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How/where do I get the best exchange rate?

How/where do I get the best exchange rate?

Old May 9th, 2005, 07:47 AM
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How/where do I get the best exchange rate?

Is it better to use cash or a credit card (when possible)? Any tips? Thanks Fodorites!
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Old May 9th, 2005, 08:10 AM
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You're going to get the best exchange rate by using your ATM card for cash (local currency), and your credit card for purchases, hotels, rental cars, large purchases.

Some credit cards tack on fees for conversion rates/ATM transactions, so I would check with your credit card companies to see what fees they charge.
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Old May 9th, 2005, 08:13 AM
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>>>Any tips? Thanks Fodorites<<

Yes - "charge" everything you can on a credit or debit card that does not assess a currency conversion fee above the normal Visa/MC 1%. Use your ATM card to get cash - also one that does not charge the conversion fee. Click on my name & you will find dozens of tips by me & others on this much talked about (too much talked about) subject.

Stu Dudley
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Old May 9th, 2005, 08:15 AM
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>> and your credit card for purchases, hotels, rental cars,<<

If you can pay your entire rental in dollars in advance, do so & avoid the currency conversion fee. Use your FF card & get the miles also.

Stu Dudley
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Old May 9th, 2005, 09:20 AM
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Thanks Budman & Stu! Any clue what the AMEX rate is?
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Old May 9th, 2005, 09:38 AM
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The AE rate is probably the same as Visa & MC, but it's not accepted at as many places.

Stu Dudley
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Old May 9th, 2005, 10:27 AM
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Cash from an ATM vs credit card

For an exact answer I think you'd need to know various fees and percentages charged by your own home bank.

Both of these are better deals than actually exchanging money.
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