Best Way to Pay in Euros

[baggal]

So now that I'm very close to booking private tours for my Western Med. cruise, I see that many of the companies will only take cash (Euros) or travelers checks in Euros. Since we are a family of 4, thats a lot of cash to be carrying for a week of tours.

 

Any suggestions? The driver can take us to an ATM at the end of the tour - does anyone know what the fees are? Can you purchase traveler's checks in Euros in the U.S.?

 

Thanks,

[SASSYIN2]

Most of the private tours I talked with wantcash in Euro's only, they will not take travellers checks. Check with your bank, and see what their rate is- we just did this and got a rate of 1.40 ( the actual rate is 1.37 euro to 1 dollar). No fee's. Do not go to a currency exchange or at the airport- they charge very high rates. You can use ATM's in Europe, with a good rate, but depending on your bank-what is your daily limit for withdrawels ( some are under $300.00 US, plus what are the fee's you will be charged from the foreign ATM's. Might be worth paying a small fee to your bank locally to get the Euro's take them with and keep them in your safe only bringing with you what you need daily.

[Hlitner]

Travelers checks are pretty much obsolete in most of the world and not accepted by many venders. Many of the larger tour companies will take Visa or MC (check with your tour operator) and others want cash (in Euros). Nobody, I repeat nobody, wants US dollars and if they do take dollars will give you a horrible exchange rate. We spend a lot of time in Europe and get all of our cash via ATM machines. Our credit union does not charge any fees other than the 1% that is built into the exchange rate (Visa International handles the actual exchange for our ATM card). Because there are daily limits on withdrawals (usually 200 - 300 Euros per day) my DW and I maintain seperate bank accounts (different banks) with our own ATMs (also a good idea as a back-up). If you are going to need a lot of Euros for tour operators you might want to start acquiring Euros at each port so you can build up a cash reserve. One other very important thing is that you should always notify your issuing bank(s) of your travel itinerary before you leave home in order to avoid security issues. For ATM cards you should have a 4 digit PIN and you need to know that PIN in numbers (letters are generally not on European ATM keypads).

 

Hank

[Earl Rosebery]

So now that I'm very close to booking private tours for my Western Med. cruise, I see that many of the companies will only take cash (Euros) or travelers checks in Euros. Since we are a family of 4, thats a lot of cash to be carrying for a week of tours.

 

Any suggestions? The driver can take us to an ATM at the end of the tour - does anyone know what the fees are? Can you purchase traveler's checks in Euros in the U.S.?

 

Thanks,

 

It's fairly obvious why they prefer cash-less tax to pay. Traveler's cheques are a thing of the past. ATMs should give you a better rate than getting Euros before you leave. There are a great many answers to this question on previous posts. US banks are different than Canadian ones. You need to check your daily limit. Remember that a cash withdrawl on a VISA or Mastercard is a cash advance which attracts 19+ % interest from day 1. I.E use a bank card not a credit card.

 

Check with your bank what the charge will be over the official interbank rate. It is typically 1.5 to 2.5 % in the banks favor. The european bank may also charge a fee. However, ATMs are still the best way to go.

[cruisemom42]

I agree ATMs are the best way to go. You can talk to your bank before you leave and get your daily withdrawal limit raised. Also be sure to tell your bank (and any credit card companies) that you'll be traveling overseas so they don't inactivate your account.

[hubofhockey]

I debated starting a new thread on this. But my question is related. It certainly seems that using ATM cards for withdrawals is a good way to cut down on fees. I have a PayPal Debit card and have heard mixed things about whether the charge is $1 and 1% foreign transaction fee or if there is a hidden 2.5% charge on the conversion rate as well. If any of you (US residents) have used the PayPal debit card, I would appreciate advice on what the charges will be. If the charges are $1 + 1% + another 2.5%, I may be off using my Citizens ATM card which is $3 + 3%.

[chipmaster]

So now that I'm very close to booking private tours for my Western Med. cruise, I see that many of the companies will only take cash (Euros) or travelers checks in Euros. Since we are a family of 4, thats a lot of cash to be carrying for a week of tours.

