Purchasing Euros in U.S.
 

Ok, I know that it is better to exchange U.S. currency once we get to Italy, but if one were to purchase Euros here, from where/whom would I get the best exchange?

Thanks!

It's not better to exchange dollars for euros in Italy, it's better to use your ATM card once you get to Italy. Any exchange facility will be a rip off on either side of the Atlantic.

Personally I don't think it's necessary to get euros here. Every major European airport has an ATM and you can get them just as you arrive. But if it makes you feel better to have a few in your pocket before leaving, I would check with the American Express office. You will not get a good exchange so don't get too many from AmEx. Get the bulk of your cash when you land in Italy and find the ATM.

If you're in NC (the name suggests that, doesn't it), as I am, you can get euros from your local Bank of America. Check the rates; they were pretty close to other rates the last time I used them (last year) and they were convenient.

I live in So. Ca. I like to have some money on hand when I arrive so I always get a few hundred Euros from the American Express office in the mall before we leave.After we arrive in Europe if we need more we use our ATM card.

This topic gets discussed a lot on Fodors. The general consensus is that your first point is not correct. It is not better to exchange US currency in Europe. It is better not to exchange US currency at all.

I travel to Europe 3-4 times every year, and I haven't changed US currency to Euros once, nor do I carry travellers checks.

I use my ATM card, linked to my checking account, at an ATM upon arrival airport in Europe.

I'm sure others will chime in with their opinions.

As to your original question, many people ask their bank to send them some euro, maybe 100-200 $ worth. You'll pay about a 7-8% exchange rate hit (buying euro in the US vs selling $ in Europe), plus shipping and handling fees. Net is about a 10-15% hit compared to using your ATM card upon arrival.

Some people just like to use the exchange bureau at the departing international airport - that seems like the most convenient to me.

I don't know the rules in NC, but here in TX, Bank of America will not exchange currency for non-customers. If you are not an account holder of BofA, be sure to ask if they will do it.

I just got back from Europe, I paid so much in ATM charges, I have not calculated the percent as of yet but I will and let you know. In addition, I was charged and extra fee for each Visa transaction. Both are with Bank of America.

Thanks everyone! You are correct about my wording, as far as "to exchange U.S. currency" as opposed to using the ATM. That is the only way to go. I should have been more specific - I want to give a gift of some Euros to someone for her vacation in Italy. For that reason, I need to make my purchase here in the U.S.

By the way, NC = Northridge, CA. Also misleading - SORRY!

Ciao -

If you have an American Express card, take your checkbook, show your card, and get Euro at any Am Ex office. I live on the Westside, so I go to Beverly Hills to their office there.

Toby, BofA has several partner banks in Europe so you can use those ATMs with no charge. But if you don't use a partner bank, there is a $5 fee which is a rip-off. I am a customer of BofA, but I also have a credit union account that I use while traveling. The credit union only charges $1 per w/d.

I know this advice comes too late for your recent trip, but next time you travel, contact BofA. Find out if the country you are visiting has partner banks. If they do, then use those ATMs. If not, then open a small account somewhere else and use that ATM card.

Someone mentioned that airports would have an ATM. Where else can I expect to find an ATM? I'll be in Venice, Florence, Tuscany and Cinque Terre.

Thanks! I love this list!

modglila: &quot;<i>Where else can I expect to find an ATM?</i>&quot; Oh - about on every street corner. Don't worry - you will find cash machines everywhere.

Just curious - From the replies to PamNC's question it seems that one does not have to produce a valid airticket when purchasing foreign currency?? Is this so?

Sorry, meant to add from Am ex/Rennies Foreign Excange or bank in the USA!

tod--I've never had to show anything to buy foreign currency. What would an airline ticket have to do with it? Or did I misunderstand the question?

P_M, BOA will sell foreign currency to non-customers via their website. It can be mailed to an address (where the pkg has to be sign for) or you can pick it up at a local branch. For orders &gt;$1,000 there is no delivery charge. The exchange has been around 5.5% the last 2 times I did this. For the past two years, I have been getting euro from the ATMs and bring back 100&euro; to start the next trip.

I would try a big bank in your town or city. In NYC, Chase bank sells them, as do many other banks.

Living in San Francisco, I just called my bank's 800 number, got transferred to some international currency, or whatever that department is, and told them how much I want. I find the rate to be very close to that in Onanda, and $5 additional for the whole transaction.

If ordered in the morning, the currency will be in the branch of my choice the next business day. It I miss the deadline calling late, it will be on the 2nd business day.

