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Purchasing Euros


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If you look on the Ports boards, you will see this discussed almost daily. The best exchange rate is almost always at ATMs in the country. Be wary of those posters and locations that say they don't charge a fee...their exchange rates are usually terrible.

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Where is the best place to buy Euros. In your home bank or an ATM bank in the countries you are going to.

 

 

 

Ask the questions beforehand. Does your bank at home charge a decent rate to withdraw from an ATM? If you’re at a kiosk somewhere,ask about surcharges and fees. Again, take a calculator if you’re in a pinch. Usually for a large amount of money, if there is a good rate but a surcharge, you may end up better than a not as good rate without the surcharge. Banks tend to be better than FOREX kiosks in tourist areas but sometimes you can get lucky (i found one in the middle of Bruges, Belgium with a good rate and no fees by asking people at a bar).

 

If your home bank gives a good rate, you’re probably best off using an ATM. It’s certainly easiest. The only thing to watch, is depending on where you go, you may get stuck with a lot of currency you can’t use anywhere else and then have to exchange again.

 

 

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For small amounts of money, I would not lose any sleep over the fees or the exchange rate :D

 

That said, ATMs in each country are almost always the best deal for cash. Plus, I have a debit card where the bank reimburses any ATM fees. So I got the bonus of a good rate and no fees.

 

By the way, if you have the right credit card, that is the best way to go whenever you can use a card. Mine has no foreign transaction fees, and it gives me the best exchange rate. Just make sure they charge the card in the local currency. Because I was curious, I checked the daily rates after my last trip to Europe, and the credit card always gave me the optimal exchange rate. Thus my approach is to get a small amount of cash from an ATM, and us the credit card for as much as possible.

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When you ask about the "best" it will vary depending on your personal circumstances. In terms of the best exchange rate, using ATMs with an ATM/Debit card that charges no foreign exchange fees will always yield the best rate. I am talking about ATM machines on land...not the one's on some cruise ships. But the question you must answer is about convenience. Some cruisers prefer getting currency before they leave home even thought they do lose some money on the exchange rate.

 

Exchanging cash or using ATM machines on cruise ships will generally get you about the worst exchange rate when compared to most other methods. Exchanging cash in foreign banks will often get you nothing since many banks no longer exchange money...except for their own customers. And finally you can exchange cash at cambios (kiosks and other money changers) which get various rates...but are generally not very good deals.

 

For those going to Mexico (where I live part of the year) the Mexican government has imposed some strict banking regulations when it comes to exchanging money at banks. If you go to a bank in Mexico you will generally need to present your Passport and will be subject to a monthly limit. Those limits do not apply to ATMS or private cambios.

 

Hank

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Couple of things to consider. Where you live. I have access to amazing exchange places in Vancouver so always take a stash with me. Will you need a lot when you arrive for a tour? or will you have time to visit various ATMs to get enough throughout your travels?

 

Normally, local ATMs offer a very competitive rate. And your home bank may partner with some so you pay no fee other than a moderate exchange rate increase.

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ATMs is how we have been doing it since the 90s. A good place to hit up the ATM is in your Arrival Airport. There are always Major Bank ATMs at the airports. Airports are also relatively safe locations to get cash.

 

One piece of advice, always use a National Bank Chains ATMs, don't got to any off the wall type ATMs. We also tend to do large withdrawals say like 200-300 Euros (or GBP) at a whack, to reduce any per-withdrawal charges that we may get whacked with. My wife and I also bank at different banks, so we tend to load both our accounts with extra $$ to be withdrawn. We've had occasions when the foreign ATM could not talk to one of our banks, but could talk to the other.

 

And as for any excess cash, we travel to Europe enough, that we simply save what we have for our next trip. Generally just the folding stuff, any excess change goes into the charity bins that are pretty prevalent in European Airports as we depart.

 

And the final piece of advice, be sure to tell you bank your going to be accessing your account via ATM in those foreign locations.

 

Happy Travels

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The ship's customers service desk does exchange foreign currencies for guests. The exchange rate is based on Bank of America's exchange rate on that day. Not a good rate, but if you only need a small amount of foreign currency, might as well exchange your USD to foreign currency at the ship's desk for the convenience.

 

At the end of the cruise, you may also change your foreign currency back into USD at the ship's desk, at a rate that you will lose a little bit (because there is a gap between the buying and selling rates). Also, the ship's desk only takes back foreign currencies in notes, no coins, so spend your coins elsewhere.

