Euro keeps dropping

[caripoo]

I know there have been threads regarding buying Euros before you go, but with the Euro down to 119.. today now might be the time to buy some.

 

We are leaving August 28th, for the Connie leaving Sept 3rd. I have lots of Euros left from Baltic cruise last year, I do not reconvert them as I know I will use them again. But while they are so low buy buy buy!!! I hope this is still the case at the end of August!!!

[Can'tstopcruising]

I have the same dilemma! To be sure, if I wait, they will go up. If I buy, they will go down!

 

According to the Gurus, the Euro is not supposed to go up anytime soon. They say it will go down more.

 

Who knows? Time will tell!

[Eve]

I've been watching the Euro prices, too. Unfortunately, even thought the price is down to 1.19, I haven't been able to actually purchase them for that price anywhere. I'm told by the Am Ex office that the 1.19 is the price charged to banks, not to the average consumer.

 

Does anyone have any suggestions for where to purchase Euros before a trip besides the Am Ex office? Local banks tell me I have to have an account with them to purchase :(

 

Thanks,

Eve

[Wine-O]

I've been watching the Euro prices, too. Unfortunately, even thought the price is down to 1.19, I haven't been able to actually purchase them for that price anywhere. I'm told by the Am Ex office that the 1.19 is the price charged to banks, not to the average consumer.

 

Does anyone have any suggestions for where to purchase Euros before a trip besides the Am Ex office? Local banks tell me I have to have an account with them to purchase :(

 

Thanks,

Eve

 

It'll cost you about 7% in fees/conversion rates for you to get Euro ahead of time. Some people are willing to pay those fees to get Euro ahead of time because of that "warm and fuzzy" feeling of having Euro when they arrive in Europe.

 

I always get mine from the ATM when I arrive in Europe.

[Lsimon]

The only thing certain when talking about future Euro rates is that they are uncertain. There are pleanty of reasons why the Euro would go up and pleanty of why it should go down further - just like the stock market.

 

One can hedge by buying Euros now if they like the price, or by buying part, perhaps 50%, of their anticipated Euro cash needs now.

 

I've been watching the Euro prices, too. Unfortunately, even thought the price is down to 1.19, I haven't been able to actually purchase them for that price anywhere. I'm told by the Am Ex office that the 1.19 is the price charged to banks, not to the average consumer.

 

Does anyone have any suggestions for where to purchase Euros before a trip besides the Am Ex office? Local banks tell me I have to have an account with them to purchase :(

 

Thanks,

Eve

 

Generally speaking, unless you buying hundreds of thousands of Euros you're going to pay a premium. The least expensive way is generally from ATM machines in Europe where the difference can be as low as a fraction of a percent off the quoted "spot" rate. But this doesn't help in getting advance needs. I bank at a large Bank (Chase) who sell (or buy) Euros at approximately a 5% premium (or discount) over the spot rate. I think this rate is pretty common for banks that offer this service. Some banks also charge a service fee on top of this but Chase does not - at least not for those with accounts there.

 

Most of the posters here on Cruise Critic tend to prefer ATM's in Europe but I find it is much more convenient and worth the cost to get our Euros in advance at the bank for the small premium (figure $50 premium for $1,000 worth). That way we have Euros in our pocket when we get off the plane and don't need to get our group to stop at an ATM when we're all on the way someplace, nor be looking over our shoulder when using an ATM. Also, most banks and credit cards charge a hefty fee for foreign ATM which can be more than the local 5% purchase premium. So if you are planning on using a credit or ATM card abroad then do contact your bank well in advance to find out what the foreign exchange fee, foreign ATM fee, foreign transaction fee and (for credit cards) cash advance fees are. There are some cards which carry none of these fees and some which will charge all four of them!

[Dale]

It'll cost you about 7% in fees/conversion rates for you to get Euro ahead of time. Some people are willing to pay those fees to get Euro ahead of time because of that "warm and fuzzy" feeling of having Euro when they arrive in Europe.

 

I always get mine from the ATM when I arrive in Europe.

I do the same as you. Most of the time after arriving in Europe I have Euros in my pocket from a ATM before my luggage has arrived at the carrousel for pickup.

[jackdiamond]

Dale,

Thanks for posting,

Jack

[CathyCruises]

You can get them on line through Wells Fargo even if you don't have an account. They deliver them via Fed Ex and the cost is included in the premium. You have to use a debit card IIRC. Helps if you need some upon landing.

 

 

Cathy

[iancal]

We always buy foreign currency at a retail foreign exchange store. There are three of them within a few blocks of my office. We find that they give us the best rates and the carry enough currency inventory to satisfy our requests for certain denominations etc. They can be difficult to find if you do not know where they are. Check on line or in the yellow pages. If you live in a fairly large city there is a good chance that you have one or more. Last fall I changed $5000. US to CAD. The retail exchange store gave me $160. more than the best sell rate that I could get at my bank.