 

Any suggestions? The driver can take us to an ATM at the end of the tour - does anyone know what the fees are? Can you purchase traveler's checks in Euros in the U.S.?

 

Thanks,

 

Private is the way to go, good choice. As other said travels cheques, forget them unless you really don't want to carry cash. In the end you still need to get them with all the overhead of cash conversion/exchange IMHO.

 

ATMs are everywhere from the minute you step off the airplane to "almost" every other corner.

 

I struggled with the same question organizing for 11 people in 6 ports, which was even more cash :eek:

 

In the end I decided to bring it. Reason, the days are packed in many places the last thing I wanted to do was budget time to an ATM. The drivers on several tours did tell me where they were when I inquired about toppping off my reserves but I was very happy that was just top of versus must have $.

 

ATM is the best exchange, and lowest coast, provided you are banking at a "good" institution. You get the latest rate and only pay the out of network fee ( for me it was free / refunded ). The downside, many ATMs limit your daily or single transaction, check these carefully as even if you have "unlimited" funds the local ATM may have a limit. You really don't want to be looking for 2-3 atms in one day to extract your money.

 

I found traveling with 7000 euros a bit unnervering at first but in the end no different than having your unreplaceable passport. Getting cash at your local bank costs a bit more but for the convenience of not worrying on my tour day was well worth it. The days are just packed the last thing you want is to be worrying about another stop just to get cash, nor at the beginning of the day. Its about where you think you want to penny pinch or go for convenience for a few euros.

 

Good luck

[familycruiserMA]

I have a related question. Does anyone know if the ATM on the ship will dispense dollars or Euros? We are going on the Ruby Princess in June.

[2CoolCanucks]

If I was to get Euros in the bank today, is it a good rate today?

1 Euro = $1.37 USD (must buy it for $1.43)

1 Euro = $1.41 CDN (must buy it for $1.47)

 

Is this LOW or HIGH compared to the last year?

 

Will it go lower in the next few weeks?

I have no idea how these money rates work... :confused:

[cruisemom42]

I have a related question. Does anyone know if the ATM on the ship will dispense dollars or Euros? We are going on the Ruby Princess in June.

 

The ATMs aboard Princess dispense dollars.

 

Princess does have this "money changing" machine that will convert dollars to other local currencies. However, the rate of exchange is abysmal and there is also a $3.50 charge on top of that per transaction.

[Hlitner]

It is silly to get too vested in the actual exchange rate since it is just a fact of life and you get what you get when you get it! The current rate is a little higher than it was last year, but it's lower than it was a few months ago. Both the US dollar and the Euro have lots of negative issues so predicting future rates is like rolling the dice. As to the ATMs on ships, they are fine if you want a lousy rate of exchange plus fees. You are better off just using bank ATMs ashore (they are everywhere in Europe). We have never seen Euros sold in the US at rates competitive with the rates in Europe.

 

Hank

[dalgirl]

Also if you are using ATMs (which we did): take into consideration time zones - we got money out of the ATM in Barcelona in the afternoon and tried again the next morning - no money available - it was still the day before in the US! By withdrawing the maximum amount of money every day we were able to build up a reserve for the few tours we took. And use that credit card when you can - this also saves on any cash flow problems. Our hotel claimed it would only take cash, but at check out took the credit card - so always ask.

[Earl Rosebery]

If I was to get Euros in the bank today, is it a good rate today?

1 Euro = $1.37 USD (must buy it for $1.43)

1 Euro = $1.41 CDN (must buy it for $1.47)

 

Is this LOW or HIGH compared to the last year?

 

Will it go lower in the next few weeks?

I have no idea how these money rates work... :confused:

 

Te difference between buying and selling rates is called the spread. In your example it is about 4% or 2% each way. In all currency transactions there is a spread. The smaller the transaction, the greater the spread. The spread for electronic transactions is less than for cash. (the bank doesn't have to have foreign currency sitting around). That is why it is normally better to use a credit card and/or ATMs when you travel.

