dollars to euros

[Scorpiorose]

On exchanging money......if you have a Bank of America account and it partners with BNP does that mean you can walk into any BNP bank and withdrawl money and exchange euros?

 

I know you can use the ATM and there may or may not be a fee but will they allow you to withdrawl money without a fee and wil lthey exchange your dollars without a fee?

 

Still trying to avoid those extra fees.

[moyaroo]

Have you asked Bank of America? Get your local branch manager to make a call on it then if anything happens adversely you have at least an argument. Actually as a BoA account holder I would like to know the answer as well. As I never checked last year when we came back if we got hit or not :-(

[-Lew-]

 

Still trying to avoid those extra fees.

Although I can't comment on BoA's policy regarding fees, I can tell you that you will not pay fees using CapitalOne's credit and debit cards.

 

There will be no transaction fees when using a CapitalOne credit card to make purchases denominated in Euros. This goes for ATM withdrawals also. In addition, CapitalOne will reimburse your account for any ATM usage fees the ATM owner may charge.

 

You can apply online at CapitalOne's web site. You'll need to apply for the credit card and ATM card separately since the ATM card requires opening a checking account.

 

Lew

[Keith1010]

Although I can't comment on BoA's policy regarding fees, I can tell you that you will not pay fees using CapitalOne's credit and debit cards.

 

There will be no transaction fees when using a CapitalOne credit card to make purchases denominated in Euros. This goes for ATM withdrawals also. In addition, CapitalOne will reimburse your account for any ATM usage fees the ATM owner may charge.

 

You can apply online at CapitalOne's web site. You'll need to apply for the credit card and ATM card separately since the ATM card requires opening a checking account.

 

Lew

 

I agree with you about the Capital One Credit Card. We use it exclusively for international travel and don't pay fees.

 

As to the ATM while Capital One doesn't charge a fee you will likely pay a fee that is charged by the local company who owns the ATM machines and the price will vary.

 

Keith

[-Lew-]

 

As to the ATM while Capital One doesn't charge a fee you will likely pay a fee that is charged by the local company who owns the ATM machines and the price will vary.

You'll pay the fee and it will be included in the about debited from your account. However, CapitalOne will credit your account on the same day for the fee with the entry Refund ATM Surcharge.

 

To clarify, the following is from CapitalOne's checking account site:

 

 

Lew

[Scorpiorose]

Although I can't comment on BoA's policy regarding fees, I can tell you that you will not pay fees using CapitalOne's credit and debit cards.

 

There will be no transaction fees when using a CapitalOne credit card to make purchases denominated in Euros. This goes for ATM withdrawals also. In addition, CapitalOne will reimburse your account for any ATM usage fees the ATM owner may charge.

 

You can apply online at CapitalOne's web site. You'll need to apply for the credit card and ATM card separately since the ATM card requires opening a checking account.

 

Lew

 

On Bank of America this is what I found out: The banks charge you one way or another because US banks including BoA have to go through an international banking system, so you are ultimately charged for ATM withdrawls....and BoA charges you for an account so you'd really have to add that fee to your overall charge is you were to just use it for travel as I was planning, I already have an acct. so it would be extra.

 

ATM's are the best way to go if you increase your daily limit and take money out every now and again rather than every day reducing the number of ATM withdrawls.

 

BUT on Capital One, I didn't know this.....thanks for that info. So if I use my Capital One, there is no fee just the exchange rate. How do we know what the rate of exchange that Capital One will charge? And I know we always have to request or make sure the vendor charges in euros not dollars, correct?

 

This may be the way to go, paying the card off once home. What do you think?

[Scorpiorose]

I hear too, banks are not the cheapest exchange rate....so where would it be, hotels? Cruise ship?

 

Ideas? In mexico our best exchange rate was the hotel we were staying in.

[Scorpiorose]

What you are saying is to use the Capital one not just for vendors and restaurants but also for cash withdrawls? So no fees for that, or charged and then put back on the card as a surcharge?

 

Wow! That would be good, then I could pay it once back.

 

So there must be a limit on how much you can take out per day, does that depend on who you are, naturally I suppose? Can you up that?

 

This is good news....I think.....:o

[-Lew-]

 

The banks charge you one way or another because US banks including BoA have to go through an international banking system, so you are ultimately charged for ATM withdrawals.

True, but CapitalOne (CO) absorbs these fees in the interest of gaining business.

