When to exchange US dollars to Euros
 

I will be traveling to Barcelona and Venice from California in June this year. I believe both currencies are Euros. When and where is it best to exchange my US dollars to Euros? Before or during the trip, or should I just use US dollars and they would still accept it?

Unless you know how the markets move I'd pull Euros from the first airport you land at in Euroland.

Do not try to buy in dollars, firstly it is frankly rude, secondly, if you do get anyone to take them, they will return the favour by ripping you off on the exchange rate.

Saying all of that you may see "$s taken" signs in just a few shops say near the docks to service unsuspecting cruise passengers. I'd avoid the temptation.

What I would do is search this website to understand if you are hit by any problems with US credit cards (search "Chip and Pin") to make sure you don't have any issues there as well.

Where can you spend euros in California?

<< Before or during the trip, or should I just use US dollars and they would still accept it? >>

If you want a bad exchange rate then you can do either of these things. If you want the most for your money use your ATM/debit card at an ATM machine (same as you would do at home). In Barcelona avoid ATMs at La Caixa as they charge a E3 fee. It's the only ATM in Europe that I've found that charges a fee.

Check how much your bank charges to use a foreign ATM machine and if they do charge then try to set up an account in a bank that does not charge a fee, such as a credit union.

I know Bank of America charges a hefty fee to use foreign ATM machines. The only time they wave the fee is if you use an affiliated bank (if an affiliate exists in Italy and Spain).

You cannot use $ is europe - any more then spend euros in CA.(This isn't 1945.)

You do not "exchange" currencies anywhere. You pay for all larger costs with a credit card and you pull walking around money from your checking account at an ATM - with a debit card NOT a credit card (which will cost you a very high rate of interest).

You need to check what your bank charges for ex-US ATM use - and see if they have partnerships with any banks in Spain or Italy. The best way to save is to pull cast for 4 or 5 days at a time to limit your bank's charges (do not go pulling 40 or 50 euros at a time).

I use a Bank of America card, & go onto their website to find a partner bank in that country. I aso get about $50-100 in euros here from BOA. Yes I pay more and pay a fee, but I don't ever want to buy euros at an airport. If you check when you get there will find it exhorbinant(sp). I also dont want to be stuck maybe waiting for the money exchange to open, etc. This way I can buy my bus/metro ticket to the city center.

The ATMs pull up so you can continue in English and even I find it easy to use.

There are ATMs at the airports, no need to use the money exchange, pay its rates, or wait for it to open.

I am in the minority on this, but I like to change a good bit of dollars into Euros before leaving the U.S. I do this with Wells Fargo and pay the spot exchange rate plus five percent plus five dollars for the service. Look online to find a branch which offers this service. Since I don't have an ATM card that provides no foreign transaction fees, this is competitive with what I would have to pay using an ATM, except I don't have the hassle of finding an ATM which will accept my card. Some people do have "free" ATM cards with no fees, but for me this would entail opening a new bank account, and I just don't feel like doing this to save $50 or so.

Again, personal experience, we had an ATM card get eaten in Italy once, after the bank closed Friday afternoon. If I had not had a good bit of cash plus credit cards we would have had to put our trip on hold until the next Monday so we could retrieve our card. My wife and other family members have also been victim of debit card fraud, and I just don't like any card which drains money out of my checking account.

This is just my view. Using dollars abroad was a great idea in the early 1970s, when currencies were controlled and people wanted to get their hands on dollars. It's a terrible idea today. Expect to lose 15-25 percent of the value of your dollars if you do this.

There are always ATM machines in the arrival area of European airports. That is always the first thing I do after I get my luggage.
As long as you tell your bank when and where you will be traveling you should have no problem at all.

I NEVER get foreign currency at home (bad exchange rates plus fees), so I always get cash in the country I'm visiting. And except in some very limited circumstances, you cannot use US dollars abroad. People want and deserve to be paid in their own currency. Would you take euros if someone was paying you for something? No ... so why would you ever expect someone else in the world to do that.

1. Always use your ATM/Debit card in Europe to take out money from a European ATM (ideally finding one that your bank will not charge a fee for using). This is the only way to get the best exchange rate and it's always better than getting money at home. FYI: Many (if not most) European ATMs are actually on the streetside of banks and aren't in a closed vestibule. I prefer to use an enclosed ATM, but that's just not always possible.
2. Never use your ATM/Debit card to buy anything when you are traveling abroad. The money leaves your account immediately and may not be restored for a long time if there is any fraud.
3. Do use your credit card (even if it carries a 3% foreign-exchange fee) to buy expensive items and pay for your hotels. It's safer and generally gets you the same exchange rate you'll get by taking money out of a European ATM.
4. Always carry some cash with you, but rarely more than 200 euros at a time. That way you have a bit of cash if something goes wrong but not enough to bankrupt you if you lose it.

