Purchasing Euros

My mother and I are leaving for Europe in October. We fly into FCO (Rome, Italy) from Newark. I called my bank about ordering Euros from them to take with me but was shocked at the exchange rate. $508 USD will only get me 340 euros. I've read posts on here in the past that say to purchase them at the 1st international airport we arrive to. To just use our ATM/debit card at the ATM machines in the airport. That it will dispense in Euros and this is the best rate.

My question is....Has anyone done this before? Is the accurate information? Or any of you that have been to Europe, what did you find to be the best way of purchasing euros?

FYI: I am also posting this in the Europe section on here as well. Thanks in advance!!!

Some reading on the European Ports boards will reveal that the very common statement that the best rate is at ATM machines in the country you are traveling to. This rate is frequently 5-7% better than anywhere you can get Euros at home.

Yes, it's true - use local ATMS......

BUT, if you're the nervous type, you could take a SMALL amount of Euros (from your local bank) to have with you when you arrive at your first destination. And - beware - there's something about PIN numbers - ours is a four-digit number, which worked well. But if you DON'T have a four-digit PIN number, I'm told that's an issue.

For what it's worth, the ATM cards we used on the last trip were for accounts at a credit union and Wells Fargo Bank. No problems. But we were in the British Isles.

I would recommend taking a small amount of Euros, in case the ATM at the bank is really lined up or out of order or something......that way you can at least buy a coffee or a taxi ride until you get to another ATM.

Yes, I've done it in two different European countries - took a small amount of Euros (about $50 worth), and then used ATMs in the various cities as I needed them. Check with your bank about whether there are any foreign transaction fees, so you're not surprised later.

We used ATM only during our first European cruise. I found it a little bit hectic - sometimes you can't find ATM when you need it, ATM doesn't work, you can't get enough EURO with just one withdrawal, you can't have more than 1 or 2 withdrawals a day, etc. So we use now Wells Fargo and purchase all EURO we need for our trip (I calculate all private tours + tips + some for shopping or dinning, etc.). I'd rather have some EURO left at the end of our trip than don't have EURO and be stressed out because of it. I think if you order $1000 and over the delivery is FREE.

https://www.foreignexchangeservices.com/index.html?partnerid=FES&serviceType=order

We used ATM only during our first European cruise. I found it a little bit hectic - sometimes you can't find ATM when you need it, ATM doesn't work, you can't get enough EURO with just one withdrawal, you can't have more than 1 or 2 withdrawals a day, etc. So we use now Wells Fargo and purchase all EURO we need for our trip (I calculate all private tours + tips + some for shopping or dinning, etc.). I'd rather have some EURO left at the end of our trip than don't have EURO and be stressed out because of it. I think if you order $1000 and over the delivery is FREE.

 

https://www.foreignexchangeservices.com/index.html?partnerid=FES&serviceType=order

Nothing is free. The bad exchange rate and service fees covers their cost of postage.

We have traveled extensively in Europe. Finding an ATM is not difficult. They are very common in any city, a little less in small towns. We also plan on extra Euros. We are leaving for Rome June 1. We have about 150 Euros left from our last Europe trip last August. Not a big deal.

The big issue may be having enough Euros to pay for a private excursion. That would be the only time I have considered many other solution than ATMs.

That's about right. The $$$ sucks big time against the EURO…

What I do is make sure I have 100EU on me when I start my trip. I either buy it here at home, or once I've made my first trip, bring home 100EU (or in my case, get a EU tip from a guest because he ran out of $$ :D). I just like to have that starter money for grabbing something quick at the airport (especially if I have a connection in Europe - gotta buy some food/drink at the airport) or to bypass the tourists waiting to get their EUs at the ATMs and grab a cab/train to my hotel. THEN, I'll find an ATM in town and grab some more EUs. But, I do most of my stuff on my AMEX or Visa card (both have no foreign transaction fees).

If you have to buy some at home for your first trip, consider the conversion rate and your transaction fee just part of your trip. You won't have to do it again...

Well, your bank is only charging you about 6% to sell those Euros. The lowest rates are generally obtained by using European ATMs. For example, my Credit Union does not charge any fees except for the Visa International 1% transaction charge (built into the exchange rate) so we would get our Euros for 5% less then you will pay.