I am one of those nervous travelers who must have 1-2 days worth of foreign currency on hand while still at home :)

Tod, anybody can walk into Bank of America and exchange cash into any currency. You will be charged for that, of course, but no ID needed. Same goes for AmEx.

I never exchanged over $100 worth of US currency, so don't know if there are any limits. I hope there are to avoid money laundering.

RufusFirefly - Question not misunderstood.
The fact of the matter is, we here in South Africa have Foreign Exchange control Regulations, which means we cannot buy foreign currency unless we are planning to travel.
Show your ticket which must have a travel date of not more than two months, and they will give you the dosh(and stamp the ticket because when you land in France lets say, the French won't let you in unless you can prove you have enough money to support yourself during your stay). Same goes for USA/Far East/Australia or anywhere for that matter.
Presenting a credit card won't do it either unless it's supported by a letter from the Bank where the card was issued.
Don't you feel kind of free all of a sudden?

Tod, this is what we had in the communist russia. I feel your pain!

tod--bummer.

Mrs. Fly is Korean, and I can remember how difficult it was for her family to travel, exchange money, etc. back in the 70s and 80s when things were really tight in the ROK.

Thanks - Every now &amp; then a rumour goes around that the Minister of Finance is going to scrap exchange control but it never gets beyond just &quot;talk&quot;.
A person can take out quite a substantial sum but it's the rigmaroll of all the paperwork every time you travel, partially due to having to obtain visas as well.
Naturally I always keep what I don't spend so have plenty of Euros/dollars/pounds/ to start off my next trip but that doesn't count when I set off again. Only currency that is purchased and written into my passport together with an endorsed airticket counts. And it HAS to be not LESS than the amount required by the country you are visiting, eg: France stipulates we arrive with no less that R700 (about $85) per day.
We all wish we could just do as we pleased with our own money!

We need Euros to pay our limo driver from the airport so we got some Euros at our local bank. The exchange rate was worse than Italy maybe $5 more per $100 than at an ATM. Once in Italy we used the ATM's exclusively.
Ciao

I had no idea, tod, and thanks for the insight (maybe the rest of us should stop whining)

For my first trip abroad--England is, technically, I purchased $100 worth of pound sterling from the BofA in Berkeley (that's where their international currency office is).

It was lucky that I did because when we got to our hotel, we couldn't check in so, we decided to pick up of London Travelcards at the Tube station--luckily a few blocks away. When we got there, we couldn't see any machine that will take the voucher we had. (Yes, we were very naive then, and thought that the Tube worked along similar lines as our local train system, BART.) When we told the station attendant that we had bought the Travelcards through BritRail, she told us we needed to go to Victoria to get them validated, and that the only way we could get there was to pay cash for the fare.

I likewise found it handy to have a small amount of cash handy for sandwiches when my Mom and I got stuck at Gatwick, waiting for our flight to Bologna. Theoretically, we didn't really need any pound sterling--we were merely passing through...

But once we got a chance to &quot;hit the ATM,&quot; we would use the local currency. Also, we made it a point of not using the ATMs at the airports or other transit points--too much risk.

I think the euros will be greatly appreciated...

Lil

BTW...London Underground takes credit cards for fares so you don't need cash for the tube.,.likewise the Paris Metro

whats the risk of using an atm at an airport or transportation stations?

atm's require dual authentication....first, you must have the card, second...you must have the pin.

what's the paranoia here?

Risk at ATM machine. Bandits, pickpockets, beggars and muggers. Also PIN scanners. Airports harbor many 'opportunist' operators. Train stations also and usually without a police presence!

One would think an airport is one of the safest places to use an ATM, there are always lots of people around and most of them are out of the way and don't for the most part harbor as many of the homeless types that one fears when using an ATM in other places.

While there are isolated areas where I might fear using an ATM at night, you can't be paranoid about it and not take advantage of 21st century technology on the odd chance that something might happen.

I would also think it is safer to use an ATM in the arrivals hall of a major airport, than an ATM in or near a popular tourist site.
I do recommend using the ATM when possible outside a bank when it is open.
You can also pay for the train ticket from the airport to downtown with a credit card, not only in London and Paris as XYZ mentioned, but also in Munich, Vienna, Rome, and I'm sure, other cities.

This subject comes up a LOT and my answer always causes a &quot;stir&quot;. We usually take lots of euros from United States, ordering them from our bank...and TRULY don't pay all that much over the normal rate. We've figured it out so believe me, and the convenience it great.
Having said this...we then use our ATM overseas &quot;when the euros run out&quot;, and that works out fine.
Also, we charge all hotels...on the 0% exchange credit card....just paying the manditory 1% that mastercard charges.