 

So if I use my Capital One, there is no fee just the exchange rate. How do we know what the rate of exchange that Capital One will charge? And I know we always have to request or make sure the vendor charges in euros not dollars, correct?

That's correct, you are subjected to just the rate of exchange with CO. You don't know in advance exactly what CO will charge as the rate changes from moment to moment.

 

Never take advantage of an offer to bill your account in US dollars while in Europe. The conversion rate used will not be to your benefit.

 

This may be the way to go, paying the card off once home. What do you think?

 

I agree, but you need an ATM card also. You'll need some Euros while you're there and a way to replenish them.

 

I hear too, banks are not the cheapest exchange rate....so where would it be, hotels? Cruise ship?

 

Hotels and cruise ships are not in the banking business and offer some of the worst rates of exchange also. Always use ATMs for the best rates.

 

What you are saying is to use the Capital one not just for vendors and restaurants but also for cash withdrawls? So no fees for that, or charged and then put back on the card as a surcharge?

 

True...

 

So there must be a limit on how much you can take out per day, does that depend on who you are, naturally I suppose? Can you up that?

You'll have to check with CO on that.

 

Check out the CO web site. If you decide to go with them, you'll need to apply for a credit card and open a checking account for the ATM card.

 

Good luck...

 

Lew

[hubofhockey]

It may be a lot easier just getting a PayPal debit card. They charge $1 and give you the current real translation rate marked up by 1%. It's easy and convenient and you don't have to go opening any checking accounts with banks like Capital One or getting new credit cards. If you already have a PayPal account, it takes all of five minutes to apply for the debit card online. While you are away, you can also move money very easily from your regular home bank checking account PayPal. It just takes three business days. I did this last year in the Med and will be doing it again.

 

The default spending limits for the PayPal Debit Card are: Daily spending limit is $3,000.00 USD. Daily ATM Limit: $400.00 USD.1% This fee will apply even if the transaction does not require a currency conversion.Non-US ATM Transaction (Using an ATM machine that is not in the US) 1% This fee will apply even if the transaction does not require a currency conversion. Non-US ATM Transaction (Using an ATM machine that is not in the US) 1% This fee will apply even if the transaction does not require a currency conversion.

[cruisemom42]

What you are saying is to use the Capital one not just for vendors and restaurants but also for cash withdrawls? So no fees for that, or charged and then put back on the card as a surcharge?

 

Wow! That would be good, then I could pay it once back.

 

So there must be a limit on how much you can take out per day, does that depend on who you are, naturally I suppose? Can you up that?

 

This is good news....I think.....:o

 

It's unclear to me, reading your response, that you understand Lew is talking about having both a Capital One credit card and ALSO a Capital One account with a debit card (for use in ATMs).

 

I'd never use a credit card in an ATM, as they consider it a cash advance and charge a fairly steep interest rate starting from the time you withdraw.

 

Perhaps I'm wrong re: your comment, but for clarity just wanted to point this out.

[Scorpiorose]

True, but CapitalOne (CO) absorbs these fees in the interest of gaining business.

 

That's correct, you are subjected to just the rate of exchange with CO. You don't know in advance exactly what CO will charge as the rate changes from moment to moment.

 

Never take advantage of an offer to bill your account in US dollars while in Europe. The conversion rate used will not be to your benefit.

 

 

 

I agree, but you need an ATM card also. You'll need some Euros while you're there and a way to replenish them.

 

 

 

Hotels and cruise ships are not in the banking business and offer some of the worst rates of exchange also. Always use ATMs for the best rates.

 

 

 

True...

 

You'll have to check with CO on that.

 

Check out the CO web site. If you decide to go with them, you'll need to apply for a credit card and open a checking account for the ATM card.

 

Good luck...

 

Lew

 

Thanks Lew....I do already have a Debit, so I will use that at ATM's and will take out cash advance on my CC and charge vendors and restaurants to the CC.

 

I'm depressed however, the outlook for the exchange rate predicts drastic drops between now and when I leave, over the summer. Sheesh! I hate to wait now, knowing the rate will be dropping over the summer, or predicted to drop. Maybe I should convert as much as possible now while the rate is up somewhat. Yikes....

[Scorpiorose]

It's unclear to me, reading your response, that you understand Lew is talking about having both a Capital One credit card and ALSO a Capital One account with a debit card (for use in ATMs).

 

I'd never use a credit card in an ATM, as they consider it a cash advance and charge a fairly steep interest rate starting from the time you withdraw.

 

Perhaps I'm wrong re: your comment, but for clarity just wanted to point this out.

