No ATM card
Feb 5th, 2008, 04:41 PM
#21
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Just go get an ATM card. Make sure it is attached to your CHECKING account - not savings - and has a 4-digit PIN.
That way you will pay 1 to 3% to change money versus 7 to 10% if you try to deal with cash - never mind the risk of carrying all that money.
That way you will pay 1 to 3% to change money versus 7 to 10% if you try to deal with cash - never mind the risk of carrying all that money.
Feb 5th, 2008, 05:33 PM
#22
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It was quite a drag for me to get Euro here in my US hometown for an apartment I had to pay for upon arrival. The exchange rate was horrible compared to what we could get in Europe, from an ATM. I called every local bank and currency service, and went with the one that had the best rate, but it still wasn't good.
There was a delivery charge, and a per thousand charge (got some for friends while I was at it) but neither of these amounted to much. But still, with all the calling, the poor exchange rate offered,etc., it wasn't something I would relish doing again.
There was a delivery charge, and a per thousand charge (got some for friends while I was at it) but neither of these amounted to much. But still, with all the calling, the poor exchange rate offered,etc., it wasn't something I would relish doing again.
Feb 6th, 2008, 08:37 AM
#23
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It is impossible for anyone to calculate exactly what the exchange rate will be on an ATM withdrawl in a foreign currency because the exchange is not adjusted daily. Exchange rates are adjusted constantly throughout the day and virtually from moment to moment. It is possible to have adjustments within the course of a day move by well over 1 to 1.5 percent. In this age of high volatility in currencies this happens routinely.
The only way you could be sure of an exchange rate would be if you could receive a currency quote at the very moment you made your ATM transaction. My bank is JP Morgan Chase who charges a 3% conversion fee and a $3 transaction fee when you use an ATM other than their own. In the course of what I spend in Europe $3 is of no concern to me. As I live in France 6 months per year currency exchange rates are very important to me. I subscribe to a daily exchange rate service that e-mails me current exchange rates everyday and I have found the Chase transaction fees to be very good. If your bank charges you less than the industry norm of 3% conversion fees you are doing very well. How well depends of course on how many transactions and the value of those transactions over a long period of time. It may or may not be worth being concerned about.
Larry J
The only way you could be sure of an exchange rate would be if you could receive a currency quote at the very moment you made your ATM transaction. My bank is JP Morgan Chase who charges a 3% conversion fee and a $3 transaction fee when you use an ATM other than their own. In the course of what I spend in Europe $3 is of no concern to me. As I live in France 6 months per year currency exchange rates are very important to me. I subscribe to a daily exchange rate service that e-mails me current exchange rates everyday and I have found the Chase transaction fees to be very good. If your bank charges you less than the industry norm of 3% conversion fees you are doing very well. How well depends of course on how many transactions and the value of those transactions over a long period of time. It may or may not be worth being concerned about.
Larry J
Feb 6th, 2008, 08:55 AM
#24
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For tuscanlifeedit,
I often need to send euro overseas and I use bank drafts. Much cheaper, safer and I get a better exchange rate. Plus it's easier, since the bank does not require having any euro on hand, all electronic.
Mike
I often need to send euro overseas and I use bank drafts. Much cheaper, safer and I get a better exchange rate. Plus it's easier, since the bank does not require having any euro on hand, all electronic.
Mike
Feb 6th, 2008, 08:55 AM
#25
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HI MP,
>But what exchange rate do they use?
Your bank will be connected to the Visa/MC system, unless you are using your Amex card as an ATM card.
Visa/MC and Amex set the daily exchange rate. It is 1-2% above the bank to bank rate.
That is the rate your bank will use.
Some banks add up to 3% "currency conversion" fee.
Some banks add an "out of network transaction" fee.
You have to ask your bank.
>But what exchange rate do they use?
Your bank will be connected to the Visa/MC system, unless you are using your Amex card as an ATM card.
Visa/MC and Amex set the daily exchange rate. It is 1-2% above the bank to bank rate.
That is the rate your bank will use.
Some banks add up to 3% "currency conversion" fee.
Some banks add an "out of network transaction" fee.
You have to ask your bank.
Feb 6th, 2008, 09:24 AM
#26
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Larry,
Well put.
I always do a quick computation which I know will not be perfect, just to have a ballpark figure of how much money is left in the account. It's a bit of a game for me to see how close it is to the actual amount when I get my bank statement.
Well put.
I always do a quick computation which I know will not be perfect, just to have a ballpark figure of how much money is left in the account. It's a bit of a game for me to see how close it is to the actual amount when I get my bank statement.
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