Help buying Euros dilema

This is my problem if I buy Euros from my bank and I spend $5000 I only get 4064e that seems like a big loss! I checked on Travelex website in Venice Italy at the airport it said if I trade in $5000 I will get around 4900e Anyone know if that could be accurate? Last year we took all our cash with us and didn't have to worry, but I wonder if we hurt ourselves doing it that way?

I do not want to use credit cards and have to find ATMs with limits on how much I can get out, but I also don't want to arrive in Venice with no way to get cash!

I can't use credit cards on many of our tours as they want cash only.

Anyone ever do this and is there a limit how much cash you can get at one time?

We do a combination of a couple of hundred Euros before the trip and then use ATMs in Europe for the rest. We have two different accounts we can use that give us about a $1000 daily limit.

A quick search revealed this about Travelex. Might be why their rates looked so good.

I had a misfortune of carrying US Dollar to Italy in the beginning of this month. since I needed few Euros. I approached the Travelex bureau at the airport. The lady said she can give me a rate of 1.49 if I changed US $800. But in the transaction she charged me 12.5 percent commission, of amount Euro 69.89 and fees Euro 5 and gave me Euro 456.23. I complained but no avail. She never said anything about any commission on the transaction before it was executed.

When I complained she said she can only return the US$ at the exchange she charged namely 1.50626 and no commission or fee can be refunded and that it is an international company and it is their policy to charge commission.

This fraud they may be doing with every tourist visiting Italy.

So the advice is always take Euro and nothing else to Italy or convert your currency at your home country.

This is my problem if I buy Euros from my bank and I spend $5000 I only get 4064e that seems like a big loss! I checked on Travelex website in Venice Italy at the airport it said if I trade in $5000 I will get around 4900e Anyone know if that could be accurate? Last year we took all our cash with us and didn't have to worry, but I wonder if we hurt ourselves doing it that way?

I do not want to use credit cards and have to find ATMs with limits on how much I can get out, but I also don't want to arrive in Venice with no way to get cash!

I can't use credit cards on many of our tours as they want cash only.

Anyone ever do this and is there a limit how much cash you can get at one time?

4064 is not a very good rate and you would most likely have much better rate byusing an ATM in Europe. The travelex site you mention actually gives 4030 EUR as the exchange for 5000 USD. You looked at the inverted exchange rate (4900 EUR buys 5000 USD if you wanted to buy Dollars instead of selling them).

Current mid-market rate is approximately 4450 EUR for 5000 USD. Most banks charge foreign ATM transactions with fixed cost plus 2-3% currency conversion charge (calculated from the mid-market rate) and you'll still be much better off than 4064 EUROS for 5000 USD. For the exact rate used by your bank you'll need to contact them.

Your best bet is to get a small amount of Euros from your bank and then find an ATM once in Europe.

Current exchange is 1$ to .9 euro. If I could get 1$ to .85 euro, I grab it.

ATMs in Europe normally give you up to Euro 2.000 per visit and day. You should use them for larger amounts as the exchange rate even including a fee is much better as with any money exchange shop.

So if you use and ATM are you using your bank debit card or a credit card? Does the card charge you a cash transaction fee?

Also as we are going to need several thousand as there are 6 adults (4 grown kids that don't have credit cards) Venice will be our place we will need to get most if not all our cash, Greece will be our next stop, and I definitely am not taking the chance of getting enough cash there!

So if you use and ATM are you using your bank debit card or a credit card? Does the card charge you a cash transaction fee?

Also as we are going to need several thousand as there are 6 adults (4 grown kids that don't have credit cards) Venice will be our place we will need to get most if not all our cash, Greece will be our next stop, and I definitely am not taking the chance of getting enough cash there!

We use a debit card. Also, since it's a Capital One card, there is no foreign transaction fee and ATM fees are reimbursed up to $30 per month.

This is my problem if I buy Euros from my bank and I spend $5000 I only get 4064e that seems like a big loss! I checked on Travelex website in Venice Italy at the airport it said if I trade in $5000 I will get around 4900e Anyone know if that could be accurate? Last year we took all our cash with us and didn't have to worry, but I wonder if we hurt ourselves doing it that way?

 

I do not want to use credit cards and have to find ATMs with limits on how much I can get out, but I also don't want to arrive in Venice with no way to get cash!

 

I can't use credit cards on many of our tours as they want cash only.

 

Anyone ever do this and is there a limit how much cash you can get at one time?

You need a new bank. Seriously. Our bank's markup is only a few cents per dollar on foreign currency purchases. Also NEVER withdraw cash from an ATM with a credit card. Interest rates kick in immediately. Use your bank's ATM card.