<<Some people do have "free" ATM cards with no fees, but for me this would entail opening a new bank account, and I just don't feel like doing this to save $50 or so.>>

Well, I do. I can use that $50 for a nice meal or a nice purchase. I don't understand people who just throw money at banks for no reason. It doesn't take a lot of effort to open an account at a credit union or bank that doesn't steal money from you for no reason.

There are ATMs on just about every street corner in Europe, at every airport, every train station, you name it. It doesn't take much effort to slip your card into one and pull out euros, less effort than it takes you drink your first coffee after arrival.

As for trying to use U.S. dollars in Europe, well, that's a rather appalling idea. I suppose there might be the occasional merchant here or there who would see that as a marvelous opportunity to rip of a gullible tourist and who would actually do it, but it would show a stunning lack of cultural sensitivity and you'd be very worthy of whatever huge monetary hit you'd take.

We have accounts in 2 different credit unions, one where we do our regular banking and another which we just use for travel. And we have debit cards and credit cards from each. It only takes $5 to open a checking account. We have rarely been to the first credit union, where we've had an account and used it regularly for 30 odd years. We pay all our bills online and have done most other business online or over the phone.

(Most credit unions do not charge a transaction fee for foreign ATM withdrawals and the conversion fee is a very reasonable 1% over the interbank rate.)

We have never had any problems using ATMs abroad, including China. If you're worried about an ATM eating your card, stick to bank ATMs when the bank is open. And never use your debit card when you can use a credit card, where you have greater protection.

FH and his family members have encountered problems, but that doesn't accurately represent the experience of the vast majority of travelers.

Mimar is wise to have a separate checking account, using one just for travel. Certainly if Mimar is only paying a one percent overcharge the use of such an ATM card makes sense.

As I have posted, we've had some bad experiences. My wife's ATM card does charge her the 3 percent charge, plus an access charge, so for us it is easier AND CHEAPER to just change money beforehand.

At some point I may go ahead and open a travel ATM account with a no-fee card. But even should I do so I am still likely to pre-exchange at least a few hundred dollars in advance, provided I can do so at a low fee. I like having cash money on arrival, with no looking for an ATM to take my card and no waiting behind a bunch of people trying to withdraw money at the same time.

This is just my view, and I admit again I am in the minority on this.

Just want to add, don't use a credit card to withdraw cash, except in an emergency. Interest starts immediately.

Using an ATM only when a bank is open doesn't always solve the problem of a machine that eats the card. Once in Nice we had that problem, and we couldn't get the card back for 2 days because someone had to come and unlock the machine to retrieve the considerable number of eaten cards.

We carry dollars to exchange into Euros and Swiss Francs all the time (at least twice a year). Our usual stop is at a bank in the European airport (for us that is usually Zurich or Frankfurt). We do not get foreign currency from our local Wells Fargo bank! Too expensive!!We also use ATM cards for several accounts.

We also always come home with the left over Francs and Euros, since we know we will be able to use them in the near future.

<Some people do have "free" ATM cards with no fees, but for me this would entail opening a new bank account, and I just don't feel like doing this to save $50 or so.>>

I don't either. I could see doing that IF you liked the new bank and wanted to use it as your regular bank, of course. But I would never do that just to get a certain card for a vacation. I presume most people have a reason for the bank they chose and it is never just one issue. At least, I do. If someone has no reason for picking their bank and finds another one that is equally convenient and has as good terms on other things, sure, I'd change.

Now my bank now does have no ATM fees (for me, anyway, I have a premium account), but for a few years it had an ATM fee and I didn't change banks just for that reason as even though I travel to Europe each year, I still only use the ATM a couple times during a trip, I mainly use credit cards.

But what I would suggest was get a second bank for savings that might have an fee free card. That way you don't have to change banks, but you have the use of such a card when you need it (and it can be good to have 2 cards as a backup). And if it is done by mail or online, you don't need to make that many transactions if it is just a savings account. So I do recommend that, but not changing your entire bank account just for a vacation if it doesn't make sense in other ways. I have a second savings account I opened online with Capital One which is a money market account only. I get a debit card that is fee free and no foreign transaction markup. Money markets don't pay much nowadays, but it actually pays more than my checking account, of course.