 

Thanks for clarifying, I was thinking of using it for cash advance, I wont now. All these fees on top of the poor exchange rates, Yikes!

[Scorpiorose]

It may be a lot easier just getting a PayPal debit card. They charge $1 and give you the current real translation rate marked up by 1%. It's easy and convenient and you don't have to go opening any checking accounts with banks like Capital One or getting new credit cards. If you already have a PayPal account, it takes all of five minutes to apply for the debit card online. While you are away, you can also move money very easily from your regular home bank checking account PayPal. It just takes three business days. I did this last year in the Med and will be doing it again.

 

The default spending limits for the PayPal Debit Card are: Daily spending limit is $3,000.00 USD. Daily ATM Limit: $400.00 USD.1% This fee will apply even if the transaction does not require a currency conversion.Non-US ATM Transaction (Using an ATM machine that is not in the US) 1% This fee will apply even if the transaction does not require a currency conversion. Non-US ATM Transaction (Using an ATM machine that is not in the US) 1% This fee will apply even if the transaction does not require a currency conversion.

 

Hum, another option, I have a paypal acct. So it looks like a 1% charge so $400 would be $4 plus the exchange rate. I think this is what I'd pay with my bank.....$5 plus the exchange rate.....or am I wrong.

 

I like all these options!

 

Thanks

[-Lew-]

 

I like all these options!

You're right, you have a lot of options.

 

Remember to figure in the ATM fee when using a foreign ATM. Although a number of financial institutions reimburse for ATM fees, I believe CapitalOne is the only one mention in this thread that does so.

 

Good luck with your decision.

 

Enjoy your cruise...

 

Lew

[hubofhockey]

Hum, another option, I have a paypal acct. So it looks like a 1% charge so $400 would be $4 plus the exchange rate. I think this is what I'd pay with my bank.....$5 plus the exchange rate.....or am I wrong.

 

I like all these options!

 

Thanks

 

If you take out $400, you would only be charged $1. If the going rate was $1.40 per euro, you would pay $1.41 per euro. That is actually pretty good. It's rate translation. Your bank will charge you $5 and it's very doubtful they are going to give you 1.40 either. They will probably charge much more than the 1% PayPal does. You're probably closer to 8% with most retail banks. Maybe others can tell you if Capital One actually gives you the stated rate without any translation difference. If I withdraw 250 euros (usually the max most ATM give in Europe) five times on my cruise and get 1250 euros, it will cost me $22.50 total in USD with my PayPal ATM card. I just don't consider that any major expense on my vacation and I am just not crazy about putting $1000 in a Capital One checking account to get one of their debit cards to save the $5 on my ATM use and I really don't know if their foreign currency translation rates are any better than PayPal's 1%. Also, PayPal did not charge me once for any ATM fees of the host bank. So I didn't have to call them and ask for refunds.

[cruisemom42]

Here's an excellent article that explains the pros and cons of most of the common ways of exchanging money:

 

http://www.travelandleisure.com/articles/reaping-the-ripest-rates

 

I travel internationally for business a fair amount, and I find that (like in the article) credit cards get you the best exchange rate IF you have one that doesn't tack on fees (e.g., right now I think Capital One is the only one you can get).

 

However, ATMs rate of exchange is only slightly less. And if you have some sort of account that gets around the ATM fees and conversion fees, so much the better. But even taking those fees into consideration, you are STILL getting a better deal in almost every case than exchanging money in the US before traveling or using one of the currency exchanges prevalent in tourist destinations. And by all means, do NOT use a hotel or ship to exchange money unless you are desperate. It's highway robbery.....

[-Lew-]

I checked for info on the PayPal debit card. The following is from the PayPal Debit Card User Agreement. It can be found here if you're interested.

 

 

As you can see, the following apply:

 

• A $1.00 charge for using an ATM anywhere...including the US.
   
   
  
• A 1% fee when using the card outside the US in an ATM or to make a purchase whether or not a currency conversion is required. This means if your in St. Maarten and make an ATM withdrawal of US dollars, you will be charged a 1% fee.
   
  I mention St. Maarten because I did use my CapitalOne ATM there to obtain $300 in February. CapitalOne did not charge me any fees at all and reimbursed the $3.00 the ATM owner charged.
   
   
  
• In addition, PayPal can tack on an additional 2.5% fee for currency conversion if they perform the conversion. This is something you have no control over.
  

