Dollars to Euros

I took advantage of the exchange rate today and ordered Euros for our Med cruise in November. Anyone else doing that? Mary Jane

Waiting a bit longer. Keeping an eye on the exchange rate.

Nope. Always wait to get in country, at an ATM

While British pounds are down about 10%, euros only dropped from about 1.14 to 1.10. Not that big a change...

Agree with Bruce, always get my currency at a bank affiliated ATM in country I am touring. US banks generally give poor exchange

I took advantage of the exchange rate today and ordered Euros for our Med cruise in November. Anyone else doing that? Mary Jane

What rate?

I always find the rate is better in Europe, so for me it is not worth the hassle.

Nope. Always wait to get in country, at an ATM

 

While British pounds are down about 10%, euros only dropped from about 1.14 to 1.10. Not that big a change...

Agree. Hardly any change.

Although I converted yesterday only to avoid finding an ATM after landing. One less thing on my mind.

I'm seeing a historical rate of $1.11-$1.13 over most of the last 2 years, with a rate of $1.11 currently. That's not enough of a difference to get excited about for the amounts that most of us would be exchanging.

No hassle at all - just went to my local credit union and ordered. Won't know for sure the exact rate until the order is filled, but it will probably be $1.11 and no fee. I'm glad I won't have to search for an ATM. Mary Hane

We have some left over from our last couple of cruises so no need to purchase any currently.

No hassle at all - just went to my local credit union and ordered. Won't know for sure the exact rate until the order is filled, but it will probably be $1.11 and no fee. I'm glad I won't have to search for an ATM. Mary Hane

You rarely have to search for an ATM in Europe.

Really, 1.11 and no fee, delivery charge or other revenue for the credit union? If that is what you get, that is truly a good deal. But I sense there is something missing here.

You rarely have to search for an ATM in Europe.

 

Really, 1.11 and no fee, delivery charge or other revenue for the credit union? If that is what you get, that is truly a good deal. But I sense there is something missing here.

Having no fees at all would be unusual & I've read that previously currency exchanges from financial institutions & AAA added about $0.10 to current exchange rates. Using a European ATM my credit union charges 1% which is better than prepurchasing €.

Looking at $/€ exchange rates charts for the past 18 months it's remained at about $1.10/€ so the current rate isn't exceptional. I thought that like the £ exchange rate, the € exchange rate to the $ would have improved after the Brexit vote for the UK to leave the EU but that hasn't happened.

This subject has been analyzed and over-analyzed on these boards and many other European travel boards (Rick Steves, etc.)

Sorry but your credit union is not going to make US $1.11/1 euro happen. You WILL get a higher rate or higher fees.

It has been well established that for European travel, your best bet is to use an ATM when on the continent. It is easy, convenient, and hassle-free. If you need to have euros in your posession before you arrive, then you are NOT getting the best exchange rate. You are paying a premium for your convenience, but regrettably you have expended more time and energy than the traveler that deplanes and goes straight to the ATM that is inevitably right next to baggage claim.

Sorry if this is a dumb question, I have yet to exchange currency overseas this way. But the ATM is obviously run by some kind of local bank and dispenses local currency I'm assuming it tells you the exchange rate before you accept and receive the money? Also, wouldn't most banks in the US charge a fee for using a foreign ATM? Heck, most charge a fee when you use another US banks' ATM.

Sorry if this is a dumb question, I have yet to exchange currency overseas this way. But the ATM is obviously run by some kind of local bank and dispenses local currency I'm assuming it tells you the exchange rate before you accept and receive the money? Also, wouldn't most banks in the US charge a fee for using a foreign ATM? Heck, most charge a fee when you use another US banks' ATM.

Some do tell you how much is actually being removed from your home account in dollars.

As to ATM fees, in Europe, the general law is ATMs can't charge fees. That applies to mostly bank operated ATMs. Any fees you might pay come from your bank only. That is one reason it is commonly recommended to use a bank operated, and outside of European airports, bank located ATMs.

I do not use ATMs at all in US or overseas... so always buy a little before leaving the US, for a taxi at least upon arrival. Travelled last in March, bought some within the last year... value of euro/$1, was $1.10.

