Euros
Aug 24th, 2013, 11:15 AM
#1
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Euros
I would like best advice about purchasing Euros here in the states. Is it best to wait until one reaches Europe, namely, Germany, or is the Travelex Passport Credit Card (Mastercard) that you load with euros best option? Any suggestions?
Thank you kindly.
HGP
Thank you kindly.
HGP
Aug 24th, 2013, 11:26 AM
#2
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It would probably be better to post this on the Europe board, but the prevailing "wisdom" will be to use your ATM card upon arrival.
IF you want to have a few in your pocket upon arrival (as I do) you could buy some at the airport at the exchange desk. You will get a bad exchange rate, but you will have some. If you have an American Express office in your city (Denver?) you can purchase them there.
But use your credit card for purchases in Europe, and your ATM card to get euros.
The pre-loaded cards will cost you a lot of commission charge.
IF you want to have a few in your pocket upon arrival (as I do) you could buy some at the airport at the exchange desk. You will get a bad exchange rate, but you will have some. If you have an American Express office in your city (Denver?) you can purchase them there.
But use your credit card for purchases in Europe, and your ATM card to get euros.
The pre-loaded cards will cost you a lot of commission charge.
Aug 24th, 2013, 11:38 AM
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IMHO it's best to get them at a ATM at the airport in Europe. All German major airports have ATM readily available and really there is no need to have Euros on arrival. Go through customs etc and then directly to the ATM machines. I have had taxis etc waiting for me at the airports and I simply find my ride, tell them I need to hit the ATM machine and they are happy to wait a few minutes.
Aug 24th, 2013, 11:40 AM
#4
You tagged this Colorado so I assume you are there? One time I got some Euros from an International teller at tne main Wells Fargo bank in downtown Denver.
However, I use ATMs in the arrival airport as a rule. Buying in the US was a rare exception.
However, I use ATMs in the arrival airport as a rule. Buying in the US was a rare exception.
Aug 24th, 2013, 12:58 PM
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Just hit the ATM as soon as you get off the plane. You will not need Euros prior to that. I was nervous my first trip that I didn't have an pounds in hand upon landing, but ten minutes after landing I hit the ATM and then periodically every few days.
I always recommend taking two ATM cards: either one per person or if traveling solo, open a second temporary checking account with an ATM card, that you can transfer money to in the event you have a problem with one card. You never want to be stranded with no access to money if one of the cards has an issue/gets lost/the machine eats it etc. Having a second card also allows you to withdraw larger amounts of Euros for paying rent and larger expenses.
I always recommend taking two ATM cards: either one per person or if traveling solo, open a second temporary checking account with an ATM card, that you can transfer money to in the event you have a problem with one card. You never want to be stranded with no access to money if one of the cards has an issue/gets lost/the machine eats it etc. Having a second card also allows you to withdraw larger amounts of Euros for paying rent and larger expenses.
Aug 24th, 2013, 01:03 PM
#6
>>purchasing Euros>Travelex Passport Credit Card worst option. Costs to open, bad exchange rate, fees, even costs to close out and get any remaining cash.
There are costs associated w/ using an ATM card too . . . But much less than other methods.
There are costs associated w/ using an ATM card too . . . But much less than other methods.
Aug 24th, 2013, 03:22 PM
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You should never purchase euros (unless you want to land with a little cash - then just change $100 in the airport before you leave).
For the best rates of exchange and most security pay for as much as you can (hotels, car rental, meals, shops, sights) with your CC and pull walking around money from your checking account at an atm in europe
And do understand this is never free. If you have a good bank/credit card you will pay 1 to 2% above the interbank rate (the one you see online - that banks use in exchanges of millions of $ or more). Do not be taken in by people who say they have good rate but charge fees or say no fees - but give you a rate of exchange 8 to 10% off the interbank rate.
For the best rates of exchange and most security pay for as much as you can (hotels, car rental, meals, shops, sights) with your CC and pull walking around money from your checking account at an atm in europe
And do understand this is never free. If you have a good bank/credit card you will pay 1 to 2% above the interbank rate (the one you see online - that banks use in exchanges of millions of $ or more). Do not be taken in by people who say they have good rate but charge fees or say no fees - but give you a rate of exchange 8 to 10% off the interbank rate.
Aug 24th, 2013, 03:23 PM
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You should never purchase euros (unless you want to land with a little cash - then just change $100 in the airport before you leave).