 

Lew

[hubofhockey]

I used the paypal debit card everywhere on my med cruise and was never charged 2.5% conversion charge. One drug store asked if I wanted them to do conversion and I declined. All I know is that I have no interest in opening another checking account just to get an ATM card and the 1% & $1 worked well for DW and me. If it costs $20 to $25 every vacation, so be it. Carrying card right now with Zero balance and will transfer funds in this summer with the click of a mouse button.

[hubofhockey]

On PayPal ATM use in Venice last July 3.

 

Withdrew 250 euros (consistent with other four other witdrawals in Florence, Rome, Nice, and Athens).

 

Translation rate internet historic rate was 1.2536

I received rate of 1.2656

 

So, I received $313.40, with a cost of $3 for translation and $1 for ATM use. Would Capital One really have given that internet rate of 1.2536? If so, use of that card for purchases and withdrawals might have saved me $32 at most over the course of my vacation (say we spent $2500 on tours, hotels, restaurants, etc.). I am not going to walk away from $32. But even if Capital One is giving the perfect posted exchange rate dollar to euro that we see online, I'm not sure how much sense it makes to go through the hoops of opening a checking account there and getting another credit card.

[cruisemom42]

On PayPal ATM use in Venice last July 3.

 

Withdrew 250 euros (consistent with other four other witdrawals in Florence, Rome, Nice, and Athens).

 

Translation rate internet historic rate was 1.2536

I received rate of 1.2656

 

So, I received $313.40, with a cost of $3 for translation and $1 for ATM use. Would Capital One really have given that internet rate of 1.2536? If so, use of that card for purchases and withdrawals might have saved me $32 at most over the course of my vacation (say we spent $2500 on tours, hotels, restaurants, etc.). I am not going to walk away from $32. But even if Capital One is giving the perfect posted exchange rate dollar to euro that we see online, I'm not sure how much sense it makes to go through the hoops of opening a checking account there and getting another credit card.

 

In my experience, no, but it will be very close -- just as with your Paypal card. I have to submit my expenses for reimbursement and my assistant has to go back and figure out all the various rates of exchange for various points of time (I'm glad it's not my job to do this, it's a pain!) Almost any ATM will give you that rate. I don't think I've ever run across one that didn't. (It's not the account holder, e.g., Paypal or Capital One that determines what rate you get, it's the institution that owns the ATM you are withdrawing from....)

 

What varies are the amounts charged by the institution with which you have the account (which can be 1 to 3%, depending -- or 0% with Capital One), AND the amount charged to use the ATM (varies from $2 to $5 -- but will be reimbursed by Capital One).

 

As you say, for one single trip, hardly worth it unless you plan on making a lot of ATM withdrawals. But then again, a lot of people don't have a Paypal account either. Before I opened a Capital One account to use, I was paying a 2% "foreign conversion fee" and usually a $5 ATM fee on each transaction.

[-Lew-]

 

Would Capital One really have given that internet rate of 1.2536?

I believe so. In checking purchases in Italy last October, CapitalOne used exchange rates of 0.720183486 and 0.720139061 on October 8. The interbank rate for that date was 0.720773.

 

But even if Capital One is giving the perfect posted exchange rate dollar to euro that we see online, I'm not sure how much sense it makes to go through the hoops of opening a checking account there and getting another credit card.

Perhaps not for you. However, if someone...the OP...is using credit and debit cards that charge exorbitant fees, he should open an account at some institution that has a more favorable fee structure.

 

We're headed to France next month for 3½ weeks and want the lowest fee cards we can get. For those who don't travel outside the US often or for very short periods when they do, just about any card will do.

 

Lew

[hubofhockey]

Lew, I suppose that if I were staying an extended period of time rather than a couple of weeks, that opening a checking account at Capital One and getting the Capital One debit card would make a lot of sense. To save $30, maybe not so much. Hey, it all beats using many US bank debit cards or even worse, getting an excess of euros in the US and paying an 8% surcharge.

[skisteamboat]

One more option to consider. I use my Cap One Card for purchases and my Credit Union Card for ATM withdrawals. My Credit union (and most others I know) does not charge anything beyond the 1% conversion fee. They use the wholesale exchange rate.

 

Cheers

[browneyes7]

I hear too, banks are not the cheapest exchange rate....so where would it be, hotels? Cruise ship?

 

Ideas? In mexico our best exchange rate was the hotel we were staying in.

 

The ship we were on had terrible exchange rates! I'm going to use my debit card at the ATM this time and see what happens! :)