You really do need to shop around for banks. Mine has no fee for international transactions, which makes it a really attractive option for using in general.

To sort of answer your question; I like to know I have enough local currency to handle the first day. I find it impossible to sleep on airplanes, even in business class doped up on ambien. So... I know I'm not going to be functioning on all cylinders when I land. I need enough cash to get a taxi to the hotel, to get food for lunch / dinner, and to deal with tips and life in general. I'll head out and find an ATM the following day, after I've gotten some decent sleep and am feeling more on top of things. Generally, the equivalent of $150 US is very adequate to handle that first day. (for just me, multiply that by however many people you are looking after) And I buy that from my bank so that I don't have to worry about it.

I have never used my credit card to get cash from an overseas ATM. I use my bank's debit card for that. Call the customer service number and ask -- most bank's debit cards work on the international ATM network. The individual banks just need to know about the travel plans before hand -- as do the credit card companies.

tidygirl, can I just ask why you need so many euros. That seems like a lot of cash.

As to the ATM you will need to check with your bank as to how much you can withdraw each day. They do have a limit.

I am wondering in lieu of some of the euros if you can use a credit card to purchase services rather than cash but not to withdraw month as the would give you an optimal exchange rate.

Keith

ATMs in Europe normally give you up to Euro 2.000 per visit and day. You should use them for larger amounts as the exchange rate even including a fee is much better as with any money exchange shop.

Problem is that the bancomat might not have €2.000. Might have to go to several bancomats. Also they might give out large bills. Many stores hate giving change so smaller bills are best. In Rome we would go to the machines outside a bank, then go inside to break the bills.

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Brings coin purse or buy one there. They don't seem to mind people looking thru their wallets looking for exact change. I had an 'I Love Lucy' experience in a Roman supermarket. Paid for my under €30 bill with an €50 note. The cashier had to ask up the customer line for change.

@keith1010- There will be 6 adults with 5 port stops plus Venice, we have 2 private tours booked that want cash, and also plant on doing the other days on our own so not sure how much we will use those days, and everyone likes to get a small souvenir at each stop. So kind of figuring on 4 to 500 e a day for all of us?

I do know we probably won't spend that much, as we didn't last year but will save any extra for a future trip. I'd rather have too much than not enough and be stressing over money. :)

No one is giving you 4900 Euros for $5,000. There has to be some additional fee or something.

That's what I wondered if it wasn't to good to be true.

Tidygirl. This happened to us more than once: There was a long line at the ATM's when leaving the Pier. Or the ATM was broken. Or it was empty. Or your Credit Card Co. back home will reject the withdrawl. Comprende'?? We've went to Wells Fargo and got a fine exchange rate before leaving the USA. And we got nice crisp Euro bills...very necessary in quite a few places. Try your bank again or shop around. BTW, I only use a Credit Card with a 'Chip' and a PIN when travelling. Locomotiveman Tom

Never carry more money on your person than you can afford to lose. There are going to be a lot more desperate people wandering around Europe this season. Beware.Use bank ATMs in Europe for best rates, not private money exchanges.No need to carry large amounts.Wear money belts underneath clothing.

$5,000.00 USD exchange right now is Euro 4493.13 using XE

http://www.xe.com/currencyconverter/

My own comfort level is this: I never leave the USA without enough local currency of my destination to at least buy a meal and a taxi ride. It's all for the same reason the OP described - not knowing if the ATM will work or if I'm delayed and all the money changers are closed for the day. As Bizmark'sMom suggested the equivalent of about $150 US should cover the first day.

The price of buying Euros, GBPs, CAD or whatever in the States is well worth the peace of mind knowing that I already have enough local currency in my pocket to meet my basic needs. (BTW, ships tend to have far worse exchange rates than any bank.)

Hi,

Have you considered buying a pre-paid credit card which you can load with as much money that you think you need, they can also be topped up.

Some tour companies prefer cash because they pay a percentage to the credit card company but don't with pre-paid ones. Ask if they accept this type.

Mastercard/Visa do sell them, don't know if any other do them. I don't know where you can get them in the States but in GB you can get them from Post Offices.

Pete

When I researched a few years ago I had the big challenge of many private excursions ( all wanted cash ). In the end I sucked it up and got 2/3rds of it before I went and every port maxed out a couple ATM cards. The rate seemed to be best with ATM and any brick and mortar always was worse. The worse are the ones at the airport or littered around the cities.

Yes you lose a few % points, but convenience versus saving. Be happy the dollar has never been stronger!