Less expensive to purchase euros in Paris or U.S.???
Mar 11th, 2012, 07:21 AM
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Mar 11th, 2012, 08:03 AM
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In general, in the past, it's been cheaper to purchase euro in a country within the euro zone than in the USA. European banks still carry the legacy of the time before the euro when they were used to convert many different currencies and it was really part of the way they made profits i.e. the spread between the buy and sell price of various currencies. With the advent of the euro, much of that is a moot point now but still European banks have to deal say with converting sterlilng to euro and that. On the contrrary, US banks for the most part did not do all that much currency exchanging so that it was not a prime service and a prime money maker for them so there were more costs involved and usually, if you are exchanging cash, you do better in Europe.
But having said that, the modern 21st century way bypasses the whole thing. In most (but admitedly not all) places in Europe you will do better by using a credit card presumably from a bank such as Capital One who not only doesn't charge a foreign transaction fee but eas the 1% visa/mc fee (there are others) and for those few places that don't take credit cards or have minimum purchase amounts, you withdraw from the ATM 's presumably using an ATM or debit card from a bank that doesn't charge fees for withdrawals and doesn't charge a foreign transaction fee. Lots of them exist; you just have to search for them.
I hope this thread doesn't turn as acrimoneous as the other thread on this. But forewarned is forewarned; the modern 21st century way to travel is via credit and ATM cards.
But having said that, the modern 21st century way bypasses the whole thing. In most (but admitedly not all) places in Europe you will do better by using a credit card presumably from a bank such as Capital One who not only doesn't charge a foreign transaction fee but eas the 1% visa/mc fee (there are others) and for those few places that don't take credit cards or have minimum purchase amounts, you withdraw from the ATM 's presumably using an ATM or debit card from a bank that doesn't charge fees for withdrawals and doesn't charge a foreign transaction fee. Lots of them exist; you just have to search for them.
I hope this thread doesn't turn as acrimoneous as the other thread on this. But forewarned is forewarned; the modern 21st century way to travel is via credit and ATM cards.
Mar 11th, 2012, 08:32 AM
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Be sure to notify your ATM/Debit and credit card companies a few days prior to your trip. Call the 800 # on the back of each card and let them know of your travel plans. If you fail to do this they may block the use of your card.
Mar 11th, 2012, 10:13 AM
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Purchasing euros anywehre is throwing at least 5% of your money out the window.
To get the best rate of exchange, pay fo reverything you can with your credit card and pull walking around money from an ATM with a debit card linked to your cheching account. This will give you (depending on your banks) a rate of 1 to 3% above the INterbank rate. Exchanging cash will cost you 8 to 10% above the Interbank rate. (Throwing about 5% of your money out the window.)
To get the best rate of exchange, pay fo reverything you can with your credit card and pull walking around money from an ATM with a debit card linked to your cheching account. This will give you (depending on your banks) a rate of 1 to 3% above the INterbank rate. Exchanging cash will cost you 8 to 10% above the Interbank rate. (Throwing about 5% of your money out the window.)
Mar 11th, 2012, 10:17 AM
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well, you can purchase euros, lots of people do apparently, although I also would just suggest you use an ATM.
I always find it odd that anyone even asks this question, why would it be cheaper to buy a currency in a foreign country rather than the country where it is used?
I always find it odd that anyone even asks this question, why would it be cheaper to buy a currency in a foreign country rather than the country where it is used?
