USD/Euro exchange - where is best?

Old Mar 18th, 2005, 05:11 PM
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Always take enough Euros for at least a day. You can buy them at Travelex at your departure airport. Otherwise, if the ATM's are out of cash or malfunctioning at your airport of arrival you'd have to go to the bank straightaway. You need at least enough for a cab to your hotel and a meal.
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Old Mar 18th, 2005, 05:12 PM
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Mostly nonsense! Read the many scores of posts.
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Old Mar 18th, 2005, 09:22 PM
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I don't know to whom you are referring, Mikemo, but we landed in England and both ATMs were out, it was a bank holiday, and we had no money. Better to have at least enough for a day, Martha, and at the VERY least enough to pay for your transport to the hotel. You can always eat at your hotel. Other than that initial emergency money, you withdraw as needed from ATMs, obviously.
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Old Mar 19th, 2005, 01:30 AM
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Even if the ATM's are out, the exchange booths at major international airports are open 24/7 and you can always change a small amount there...and of course both the Underground and the Heathrow Express take credit cards anyway.

Changing before arrival is absolutely unnecessary in the 21st century.
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Old Mar 19th, 2005, 04:29 AM
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Obviously xyz123, you have never traveled with loads of luggage, including trunks for costumes, and three kids who are starving. What's the difference between getting 100 Euros at the US airport at the start of your trip when your luggage is off your hands and you're rested and awake as opposed to waiting until you get off a plane, tired and cramped, with luggage and cranky children who just want something to eat NOW? MarthaN asked a legitimate question and has received advice from many quarters. She now has many opinions and can plan accordingly. xyz, I find that dogmatic statements are just not that helpful.
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Old Mar 19th, 2005, 02:18 PM
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Sylviam,

My understanding is that the European ATMs will work only with a checking account. I know when I use a domestic ATM, I have the option of selecting my checking or savings account, but I have never seen that option on a European ATM. My bank also confirmed this a couple of years ago.

Many banks now have free checking accounts. I opened one of those and associated it with my ATM card. I keep a minimal balance in the checking account, as my bank allows me to transfer money from savings to checking via the internet, with no delay. Perhaps this is overconcern with security, but it keeps me comfortable.

I have always just gotten local currency at arrival from an ATM, but I know there are some people who are more comfortable carrying some euro from home. If you are going in a group of 10, one of them will probably feel the need, so borrow from him if all the ATMs are broken, the cabs won't take credit cards (or dollars), the money exchanges are closed, and you are so decimated by your flight that you are not capable of functioning.
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Old Mar 19th, 2005, 02:59 PM
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KSWL, in spite of what most say here on Fodors I am with you. I want some euro when I arrive in Europe. With the cost of CC fees and ATm fees I do not care about a fee to get some euro before I travel. It is no big deal as the kids would say.

So everyone should just do what works for them. End of discussion IMHO.
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Old Mar 19th, 2005, 06:51 PM
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I use only ATMs but one thing I've never seen mentioned in these threads is the fact that your acct needs to be flagged to function internationally. And even more, the particular card number has to be flagged as well. I had trouble with this on my last trip to France in November. I had gotten my 16 year old his own card on my checking acct and I mistakenly thought since my acct was flagged to work internationally, his card would work. It didn't and when we got home and called the bank, I was told each card number has to be flagged as well. It was no big deal this time since we were together and he did not have to use his card, but he leaves Monday for a trip on his own so we got is straightened out for that.

I do agree however with some of the above: because I am the only adult or either traveling solo, I take 100€ in case the airport ATM is on the fritz.
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Old Mar 19th, 2005, 07:28 PM
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Interesting post, crepes a go go, but I've been traveling to Europe with my ATM card for a lot of years and have probably used my ATM card at least a hundred times in the past few years (as I'm there for months at a time). I've never had my card "flagged" or even told them at the bank I'm going to Europe, so I have no idea what you're talking about.

