No offense, but buying currency before your trip makes pretty much zero sense. The commissions to buy physical currency are so high that it would take relatively large swings in the market to overcome the vig and make money off of the deal. And even then, just how much are you buying? If the difference is such a huge concern, then I would suggest some combination of the following:

1) Reconsider the trip. Seriously, if you can't absorb the potential fx hit, then don't go.

2) Pre-pay as much as possible. Often this locks you in, leaving you exposed to the risk of cancellation penalties, but if that risk is close to zero for you, then using a credit card or wiring funds (using somebody like Oanda to facilitate might cut fees further) to prepay would yield better rates than buying currency.

3) Trade Euros with someone like Oanda. You will get better rates, though you won't have the physical currency. At the time of your trip, simply sell your positions and reap any gains or losses.

In all honesty, though, I really don't think people should play around in the fx game as a one-off deal. It should be part of your overall investment strategy and should be discussed with your financial advisor, if you have one, or at the least, you should study up on it before diving in.

Ok, again, thanks for all the input on this matter, let's close the thread.

For your apartment PayPal is the way to go - if all they want is 4%. Id on;t know anyplace in the US that will exchange cash for you for only 4% more than the Interbank rate (as you noted you paid 12% - so threw 8% of your money out the window).

There is NO free way to change cash - you will be paying a difference in rate much higher than exchanging at an ATM (or PayPal in the case of a large amount for an apartment) or a fee or both.

>>>trafaelwyr on Jun 1, 10 at 7:09am
Ok, again, thanks for all the input on this matter, let's close the thread.<<<

Closing of threads make a travel board useless. This thread will help others in the future who might stumble upon it and ask a question.

For others who need a large amount of cash for a deposit on an apartment, you can make multiple withdrawals from an ATM. You are limited by the maximum that machine will discharge in one transaction, and by the maximum withdrawal your bank will allow. Before you go, ask your bank to raise your withdrawal limit.

WHY would you sign up for that. It has to be for money traders, not travellers. It makes no sense for run of the mill transactions. For your apartment, the PayPal or what Mimar says is the way to go, unless your bank can arrange a transfer.

trafaelwyr: get that link fast -- since david_kerns is advertising which is a big no no and his post will probably disappear soon enough.

Besides -- if you showed up w/ a measly $2000, $3000 he'd laugh in your face.

OK....OMG folks! Chill out! Please!? First off, I get chastised for starting this thread and then when I mention that I would look into someone's suggestion (this is not a clear indicator that I have or do not have any intention of following up on it), I get beat about again.

Stop, stop, stop.

There have been people who have contributed useful and insightful information to my query in this post and there have been some who have not added anything. If someone here would like to discuss matters further with me, let me know and we can continue it via email.

Do not exchange currency in USA commission adds up to +12%, talk with the bank that issued your ATM card, tell them that you are taking a trip overseas, prepay what you can before you leave, withdraw money as you need while in the country you are traveling in. ATM machines are very popular in Europe and you can find them everywhere you go.

Is this simple or what?

trafaelwyr: Maybe you should chill a bit yourself. I didn't 'beat you up' -- it was david_kearns I was slapping about. He was trolling for customers. By <i>any</i> chance did you notice his post was nuked by the editors?

@janisj - well, I wouldn't exactly call your first reply to my posting a friendly one, nor the subsequent ones. . I'm just saying. Michel_Paris posted a clear, concise and to the point reply. Boom. There it was. He clarified it for me. Again, as I stated before, some people here posted relevant info and then others simply wanted to beat me with a stick.

"<i>@janisj - well, I wouldn't exactly call your first reply to my posting a friendly one, </i>"

Here is my first reply . . . clear, concise and to the point. . . .

>><i><blue>OK -- did you read any threads about this before jumping in and buying those €??

Not trying to pile on --- but that is exactly what we post on probably 4 threads a day, every day, 365 days a year. Maybe a slight exaggeration but not by much.

Stocking up on currency to beat the exchange is a losers proposition. There are two or three fodorites who regularly recommend doing what you did -- but MANY others try to explain why it is generally a bad idea. Unfortunately you've learned an expensive lesson.

98% (probably more) of the time, using an ATM in Europe is a better deal.</i></blue><<

It wasn't rude, it wasn't nasty, it was factual. If you've decided you made a mistake buying € at home -- don't take it out on us.

@janisj - I don't think I made a mistake buying the Euros now. This is your assumption and an erroneous one at that. I'm not taking anything out on anyone here on the boards. Perhaps if you had read the post by Michel_Paris you would have realized that he answered my question - and that's a fact. All I wanted, from the start, was a clarification as to why I saw a rate on Oanda and what I got at Amex. Your first post read as being exasperated and by saying to me "OK -- did you read any threads about this before jumping in and buying those €??" does come off as rude and then you go on to say "Unfortunately you've learned an expensive lesson." I'm not looking for a lesson here nor am I looking for another board member to metaphorically roll their eyes and tut-tut me.

Also, who cares how many times it's been explained here about getting foreign currency at 'official' rates? Big deal. I've seen duplicate posts about certain subjects here, yet the board members have politely answered the post and even posted links for the member to further read upon.

Anyways, like I said before, my question was answered. Thanks.

After many years observing & lurking about these forums (long before I ever posted), I recognized that some of the most experienced and helpful Fodorites also tend to be the most hostile, abrasive and critical. It's rarely personal, but more to script.

I have come to think of them as rather territorial dogs of numerous breeds guarding the boards. They will sniff and bark at anyone walking by. Some of them are friendlier from the get-go and wag their tails in welcome. Others will growl until they get to know you better -- and snap at each other if they feel threatened. All of them know their position and serve their purpose, often very admirably. After awhile, you get to know their personalities and understand that in their hearts most of them mean well. It really is quite entertaining to predict how each of the characters will respond and then watch them go to work.

That's the price for such free, but excellent, advice.

Kybourbon: I would know whether or not I got a good exchange rate. I know the date that I exchanged my money and was also with my friend who exchanged his money at the ATM machine.

As for the guy with the $1,000 who needed to exchange it, first of all, I really doubt that the guy was from the U.S. I talked with him. So, as I said before, I don't know what his situation was. I only know that he needed to exchange some money and I sensed that it was urgent. So, I helped him out.

The other thing is that people that I know don't only leave home with plastic on them. They always have a backup system of cash and/or travelers' checks and they have had to use their backup system which is the reason why I posted the above link to various exchange places in case anyone needs one. If one doesn't, then fine....take the information or leave it. It's nothing to get all up in a tizzy over. I mean, really, the original poster asks a question and gets her head bit off. Happy Travels!

err...Guenmai, I'm a he, not a she. :) But thanks for the link you provided!

Nothing for nothing!

Today, I picked up 200 Euro at my local Chase Bank and paid $1.288. There were no other charges.

If the rate goes down or stays about the same, I may buy a few more before our September trip.

BTW,

"The euro fell to a fresh four-year low Friday, sinking below the key $1.20 level for the first time since March 2006"

It was at $1.21+ when I ordered my Euro. I'll be happy if it stays below $1.30 for our September trip, but if it's lower, that will be great!