Paris and Euros
 

I was told in order to save money on the exchange of my dollars to Euros instead to use my debit card and it will convert automatically. Is this crazy or true? And if it is crazy how DO we save money on exchange of money? And I am also looking for an apartment for 4 nights that is inexpensive for 3 people I found two but most of the good ones are gone this late. Is the rue Lepic (Montmartre) a good area for a family? How about Le Marais (Beaubourg 3rd district ) ?
Thanks for whatever help you might give us.

Yes. Using a debit card is a good idea.

For apartments I prefer the Beaubourg area over the Montmarte area mostly for convenience.

Thanks so much!!!

Debit/Check foreign card transactions are withdrawals from your checking or savings account. The usual fee is 1%. The ATM use fee is variable. Mine charges $1.50. The conversion rate will be at 2% of the daily or wholesale rate. Credit cards involve a third party. Current cost is 3%. The conversion rate is also at 25 of the daily or wholesale rate. You can also exchange cash for local currencies. Rates vary from bank and Kantor. They again will be at 2% of the daily rate. Money exchanges post their rates. Note that one rate is for buying local currency and the other is for buying foreign currencies.

Debit/Check foreign card transactions are withdrawals from your checking or savings account. The usual fee is 1%. The ATM use fee is variable. Mine charges $1.50. The conversion rate will be at 2% of the daily or wholesale rate. Credit cards involve a third party. Current cost is 3%. The conversion rate is also at 2% of the daily or wholesale rate. You can also exchange cash for local currencies. Rates vary from bank and Kantor. They again will be at 2% of the daily rate. Money exchanges post their rates. Note that one rate is for buying local currency and the other is for buying foreign currencies.

There are some important things to do BEFORE leaving home to be sure your ATM cards and credit cards will work in Europe. Here's the URL for a very helpful article on changing money in Europe: http://tinyurl.com/k3vy6.

If you are a Bank of America customer you can use BNP Paribas' ATM's in Paris (and all of France) with no fee.

Hi

For security reasons don't forget to notify your bank what cards you will be using overseas. My cards have the Maestro/Cirrus symbol and I use them at ATMs that display these symbols (there are several). Never encountered any problems overseas. Yes there is a small cost to getting cash but there is always a price for convenience.

While ATM's in theory are your best bet, I like to have a secondary method of obtaining local cash as well...

Euros purchased before the trip, USD to exchange, or even travelers checks in a pinch. I don't think it is wise to have only 1 way to get money.