ATM Euros or USDs

[thespiritmovesme]

If I use an ATM on board Ocenaia during a TA, do I have the option of EUROS vs USD when cashing out? We have Spain & Portugal on our itinerary. 

[tropicalkerry2002]

no ATMs on Oceania, but lots in Spain and Portugal!

[Kate-AHF]

There is an USD ATM in the casino on Marina and Riviera.  Don't know about the small R ships.

[ToxM]

2 hours ago, Kate-AHF said:

There is an USD ATM in the casino on Marina and Riviera.  Don't know about the small R ships.

There is an ATM in the casino on R ships. I would be surprised if it carried Euros as they want the money spent in the casino LOL 

[thespiritmovesme]

Thanks. We'll pick up some euros along the way. Especially some change for public toilets.

[tropicalkerry2002]

I guess you all know how often I'm in the casino...thanks for straightening me out!

 

[Robjame]

2 hours ago, thespiritmovesme said:

Thanks. We'll pick up some euros along the way. Especially some change for public toilets.

You will do best for rate to do this at your own bank before you leave home. 
 

[LHT28]

2 hours ago, tropicalkerry2002 said:

I guess you all know how often I'm in the casino...thanks for straightening me out!

 

well  I thought there may be one  but  we do not use the ATM on ships  so do not pay attention either LOL

[cruisr]

Do not buy Euros at a bank in the US as the exchange rate is awful.  If your ATM  card is from a bank that waives foreign ATM fees (two of mine do) your best bet is a bank ATM in Europe.  These bank ATMS use the forex which is the official bank rate without surcharges added.

 

DO NOT USE a Travelex ATM at the airport.  These are not part of a bank but part of the exchange company Travelex which charges surcharges and fee which are “hidden” in the exchange rate.

 

I have traveled to Europe for business and pleasure prior to covid about 6 or 7 times a year and never got euros before leaving the US.  There are also ATM location websites so you can see where in the airports or towns they are located.

 

Check the back of your ATM card to see which networks they participate in such as Pulse,  Cirrus, etc.

 

If you purchase something in Europe NEVER have the purchase made in USD (many terminals will give you that option) Always chose the local currency to have the charge made in.  This way you avoid the Dynamic Currency conversion.

 

Also, the ATMs in casinos on ships usually charge a 3% fee for the pleasure of taking money out.

[Robjame]

1 hour ago, cruisr said:

Do not buy Euros at a bank in the US as the exchange rate is awful.

Currency  conversion involves transaction fee and exchange rate. When you use a card from a foreign bank you are subject to both. Forex is the rate banks trade at
 

My experience is mainly in France, but I have found the exchange rate at ATM (2.5%) to be more than  what banks in Canada charge - base rate plus 1- 2.5 %, depending on your relationship with the bank. Some banks (Chase) will waive the exchange rate for best customers.

Credit cards are typically 2.5%.

Transaction fees are waived at ATM if your bank belongs to PLUS, etc.

 

‘These bank ATMS use the forex which is the official bank rate without surcharges added.”

 

‘’I have never heard of an ATM that coverts currency at the forex rate always rate plus.

 

 

https://www.forbes.com/advisor/money-transfer/money-transfer-where-to-exchange-currency/

 

 

 

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Edited September 3, 2022 by Robjame

[navelgunner]

Over the years, I’ve found that withdrawing Euros from an ATM on the Cirrus or Plus networks has worked best for me.  My home bank (Bank of Montreal) does not charge me foreign transaction fees for this access.   Same for credit card purchases, so I tend to charge my purchases to avoid carrying large cash amounts.

If I have euro notes or coins when I return home, I don’t bother to re-convert to C$.  I just set them aside for the next trip.

[thespiritmovesme]

Yes, we will use no foreign exchange fee credit cards for most purchases but chump change comes in handy on pit stops. We will get some euros at the first ATM we happen upon & buy something that will get us change back. MY credit union uses PLUS & Cirrus network ATMs.

[LHT28]

1 hour ago, thespiritmovesme said:

Yes, we will use no foreign exchange fee credit cards for most purchases

Foreign transaction fees & foreign exchange fees  are two different animals

[Robjame]

15 hours ago, LHT28 said:

Foreign transaction fees & foreign exchange fees  are two different animals

Bingo!

people tend to be obsessed with the Foreign Transaction fee charged by one’s own bank or card when it is likely the least of the charges. 
1. The Foreign Transaction Fee is charged because you are in a foreign country, whether you withdraw US dollars or a foreign currency. (This is what your card or bank will waive)

2. The ATM owner adds a foreign currency charge because you are buying in a currency different than what you are withdrawing. (Typically 1%) No card covers this.

