traveling to Spain, best to convert USD to Euro in Chicago or there?
Mar 21st, 2013, 09:23 AM
#1
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traveling to Spain, best to convert USD to Euro in Chicago or there?
Hi all,
Daughter high school junior is traveling to spain with her spanish class this Saturday.
is it best to convert our USD to euro here before she leaves? She has chase account card with ATM access. I am about to call Chase and ask about walkin fees, versus what I saw online here to best use an ATM when they arrive?
In chicago downtown where I work there is a World money exchange. About to make some calls and do some research. obviously there are fees just trying to understand what is best for her, for some spending money while there for a week.
Any experienced advice very much appreciated.
Thank you.
Daughter high school junior is traveling to spain with her spanish class this Saturday.
is it best to convert our USD to euro here before she leaves? She has chase account card with ATM access. I am about to call Chase and ask about walkin fees, versus what I saw online here to best use an ATM when they arrive?
In chicago downtown where I work there is a World money exchange. About to make some calls and do some research. obviously there are fees just trying to understand what is best for her, for some spending money while there for a week.
Any experienced advice very much appreciated.
Thank you.
Mar 21st, 2013, 09:48 AM
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It's best for her to convert either no money or just a very small amount of money (certainly no more than US$100) here. She'll get a significantly better exchange rate from an ATM in Europe.
Find out if Chase has a preferred network of local banks in Europe so she can avoid fees for each withdrawal, though it's likely she'll still be charged up to 3% for a foreign-transaction fee by Chase for each withdrawal, but that's hard to avoid.
Find out if Chase has a preferred network of local banks in Europe so she can avoid fees for each withdrawal, though it's likely she'll still be charged up to 3% for a foreign-transaction fee by Chase for each withdrawal, but that's hard to avoid.
Mar 21st, 2013, 10:10 AM
#3
General advice is to wait and use an ATM upon arrival. That typically gets you the best rate of exchange and lowest fees.
But for a high school student I would probably go ahead and pay the extra to order Euro from your home bank to give her a at least a few hundred in her wallet before arriving.
But for a high school student I would probably go ahead and pay the extra to order Euro from your home bank to give her a at least a few hundred in her wallet before arriving.
Mar 21st, 2013, 10:28 AM
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Thank you both, I might be splitting hairs, you are correct chase will charge 3% fee on the withdrawal.
I work downtown chicago,to do walkin conversons at World money exchange the rate was 1.34, chase was at 1.369 and neither charged a fee.
How would we know what the ATM rate would be in Europe? Chase could not tell me, World meoney exchange could not either.
only thought would be if the 3% transaction fee would wash the rates out.
I work downtown chicago,to do walkin conversons at World money exchange the rate was 1.34, chase was at 1.369 and neither charged a fee.
How would we know what the ATM rate would be in Europe? Chase could not tell me, World meoney exchange could not either.
only thought would be if the 3% transaction fee would wash the rates out.
Mar 21st, 2013, 11:00 AM
#5
www.xe.com will show you current bank rates. You usually get a teeny bit less than that from an ATM, and less any fees your home bank tacks on.
Mar 21st, 2013, 12:22 PM
#6
You will get the interbank rate when using an ATM abroad. That should about match the xe.com rate. I just checked and the xe.com rate is 1.289, so the rates you were quoted effectively included the fees - and more than 3% at that.
Mar 21st, 2013, 11:03 PM
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Usually I would say wait until getting there and use an ATM.
But...
If this is a school trip there may not be any good opportunities for her to access an ATM. Will there be one close to the hotel? Will the teachers wait while a dozen kids line up to get money? Will the teachers and the rest of the class wait if only one kid needs the ATM and there is a long line of "other people"? Do they have any free time at all?
Is she supposed to pay for any meals? Or will she only need money for souvenirs?
If she decides to exchange at home and bring a large amount with her, make sure she knows to keep most of it carefully hidden. Pickpockets are opportunists and very quick.
But...
If this is a school trip there may not be any good opportunities for her to access an ATM. Will there be one close to the hotel? Will the teachers wait while a dozen kids line up to get money? Will the teachers and the rest of the class wait if only one kid needs the ATM and there is a long line of "other people"? Do they have any free time at all?
Is she supposed to pay for any meals? Or will she only need money for souvenirs?
If she decides to exchange at home and bring a large amount with her, make sure she knows to keep most of it carefully hidden. Pickpockets are opportunists and very quick.
Mar 21st, 2013, 11:15 PM
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Your daughter must use an ATM that's associated with a bank.
There are ATMs out there that aren't associated with a bank that will charge you terrible rates.
Chase will still charge you 3$ for the conversion.
I'm surprised you're not using www.oanda.com for conversion rates. This is the rate that most large companies use. Oanda says the current rate is 1.29230.
There are ATMs out there that aren't associated with a bank that will charge you terrible rates.
Chase will still charge you 3$ for the conversion.
I'm surprised you're not using www.oanda.com for conversion rates. This is the rate that most large companies use. Oanda says the current rate is 1.29230.
Mar 22nd, 2013, 02:26 AM
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The most common way for a traveler to convert dollars into euros is to make an ATM withdrawal using her American debit card, converting the dollars in your account to euro cash on the spot. For more info visit http://traveltips.usatoday.com/excha...ros-61634.html
Mar 22nd, 2013, 05:44 AM
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Your daughter will find ATMs in the airport on arrival, and they are widely found throughout Europe. I can't imagine this will be a problem. The reason why Chase can't tell you the ATM rate in advance is because it changes daily. But both xe.com and oanda.com publish the interbank rates, which all banks use for currency exchange, and those are accurate.
If you feel more comfortable, you can buy US$100 worth of euros from Chase, but you'll lose on the transaction. It's a small but definite loss, usually 6% or 7%. They don't charge a "fee" but they do because it's built into the exchange, as it is at every bureau de change in the world. That's how they make money on the transactions.
If you feel more comfortable, you can buy US$100 worth of euros from Chase, but you'll lose on the transaction. It's a small but definite loss, usually 6% or 7%. They don't charge a "fee" but they do because it's built into the exchange, as it is at every bureau de change in the world. That's how they make money on the transactions.