For the best rates of exchange and most security pay for as much as you can (hotels, car rental, meals, shops, sights) with your CC and pull walking around money from your checking account at an atm in europe
And do understand this is never free. If you have a good bank/credit card you will pay 1 to 2% above the interbank rate (the one you see online - that banks use in exchanges of millions of $ or more). Do not be taken in by people who say they have good rate but charge fees or say no fees - but give you a rate of exchange 8 to 10% off the interbank rate.
For the best rates of exchange and most security pay for as much as you can (hotels, car rental, meals, shops, sights) with your CC and pull walking around money from your checking account at an atm in europe
And do understand this is never free. If you have a good bank/credit card you will pay 1 to 2% above the interbank rate (the one you see online - that banks use in exchanges of millions of $ or more). Do not be taken in by people who say they have good rate but charge fees or say no fees - but give you a rate of exchange 8 to 10% off the interbank rate.
Aug 24th, 2013, 03:29 PM
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You should never purchase euros (unless you want to land with a little cash - then just change $100 in the airport before you leave).
For the best rates of exchange and most security pay for as much as you can (hotels, car rental, meals, shops, sights) with your CC and pull walking around money from your checking account at an atm in europe
And do understand this is never free. If you have a good bank/credit card you will pay 1 to 2% above the interbank rate (the one you see online - that banks use in exchanges of millions of $ or more). Do not be taken in by people who say they have good rate but charge fees or say no fees - but give you a rate of exchange 8 to 10% off the interbank rate.
For the best rates of exchange and most security pay for as much as you can (hotels, car rental, meals, shops, sights) with your CC and pull walking around money from your checking account at an atm in europe
And do understand this is never free. If you have a good bank/credit card you will pay 1 to 2% above the interbank rate (the one you see online - that banks use in exchanges of millions of $ or more). Do not be taken in by people who say they have good rate but charge fees or say no fees - but give you a rate of exchange 8 to 10% off the interbank rate.
Aug 24th, 2013, 05:00 PM
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It appears you're going overseas. If you are, and you plan to use your credit card, beware this scam:
http://thepointsguy.com/2013/07/just...cy-conversion/
http://thepointsguy.com/2013/07/just...cy-conversion/
Aug 24th, 2013, 07:19 PM
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And remember to notify the bank that has issued your ATM card and credit card with the dates and location of your travel. Otherwise, you may find your accounts frozen for "possible fraudulent activity" until you can contact the bank to let them know that it is YOU making those charges/ATM withdrawals in Germany.
Aug 25th, 2013, 03:30 AM
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I also like to arrive with a bit of local currency in my pocket. In Boston area, even local banks in my suburb often have Euros on hand - or can get them in a few days. In City of Boston, any big bank does - not sure if you live in rural area or near a city.
My bank does not charge me a foreign transaction fee as a customer of a certain level of deposits - and the exchange rate was OK. But I do not really worry about the exchange rate for $50-100 of euros on a trip costing $thousands.
My bank does not charge me a foreign transaction fee as a customer of a certain level of deposits - and the exchange rate was OK. But I do not really worry about the exchange rate for $50-100 of euros on a trip costing $thousands.
Aug 25th, 2013, 05:54 AM
#15
On our last overseas trip there was a very long line at the airport ATM so we decided to exchange a small amount of cash at the currency exchange counter just so had some when we left the airport.
After the trip I then took all my receipts and figured out where we got the best rate. The results were as expected, from best to worst:
1) Using a no-foreign-transaction fee credit card
2) Getting cash from a bank ATM
3) Getting cash from a non-bank ATM
4) Transferring cash at the airport
1) and 2) were with 1% of each other, 3) was several percent below those, and 4) was another drop of a few percent. If our credit card had a foreign transaction fee then it would have been either 2) or 3).
When we get cash from an ATM typically we get a large-ish amount to amortize the fee, so the percentage is lower. This is better than making many ATM small transactions, presuming you use all or most of the case before you leave.
After the trip I then took all my receipts and figured out where we got the best rate. The results were as expected, from best to worst:
1) Using a no-foreign-transaction fee credit card
2) Getting cash from a bank ATM
3) Getting cash from a non-bank ATM
4) Transferring cash at the airport
1) and 2) were with 1% of each other, 3) was several percent below those, and 4) was another drop of a few percent. If our credit card had a foreign transaction fee then it would have been either 2) or 3).
When we get cash from an ATM typically we get a large-ish amount to amortize the fee, so the percentage is lower. This is better than making many ATM small transactions, presuming you use all or most of the case before you leave.
