Hello, I will be leaving for Paris in eight days and needed some tips on money.
The exchange rate is about 1.57 right now for an American dollar. Ouch!
What is the best way to get money while there? Is it the ATM or do the banks charge too much money in transaction fees?
I recently got a Capitol One credit card because it doesn't charge international fees. I plan to bring another card (I have both American Express and Mastercard), but I need to find out what those two charge in international fees.
Any tips for getting the best bang for your buck?
Thanks so much! Emily

Actually today's mid-market rate is 1.47.

The best way to obtain cash while in France is through an ATM. French banks charge nothing for their use. Pulse or Cirrus (networks through which most all US ATM withdrawals are processed) will take a 1% currency conversion fee. The totally unknown element is what your local bank may charge you. My bank (USAA) charges me nothing, some banks charge a lot. You might want to call and ask (noting that finding someone who really knows is not always easy).

As for credit cards, American Express charges 2.7%. One source you might use to find what your Mastercard is charging (again this changes according to the card issuing bank) is here:

http://www.indexcreditcards.com/inte...ansactionfees/

A dime is a dime, and they do add up: The exchange rate is hovering around 1.47

BofA does not charge for withdrawals from BNP ATMs.

Banks in Paris don't charge anything for transaction fees at ATMs, if that's what you mean. Your own bank may, but you'd have to ask them how much they charge as we don't know. Be sure to ask not only about the flat withdrawal fee, if any, but any markup in the exchange rate.

You don't have a good source of exchange rate information, either, apparently, as you are off by a lot. The rate hasn't been as bad as 1.57, thank goodness, since the summer of 2008.

Just back form Paris and The Loire for 2 weeks. We had 500 Euros with us for small stuff. Still had 150 which we spent on the last day and at the airport. Otherwise we charged everything. It seemed they liked Master Card & Visa--we had one of each.

Yes there are ATM's everywhere and the cards do add a fee, but for us it is just alot easier charging everything. We don't like to carry alot of cash. MDH carries one charge card and I carry a different one in case of loss. The fee they charge is minimal, it's the 1.57 that hurts. Obviously you know going in that it will cost you half again as much for everything.

We find that we do not spend much during the day, unless shopping. The museums, boat cruises, Metro, and cafe lunchs are all reasonable and walking is free, plus the best way to see Paris.

You've already spent alot on air and hotel(or apt.) Just go and enjoy yourselves. 1.57 is not good, but IMO if you're going to spend it, Paris is the place to do it. I know we've done it 7 times.

Enjoy your trip.

BTW, my favorite dinner this trip and last was at "L'Ilot Vache" on Rue St. Louis en Ile. The room and table settings are just beautiful, and the lamb chops are some of the best I've had. For 2 with 3 glasses of wine(total, not each) and a price fixe, 3 course 37 Euro dinner, it was a total of 110 Euro---not bad for an excellent dining experience.

Thanks for the information. I got the exchange rate information from AAA, which I called this morning. I told AAA that I wanted to buy Euros from them. The assistant said the current exchange rate was 1.57 and that's what I would have to pay, so $157 for 100 Euros. She said she has to order them for me, so I will follow up and ask if they are building in their own fee. I thought AAA would be cheaper than buying Euros from the bank, but maybe not.
Keep the tips coming! Merci.

Check your bank, mine charges the interbank rate, and I pay no fee on ATM withrawals. I also pay nothing for Euro at the bank before I leave, though I usually have enough left over so I don't need to

Make sure you have your withdrawal limit extended if it is not enough.

Like the resto suggestion!

The current exchange rate is $1.46 to the euro. That is what you would get today from an ATM in Europe plus whatever fee your bank charges. The $157 exchange rate represent a 7% charge.

To EmilyLalley --
Don't confuse credit cards and bank debit cards. The advice in previous replies applies to withdrawing cash from an ATM using a bank debit card, or to charging purchase on your credit card.

However, if you use a credit card to get cash out of an ATM, at home or abroad, your issuing bank very well may treat it like an over-the-counter cash advance against the credit card. A loan, in other words. Which means you will pay interest, probably starting at the time you get the cash and continuing until you pay off your statement. And, with many credit cards, all other credit charges will also begin incurring interest immediately.

The interest rate will be high enough to far overshadow any transaction fees a debit card would incur.

There is one economical way to withdraw cash from an ABM using a credit card. First, pay off your entire credit card bill before leaving home, including charges that have not yet shown up on your monthly statement. Then pay extra, so you have a credit in you card account. That extra amount can be withdrawn without an interest charge, since it is actually your own money you are taking.

But that's a long and arbitrary procedure. Better to find the best rate on a debit card, then use it to take out a good chunk of cash from an ATM at your destination, minimizing the number of subsequent transaction charges you run up.

I called my bank, Chase, and they charge a $3 fee per ATM withdrawal plus a 3% exchange rate fee.
Several Fodorites responded to my post saying their bank doesn't charge ATM fees or fees for currency conversion. I'm curious to know which banks they are using. It's too late for me to open another account now, but I'd like to know for future travel.
I appreciate the quick responses and useful information you have shared. Fodorites are so generous and informative.

I use by credit union which charges no fee nor conversion fee for ATM withdrawals and only the 1% visa fee on my credit card. I also use BofA when I can find a partner bank, such as BNP in France or Barclays in Great Britain. Again, no fee or charges.

Schwab Bank check card does not charge a currency conversion fee and does not charge the 1% VISA fee. It also will refund any ATM fees charged by the ATM you are using (although in France the ATMs will not charge you a fee- only your own bank will do that).

I also bank with Chase in the US but do not use my Chase ATM card or Chase credit cards in Europe because of their fees. It may be too late for you to do anything this trip, but most credit unions charge far lower fees. You can open a CU checking account with an ATM card that you use just for travel - that's what I do.

Emily,

<i>Several Fodorites responded to my post saying their bank doesn't charge ATM fees or fees for currency conversion. I'm curious to know which banks they are using. It's too late for me to open another account now, but I'd like to know for future travel.</i>

Ditto Nikki's post. Schwab checking account does NOT charge any ATM fee, nor any foreign exchange fee.

Otherwise, as Michael mentioned above, Bank of America ATM card does not charge ATM fee if you use their partner ATM while abroad. For France, that is BNP Paribas bank. While BoA doesn't charge the ATM fee, it still charges the foreign exchange fee, which I believe is 1% with ATM withdrawal.