Everyone does exchanging their own way, and that's the way it should be......To each his own.! (it's fun to see the reaction on this general subject)

It is a good idea to buy a modest amount of foreign currency before you go. Yes, it will pobably cost 5 or ten bucks extra for $100-$200 worth of foreign currency to have in your pocket when the plane lands, but consider this:

When the plane lands, you will be tired and jetlagged. You will have to find the ATM and it will not be exactly like the one at home. If there is a glitch in your card or PIN or anything else, you are broke at the airport.

You still have to get to your hotel. Do you want to spend time wheeling your bags through the airport to find an ATM. Is that time worth $10 saved at home?

In my opinion, spending a few bucks for currency peace of mind on arrival is a good deal. I have never had a problem getting the cash at my local bank if I give them advance notice.

Oh, one more thing: ALWAYS insist that the foreign currency come as SMALL BILLS ONLY. Otherwise, you may end up with just a 100 euro note that no one wants to break.

modglila, ATMs are everywhere as mentioned above. Type ATM locator in Google for a list of sites. You'll be able to find the ATM closest to your lodging.

I hear that argument all the time..you know you're wiped out after a long trans Atlantic flight and what if the ATM's don't work yada yada yada and that's fine.

But in most international airports, you're going to have to wait for your luggage anyway and in most cases the ATM's are in the customs hall so while waiting for luggage, off to the ATM. Also if by some chance the ATM is down, there's always the international exchange booths which give you better rates, although not nearly as good as ATM's, then you get in the US anyway.

And of course, in many cases, you don't need local cash anyway as public transportation and many taxis take credit cards in this day and age.

I find it more of a pain to have to make these arrangements in advance then to simply deal with it upon arrival. Besides which, I can go 3 or 4 days on a single &euro;20/person withdrawal as...breakfast is usually included and I use credit cards for everything, no matter how small, wherever they are taken.

A few years ago, I was at the airport of &quot;Bandar Seri Begawan&quot; the capital of Brunei. I wanted to check in, and didn't have any Singapore$ left. Suddenly they wanted money from me, a &quot;departure tax&quot;.

&quot;You take credit cards? - &quot;No&quot;
&quot;Foreign cash?&quot; - &quot;No&quot;
&quot;Checks?&quot; - &quot;No&quot;
&quot;But there is an ATM in the Building&quot;.
Went to the ATM to get cash... Sign said &quot;Out of order&quot;...
Ask the information, &quot;Where can I change money&quot;. &quot;Not here!&quot;. &quot;Is there another ATM at the airport?. &quot;We only have this one&quot;.
Back to check-in. I'm not giving up THAT easy. Standing in line, waiting. The guys at the counter seemed pretty helpless. Lucky for them and thanks to a fellow Swiss traveller who help me out, (Thanks!!!) I boarded the plane.

Could this happen in Europe? No way!
No need to worry!

I have to agree with AJPeabody. While I have not travelled as extensively as some posters may have here, I find that I am extremely jetlagged, and the arrivals are always either ungodly early or ungodly late, so that NO ONE is around to help you, or if there are, they don't speak a word of English.

A case in point was when my Mom and I finally got to Bologna. We've literally been &quot;on the road&quot; for 24 hours, and I had counted on being able to hop on the bus that will take us to the P. Maggiore. I had printed instructions, and some euros. When we got to the airport, the place was deserted, except for the customs people and a bunch of Italians coming back from a business trip in London. When we went outside, no taxis in the taxi stand. Then, the airline personnel came out, waited 10 min. and went back in to call a taxi. They then left. So, I went back inside to try to figure out how to call a taxi, but could not find a pay phone that took cash. Tried dialing &quot;411&quot;--no dice. Finally, went back outside, and luckily for us, the taxi came back, and some Bolognese were nice enough to let us grab the taxi. The driver, incidentally, did not speak any English, and my phrasebook Italian was not good enough to ask him if he took credit card, so I ended up paying him in cash. Luckily for us, this cabbie was honest and the price quoted was roughly what the guidebooks said it should be, maybe a few euros more. He also took us directly to the hotel. He was very pleasantly surprised when we tipped him. (I know, he probably added the tip into the fare he quoted us.)

I would still carry a bit of cash, just for emergencies and unexpected contingencies. As they say, money is always good.

Lil

Thanks P_M for the bank/ATM tip. I'm leavig soon for another trip, so will check it out.
While in Prague this January with my Bank of America ATM card, found several ATM's that would not take my card, so had to wander a bit, but eventually found one. I think I will take a card from another account on my next trip, good idea many have mentioned.