Hank

My mother and I are leaving for Europe in October. We fly into FCO (Rome, Italy) from Newark. I called my bank about ordering Euros from them to take with me but was shocked at the exchange rate. $508 USD will only get me 340 euros.

€340 for $508 is a rate of $1.49412/€ or a markup of 8.1% over the current interbank rate of $1.38205/€ as shown at http://www.oanda.com/currency/converter/ . This is high for currency purchases from a US bank. Wells Fargo's markup is about 5.5% at their International Teller Sites. https://www.foreignexchangeservices.com/index.html?partnerid=FES&serviceType=stores

A withdrawal with your ATM card from a eurozone ATM will cost you between 0 and 3% plus 0 to $5 withdrawal fee depending on your bank. You will want to check with your bank for their fees. Some bank fees are listed on this helpful webpage: http://flyerguide.com/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

The last time I checked Travelex they marked up currency by 13% or more at US airports. A foreign airport exchange bureau may charge you 20% or more.

I use my bank issued debit card in overseas ATM's to obtain foreign currency at the lowest possible markup. The worst debit card markup of 3% plus $5 gives a cost $494 for €340, assuming it takes two withdrawals to obtain that many euros. Again, check you bank's fees for overseas ATM withdrawals.

Use the ATM. You are flying to a major international airport and a very cosmopolitan city. You will have no problem getting Euros out of the machine. I am assuming you and your mother have separate bank accounts. If you each take out the maximum allowed from the machine you will have plenty of money to tide you over to the next ATM, possibly enough for the entire trip.

You should also consider how much actual cash you really need. Are you taking private tours or ship excursions? Are you planning on buying lots of souvenirs. If you are only buying small trinkets and taking ship tours you really won't need significant amounts of Euros. Also credit cards are widely accepted in Europe, just make sure you have a credit card that doesn't charge a foreign transaction fee. I like the Chase Sapphire Preferred Visa, but that is one of many that doesn't charge fees for overseas credit charges, so check with your CC issuer.

Another thing to consider is you are better off withdrawing money every day or two (and paying the withdraw fee) rather than walk around with a wad of cash that could be easily pick pocketed.

If you do decide to walk around with large sums of cash put the equivalent of US $20 in your "easy" pocket that you will grab into for snacks/drinks/small trinkets, then have your larger sum in a neck pouch/money belt or some other out of sight place so if you were pick pocketed they only take your pocket change.

Use ATMs in well lit public areas. Since you have a traveling companion, have your companion face out while you face in so they can keep an eye for anyone looking you over as a possible mark.

You want to use a debit card if possible in the ATM's. If you don't already have a credit card with 0 transaction fee ask your bank if one is available. Many banks and some airline affinity cards like the Delta AMEX offer this too.

Contact your bank or credit union prior to your departure to let them know you will be in X Y Z countries and give them the dates.

In every baggage claim area of every European major, and most minor, airports you will find ATM's and currency sellers. Use the ATM's for the better rate.

Some credit unions will get foreign currency at no additional charge too. Ours requires 2 weeks notice.

At major international airports there is no problem finding ATM's - there are usually many - most banks with a presence in the region will have their ATM's at the airport. Make sure you are using a bank ATM and not a private proprietary one (which often will charge excessive fees). Of course you should use your bank's debit card (to withdraw from your A/C) rather than a credit card (which will entail credit charges).

If you are an AAA member you can get foreign currency with no service fee if you get $200 and can pick it up at your local AAA office.

If you are an AAA member you can get foreign currency with no service fee if you get $200 and can pick it up at your local AAA office.

...there may be no fee but the exchange rate is pretty bad.

Rest assured, banks, AAA, money changers -- they WILL make money off the transaction, otherwise they wouldn't do it. Some charge a fee, others charge an unfavorable interest rate.

When I went to Europe for a cruise for the first time a couple of years ago, I had my bank set me up with an additional checking account, and got a debit just for that account to use for travel, in case I needed to use an ATM in Europe. If something happened and my debit card got stolen, the thief would not be able to access my primary bank accounts.

I prefer to take about 200 Euros with me that I get via my bank to start out my trip. Yes, the exchange rate is not as good as if I waited till I got to Europe, but that way I know I have enough to get me through at least the first couple of days.