 

I use ATM for Euro because we travel to Europe often and can always use the left-over Euro for future trip. But for countries where I am unlikely to return, I try to change left-over currency back into USD or Euro before I left that country.

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We have disembarked at Southampton several times and never found an ATM at the terminal. Otherwise, we always obtain foreign currency at an ATM once we arrive. Most competitive exchange rates and lowest fees. But note that it is usually best to use a bank ATM, and not the independent private company ATMs that have popped up is some countries, especially Germany. And also note that in many countries credit and debit cards are happily accepted, even for small purchases.

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In many airports you are starting to see the currency exchange companies such as Travelex putting ATM's in key places in airports. Problem is that they charge similar fees and exchange rate as their booths, thus negating the benefit of buying from the ATM.

 

ATM works, but be sure and use a bank owned one, not one from a currency exchange company, or non-bank ATM network.

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I realize things are different for our neighbours south of the border when it comes to banking, but up here you can get some reasonable rates from banks and better ones in large urban centres.

 

I learned the hard way a long time ago to never get to a foreign country without their currency. ATM's may not work. Things happen and you are stuck.

 

So, we always take a working supply of the currency(ies) we need and then can hit an ATM when it is convenient for more. Just another viewpoint ;)

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In many airports you are starting to see the currency exchange companies such as Travelex putting ATM's in key places in airports. Problem is that they charge similar fees and exchange rate as their booths, thus negating the benefit of buying from the ATM.

 

ATM works, but be sure and use a bank owned one, not one from a currency exchange company, or non-bank ATM network.

 

Thank you for posting this comment about the currency exchange company ATM's. I've seen those at some airports as well, but it did not occur to me that they would tack on those fees. We do always look for (and use) major bank ATM's, but nevertheless a good reminder about Travelex, etc. ATM's.

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I realize things are different for our neighbours south of the border when it comes to banking, but up here you can get some reasonable rates from banks and better ones in large urban centres.

 

I learned the hard way a long time ago to never get to a foreign country without their currency. ATM's may not work. Things happen and you are stuck.

 

So, we always take a working supply of the currency(ies) we need and then can hit an ATM when it is convenient for more. Just another viewpoint ;)

 

At one time we would have agreed. But in the past decade we no longer concern ourselves with having currency in advance. Why? We have never been in any International Airport where there are not multiple bank ATMs. And in the event that none of the them were working, credit cards will do fine until we can get to an ATM elsewhere. And if all that failed it would be a simple matter to exchange a small amount of money at a money changing place. All that being said, we are out of our country 6-7 months a year and have simply never had any currency problems.

 

Hank

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At one time we would have agreed. But in the past decade we no longer concern ourselves with having currency in advance. Why? We have never been in any International Airport where there are not multiple bank ATMs. And in the event that none of the them were working, credit cards will do fine until we can get to an ATM elsewhere. And if all that failed it would be a simple matter to exchange a small amount of money at a money changing place. All that being said, we are out of our country 6-7 months a year and have simply never had any currency problems.

 

Hank

 

Each to their own Hank ;). Whatever works for each of us is fine.

 

I don't use my CC for mickey mouse charges. Call me silly, cautious or paranoid but I don't.

 

One other bonus for me in buying some in advance...

 

I watch exchange rates and if I see one that seems decent (considering what our dollar is doing) I am going to snap some up. Better for me than being subject to the rate at the day of or even worse at a travel exchange place. In the past I've saved as much as 10% so it's certainly worth keeping my eye out and doing some dollar cost averaging ;)

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I realize that there is a growing trend towards becoming a cashless society, but I wonder if anyone would leave home to run an errand without at least a few dollars in their pocket? Would it not make sense to land in a foreign country with a bit of the local currency, if only to be able to tip a porter or buy a cup of coffee before heading into town?

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I realize that there is a growing trend towards becoming a cashless society, but I wonder if anyone would leave home to run an errand without at least a few dollars in their pocket? Would it not make sense to land in a foreign country with a bit of the local currency, if only to be able to tip a porter or buy a cup of coffee before heading into town?

 

As they say, whatever floats your boat (a great saying on CC) :).

 

Hank

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I realize that there is a growing trend towards becoming a cashless society, but I wonder if anyone would leave home to run an errand without at least a few dollars in their pocket? Would it not make sense to land in a foreign country with a bit of the local currency, if only to be able to tip a porter or buy a cup of coffee before heading into town?

