dollars to euros

[browneyes7]

I just recently opened a checking account at my credit union, and I plan to use it only for traveling. The plan is to use only that debit card to withdraw euros when I need them. (We always take some with us that we purchase at Wells Fargo, usually at a lousy exchange rate. But, we like having some when we get there.) I'll also have other credit cards with me, if I need them.

[browneyes7]

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.

 

My husband will be using his paypal debit card, and I will be using my credit union debit card. We'll see which one gives better rates and we'll use that one for the remainder of the trip!:)

[potomacgator]

Some posters mentioned fees at local (foreign) ATMs. I thought that there would not be fee at the ATM if you used an ATM owned by a bank rather than one owned by an ATM company. Is this correct?

[cruisemom42]

Some posters mentioned fees at local (foreign) ATMs. I thought that there would not be fee at the ATM if you used an ATM owned by a bank rather than one owned by an ATM company. Is this correct?

 

Your bank will charge an ATM fee. In most cases (in my experience), the lcoal bank is not the one imposing the fee.

[Scorpiorose]

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.....

 

 

Thanks so much, so ATM's is the best way. Do you think it is best to wait until we leave, given the dollar is dropping day by day, or exchanging it as I go here before leaving?

 

I'm afraid it will be down to nothing by the time I leave. Yike, the forcast isn't good for it's holding over the summer.

[Scorpiorose]

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

 

 

My understanding is that, even if you bank doesn't charge a fee, there will be the forgeign fee on th international end will still be in place, so a fee no matter what, but maybe not one as high?

[hubofhockey]

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

 

Okay, this option makes sense for us as well. We will have the four of us this summer in the Med and next year just my wife and I on a bigger British Isles cruise and Paris. I went to look at the Capital One credit card and it also has cash back and gas benefits. Looks like a good credit card. The hassle of opening a second checking account just to save a few $s on the ATM card might not be worth it.

[Scorpiorose]

My head is spinning......yikes.....:o

[cole]

O.K. - here is a dumb question! Having never used a debit card, if you have a Capitol One credit card - does it work the same way that a debit card does? Do you still have to have a pin number? I guess whatever amount you withdraw just shows up as a purchase when you get your next monthly bill? Can someone please explain it to a novice as to how this works. Thanks a million in advance for your help and understanding.

B. Cole

[skisteamboat]

O.K. - here is a dumb question! Having never used a debit card, if you have a Capitol One credit card - does it work the same way that a debit card does? Do you still have to have a pin number? I guess whatever amount you withdraw just shows up as a purchase when you get your next monthly bill? Can someone please explain it to a novice as to how this works. Thanks a million in advance for your help and understanding.

B. Cole

 

I have a Cap One Credit Card. It works fine even though it does not have a chip. It is not a debit card and I do not use for ATM withdrawals since that becomes a cash advance at a higher interest rate. I use my Credit Union ATM card for cash withdrawals. In that regard it is a Pseudo debit card as the cash from the ATM is immediately deducted from my account in the Credit Union. I use the Cap One to charge whatever, meals, gifts, train tickets just like a credit card in the States.

 

Cheers

[cruisemom42]

O.K. - here is a dumb question! Having never used a debit card, if you have a Capitol One credit card - does it work the same way that a debit card does? Do you still have to have a pin number? I guess whatever amount you withdraw just shows up as a purchase when you get your next monthly bill? Can someone please explain it to a novice as to how this works. Thanks a million in advance for your help and understanding.

B. Cole

 

Capital One offers both a credit card, and a savings account with a debit card. These are not the same and should NOT be used interchangeably.

 

Using a credit card to withdraw money from an ATM machine results in high interest rates being charged from the moment you take the money. It is considered a cash advance. (I suggest you read the terms of your credit card regarding what % they charge for a cash advance; often it's over 20%.

 

In a case of real emergency where you have no choice but to use a credit card to withdraw cash, you will need to have a pin number, just as if you were using a debit card. If you think you might do this, you should make sure you set it up with your bank before you leave. Most banks won't allow you to get a pin via a phone call. You can call and request one but they will mail it to you, so don't wait til the last minute to get this taken care of.

[cole]

Thanks for explaining! Sounds like the credit card should be used only for purchases (since it is not a debit card) because they do not charge for foreign transaction and then use a debit card from the bank where you happen to have your checking account for withdrawing Euros. I am just trying to get this right since we usually have exchanged at our local bank and the rate is terrible!

B. Cole

[Keith1010]

Thanks for explaining! Sounds like the credit card should be used only for purchases (since it is not a debit card) because they do not charge for foreign transaction and then use a debit card from the bank where you happen to have your checking account for withdrawing Euros. I am just trying to get this right since we usually have exchanged at our local bank and the rate is terrible!

B. Cole

 

Capital One credit card should be used for purchases only. There is no international transaction fee.

 

If you use a credit card to obtain cash you will be charged a substantial charge since essentially this is a cash advance.

 

Keith

[skisteamboat]

Thanks for explaining! Sounds like the credit card should be used only for purchases (since it is not a debit card) because they do not charge for foreign transaction and then use a debit card from the bank where you happen to have your checking account for withdrawing Euros. I am just trying to get this right since we usually have exchanged at our local bank and the rate is terrible!

B. Cole

 

You got it. Different banks have different names for ATM cards. I can get either a Debit Card or an ATM Card from my credit union. The Debit Card can be used for both cash withdrawals from an ATM as well as purchases, while an ATM Card can ONLY be used for ATM Cash withdrawals. I prefer a pure ATM Card.

 

Check with your bank for what they offer and if you get a Cap One Credit Card for Purchases and a pure ATM card for cash withdrawals, you will be set.

