Gretchen

Get your daily limit raised by your bank at home first off. Make it, say $500 (350E) or maybe more. Anyway, get money in Paris the day or two before you go and the final amount in Barcelona. Maybe your bank (like BofA with Parabis ) doesn't charge a fee. As others have said, NOT a credit card--an ATM card.

Robespierre

I see on the Amex web site that I would have to pay $147.70 for 100€ if I ordered right now. Plus a $15 order fee and $5.95 for shipping. That adds up to $168.65

Today's exchange rate (what I would get at an ATM in Europe) is $1.38, so your AETC would cost you about $30 (about 21%) more than they should.

Traveler's Cheques are an idea whose time has gone.

GiuliaPiraino

I would imagine it's the going exchange rate since it's here in the U.S., even if it's a few points less, the convenience of being able to do it this way is unbeatable. I will have to call and see what they are giving for the USD today.

GiuliaPiraino

AMEX exchange rate as of today is 1 Euro = 1.40894 US Dollar

I am thrilled to see this so low, when my husband was in Ireland it was over $1.65 and that was only a couple of months ago!

Hooray for US travelers!

Robespierre

Just as a matter of interest: where is that rate posted? I went in through americanexpress.com/travellerscheques/ and clicked "Order now."

Michel_Paris

I'm confused when someone says willing to pay more for Amex TCs because so convenient...but is there anything more convenient than an ATM machine? "Having to deal with an ATM?"...explain, please?

StCirq

I agree with Michel Paris. I can't think of anything more painful than dealing with TCs.

Robespierre

I was going to ask for a comparison of the relative hassle between:

o Obtaining traveler's cheques (by whatever means necessary)
o Signing them
o Finding a place to cash them (I'm not always in the vicinity of Rue Scribe)

- OR -

o Tapping any of a million ATMs wherever I am whenever I need to

Traveler's cheques are 19th century - their usurious expense aside.

PalenQ

I would not want to carry tons of money around - cash in Paris and especially street crime ridden Barcelona.

Get TCheques in euros and either send them ahead to Barcelona thing or give them to them when you arrive - if they are in euros the place should take them.

RufusTFirefly

I just checked the AMEX website and it shows $1.45 per euro. My ATM rate today would be 1.38 plus 1% or 1.394.

So the AMEX rate for TCs costs an extra 4% plus any "convenience" fee. About $68 more for 1200 euros, plus any AMEX fee. The extra won't break the bank, but why pay it? ATMs are easy to use.

Michel_Paris

I've used AMEX TCs in the past, so I understand how they were convenient, in their day.

Now, when I travel, I don't want to have to plan being somewhere, during business hours, where I can get eonugh money for the next few days. Assuming you are not wanting to carry mch money around, you coudl possibly need to make more than one trip to an AMEX office.

I'm touring, I'm not interested in having to make a side trip, to rue Scribe or elsewhere just to get money.

I'm walking down the street, realize I need money so I stop at the next bank machine and take out a couple of hundred euro. And I won't have to search for a machine. They're as common as back home. They take several of my bank cards. Language is not an issue.

Why pay more and need to make a detour when you can pay less and never detour?

GiuliaPiraino

According to my local AMEX office, there's no fee to buy the TC's just a 1% conversion fee.

There's also no fee to cash them if they are AMEX TC's cashed at and AMEX office.

Too me it's less hassle to cash TC's right at the airport before getting on the plane. I don't prefer to carry that mush cash around.

Also, I'd like to use the ATM's for my daily cash.

To me, IMO, since this 1200 is for Barcelona a week after Paris, it makes no sense to cart around all the cash in Paris, when I can just cash the TC's right before getting on the plane, hand them over to the apartment owner 3 hours later and be done with it!

RufusTFirefly, I'm not sure where you got the $68 fees from, my local office said if I just walk in, there's no other fee other than the 1% conversion. Maybe that's a fee to order online?

As far as it being a few points off between withdrawing from the ATM and the TC's, we're talking about a couple cents on the dollar. For the convenience of doing 1 transaction at the airport vs. multiple ATM transactioins, I'd glady pay a few extra dollars for the convenience. That's just me though. I realize everyone has different opinions.

Thanks for everyones help and advice!

GiuliaPiraino

Michel-Paris: I see your point and I agree, totally, I wouldn't want to have to go out of my way either. But, since the AMEX office is right in our departing terminal, and we usually have a bit of time to kill anyway before boarding, I'm just thrilled that this option is available. If it were any other scenario, or if the airport terminal offices weren't around, I would absolutely agree that ATMs are the way to go!

yk

GiuliaPiraino - After you buy your Euro TCs at your local AMEX office, could you please come back and tell us how much you paid for them?

Based on what you wrote, you are implying that IF you go to the AMEX office in person, they will give you a better exchange rate than what they sell via their website (a 4% markup). I'm surprised to see that.

GiuliaPiraino

I guess anyone could give misinformation on the phone, it happens all the time. It would be worth another phone call to confirm. I'll let you know.

Michel_Paris

I'd be interested in the final cost also...fees AND exchange rate differential (i.e. rate versus what you'd pay at ATM).

Unless AMEX has registered as a charity, they are making money on the exchange rate.

For big payments, like an appartment, I still think a bank draft would be cheaper and as safe as carrying that large amount in TCs.

Have a nice trip!

Mike

GiuliaPiraino

PalenQ: The apartment owner wont take a TC, he will only take cash, so that's where the dilema came in. Luckily we were able to pay for the entire paris apartment by credit card.

StCirq

Bank draft, bank draft, bank draft......SO much easier (and cheaper, unless AMEX is having a special promotion on euros, and that'll be the day...).

But do let us know what your experience is, and have a great trip!

Robespierre

Giulia, your mind is made up, so facts will only confuse you.

The easiest and cheapest way to transfer a large sum of money from one country to another is to deposit it in a separate checking account, and send the recipient an ATM card in the mail and its PIN in an email. If you plan this right, you can move into another currency with no foreign exchange markup.

I used to work at Amex. They make money on every dollar they touch. Your idea that you can buy TCs without a markup is a pipe dream.

GiuliaPiraino

StCirq: I tried to get them to let me do a bank wire, which I've always done to rent apartments in Italy, but no dice here. I was really bummed because we paid the deposit of 400 by credit card, I was so hoping to do the rest by credit card to get the best rate. I guess the credit card deposit was the agency's commission so they are two seperate things.