I have heard it is best through AMEX. When I went there today and I was told that I would not get the rate of 1Euro = $.935 , that this is only for 'brokers', whatever that means. AMEX wanted to exchange 1Euro for over $1 then charge a 1% commission. What's the deal with this? Is this how it works? <BR>

ANYONE?

If this is in the US, you will always get a terrible exchange rate for foreign money. Wait till you get there and use your ATM.

how does it work with ATM? Does it depend on the bank?

The best way to get cash is yo use an ATM card. You get a very favorable rate and the only fee is the small one your own bank charges you to use another bank's ATM.<BR><BR>These fees run from $0 (less and less common) to about $2.50. My bank recently raised the fee from $1 to $1.50 - but that is still a bargain.

&lt;&lt;I was told that I would not get the rate of 1Euro = $.935 , that this is only for 'brokers', whatever that means.&gt;&gt;<BR><BR>This is the rate for banks, nations and brokers who are buying and selling currency in the millions of units per day.<BR><BR>Buying and selling currency is no different than buying ten-penny nails, bananas or cars. Buy a whole, whole lot everyday - - and no surprise here - - you get the very best price.<BR><BR>Buy a small amount - - far from where they "make it" - - and once or twice a year - - and you pay the vendor for the convenience of his having brought it to you for you to buy.<BR><BR>You'll get more euros for your dollars if you can at least buy it "close to where they make it". But unless you are buying and selling large quantities every day you can still expect a "markup" of 4 to 6 percent. and if you turn right around and want to sell it back, the buyer will take another 4 to 6 percent on the transaction.<BR><BR>If you feel that you MUST buy some euro currency before you go (and many of "us" do prefer to do that, at least a little bit), I would still say that AMEX is one of the better sources - - but still a worse deal than buying it there.<BR><BR>Best wishes,<BR><BR>Rex<BR>

We live in Dublin; have a U.S. bank account. Using the ATM is definitely the easiest way to go. Also, another option is to exchange $$ at the airport where you arrive. Enjoy!

The best way to buy Euro (note the plural of Euro is Euro) is clearly ATM's. The price Amex wanted is the example of what is going on. I Think the Euro closed on the interbank rate at $0.943 equals 1 Euro. The ATM and credit card conversions will add 1% to this rate making the rate at ATM's and credit cards 1 Euro equals 0.95243. Anything above that from any source means you lose whether it be your credit card company adding on an additional 2% (many do but many don't and you should avoid those that do)or your bank adding a fee for using an ATM out of country. That rate should be $0 and anything more is a rip-off. Foreign banks, by the rules of the sared teller networks, are not allowed to surcharge you for having the audacity to use their machines.<BR><BR>But your quote is the exact reason it is kind of dumb to exchange large amounts of foreign currency in the US. Small amounts for ease of mond, maybe although personally I don't see it but okay everybody has different opinions, but large amounts, no way.

To perhaps over simplify, there are essentially three exchange rates for converting dollars to Euro. The interbank rate is the official rate used by international banks and corporations; it's the most favorable rate and not available to the typical tourist. Add 2 percent to that rate and you've approximated the exchange rate for credit card transactions. Add 4 percent and you've approximated the exchange rate for cash or travelers checks. The latter two rates are subject to additional costs depending upon the policy and practices of the credit card companies and individual service and goods providers.

Can anyone supply names of credit cards or atm cards which do not charge these extra 1 or 2%. I called my credit card companies and they all charged the 2% upcharge on top of the 1% international charge. I still have time to apply for a new credit card if anyone has any ideas. Thanks.

Would a Visa debit card work? I have never used one, but was told that they work like ATM cards.

Joanne,<BR><BR>The 2 banks most well known that do not add a charge to the Visa/Mastercard 1% are Capitol One and MBNA.<BR><BR>If you want a Capitol One, be sure to get their Miles One card in order that you build FF miles as well. I think the cost is $17.00/year. Well worth it.<BR><BR>Dick

<BR>Joanne: My Fleet Bank Visa has no "currency conversion" fee if that is what you are asking. If you used it to get cash at an ATM, I am pretty sure it would have a per transaction fee, but I used my bank ATM for that. Anyway, I used my Fleet Bank Visa for everyday purchases in London and Paris, got excellent conversion rates, no surcharges.

If you have a Fleet or Sovereign account, avoid using your ATM card outside the USA. Fleet Bank charges $5 per ATM purchase made outside the USA. This $5 is in addition to a conversion fee, and in addition to any fee that may be charged by the bank whose machine you are using. <BR><BR>Last week Sovereign Bank announced the same $5 ATM fee.<BR><BR>The last time I checked, the conversion fee for Fleet MasterCard was 1%.<BR><BR><BR><BR>

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