And I agree that "whatever works" but I don't get the idea of paying extra to get money in advance just for the very off chance the ATMS won't be working, when if that does happen, you could always go to the nearest currency exchange booth and cash a few dollars. Why spend extra money for a "just in case" scenario, when it is ALWAYS possible to get some on site if there is just a problem?
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Old Mar 19th, 2005, 07:50 PM
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Do any Americans, particularly those in big cities, have exchange bureaus where you can get Euros for a rate of more or less exactly 2% over the interbank rate? I get Euros (or pounds or krone) at such a place before every trip. The bank is a ripoff comparatively, and I never use it for currency exchange, but these bureaus are a good value. In Vancouver, here's the place:
http://www.vbce.info/

My foreign ATM story - the bank had, unbeknownst to me and for no explainable reason, put a limit of $100 CAD on my daily withdrawals. I tried to withdraw more than that in Denmark, and thought that my card just didn't work. Luckily, my son had gotten his own ATM card on my account, and I was able to use his ATM card. The bank apologized subsequently after the trip, but what good would that have been if I had been on my own.
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Old Mar 19th, 2005, 08:00 PM
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Patrick, the same for me, traveling to France and England now for the past 5 years, always using my ATM. But on my first trip, a French friend suggested I call my bank and ask if anything special needed to be done to my acct to allow me to use it overseas. It might be because I am with a small local bank, not a big chain. Not sure why. I do the same with my credit cards - call and have the accts flagged to allow international charges.
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Old Mar 19th, 2005, 08:11 PM
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Crepes, I too had to "enable" my check card/ATM card for use overseas. I also bank at a small (7 branches) family owned bank.
Hi LoveItaly, I guess you know what it's like to have absolutely no energy to do anything after a long flight except get in a cab!
Patrick, you must never have traveled with children.
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Old Mar 20th, 2005, 04:16 AM
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No, I've never traveled with children, but not sure what that has to do with having an ATM card flagged or with getting emergency cash at a change booth if the ATMs are down? Care to explain?
By the way, yes, I do always call my credit card companies to alert them of my travel, but have never done anything about my own ATM card.
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Old Mar 20th, 2005, 05:10 AM
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"I don't get the idea of paying extra to get money in advance just for the very off chance the ATMS won't be working, when if that does happen, you could always go to the nearest currency exchange booth and cash a few dollars."

This is what I was referring to, Patrick. Sometimes when we arrive the kids are dehydrated and need something to drink or eat right away, or I'm just too tired to stand in another line with them. It's easier now that they're older, of course, but sometimes I just want a Diet Coke the minute I deplane, too.
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Old Mar 20th, 2005, 05:31 AM
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That's odd. I always load up the family on food and drink before I get off the plane. I figure I paid for it, so why pay €20 for Cokes and PopTarts at the airport?
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Old Mar 20th, 2005, 05:48 AM
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Getting back to the original question, the best places to exchange money are ATM's once you arrive in Europe. I understand some people like the warm and fuzzy feeling of having some Euro in their pockets once they arrive.

Having travelled to Europe numerous times, I always have a few Euro saved up for return trips, but I can understand first-time travelers wanting that secure feeling.

I never do, but getting a few Euro at the airport prior to departure might be a good idea for some.
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Old Mar 20th, 2005, 06:11 AM
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This is truly an argument that will not die. My thought is just let it go and do whatever you want. I personally just hit the ATM upon arrival. As a back up if need be, exchange a USD 50 or a few 20s at the exchange booth. I have travelled overseas with children. I remember before the days of ATMs standing in lines exchanging traveler's checks with kids in tow. Didn't seem to bother them, as they appeared to be jet-lagged zombies, anyway.
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Old Mar 20th, 2005, 10:51 AM
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Now there is good advice and then there is what I actually do...

Sometimes I've paid to get euro ahead from Bank of America (whadda ripoff) or a Thomas Cook exchange bureua (ditto), sometimes I wait until arrival and use the first ATM I see (airport or train station).

Most often I have a little leftover from a previous trip (for instance GBP because I usually transfer Heathrow) or CHF (because Switzerland is my most frequent destination) that will at least get me a sandwich & glass of wine or a train ticket.
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