Money Exchange in Paris
 

I just came back from Paris, and would like to share my experiences on exchanging currency. Rates variations are very wide, so shop around. Do not pay commission, there are plenty of places that don't charge it. If you see only one rate of exchange posted, stay away from the place. Most reputable places post 2 rates:buy rate (lower) and sell rate (higher). I got a very bad deal at one place on St. Michelle Blvd. just a couple of blocks towards Seine from Sorbonne and Cluny Museum (on the East side of the street). STAY AWAY FROM THAT PLACE. They posted an excellent rate visible from the street, and I got hooked. When I got less money than I expected, and aksed about it, they told me that posted rate was their sell rate, and the buy rate was a total rip-off. They also refused to cancel a transaction. Fortunately, only a small amount was involved. So, the bottom line is if in doubt, ask about rates and commissions before going through with transaction.

The question is: Why didn't you use ATMs and/or credit cards? <BR>The rates at the currency exchange places, even the "best" ones, can't compare with the rates you get at an ATM or using credit cards.

yes, you do have to make sure what the rate is, buy or sell, it's unfortunate you weren't aware of those customs. Around St-Michel is not the best spot, either, they are often higher in the prime tourist spots (like Montmartre). However, you can indeed get an exchange rate similar to ATM or CC in Paris (when all fees are factored in on all sides) as I've done it and routinely do it in Paris. I just know where to go and how to interpret rates. One good place, for example, is inside the Parisvision tour office right near the Opera Garnier. I'm so used to rates and terms that I guess I take it for granted, but your advice is good for those who are used to exchanging money abroad or haven't ever done it as the buy vs sell rate is something you wouldn't run across if you haven't traveled.

exchange <BR> <BR>I'd recommend against using a credit card to draw cash from a machine, they don't have such great rates, add on a 1-2%fee, plus transaction charges (cash advance...) and begin charging you interest the moment you take the draw. Bring travelers cheques, or cash. Debit cards.

In general when people on this site say to use the ATM to get cash, they are saying to use your bank's ATM card not a credit card.

An interesting occurrence last fall when I used a credit card to get cash (intention was to charge the purchase, store didn't take plastic, I didn't want to bring my checking account balance to almost zero, so I got a cash advance) from a cambion in Paris. Gave the guy my card, he gave me a charge slip to sign, then the money. When I got home, I called the credit card company to find out how much I owed so I could send the money right away. Company said "we don't show a charge against your account at this time, although there appears to be one pending". When I got the statement, it showed that transaction as a "purchase" not a cash advance - so I didn't get hit with all the fees and extra interest on a cash advance! Apparently I didn't get a cash advance, I "bought" French francs.

Advice about using ATMs and credit cards is usually well advised. Nonetheless, there are times and reasons when travelers will want to dollars or traveler's checks to foreign currency. Exchange shops are usually the worst place to do it (as well as hotels and shops.) When you want to change money, go to a bank. You'll find the best rates, usually, there. American Express rates are usually excellent as well. <BR> <BR>And don't be put off by the fact of a commission. If the RATE is excellent they'll probably charge a commission, and you'll probably be better off with the combination than somewhere with a poorer rate but no commission. <BR> <BR>