I do not use ATMs at all in US or overseas... so always buy a little before leaving the US, for a taxi at least upon arrival. Travelled last in March, bought some within the last year... value of euro/$1, was $1.10.

That doesn't give a lot of context, as in the last 15-18 months, the euro was down to around 1.05-1.06 for a short period of time.

I do not use ATMs at all in US or overseas... so always buy a little before leaving the US, for a taxi at least upon arrival. Travelled last in March, bought some within the last year... value of euro/$1, was $1.10.

We never use ATM's either.

We always find competitive money exchange locations.

No hassle at all - just went to my local credit union and ordered. Won't know for sure the exact rate until the order is filled, but it will probably be $1.11 and no fee. I'm glad I won't have to search for an ATM. Mary Hane

You will not get the rate that you see on the Internet, like on oanda dot com. Those rates are for huge banks. You will not technically have a "fee", but all banks give you a rate that is higher than the Internet rate because they want to make money - they're not going to do this for free! No different at an ATM in Europe - still get charged an exchange rate a bit higher so the bank makes money.

I just picked up my currency today and am happy with the rate. It's lower than before the Brexit vote, but not 1.10 for euros or 1.33 for pounds. I also like to take some currency with me so that the first thing I do when I arrive isn't having to immediately find an ATM, especially at an airport which will usually have bad exchange rates. And the worst rates are at those currency exchange booths at the airport.

Sorry if this is a dumb question, I have yet to exchange currency overseas this way. But the ATM is obviously run by some kind of local bank and dispenses local currency I'm assuming it tells you the exchange rate before you accept and receive the money? Also, wouldn't most banks in the US charge a fee for using a foreign ATM? Heck, most charge a fee when you use another US banks' ATM.

The ATM may or may not tell you the exchange rate, but if it asks you to do it in local currency or US $, always pick the local currency and let your bank do the conversion.

A number of USA financial institutions have debit cards that have no foreign transaction fees or fees for using a foreign ATM. If you use one of those (for example from CapitalOne), you will get exactly what the real exchange rate is that day with no fees. You will get the rate that you see on the Internet, like on oanda dot com.

Now the owner of the ATM may have a fee, but as another poster noted, bank owned ATMs in western Europe have no such fees.

You will not get the rate that you see on the Internet, like on oanda dot com. Those rates are for huge banks. You will not technically have a "fee", but all banks give you a rate that is higher than the Internet rate because they want to make money - they're not going to do this for free! No different at an ATM in Europe - still get charged an exchange rate a bit higher so the bank makes money.

 

It depends what bank your debit card is from.

I use a card that has absolutely zero fees when getting cash at a foreign ATM.

I do get the rate I see on the Internet within a tenth of a cent (higher or lower) as rates can change slightly between ATM use and when the transaction is processed by my bank.

Why do they do it for free? It encourages people to use their debit and credit cards. It is a feature they advertise and also tell you about when you notify them about a trip where you will use their card outside of the country.

It depends what bank your debit card is from.

 

I use a card that has absolutely zero fees when getting cash at a foreign ATM.

 

I do get the rate I see on the Internet within a tenth of a cent (higher or lower) as rates can change slightly between ATM use and when the transaction is processed by my bank.

 

Why do they do it for free? It encourages people to use their debit and credit cards. It is a feature they advertise and also tell you about when you notify them about a trip where you will use their card outside of the country.

For example Schwab Bank ATM not only doesn't charge a conversion fee, but even refunds the ATM fee.

Thanks to all for answering my question.

I am the OP and just thought I would give you our experience with ordering the Euros. We ordered from/through our local credit union on Tuesday morning at a rate close to the $1.11 exchange rate but that was an approximate. There was no fee from our credit union. Our Euros were delivered to our credit union early yesterday afternoon. The rate was 1.14. I am very happy with that rate and with the very quick service. Euros are checked off my list.

I am the OP and just thought I would give you our experience with ordering the Euros. We ordered from/through our local credit union on Tuesday morning at a rate close to the $1.11 exchange rate but that was an approximate. There was no fee from our credit union. Our Euros were delivered to our credit union early yesterday afternoon. The rate was 1.14. I am very happy with that rate and with the very quick service. Euros are checked off my list.

Thanks for the update & like you I'd be very happy with that reasonable rate & quick service.