OP: Keep in mind a the dollar and the Euro are not at par, so $508 to buy $340 Euro is not an "even" exchange as one Euro is "worth" approx $1.40. That difference you mentioned is not the service charge. Kind of like if you were going to Egypt and bought some Egyptian pounds for your US dollars. $508 would by 3009 pounds. WOW!!!!!!!! Lots more money you instinctively think, but there's about 6 pounds to a dollar, so that $2 coke is going to cost you 12 pounds. It's all in the buying power of the money you're getting not the exchange value. That said, you'll get a better rate and it's sooooo convenient to use ATM's all over Europe.

I have arrived in Europe, Argentina, Peru, Australia, New Zealand, South Korea and Hong Kong without any local currency. There are always ATMs (more than one) at the airports. There is no need to pay extra money to bring any Euros.

We arrived in China and Japan by cruise ship or I would have done the same thing there. I just traded in most of my Hong Kong cash for a bit of Chinese and Japanese cash from the excellent exchangers in Hong Kong.

If you are worried about arriving without even a small amount of cash you may want to check around with friends and family who may have recently gone on vacation to Europe recently who may have some leftover Euros you could buy off of them. This would at least allow you to have a small amount of money till you found an ATM.

You aren't going to Somolia, you are going to a major metropolitan European city. There will be no shortage of reputable ATMs and if you can't find an ATM nearly every major retailer will take credit cards so it isn't like you will stranded begging on the street.

I don't go to the ATM at the airport because 80% of the people on my flight will be doing the same thing (and 80% of people on all the flights arriving at the same time as my flight). I just don't want to wait in line with the herd to get the first Euro infusion. By having a few EU already with me, I can bypass the herd and get to the hotel. There is NO problem finding a Bancomat when I want to in Rome or any other major city. If I'm going outside the cities, it's been pretty easy to find one, also. Finding an ATM is very low on my things to worry about on a vacation.

The ATM is definitely the best way. Like others have said, Europe is a civilized place and there are plenty of ATMs available. Once you get out of the airport and into the city proper, ATMs are often located on the outside of a bank on the street. I wasn't that surprised by this b/c we do that to some extent in NYC too, but if you are coming from a place with only drive through ATMs you may not expect it. Many places also take credit cards, get one without foreign transaction fees if you can.

Make sure you let your bank know of your upcoming travel plans btw. This is something first time int'l travelers may not know to do and will lead to your card being declined.

Not only make sure your bank knows your travel plans nut also make sure your card does not expire during your trip. DH did this not once but twice to Rome.

We would take out e300-e500 at a time. Once the bancomat said our account wasn't good.

Went to another one, no problem. Either the first one was out of euros or it couldn't get a signal.

•••

Get a coin purse. The lowest euro bill is e5. The locals are extremely patient when you are digging around for exact change.

I used a e50 bill at the local supermarket. It was like an episode of I Love Lucy getting change, going back two, three customers for bills.

FYI. only bills, not coinage, can be exchanged back.

The locals are extremely patient when you are digging around for exact change.

I used a e50 bill at the local supermarket. It was like an episode of I Love Lucy getting change, going back two, three customers for bills.

 

This. I've found cashiers, particularly at grocery stores in Italy, would much rather wait while you agonizingly fish through every coin you have to see if you can come up with that extra 20 cents than make change -- even if the line behind you is long and getting longer.

CAUTION - we went through FCO last May and were unable to find a working ATM. We did find two that didn't work. (it is Italy you know:)) This had never been a problem before. We have used airport ATM's in London, Barcelona, Paris, Istanbul, etc. without a problem. Italy is "Different";).

I concur with those who recommend you have Euro 100 or so in hand for taxi and initial expenses just to be safe. So, pay the bank rate and then look for a Bankomat when you get to Rome - they are quite common. They all have English instructions and, as others have said, if one doesn't work just try a different one.

One more thing - if you are trying to get a large amount that is over their withdrawal limit (Sometimes 300 to 500 euros) the machine will refuse the transaction, often without giving a reason. So, just try a smaller amount.

In addition to notifying your bank of your planned travel itinerary, be sure to also notify your credit cards companies. Some credit cards allow you to do travel notification on their website, and others require you to do it by telephone.

Try Wells Fargo bank