 

Cheers

[cappy09]

When at an ATM to get money do you ask for an amount in Euros or in US $. My instinct tells me that it would be in Euros but just need someone to verify that. Thanks I have read that the maximum amount to get in the ATM's is 250 euros at a time. Correct me if I am misinformed

[floridafolks]

Capital One offers both a credit card, and a savings account with a debit card. These are not the same and should NOT be used interchangeably.

 

Please clarify- I am now reading that international ATMs will not withdraw from a savings account debit card, only a checking account. Is this true??? I have a Capital One Money Market with card that I had planned to use and now I am not sure if a Money market is considered checking or savings. If it is considered savings, does that mean my card will not work overseas? Help--I leave in a week-thanks

[-Lew-]

 

When at an ATM to get money do you ask for an amount in Euros or in US $. My instinct tells me that it would be in Euros but just need someone to verify that.

That could very well depend on what country you're in. I've seen ATMs in London that will dispense £s or €s. Just be deliberate when you're making a withdrawal.

 

 

I have read that the maximum amount to get in the ATM's is 250 euros at a time. Correct me if I am misinformed

I believe the maximum amount an ATM will dispense is set by the ATM owner. I can withdraw up to $600 per day with my CapitalOne debit card, but I may have to visit more than one ATM to get the much in Euros.

 

 

Please clarify- I am now reading that international ATMs will not withdraw from a savings account debit card, only a checking account. Is this true??? I have a Capital One Money Market with card that I had planned to use and now I am not sure if a Money market is considered checking or savings.

Although I have a CapitalOne savings account, my debit card is attached to my CapitalOne checking account. I've not had a problem using it in Europe to obtain Euros.

 

I suggest you contact CapitalOne for the official word on using your card at ATMs in Europe.

 

Lew

[skisteamboat]

When at an ATM to get money do you ask for an amount in Euros or in US $. My instinct tells me that it would be in Euros but just need someone to verify that. Thanks I have read that the maximum amount to get in the ATM's is 250 euros at a time. Correct me if I am misinformed

 

Usually its in the local currency, eg, in the UK it will be in pounds and in Germany, in Euros.

 

Most ATM's have a withdrawal limit. OTOH, I needed to get a substantial sum from an ATM in Germany a few years ago. All of the ones I tried rejected my request for 500 Euros. After frustration set in, I asked my wife (a former banker) and she said "Dummy, get 250 from one and 250 from another one".

 

I marched back to the ATM, got 250 from the first one I saw, walked two blocks and got another 250. I have no clue how long I could keep that up until my account would be exhausted but it worked for me. :D

 

Cheers

[cruisemom42]

Capital One offers both a credit card, and a savings account with a debit card. These are not the same and should NOT be used interchangeably.

 

Please clarify- I am now reading that international ATMs will not withdraw from a savings account debit card, only a checking account. Is this true??? I have a Capital One Money Market with card that I had planned to use and now I am not sure if a Money market is considered checking or savings. If it is considered savings, does that mean my card will not work overseas? Help--I leave in a week-thanks

 

You need to check with Capital One directly. I would not want to give advice to someone on a matter such as this just in case your situation is different for some reason. I have not had a problem accessing my Cap One account.

[Keith1010]

Capital One offers both a credit card, and a savings account with a debit card. These are not the same and should NOT be used interchangeably.

 

Please clarify- I am now reading that international ATMs will not withdraw from a savings account debit card, only a checking account. Is this true??? I have a Capital One Money Market with card that I had planned to use and now I am not sure if a Money market is considered checking or savings. If it is considered savings, does that mean my card will not work overseas? Help--I leave in a week-thanks

 

Check with Capital One.

 

When we used our Capital One outside the USA just a couple of months ago it did give us the option of both checking and savings but we used checking so I can't confirm whether or not the savings would have worked,although it did give us the option.

 

We have the Capital One Money Market which it did take the money from. Again, confirm with Capital One and also practice using it in the USA.

 

Keith

[floridafolks]

 

Check with Capital One.

 

When we used our Capital One outside the USA just a couple of months ago it did give us the option of both checking and savings but we used checking so I can't confirm whether or not the savings would have worked,although it did give us the option.

 

We have the Capital One Money Market which it did take the money from. Again, confirm with Capital One and also practice using it in the USA.

 

Keith

 

I did check with Capital One before first posting and they said it would work, but they also said that a MMA is a savings and indeed when I had tried it in the US I could only get money when I hit savings and it would not give money when I hit checking.

There have been several posting on CC by folks who have "learned" the hard way that hitting "savings" did not work overseas, so I am still concerned.

When you use ATM in US for Cap One MMA do you hit savings or checking? I know you said you hit checking overseas but I wondered about the US.

[-Lew-]

 

I did check with Capital One before first posting and they said it would work...

It may not work!

 

This is from the Rick Steves site:

 

 

You can find the entire article here.

 

IMHO you should open a CapitalOne checking account and get a debit card attached to that account.

 

Lew

[Keith1010]

 

I did check with Capital One before first posting and they said it would work, but they also said that a MMA is a savings and indeed when I had tried it in the US I could only get money when I hit savings and it would not give money when I hit checking.

There have been several posting on CC by folks who have "learned" the hard way that hitting "savings" did not work overseas, so I am still concerned.

When you use ATM in US for Cap One MMA do you hit savings or checking? I know you said you hit checking overseas but I wondered about the US.

 

If you are worried, just open up a checking account.

 

It's easy to do. Then if you haven't done this already set this up so you can also access it on line where you can transfer money from savings to checking.

 

Keith

[-Lew-]

 

Then if you haven't done this already set this up so you can also access it on line where you can transfer money from savings to checking.

Good point! I have a link to the CapOne mobile site on my iPhone. Transferring cash between checking and savings couldn't be easier and it's instantaneous.

 

Lew