Exchange Euros before or after?

The currency exchange rates of Euros against dollars today looks pretty good compared to last year. We are going on a Med cruise in 2 weeks. Should I exchange Euros now at the bank stateside or wait to get Euros when we get to Europe and get them in ATMs? Wells Fargo currently has an exchange rate of 1 Euro = $1.08. I'm just worried that if I wait till we get to Europe, the exchange rate will be much higher? Plus there are those ATM fees I have to worry about, although the ATM card that I'll be using has no foreign transaction fees but still there are ATM surcharges for out of network ATMs that I have to worry about.

I could probably get some Euros now and get the rest when we get to Europe? Please advise. Any help or suggestions will be greatly appreciated. Thank you.

The currency exchange rates of Euros against dollars today looks pretty good compared to last year. We are going on a Med cruise in 2 weeks. Should I exchange Euros now at the bank stateside or wait to get Euros when we get to Europe and get them in ATMs? Wells Fargo currently has an exchange rate of 1 Euro = $1.08. I'm just worried that if I wait till we get to Europe, the exchange rate will be much higher? Plus there are those ATM fees I have to worry about, although the ATM card that I'll be using has no foreign transaction fees but still there are ATM surcharges for out of network ATMs that I have to worry about.

 

I could probably get some Euros now and get the rest when we get to Europe? Please advise. Any help or suggestions will be greatly appreciated. Thank you.

Unless you are an arbitrageur with a good grasp of the direction the $/euro rate is going, have you any reason to think the rate will be much higher in two weeks? The euro could just as likely drop further in your favor. As a general rule the best exchange rates are obtained at ATM's where you get very close to the spot rate, while buying at a bank in the US will carry a built in commission.

I always use an ATM in Europe to get Euros. Rates at US institution are usually poor

The currency exchange rates of Euros against dollars today looks pretty good compared to last year. We are going on a Med cruise in 2 weeks. Should I exchange Euros now at the bank stateside or wait to get Euros when we get to Europe and get them in ATMs? Wells Fargo currently has an exchange rate of 1 Euro = $1.08. I'm just worried that if I wait till we get to Europe, the exchange rate will be much higher? Plus there are those ATM fees I have to worry about, although the ATM card that I'll be using has no foreign transaction fees but still there are ATM surcharges for out of network ATMs that I have to worry about.

 

I could probably get some Euros now and get the rest when we get to Europe? Please advise. Any help or suggestions will be greatly appreciated. Thank you.

Depends on what the Wells Fargo fee is for handling the exchange. It might be higher than combined ATM fees.

Personally I like the convenience of already having my euros before I leave home. The bank fee to me is worth the convenience.

Also, if I take a tour in port I don't have time before boarding the tour bus /van to find an ATM.

The currency exchange rates of Euros against dollars today looks pretty good compared to last year. We are going on a Med cruise in 2 weeks. Should I exchange Euros now at the bank stateside or wait to get Euros when we get to Europe and get them in ATMs? Wells Fargo currently has an exchange rate of 1 Euro = $1.08. I'm just worried that if I wait till we get to Europe, the exchange rate will be much higher? Plus there are those ATM fees I have to worry about, although the ATM card that I'll be using has no foreign transaction fees but still there are ATM surcharges for out of network ATMs that I have to worry about.

 

I could probably get some Euros now and get the rest when we get to Europe? Please advise. Any help or suggestions will be greatly appreciated. Thank you.

Something is not right here...the exchange rate is 1.09 just a few minutes ago. Note it has been as low as 1.05 in the last month or so, and there is no way to predict it will go either way in the near future.

ATMs still offer the best rate to travelers.

Something is not right here...the exchange rate is 1.09 just a few minutes ago. Note it has been as low as 1.05 in the last month or so, and there is no way to predict it will go either way in the near future.

 

ATMs still offer the best rate to travelers.

ok yes, I misunderstood Wells Fargo, the market currency exchange is $1.09 per Euro but if I get the Euro from Wells Fargo, the exchange rate per Euro is $1.15 and I guess that's because of the fees and commissions.

And so am I to understand let's say if I withdraw Euros from an ATM today, I would get the exchange rate of $1.09 and no added fees and commissions just like Wells Fargo? Is that what the advantage of withdrawing Euros on the ATM is better than exchanging inside the bank?

ok yes, I misunderstood Wells Fargo, the market currency exchange is $1.09 per Euro but if I get the Euro from Wells Fargo, the exchange rate per Euro is $1.15 and I guess that's because of the fees and commissions.

 

And so am I to understand let's say if I withdraw Euros from an ATM today, I would get the exchange rate of $1.09 and no added fees and commissions just like Wells Fargo? Is that what the advantage of withdrawing Euros on the ATM is better than exchanging inside the bank?

Are you sure that is all Wells is charging? Frequently there is also a delivery or other convenience fee.

The rate after I posted earlier is almost 1.10. An ATM will be slightly (usually less than 1%) above the official exchange rate. European ATMs will not charge a fee- it is against the law. Your home bank may charge a fee for a transaction.

So, using my bank as an example, assuming 1.10 exchange, round to 1.11 for the ATM exchange rate. My bank charges a $5 fixed rate transaction fee, no matter how much is withdrawn. For a 300 euro withdrawal, I would be getting a little over 1.12 exchange rate.

As others say, you can get some euros now, feel secure upon arrival, and just write the higher exchange rate off to the cost of doing business. I agree. But so many are focused on getting things as cheap as possible, I am just explaining the options.

By the way, this is discussed regularly on the European ports boards.

Not sure if this is applicable but in Canada we find buying our Euro from a broker rather than the banks the charges are way better.

A lot depends on your comfort level. I obtain local currency at home before leaving, at least enough for a taxi ride and a meal. If I'm pressed time there is already local currency in my pocket and I don't need to search for an ATM in port. But that's just me.

I prefer to spend cash abroad since it limits my spending and there is no way I can be over-billed!:D

And just to show the issues, when the OP started this thread, the Euro had been climbing for several days and was about 1.09. Today it is 1.06. Just like stocks, it is very hard to be an effective "timer" of the "best" time to buy. It takes lots of work and knowledge, and then you are wrong a goodly number of times.

I'm curious about exchanging money before I go too. I was more worried about paying a bunch of atm fees, but I didn't realize europe didn't charge ATM fees?

I'm actually going to be traveling to countries with 4 different currencies. I'm going to Italy (euro), Croatia (Kuna), and Turkey (lira), and then the UK (pound) after my trip. I just hate to get money in one currency and not have enough or worse have a lot left over, and get terrible exchange rates back.

I'm curious about exchanging money before I go too. I was more worried about paying a bunch of atm fees, but I didn't realize europe didn't charge ATM fees?

 

I'm actually going to be traveling to countries with 4 different currencies. I'm going to Italy (euro), Croatia (Kuna), and Turkey (lira), and then the UK (pound) after my trip. I just hate to get money in one currency and not have enough or worse have a lot left over, and get terrible exchange rates back.

EU countries don't charge ATM fees. Can't speak for Turkey.

EU countries don't charge ATM fees. Can't speak for Turkey.

This is 99% true. Bank ATMs don't charge. Some private ATMs in small shops and other out-of-the-way locations will charge a fee for use. EU law requires that the customer be informed of this before the transaction takes place.