[Cruise Junky]

I also buy mine at a local exchange place in Vancouver, they have amazing rates. We are extremely happy that the Euro keeps dropping as three of our hotels haven't been paid for yet and were originally budgeted at 1.6 exchange rate :) and our spending money will go a lot further.

[Can'tstopcruising]

Add me to the list of those who buy at a local foreign exchange where the rates are better than at the bank. I like to have some cash before I leave home, for taxis and whatever. Unfortunately, I am ATM shy. I have not yet done that and I am sill hesitant. In the past, I have even taken Euro AMEX trav. cheques. They can be cashed at no extra charge at an Amex office in Europe or in an affiliated bank.

[MMastell]

The current exchange rate is great and for those who are now in Europe or will be going in the near term they will save some money.

 

An ATM is the best way to obtain Euros. You can hit an airport ATM once you land and get the amount you need. One should never keep a large amount of cash on hand anyway so purchasing $3,000 in Euros before you leave is never a good idea.

 

If you have a preferred account with most banks, such as a PMA account with Wells Fargo, there is no bank fee for using a foreign ATM. There still may be a local fee but it still beats the fees charged by most banks.

 

Most European airports have ATM's inside the secured area so you don't have to be overly concerned about being robbed at the ATM.

 

Save yourself time and hassle and just use your ATM card.

 

Take care,

Mike

[Lsimon]

Hmmm...I've always presumed the local Currency Exchanges would not have great rates but never really checked them out. I will.

[Wine-O]

Hmmm...I've always presumed the local Currency Exchanges would not have great rates but never really checked them out. I will.

 

They have great rates until they take our their commission. :eek:

[MMastell]

The rates are OK but once you add on their service fees the rate is not very good.

 

Take care,

Mike

[Cruise Junky]

They have great rates until they take our their commission. :eek:

 

No commission on where I get mine. It a very large currency and buillion exchange in Vancouver..not one of those little corner exchange places. They beat my bank by a few %. The XE rate on Friday for Cdn. vs. Euro was 1.27143...The Vancouver Buillion was 1.285...my bank was 1.303.

[caripoo]

We also have three hotels in Brussels, Amsterdam and Barcelona that will be less expensive if the Euro continues to drop.

 

Our local AAA is the best place for US to get our Euros, even my Amex is more expensive. I think the exchange rates are very different, pays to do your homework. I'm just glad we have them when we arrive.

[Podie]

Luckily my daughter is currently in the Army in Italy. She will buy my euros for me and meet me at the plane with them - what a deal!:D

[Infi]

I'm also anxiously watching the Euro's decline before our cruise next month and wondering just how low it might go. I had wanted to pay for our hotels in advance just to get the bill out of the way, but now I'm glad I didn't. Our dollars will go so much further on this trip now. It would be fantastic if the Euro reached parity with the dollar, but I'm very happy with the current rate.

[greeneg]

One additional source for on-line purchase of foreign currency ( including the Euro) is AAA. This might be useful to those who live where it's more difficult to get a decent exchange rate.

[eandj]

I'm also anxiously watching the Euro's decline before our cruise next month and wondering just how low it might go. I had wanted to pay for our hotels in advance just to get the bill out of the way, but now I'm glad I didn't. Our dollars will go so much further on this trip now. It would be fantastic if the Euro reached parity with the dollar, but I'm very happy with the current rate.

 

 

We booked a cancellable hotel in Amsterdam at a euro rate. I'm having fun watching our room rate going down. If things change drastically, I can cancel and rebook somewhere else or book here in dollars.

[Wine-O]

My local AAA Travel Office sells Euro at the rate of 78 Euro for $122. If I've done the math correctly, that's roughly around $1.56 per Euro. That's not really a very good deal. If you must have Euro prior to leaving the States, I would suggest you do your homework and shop around.

[eandj]

I agree with not using AAA unless you do the calculations. I remember checking last year there, as we only wanted to get a couple hundred dollars worth in our pocket for a pre cruise stay. I was told you get the euros in packs of varied denominations and that the rate is dependent on when the packs were made up. Since they are pre packaged, Buying them now would be a big mistake. As wino said the rate is ridiculous. I only see the euro slowly to continue to fall this summer. Hope I'm right...for us travelers.

[Andy]

My local AAA Travel Office sells Euro at the rate of 78 Euro for $122. If I've done the math correctly, that's roughly around $1.56 per Euro. That's not really a very good deal. If you must have Euro prior to leaving the States, I would suggest you do your homework and shop around.

 

Hi Wine-O !

 

Assuming they are selling them for 1.56 US per Euro, at current rates, I'd sure as heck pass on that deal. While I am not an expert on this subject, at current rates, and depending on how much the institution marks up the tranasaction, you should be able to exchange somewhere in the neighborhood of 78-83 Euros per $ 100. I'm sure it pays to shop around. Enjoy your Cruise !

[klc.1]

Cruise Junky,

 

We also live in Vancouver. Could you give me the name and address of the currency exchange you use as I will be looking into buying Euros shortly.

 

Thanks