Michel_Paris

To muddy the waters, remember that when it comes to foreign currency, there are two ways for any business (bank, FODEX bureau, guy in a shady alley) #ONE fess and #TWO exchange rate. You need to knwo both to determine your COST. I can tell you "no fees" but that is not the whole story.

The other item" when we say ATM , we mean a card linked to your bank account NOT using your credit card to get an advance on your cedit card. First one ...good, second one...bad.

MaureenB

Also be sure to inform your banks when and where you will be in Europe, to authorize use of your cards there. Otherwise the activity on your cards might look suspicious and they might block the cards.

Shop around for the best deals. Our credit union (BellCo) only charges 1 percent foreign transaction fee for both credit and debit/ATM cards, and no flat rate for any ATMs. I think Capital One advertises no fee at all.

Sidepockets

Just got back from Switzerland, TC was cheapest way to exchange funds, you will need passport to do so. Suggest you take around $100 CHF from local source and make sure restaurants, stores, etc. accept credit card prior to ordering.

Budman

TC's? Where did you get the TC's (were they in the local currency), what exchange rate did you get, and what commission did you pay?

ATM's with a no-fee/conversion fee ATM card is actually the cheapest way to get local currency.

gforaker

Maybe in the East coast there are a number of banks who don't charge a 3% fee on foreign ATM charges. Here in Ohio I just can't find any. It can be REALLY difficult to find anyone in a bank who can even answer the question with certainy.

nibblette

I was surprised to find that even USAA is now adding a fee (1.5%) to ATM transactions!

It looks like with USAA, at least, the most cost efficient method is CC which has a 1% fee.

Sidepockets

Got American Express TC's at 5th/3rd Bank in Cincinnati,Ohio, no charge. Cashed in Zermatt on 9/22 at rate of 122.1, much better rate than rate at CVG airport $100). I was informed of using TC's on this site. I was also informed about using train from airport to zurich (5.80) instead of ca$50) or Mariott bus ($19PP).

ira

Hi Side,

The current rate is $100 = 125 CHF, which is what an ATM machine would have given you (almost).

You did very well on your TCs.

Budman

<I was informed of using TC's on this site.> <TC was cheapest way to exchange funds,>

I think the conventional wisdom on this forum is <b>NOT</b> to use travelers checks. It is <b>NOT</b> the cheapest way to exchange funds, in my opinion -- at least for me, since my ATM card/bank charges no transaction fees or conversion fees.

gforaker

The cost of Travelers checks is not when they are purchased (often for free) but when they are cashed. The fee a European bank charges will almost always be higher than the 3% for an ATM.