currency exchange

We figure we will need to exchange a small amount of dollars for Euros and possibly Pounds for our Emerald Isles cruise this August. We are figuring on tips for the excursion personnel and some miscellaneous items we may purchase while we're on an excursion. What is the best way to do this? We plan to use a credit card for any major purchases.

If you only need a small sum of money I would just go to your local bank in the USA and have them obtain it for you. Even if it is 5% more from the rate you would get from an ATM in each of those countries in the scheme of things you are talking about a relatively small amount of money and you have the convenience of having this taken care of before you travel. Otherwise, you could pull money out of an ATM machine using a debit card in each country or second choice would be to get them at a money exchange store.

For us, when we don't need a lot we now just go to our local bank.

Keith

We just use local ATM's in the countries we are visiting.

For our upcoming Baltic cruise, we purchased several currencies through AAA's website (no rubles, though). The exchange rate was good, and there was just a $10 home delivery fee. That fee was waived if you purchased over $1000 worth of currency.

I was never asked for my membership number, so it seems like you don't need to be a AAA member in order to use the service.

For our upcoming Baltic cruise, we purchased several currencies through AAA's website (no rubles, though). The exchange rate was good, and there was just a $10 home delivery fee. That fee was waived if you purchased over $1000 worth of currency.

 

I was never asked for my membership number, so it seems like you don't need to be a AAA member in order to use the service.

Am curious what exchange rate you got that you consider to be good. The link to the AAA website is currently broken so I went to my credit unions foreign currency ordering site and they want 8% more the the current interbank rate that you will get from ATM's or using credit cards without foreign transaction fees and plus the $10 fee makes the difference for $1000 9% and less than $1K proportionally a higher cost.

Have always gone to local ATM's when getting foreign currency and saved a lot of money in the process. Banks, credit unions, etc. make lots of money on the exchange rate that we can all save most of by using ATM's or non Foreign Transaction Fee credit cards.

Some will feel that 8-10% is a small charge to pay for the convenience of exchanging money before you leave however, many of us take what we consider the easy way out as well as the cost effective way by using ATM's. Most times we all fly to the starting point of our cruise and there are plenty of ATM's in the inbound airport where you can get the currency needed while waiting for your bags to come down the carousel.

If you want the best rate use the ATM.

If you are talking about a small amount of money use your local bank. I have AAA and my local bank gives me a better rate.

Again, for a small amount of money don't sweat it.

Keith

Am curious what exchange rate you got that you consider to be good. The link to the AAA website is currently broken so I went to my credit unions foreign currency ordering site and they want 8% more the the current interbank rate that you will get from ATM's or using credit cards without foreign transaction fees and plus the $10 fee makes the difference for $1000 9% and less than $1K proportionally a higher cost.

Yes, it was around 8%, with another percent for home delivery. But unfortunately (for me), my ATM isn't international friendly. I've got other reasons for using this bank, but they charge $2.50 per international ATM withdrawal, plus a 3% processing fee.

That's still less than 9%, but we only need $50 to $100 in each of 4 currencies. So it's not a matter of hitting an ATM while waiting for our bags; more like hunting for one at the end of each tour. I'm will to pay a few extra percent of such a small amount for the convenience.

ATM linked to your bank or credit card Is the way to go!

WHY pay more when you can get cash free!?

I use Bank of America. With an executive account, you get the same rate as an ATM plus no service charge.

I use a ATM debit card from my brokerage account from Fidelity Click for link with details. I have the Visa credit card part disabled and only use it for ATM card. I get the local funds at the best exchange rates and any ATM fees are paid.

In a pinch ,most regular credit cards will get cash from any ATM but the exchange rate it usually 3-4%, plus the card company will charge daily interest as a cash advance until the bill is paid.

Almost every airport all over the world has an ATM machines and I get cash before I leave the airport. No fuss at all.

j

Thanks everyone for your input. I did get British pounds from my local bank that I think will cover tips, and I found out that I don't have any ATM fees if I use my bank's debit card in a foreign country (just in case).