When to buy Euros?

[ChrisM444]

I will be cruising the Med this fall. When is the best time to buy Euros - before I go or after I get to Rome (flying in)? Should I buy them in the US a little at a time, as I save the money, or at the last minute or just wait until I get there?

 

Thanks, Chris

[tartegnin]

Hard to say what the exchange rate will do between now and then, so it's a bit of gamble either way. I have found, though, that it is usually a better deal to get the money out of a cash machine in Europe than trying to buy currency at a bank or exchange point. The bank rate is usually better at the ATM. Of course, this could vary depending on your bank, and also some banks charge when you use another bank's machine. Depending how much you are planning to exchange, I'd do the research in advance. If it's not a lot, then I wouldn't worry too much how you do it. Another point, though, if you plan to use your credit card abroad: check the exchange policy with your issuing bank - some banks charge a pretty hefty fee for converting foreign charges into US dollars.

[ChrisM444]

Thank you. I knew about the changing exchange rates; but, I had no idea about all the rest. I guess I'd better start finding out where I stand on exchanging and credit card issues. Thanks again.

[redskin80]

We did the Med last summer. Do not waste your time purchasing Euro in the States or from the Ship. Take a card that you can draw directly from your Checking and or savings from. The cost will actually be less than what the rate you are charged for exchange. The ship was a little bit better but they still charged a fee as does American Express. We found it very easy to use our card and the ATMS are everwhere. Also keep in mind that a lot of shops will actually give you a discount when you pay in Cash (Which means Euros) Good luck and make sure that your credit card is excepted world wide like Cirrus. Enjoy the cruise we Sure DID:)

[lougee1043]

exactly -- get cash in the fgn currency of your choice using an atm machine to get your own cash from atm -do not take cash from your visa or mastercard acct---- here is a site where you can print out currency rates ---i always print out the sheet as well as the reverse sheet so i have a guide when purchasing something that costs x euros or other fgn currency-- a quick look at the sheet tells me if thats what i want to spend in us dollars http://www.oanda.com/convert/cheatsheet

[chasetf]

... for us was going the ATM route. I belong to a credit union, so was withdrawing directly from my checking account. Fortunately I checked via the internet to see what rate I got on my first couple of withdrawls. My assumption was the withdrawls came from my saving, but I discovered it was my checking. So I transfered money to checking to cover me for the rest of the trip.

 

I got the daily rate and a small charge ($2-3) fee was added. I significantly beat the money changer rates. Plus it was very convenient...:D

 

This way I avoided using the credit card and just paid cash for meals and our few purchases (we are not big shoppers).

[ChrisM444]

OK, then my best bet would be to take my debit card, put my vacation $$ in my checking account and stick with ATM machines. Should I take a few small demonination EUROs for use at the airport and initial help at the hotel upon arrival and find an ATM machine as soon as I can? Do ATM machines charge different fees depending upon where they are located?

Thank you reskin, lougee1043 and chasetf for these important tips.

 

Chris

[jgnova]

ATM question: Did the ATMs take the US ATM card with a 4 number PIN ok? Wauchovia said that so long as it says "Interlink" on the machine, it'll take the card ok. Did any of you see that symbol/word on ATMs? The card also says PLUS and NYCE, if that helps.

 

Anybody know what the ATM fee was? I know there's also a non-my-own-bank fee and a fee for converting from $$ to Euros.

 

Any thoughts on finding an Am Ex office to get a cash advance? Is it needed or will the ATM work better?

 

We'll be in Germany (arriving and spending 3 nights in Munich, Passau, departing from airport -- no time in Frankfurt), Austria (Salzburg for 2 nights, Vienna), Hungary (Budapest), and Slovakia (Bratislava) -- a few other cities/towns.

 

Thanks for your help.

 

S

[OBX Cruisers]

Advice I learned the hard way:(

• Be sure to let your credit card company know in advance that you'll be out of the country and where you'll be traveling. When traveling in Europe, I found a hold had been placed on my Visa by their fraud department.
  
• Check with your bank or credit union to see if they have a limit per day on cash advances. They may be willing to raise this.
  
• Be sure money is available in your checking account, not savings.
  
• It doesn't hurt to take along a few traveler's cheques as "insurance". We were in England several years ago when a hurricane caused flooding in New Jersey. The office that processes transfers for my credit union was closed for 24 hrs! We were lucky to be able to borrow for a day from friends and our card worked the next day. We didn't find out what had actually happened until we got back home.

[drwong]

Lowest exchange rates - ATM withdrawls from your checking account. If you withdraw from an overseas bank branch of your "home" bank, there are no additional fees. I use Citibank specifically for this purpose, and I always carry a directory of local branches and Citibank ATM machines in the foreign cities I'll be visiting (you can also get them via Citibank's website). Otherwise, your home bank and the host bank can charge up to $5 at each end of the transaction. If I recall correctly, withdrawing 300 Euros showed up as a $360 withdrawl on our statement.

 

Next lowest exchange rate - exchanging dollars for Euros at a US or European AmEx office (you can also pre-locate them via AmEx's website). For AmEx Platinum members, the exchange fee is waived. We exchanged $250 for just over 200 Euros.

 

Decent exchange rate but high exchange fees - Thos. Cook and other airport and streetcorner booths (or "Cambios") will exchange dollars for cash once you get to Europe. Their published exchange rates are decent, but they don't always warn you that they'll collect 5 Euros per transaction, which can rapidly diminish the number of Euros you were expecting in change. I exchanged a $20 bill for cab fare at the airport and only got 12E and some coins back.

 

Decent exchange rate but exhorbitant hidden fees - cash advances against your credit card. You can do this at any bank, large hotel, or foreign ATM, but be prepared to be hit you mandatory transaction fees, PLUS a high daily interest rate that's based on the credit card's annual rate (generally around 25% for cash advances). Unless you pay off the bill the minute you get home, you can expect to pay a month's worth of interest on the transaction in addition to the fees. We ended up paying over $400 for 300E.

 

Worst possible option - the AmEx stored value travelers cheque card. They charge you for the card itself, and deduct money from the card every month you don't use it!

 

Other options to consider - if you're a AAA member, some branches carry starter packs of Euros that will get you from the airport to your hotel or bank where you can obtain larger sums of walking around money. Some local banks can also obtain foreign currency for you if you give them enough advance notice.

[jgnova]

drwong:

THANK YOU for all the info/suggestions! I printed it all out so we can think about options. We had already called some of the card folks, but will make sure to call them all.

S

[ChrisM444]

Thank you all for the great information. You guys are fabulous. This thread has helped me understand and will be invaluable to me on my trip. Thanks again everyone.

Chris