 

Naturally the bank wants to earn as much on these transactions as competition will allow. They make money because they buy very large amounts at wholesale rates and sell small amounts at retail rates. Just like the candy store selling jelly beans.

 

The rate changes from minute to minute. If you tried to exchange Can$ for US$ on line at your bank, you would find that the rate quoted to you would only be good for 1 minute. Clear as mud?

[blue-noser]

If you are CDN buy them at the bank. Scotia Bank and TD post their rates on line. They are the only ones that do here in the GWN. Scotia branches have them onsite others, RBC,BMO, etc. will order them and it may cost more. I buy mine at Scotia, and I have no $$ interest in Scotiabank.. This morning, 0800 AST, the Euro was,$1.4114 CDN. I bought this morning and paid the posted ( online price, $1.4114 CDN). As I write, AST,2100, it's $1.4616. We are going to Europe in Oct 10 and are buying them now. Last time we bought they were $1.63 CDN and that was in 08. FYI.

[Wendy The Wanderer]

Good advice from above: make sure you have a 4-digit PIN, and that you memorize your pin as a number, not a word (I use a 5-letter word normally, but switch to a 4-digit number when I go abroad.)

 

But it is a bit stressful when you know you have to have lots of cash right away Last time, we went with about 1000 Euros in our jeans because we had to pay our friends for pre-paid tours right away, plus have enough to pay our first private guide in Malaga. I did not want to count on being able to get that much from an ATM, since we only had 2 days before embarking, then a seaday. It was okay, we split it up, then got it safely into a safe in our hotel, then the ship.

 

So just plan ahead, take some euros, and make sure to hit the ATM's for your daily max if that's what you need to do.

[baggal]

Good advice from above: make sure you have a 4-digit PIN, and that you memorize your pin as a number, not a word (I use a 5-letter word normally, but switch to a 4-digit number when I go abroad.)

 

But it is a bit stressful when you know you have to have lots of cash right away Last time, we went with about 1000 Euros in our jeans because we had to pay our friends for pre-paid tours right away, plus have enough to pay our first private guide in Malaga. I did not want to count on being able to get that much from an ATM, since we only had 2 days before embarking, then a seaday. It was okay, we split it up, then got it safely into a safe in our hotel, then the ship.

 

So just plan ahead, take some euros, and make sure to hit the ATM's for your daily max if that's what you need to do.

 

Thanks to all for your advice. We're doing just that - planning ahead, taking euros purchased in the U.S., dividing it between the four of us, and then hitting the ATM as we need it.

 

Thanks again.

[financialgrl]

While ATM is definitely the way to get cash, make sure you do your homework so you know what to expect in the way of fees. All banks are not created equal and some charge much more than others. Someone sort of hit on that in this thread. I use a credit union and Wachovia. Credit union charges $1 plus 1% for currency conversion fees. Haven't checked Wachovia since Feb 22 when the banks changed all their fee structures but prior to that they charged $5 just for the "pleasure" of using their card, whatever the other bank fee was in Europe and then 3% currency conversion.

 

One of the European port threads a few months back had people posting which banks they used and the fees they were paying. Seems that Capital One, many credit unions and a few others were the absolute best while Wachovia and a few others were terrible. That may still be around if you use the search function but in any case, remember that February 22, many banks raised fee structures so you'd have to verify those may still be good.

[anniversay/grad trip]

So now that I'm very close to booking private tours for my Western Med. cruise, I see that many of the companies will only take cash (Euros) or travelers checks in Euros. Since we are a family of 4, thats a lot of cash to be carrying for a week of tours.

 

Any suggestions? The driver can take us to an ATM at the end of the tour - does anyone know what the fees are? Can you purchase traveler's checks in Euros in the U.S.?

 

Thanks,

 

I booked all private tours for a family of 6 last August, and just put each amount into an envelope. Once I got onboard I put them in our safe and only carried the one needed for that day. Get yourself a money belt and don't take it off until you board the ship. It is alot of cash, but once you board you can feel safe that it is locked away.

