acitygirl2

What is the best way to get Euros and pay the minimum fees for the transactons? We will be using one credit card while there, but want to have cash as well.

HowardR

The best (meaning cheapest) way to get euro is via an ATM.
As for taking one credit card, you're better off taking two....just in case!

suze

Best way, is upon arrival to withdraw euro using an ATM machine and a debit card (not credit card).

Other options are to buy them from your home bank, order them online, buy them at your departure airport, take cash and exchange at a currency booth.

brotherleelove2004

Definitely use the prolific ATMs for cash, but don't use a credit card in them or you'll be paying extremely high rates of interest for cash advances. Use a DEBIT card instead.

If you prefer to take cash for exchange, there are exchange banks and services everywhere.

polly229

Check to see if your bank charges a flat-rate transaction fee on ATM withdrawals. If so, it will be cheaper to get more money at one time than getting the same amount in 2 or 3 withdrawals. And I've found it cheaper to change money in Europe than to do it here. (Though exchange might not be as expensive in NY, LA, other big cities.)

Also, you might want to check your credit cards and see what they're charging. Until a couple of years ago, we just paid the exchange rate on charges. In the last couple of years they've started adding additional fees for the transactions. Last year when we got our credit card statement with some advance purchases, we found we were also paying percentage transaction fees - for instance, Aegean Air tickets that cost under $500 had an additional $27 - over 5%. But we checked two VISA cards we have on credit union accounts and found they don't charge those fees, so we used those when we charged in Greece. (Who knows when that will change, but so far,so good.)

And yes, take 2 cards. There have been a lot of posts about card problems due to increased security issues. Thousands of people had their VISA cards frozen in Russia, someplace I forgot, and - of all places - Canada. No way to call and find out ahead of time about this, acording to the article the Fodorite referenced in his post.

Belledame

Check the Global ATM alliance to see if your bank is in it. If so, use your debit card at a *participating* alliance ATM when you get there.

In the US it's Bank of America and in France it's BNP Paribas. So if you have a BoA debit/ATM card, you can withdraw from BNP Paribas in France and BNP will not charge an additional fee for the use/conversion. Only your home bank will.

cheribob

I had a shop keeper in Prague refuse my my Mastercard. But I have been all over Europe and in Peru and no one has ever turned down my Visa card.

Once I could not get money out of an ATM in Rome.

However, the extra fees are really making me mad. So the last time I went to Europe I went to Thomas Cook and bought Euros. Actually, that turned out great. No problems, a one time 3% fee and a garanteed buy back at the same rate I bought them at.

nancicita

Does anyone know if it's better to pay with credit card than with cash euros?

I don't like to carry very much cash due to fear of losing it or getting stolen.

But I also don't like the fees that credit cards charge for using them abroad (outside of the US).

logos999

A banking card from an "alliance" bank used at an alliance ATM to get cash will in most cases be less expensive than using a american CC. A local maestro card and bank account will avoid fees except for the transfer to this account. There's no need for a credit card in Europe, a maestro card will do and is preferred over a CC by all businesses.

ira

Hi CB,

>.. I went to Thomas Cook and bought Euros. ... a one time 3% fee and a garanteed buy back at the same rate I bought them at. <

Sounds interesting.

What was the rate at the time you bought them compared to the bank exchange rate that day?

Neopolitan

good question, ira. I would imagine it was at least a couple percent more. Meanwhile I haven't heard of any credit card charging more than that basic Thomas Cook fee of 3%, so I guess I don't get the convenience of carrying all that cash over carrying a simple Visa card -- even one with a 3% fee attached.

If the 3% fee on a credit card makes one mad, why wouldn't the same fee from Thomas Cook make you equally mad?

suze

That's what I was wondering too.

debwrite

Does anyone know of any bank\debit card that does not charge a fee for ATM withdrawals in Italy or Greece?
When I checked with my bank, They told me they don't charge a fee, but that I will be charged 1% by Visa each time I use my debit card in Europe. Does that seem reasonable or high?

brotherleelove2004

That 1% VISA fee is built into the exchange rate so you won't see it on your statement. If that's all you're charged you're doing very well. Your bank might not charge you anything, but don't be surprised if the Greek Bank ATM you use does. Usually if there is an alliance or partnership between certain banks this partnership might eliminate fees, it really depends on the banks and which country you're in.

Neopolitan

brotherleelove, I've never heard of any European bank charging any fee to a US bank ATM user -- ever. Is Greece different from all the others?

brotherleelove2004

All I know is that I was charged for for one failed attempt when I requested more than my limit by mistake, and it was attributed to the Greek Bank, not to my bank.

Neopolitan

Let me guess. Your US bank attributed it to the Greek bank? Yes, that would make sense.

Larryincolorado

According to the Thomas Cook website, their rate today (4/18) for Euro is $1.37. According to Oanda, the international rate at the same time was $1.23/EUR. That makes TC's "commision" over 11% - probably the worst I have ever seen. Even beats Travelex.

MaureenB

What about getting Travelers' Cheques in euros? Anyone know how to do that, and if it's less than the 1 percent debit card fee? Because a couple of our hotels offer a 5 percent discount for cash or T Cheques, so I'm thinking I could bring enough euro T Cheques for my hotel bills. That way I'd save the 5 percent form the hotel, and also avoid the 1 percent from Visa.
Otherwise, I'll need to be sure to plan for getting enough euros from an ATM, which could be a problem if I forget and then can't get enough out in a day. (I called my credit union, but they won't increase the ATM daily limit over $400 per card.)
Well, really, I know I'm sweating the details but it's nice to think I can spend money as smart as possible.

Neopolitan

Maureen, I think you're missing the point that has been made several times in the above posts. If you go to an American Express Office (or AAA) in the US and buy euro Travler's Checques your "rate of exchange" will be several percent higher than the current rate. There may not be a fee as such, but it will cost you -- proably more than any other way I can think of to make the payment.

Read the post right above yours. I do believe that that 11% that larryincolorado is talking about is how much you'd pay to buy Thomas Cook Traveler's Cheques in the US if you bought them in euros.