<<Yes I pay more and pay a fee, but I don't ever want to buy euros at an airport. >>

(1) Who "buys Euros" at an airport? Every international airport has ATMs in abundance. Geez, even the Japanese, who have fewer ATMs per capita than Europeans or Americans, had two within about 15 meters of clearing immigration at Narita.

I haven't changed dollars into local exchange media before leaving the US since 1997 (and I got a crap rate from my local C---e bank then, Itellyouwhut).

(2) To add to this good point - "Just want to add, don't use a credit card to withdraw cash, except in an emergency. Interest starts immediately" - that's not at a purchase interest rate (which is the advertised rate that the card purveyors use to get you to subscribe), it's at a cash withdrawal interest rate, which is usually higher. And that immediate interest accrual sucks.

"I am still likely to pre-exchange at least a few hundred dollars in advance, provided I can do so at a low fee . . ."

FHurdle - you usually don't get hit with a "fee" in the US when exchanging, you get an exchange rate that's about 8.5% or more worse than the Interbank rate (the true exchange rate). Thus, even with your wife's ATM card and access fee (for us, it would be 6.5% for the first $100, 5% on the first $200 with our crappy Chase deal [hence, the other account with Cap One]), you get hit harder exchanging at the US bank.

BigRuss, when changing money with Wells Fargo I was charged just under five percent over the "spot" rate. Today the Euro is trading at roughly 1.29. That means that when getting money from Wells Fargo I would pay approximately $1.354 per Euro.

Since my wife doesn't have a "no foreign exchange fee" ATM card, paying a five percent premium is as good or better deal than using an ATM card. And we don't have to wait in line at the airport to use an ATM, or walk around trying to find one to take our card, or worry about it being eaten.

Buying €/£ at home is not a good idea. There are always one or two who suggest doing so . . Great - it works for <i>them</i>. But to advise someone asking about the best way to get cash overseas that is not being helpful IMO. Anyone is totally free to waste a little money and not worry about carrying all that cash with them -- but PLEASE don't suggest it is a sensible way to operate in the 21st century.

I know that in the US it is accepted practice to tell your bank you're going abroad.

my only experience of this with a UK bank led to my card being stopped.

DH, who had not told his bank, had no problems.

Interesting. If you don't tell your US bank, your card will almost certainly be blocked (true for both ATM and credit cards). They want to know dates and places, and Capital One will only take 60 days at a time, I have to call them from the road if I'm gone longer. In fact, if I'm buying something from a foreign company, I have to call about that, too.

When we left for our first trip to Europe and were a little anxious about everything we did organise a small amount of euros and pounds through our bank here. Just enough to get us from the airport to our accommodation and to pay for a meal if we wanted.

The next time we didn't bother and just found an ATM at the airport. The first ATM we found wasn't working which was a little stressful, but the next one was fine.

In fact, if I'm buying something from a foreign company, I have to call about that, too.>>

really thursdays? that must be a pain if you're booking a foreign trip.

DH was very grumpy with me for [as he saw it] getting my card blocked and I am under strict instructions not to tell them next time.

If I'm booking a foreign trip I just tell them I'm traveling in that country or countries, and then cancel the alert when I finish. But you're right, it is a pain. It's also a pain to remember to use my Cap One card instead of my Citi card to avoid the foreign conversion fee. I once got hit with that buying from Lonely Planet!

The OP is going to Venice and Barcelona.

For some reason I have a hard time with Bank
of Venezia ATMs.

When we were at Marco Polo last June, I couldn't understand the ATM keyboard for B of Venezia. Even though the instruction were in English, the key pad was all in Italian.

Luckily, we had euros from Düsseldorf Airport
ATM Deutsche Bank.

How I love Deutsche Bank and Credit Suisse!

Same thing at B of Venezia near Rialto. Key pad all in Italian. Red and Green keys.

Keith and I found a Deutsche Bank ATM near San Marco.

So, I would bring some dollars with me in case ATM doesn't work for you at Marco Polo.
You can always exchange a few dollars at Cook's or cambio to at least get you on the Alilaguna or Piazzale Roma bus.

But you could use credit card for tickets at the desk.

You won't be stranded!


Thin, who has 25 euros in his wallet for tickets to ride the Pizzale Roma bus in July

As an aside, I buy up euros from returning friends - usually they are our DDs' friends. Some younger people (not my kids, hehe) don't feel theyll go back to europe anytime soon and want to get rid of all, inc coins. We strike a deal better than a bank. Plus, these "kids" get dollars for their coins and are really happy as some of them have had a lot! And I get coins for cab tips, drinks at airport etc. . Its win/win.