[6rugrats]

I purchased Euros in advance through AAA for the first time on my last trip this year. Exchange rate was good and they were delivered by Fedex right to the front door. Usually use ATMs, but after not being able to find one that was compatible with my ATM cards in Japan, and tired of wasting time trying to find an ATM at the airport on trips, and then having to wait in line, found this a good alternative.

[schoolinmy3]

Good advice from above: make sure you have a 4-digit PIN, and that you memorize your pin as a number, not a word (I use a 5-letter word normally, but switch to a 4-digit number when I go abroad.)

 

 

I want to add that I read on Bank of America's website (our bank) that you need to make sure your pin number is a 4 digit number that does not start with a 0. I was not aware of this and guess what: both my husband and I have different pin numbers and both happen to start with a 0. Needless to say with less than a week to go before we fly to Europe we changed our pin numbers. We also checked that our withdrawal limit was high enough for ATM usage and bought enough Euros to get us through the first night in Rome as we have to pay our hotel in cash, just in case. We were going to purchase a larger amount through AAA but decided we didn't want to carry that much on us.

diane

[cruisemom42]

I want to add that I read on Bank of America's website (our bank) that you need to make sure your pin number is a 4 digit number that does not start with a 0. I was not aware of this and guess what: both my husband and I have different pin numbers and both happen to start with a 0. Needless to say with less than a week to go before we fly to Europe we changed our pin numbers. We also checked that our withdrawal limit was high enough for ATM usage and bought enough Euros to get us through the first night in Rome as we have to pay our hotel in cash, just in case. We were going to purchase a larger amount through AAA but decided we didn't want to carry that much on us.

diane

 

I am not quite sure if this is an urban myth, an isolated issue with a particular bank or what -- but I have literally traveled around the world with my pin number that starts with "0" and have never once had a problem that could be attributed to this.

 

I've read it before, so it must be an issue with some, but it has certainly never affected me.

 

Odd. :cool:

[cruisemom42]

I purchased Euros in advance through AAA for the first time on my last trip this year. Exchange rate was good and they were delivered by Fedex right to the front door. Usually use ATMs, but after not being able to find one that was compatible with my ATM cards in Japan, and tired of wasting time trying to find an ATM at the airport on trips, and then having to wait in line, found this a good alternative.

 

Japan is tough. I luckily researched before I went and knew to use the machines in post offices and (of all places) 7-11 shops. Very few other machines in Japan are compatible with US debit cards.

 

I have never seen a good (or even a fair) rate with AAA, but maybe you were luckier!

[tcocktail]

I am not quite sure if this is an urban myth, an isolated issue with a particular bank or what -- but I have literally traveled around the world with my pin number that starts with "0" and have never once had a problem that could be attributed to this.

 

I've read it before, so it must be an issue with some, but it has certainly never affected me.

 

Odd. :cool:

 

I can tell you that I in fact had trouble in Rome with my pin number and in Mykonos. But I had another card with me so I was set.

[cruisemom42]

I can tell you that I in fact had trouble in Rome with my pin number and in Mykonos. But I had another card with me so I was set.

 

I wonder if it has to do with the bank network. I've used my card in Rome more times than I can count! Also Portugal, Spain, England, Denmark, Sweden, Poland, Germany, France, Turkey, and Greece in Europe not to mention other parts of the world. Honestly have never had a problem. Midas touch, I guess. ;)

[schoolinmy3]

I am not quite sure if this is an urban myth, an isolated issue with a particular bank or what -- but I have literally traveled around the world with my pin number that starts with "0" and have never once had a problem that could be attributed to this.

 

I've read it before, so it must be an issue with some, but it has certainly never affected me.

 

Odd. :cool:

 

Odd or not I certainly didn't want to be without Euros the entire trip :eek: so we did change our PIN numbers. The warning was on my bank's website so maybe it is an issue with certain banks only. Just didn't want to take the chance. With all the things we have to watch out for - volcanic ash, strikes, credit card scams, taxi scams, pickpockets etc - I am starting to think it may be safer to stay on board the ship while in port.:p Funny, we've been to Europe several times, the last time just in 2007, and I was so blissfully ignorant. That's what I get for researching.:rolleyes:

diane