I regularly go for weeks on end at home with no cash in my wallet. Between my iPhone, debit and credit cards, I hardly ever pay for anything using cash. On the other hand, I never land in a foreign country without a reasonable amount of local currency, with the exception of some Caribbean islands. We usually return with some currency from the countries we visit and tuck it away for the next time we visit.

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I can purchase foreign currency at my credit union fee free. Exchange rate is usually pretty good, too. My wife, who is a VP here in Charlotte at Bank of America Corporate gets hit with fees and an OK exchange rate from the bank.

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I realize that there is a growing trend towards becoming a cashless society, but I wonder if anyone would leave home to run an errand without at least a few dollars in their pocket? Would it not make sense to land in a foreign country with a bit of the local currency, if only to be able to tip a porter or buy a cup of coffee before heading into town?

 

I can go for weeks without having any cash on me....and I'm out and about every day. At work, my cafeteria and all vending machines are now cashless. I use a credit card at the gas pump and if I should need to go out for lunch. If I have to stop at the grocery store to pick up something on my way home -- credit card again. (I have a credit card that yields an extra percentage cash back for use at gas stations and grocery stores....)

 

In fact, this weekend I have an appointment with my hair stylist and already made a note to myself to stop at my bank ATM tomorrow to get cash -- she is one of the few who requires a cash payment!

 

In Europe these days the situations is nearly the same although more so in Northern Europe. Some Mediterranean countries still prefer cash, especially for small items -- although they sometimes give a discount for cash payment for larger things like a hotel stay. (I suspect it may have something to do with the national pastime in some of these countries of minimizing tax obligations....to put it nicely.)

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Where is the best place to buy Euros. In your home bank or an ATM bank in the countries you are going to.

You are wise to look investigate the purchase of euros in advance. I have seen euros marked up by anywhere from zero to 22%. Compare any quotes you receive to those shown at https://finance.yahoo.com/currency-converter/

 

Personally, I make foreign purchases with a Capital One credit card, which has 0% markup, and I withdraw euro from foreign ATM's for a 1% markup and no withdrawal fees. These rates I looked up years ago probably still hold true for US residents:

0% to 3% for credit card purchases made abroad*

0% to 3% plus $0 to $5 for ATM withdrawals made abroad*

5.5% for foreign currency purchases made at a Wells Fargo branch

13% and up at a US airport Travelex outlet. Poor exchange rate, then their $9.99 fee kills you on small purchases.

Charging foreign currency on my credit card would cost an immediate 3% with interest of 20% starting immediately*

 

*Rates are set by the card issuer.

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You are wise to look investigate the purchase of euros in advance. I have seen euros marked up by anywhere from zero to 22%. Compare any quotes you receive to those shown at https://finance.yahoo.com/currency-converter/

 

Personally, I make foreign purchases with a Capital One credit card, which has 0% markup, and I withdraw euro from foreign ATM's for a 1% markup and no withdrawal fees. These rates I looked up years ago probably still hold true for US residents:

0% to 3% for credit card purchases made abroad*

0% to 3% plus $0 to $5 for ATM withdrawals made abroad*

5.5% for foreign currency purchases made at a Wells Fargo branch

13% and up at a US airport Travelex outlet. Poor exchange rate, then their $9.99 fee kills you on small purchases.

Charging foreign currency on my credit card would cost an immediate 3% with interest of 20% starting immediately*

 

*Rates are set by the card issuer.

 

I use an ATM from Schwab. Currency exchange at current rate with no fee, and ATM charges are refunded. So basically I can get currency at whatever the market exchange rate is.

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I realize things are different for our neighbours south of the border when it comes to banking, but up here you can get some reasonable rates from banks and better ones in large urban centres.

 

I learned the hard way a long time ago to never get to a foreign country without their currency. ATM's may not work. Things happen and you are stuck.

 

So, we always take a working supply of the currency(ies) we need and then can hit an ATM when it is convenient for more. Just another viewpoint ;)

 

Same here in Montreal. We have an abundance of foreign exchange houses. We've always bought foreign currencies prior to traveling. As an extra bonus, my son works for the Royal Bank and gets employee rates.

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For those in the Miami area, there are a number of currency exchange shops along NE 1st Avenue. They don't charge commission and exchange at near the official rate probably to get rid of excess euros received from the huge number of foreign tourists visiting Miami. If you are using a foreign ATM, try to find one that has an affiliation with your home ATM banking card. For instance, if you have a Bank of America ATM card, you can use Deutsche Bank ATM's in Europe and there are no charges and exchange is made at the official rate.

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