should get all the cash that I will need right now>>

Not ALL - - whatever you can find here, you will find 2-5% better there. But a modest amount is measured in peace of mind, not a few dollars saved, as has already been mentioned.

Best wishes,

Rex
rex is offline  
Sep 19th, 2003, 02:50 PM
  #4  
 
Join Date: Jan 2003
Posts: 6,019
How can you predict how much cash you will need? I cannot despite 6 trips.
I know one thing, however, bank in many cases charge a lot. In Switzerland the rate was quite bad. I got my money out of the ATM with my little piece of plastic.
If you could pay 1.16 for 1 euro, that is not too bad right now. Today the wholesale rate closed on the US markets at 1.138 USD for 1 euro.
I saw 1.31 in Switzerland for changing dollars to francs. The wholesale rate today was 1.36 chf for 1 dollar.
So banks are not cheaper there than here unless you get clipped 5% or more on the exchange.

You cannot really answer the question of "best rate" if you do not know the wholesale bank rate of exchange.
Typically, ATM withdrawals are charged 1% by Visa or MC.
bob_brown is offline  
Sep 19th, 2003, 03:04 PM
  #5  
 
Join Date: Jan 2003
Posts: 8,291
I have a gut feeling that when it comes down to the actual purchase of euro in the US, you will pay more than the rate quoted by the foreign exchange.
HowardR is offline  
Sep 19th, 2003, 04:22 PM
  #6  
 
Join Date: Jan 2003
Posts: 5,271
The official interbank rate today for the Euro vs. USD is $1.137. Since every credit card company and every ATM operator no matter what the customer service reps tell you pass along a 1% surcharge by the cc company or the ATM clearing house, the rate would be $1.15. Of course many cc banks charge a further 2% surcharge bringing the total exchange rate if you are dumb enough to use one of those credit to about $1.1730.

So the $1.16 rate is quite good as I suspect you would be paying at least $1.19 to exchange USD in either cash or TC's in Euroland.

However, that being said, are you sure there is no further surcharge or transaction fee as quoted by the bank or are they giving you $1.16 to the Euro without any further fees?

Personally, I try not to deal in cash anyway. I use credit cards everywhere they are taken.
xyz123 is offline  

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