I'm with Thin. I get about 200-400 Euros before we leave (cabs, first day's food at little places), and get the rest from ATM machines in Europe. I like having some money in case something comes up. I also like to bring about 150€ back from vacation, and keep those small bills and change as seed money - or gifts to family members who are going to Europe.

Use Capital One as my credit card, no fees. Have BofA and use BNP Paribas, Barclays, and other members of their Global Alliance so no $5 fees.

we usually have €100 or so left from our last trip. I keep € change too for luggage trolleys etc. though i don't always remember to take it with me!

Best way to handle money on holiday....

1. Use a credit card for every purchase no matter how large or small. You will be shocked or perhaps not to find that credit cards are taken almost everywhere in this day and age although some may have a silly requirement of spending a minimum amound, perhaps a bit more pervasive in Italy and Span than in say the UK and France...(well maybe I won't try to charge something for less than €2 or so say at a small ice cream stand). If you are from the USA (or another country where such things exist) use a credit card with no foreign transaction fee.

2. Supplement by withdrawing small amounts of cash from ATM's using an internet bank (again there are a good many in the USA although perhaps not as many elsewhere) which h issues an ATM card (preferably although a dbit card is okay if necessary). The advantage of using an internet bank (with no fees and no minimum balance requirements) is should the card get compromised, your main account where you probably pay some of your recurring bills is safe from the vermin who pull this kind of garbage. But I have done many one week or two week holidays where I made a €20 or £20 withdrawal to start the trip and hardly spent any cash at all. No worries about exchange rates and whatever; you get the exact interbank rate.

To me, and I know others disagree, this is the only way to travel in the 21st century (remember Karl Malden and travelers cheques. Do they exist anymore?)

2.

I agree with xyz in general, but I would put the limit for credit card transactions higher, and note that you will need cash for markets, usually for taxis if you take them, and for less-visited countries. You may also encounter a surcharge for using a credit card, although that is more common in Asia.

If you're paying by credit card be alert for the dynamic currency conversion scam, when you card is charged in your home currency instead of the local currency, at a bad-for-you exchange rate.

FHurdle - you've made a good case for me to move money to WF . . . ;-).

Yeah, Cap One needs to be fully informed ahead of time. The pluses of Cap One cards are the low-to-no forex fees, whatever manner of rewards they offer, and EXCELLENT customer service if you need to contest a charge (easy to wipe one off if you get screwed, contrast to . . . every other bloody issuer).

Cap One is also hyper as a Jack Russell terrier about fraud (this is good for keeping cardholder costs low), thus its vigilance needs to be offset before you travel abroad.

Doug Stallings, excellent idea about credit cards and debit/ATM cards, I found it to work well for me too. Southern Africa: for those that want to visit SA, feel free to ask questions I lived there for 45 years I might be able to give some info.

A quick point about Capital One. I have no problems with them and for years used their cc's because of the no foreign transaction fee thing which they pushed hard to help build up their card base.

However, even though they pushed hard on the no foreign transaction fee thing, Cap One has been adamant about not issuing cards with emv chips which are discussed at length elsewhere. While not, at present, a big problem the problem is growing.

I would opt in this day and age for the Bank of America travel rewards card; no annual fee, no foreign transaction fee and it does have an emv chip although it is chip and signature rather than chip and pin or a credit card issued by one of these fcu's : Andrews FCU 9the air base), SDFCU (State Department not San Diego) or Pen Fed (for Pentagon not Pennsylvania) FCU all of whom offer credit cards with emv chips which will work at unpersonneled kiosks no annual fee and no foreign transaction fees.

Capital One's reaction when I called to ask when to expect a card from them with an emv chip was that all merchants are required to take any valid mc (or visa) and can process all types of cards and there is no need for an emv chip. Try telling that to a French gas pump on a Sunday afternoon in some rural area of France. I wonder what the response would be!

I'm in the minority with FHurdle and am a long-time WF customer. Next month I need to pay my €1000 apartment rental immediately upon arrival in addition to €100 for the driver from Naples to Positano. I will, therefore, get at least €1200 from WF before leaving, since I don't want to be struggling with the ATMs at the Naples airport. But that is just my personal preference - I will pay a little for peace of mind.

Do gas pumps give the Gallic shrug?

Charles Schwab offers a checking account that has an attached ATM card. They do not charge foreign transaction fees and even reimburse you on the next month's statement for any fees the originating ATM bank charges. Capital One Visa does not charge a foreign conversion fee either. Hopes this helps

The first time we went to Paris the ATM people (who put the money in the machines) were on strike. So, I always get some foreign currency from my bank before traveling. Kind of hard to get a cab when you have no funds!