ChicagoDallasGirl

Hi there,
We're leaving soon for Paris and would like to exchange $$ for euros before we go. Would appreciate any recommendations of currency services in the Dallas/North Dallas area.

Andrew

I never take Euros with me when I go to Europe. I just use an ATM when I arrive - by far the cheapest way to do it. Never had a problem doing this on several trips to Europe. I used to take Amex Travelers Checks with me as a backup but have since given that up, since I've never needed them. I do bring some US cash with me as a backup which I can always exchange at a crappy rate in an emergency - but I also have credit cards too in case the debit card has an issue.

Otherwise, I doubt it much matters where you go to get Euros if you insist on getting them ahead of time. The outfits at the airport that do current exchange won't offer you a very good rate but you probably won't do a whole lot better anywhere else.

jill_h

If you feel you NEED to take euros with you, in the past I have ordered mine from one of the major banks - Bank of America, Chase, etc., but you will need an account. Like the above poster, it is so much easier to use the ATMs. just remember, if your order euros before you leave, it is inconvenient to turn them back in to the bank. MUCH easier to use the ATM.

hmmm

If one gets euros from an ATM is it easier to "turn them back in" than if the currency is purchased from a bank?

J62

by "turn them back in" I assume you mean sell them back to the bank. Once you purchase currency it makes no difference how you got it, it's yours.

The reason for using an ATM in Europe is it is the cheapest way to get euros, once you factor in exchange rate, + any fees assessed by the business selling them to you.

yk

Hi, CDG, just to chime in with others, you can wait until you arrive in Paris to get Euros from an ATM. I never had any trouble getting money out of ATMs at the CDG airport.

I used to live in Dallas for 3.5 years, and during that time I have gone on 8 European trips and had never exchanged any foreign currency in Dallas ahead of time.

In the rare occasion that no ATMs work at CDG, there are always currency exchange booths at the airport where you can get some Euros. Their rate probably won't be much worse than what you can find in Dallas.

If your bank is Bank of America, once you're in Paris, you can get money out from the Paribas banks ATM and you won't be charged a fee by BofA. (There are no Paribas ATM at CDG, AFAIK, but plenty all over Paris).

ChicagoDallasGirl

Thanks everyone. Sounds like it's not necessary. We've never bothered on any other trips out of the country, but I considered it this time at the recommendation of a friend from France who takes a group over each year.

We'd much rather use ATMs and our CC, but aren't the bank fees (we bank with Wells Fargo) exhorbitant compared to just exchanging beforehand? I recall it seemed we paid a pretty penny in fees from our Italy trip. I'm goint to check with WF and CaptiolOne for current fees.

Thanks again!

Andrew

Right, the fees do depend on your bank. My credit union gives me 6 free ATM withdrawals per month at any non-network ATM and the European ATMs I've used did not charge any fees. All I paid was Visa's 1% currency conversion fee at each withdrawal. My credit union Visa card also charges only a 1% Visa fee. CapitalOne's credit card may not charge conversion fee (for purchases, not cash advances) - check with them.

ChicagoDallasGirl

Those are great rates, Andrew. I just got off the phone with WF and they charge a 3 percent foreign conversion fee + a $5 International transaction fee, per transaction!!! That's obscene!

ChicagoDallasGirl

Those are ATM fees, by the way.

Gretchen

Get some at the airport as you are leaving--maybe 100E, just to have when you land. No need to have any more. And many don't get any, but I always get just a few.
You might advertise on Creaig's List to see if anyone has any they would sell you. You could do just a little better, and they could certainly do better than cashing them in.

Gretchen

Find out from WF if they have a partner bank in Paris that will not charge ATM fees. BofA does and they might. But the lesson is, don't take out small amounts at the ATM--take out enough for several days, and charge on your credit card all you can otherwise.
The foreign bank charges nothing for the transaction.
WF's fees are very much like any other bank except a credit union.
The other thing that can happen is to go to your bank and arrange for the fees to be lowered or waived. It has been reported.

J62

ChicagoDallasGirl.

You need to stop focusing on the fees. What matters is the net cost. That includes the actual exchange rate + any fees.

There are people in the US who insist that their bank charges no fees to get euros in the US, but they never quote here the actual rate the bank charged. They come back and say "the daily exchange rate".

If you want to know the details find out how much total will it cost you to get 100 euros?

exchange rate
foreign conversion fee
international ATM fee
shipping fee

The exchange rate to BUY euros from a business in the US is always 7% higher than the exchange rate you'll get using an ATM in Paris. With that in mind even with the 3% and $5 using a WF atm card to get 250 euros wouldn't be bad.

Andrew

ChicagoDallasGirl: Those are great rates, Andrew. I just got off the phone with WF and they charge a 3 percent foreign conversion fee + a $5 International transaction fee, per transaction!!! That's obscene!

That's why I have no use for "regular" banks. Half of their profits come from "fees" and "service charges." Credit unions are superior in every way.

yk

ChicagoDallasGirl - you can choose to open a bank account elsewhere where they don't charge you the ATM fee and a lower foreign conversion fee.

I have BofA and I just used it recently in Austria and Hungary. For some odd reason, I haven't been charged their $5 ATM fee yet (it's been 2 weeks).

For example, using XE.com and their historic exchange rate function:

On 4/30, 1 USD = 217.2176011160 HUF per XE.com
BofA gave me an exchange rate of 216.8, which comes out to a 1% foreign exchange fee.

I'm not saying you should switch to BofA, but there are definitely better banks/credit unions than Wells Fargo.

doug_stallings

Bank of America has recently raised their fees to a minimum of $10 per transaction, as have many U.S. banks. Funny, how every bank tends to make the same fee change within 30 days of each other, isn't it?

But yk might have taken money out of a partner bank, where fees are not charged (or they could be waived because of the type of account you have).

All the people who are saying not to change euros in the U.S. are giving the right advice. You always get the worst exchange rate by changing money here. Capitol One is a good bank, but I don't know if they have huge ATM withdrawal fees now. They do not on their credit cards, which are the best to use abroad.

ChicagoDallasGirl

Gretchen - Yeah, typically we just get $100-200 or so at the airport and use cards for the rest of our currency needs. I had actually learned about BofA's partnership with banks abroad a couple months ago and called WF then to inquire. Unfortunately, they have no such relationship.

J62 - Thanks for spelling it out the way you did. I was trying to do that in my head earlier but with this being a day full of errands and such, it was a mental exercise I failed to complete. I also failed to mention in my earlier reply that I am soooo not a numbers person. LOL

It's funny how this thread turned out y'all because typically my husband handles this part of the trip planning. However, I jumped in since the currency service my friend recommended was supposed to be very near the restaurant at which I met another friend for brunch today.

Well, when I googled the service last night, I found it's no longer there, hence my reason for this post in the first place. LOL

Needless to say, I have transferred this task back to hubby and will let him handle it from here. However, the discussion about banks/credit unions is definitely giving us food for thought. Thanks for all the feedback and insight.

ChicagoDallasGirl

Thanks Doug. So are you saying Capital One don't have fees for International credit card purchases?

nanabee

B of A (which I hate for reasons I won't go into) but they used to have an arrangement with what they call "partner banks" - like Barclays in England, BP Paribus in France, and Deutsch Bank in Germany - so that when you used your B of A card in one of their partner banks there were no fees.

Michael

Check with your bank on charges for withdrawing money from an ATM. If they do charge (BofA charges $5 per transaction), then see if a local credit union account might work for you. Our credit union does not charge, so we simply deposit into our checking account there what we think we will need for the trip, and reduce the balance to a minimum at the end of the trip.