3. The forex spread is the amount added to the forex rate which is the interbank rate.  .8% is the lowest rate spread offered to big currency traders. Banks/ATM are up to 6% spread. No one gets zero.  One per cent would be fantastic. Cards and banks are typically 2.5%.

 

Your bank is the cheapest place to buy foreign currency but you do run the risk of theft and/or loss.

Convenience of using a card or ATM often out weighs cost.

[LHT28]

38 minutes ago, Robjame said:

Your bank is the cheapest place to buy foreign currency but you do run the risk of theft and/or loss.

Convenience of using a card or ATM often out weighs cost.

I use  the no FTF cc when travelling

 I buy some small amounts of local currency at the Currency exchange  at the local mall ..it was a bit cheaper than the bank

but in a pinch I would buy at the bank

I am not buying thousands 😉

 

[FlyerTalker]

48 minutes ago, Robjame said:

Bingo!

people tend to be obsessed with the Foreign Transaction fee charged by one’s own bank or card when it is likely the least of the charges. 
1. The Foreign Transaction Fee is charged because you are in a foreign country, whether you withdraw US dollars or a foreign currency. (This is what your card or bank will waive)

2. The ATM owner adds a foreign currency charge because you are buying in a currency different than what you are withdrawing. (Typically 1%) No card covers this.

3. The forex spread is the amount added to the forex rate which is the interbank rate.  .8% is the lowest rate spread offered to big currency traders. Banks/ATM are up to 6% spread. No one gets zero.  One per cent would be fantastic. Cards and banks are typically 2.5%.

 

Your bank is the cheapest place to buy foreign currency but you do run the risk of theft and/or loss.

Convenience of using a card or ATM often out weighs cost.

 

Perhaps that's the way it is in Canada, but not for me in the USA.

 

My bank does not charge a FTF  to using an ATM outside the country.

My bank does not charge me the "currency charge", which is a transaction fee levied by the ATM owner regardless of the currencies involved.  It is rebated back to my account, with the bank picking up that cost.

I get a 1% forex spread, regardless of the size of the transaction.  This is on both ATM and credit card transactions.

 

One thing to remember....currency exchanges are FAR more common to find in Canadian metro areas than they are in the USA.  Seemed like there was one on every other corner in Vancouver and Toronto.  Much much more retail forex in the Great White North.

 

 

 

 

[thespiritmovesme]

16 hours ago, LHT28 said:

Foreign transaction fees & foreign exchange fees  are two different animals

Yes, I know this.

19 minutes ago, LHT28 said:

I use  the no FTF cc when travelling

 I buy some small amounts of local currency at the Currency exchange  at the local mall ..it was a bit cheaper than the bank

but in a pinch I would buy at the bank

I am not buying thousands 😉

 

This....I just want some change for the public bathrooms!

[LHT28]

16 minutes ago, thespiritmovesme said:

Yes, I know this.

This....I just want some change for the public bathrooms!

You would be surprised that people do not know the difference

 Ask at  Reception to get some small Euro bills  then buy a coffee or souvenir ashore

[sunlover12]

43 minutes ago, FlyerTalker said:

 

Perhaps that's the way it is in Canada, but not for me in the USA.

 

My bank does not charge a FTF  to using an ATM outside the country.

My bank does not charge me the "currency charge", which is a transaction fee levied by the ATM owner regardless of the currencies involved.  It is rebated back to my account, with the bank picking up that cost.

I get a 1% forex spread, regardless of the size of the transaction.  This is on both ATM and credit card transactions.

 

One thing to remember....currency exchanges are FAR more common to find in Canadian metro areas than they are in the USA.  Seemed like there was one on every other corner in Vancouver and Toronto.  Much much more retail forex in the Great White North.

 

 

 

 

I agree with you.  My bank in the U.S. does not charge any transaction fees, currency charges, etc. when I use an ATM outside of the U.S.   Plus they give me a very good exchange rate.  It cannot be beat. 
 

Agree also about extremely limited currency exchange places here in the US.  The only places that I’ve seen them at are major airports. 

[thespiritmovesme]

My WC blues are solved. I dug around in my DH's change bowl & found enough euros from our 2019 cruise to tide me over for a bit. We only have 2 euro ports on our TA so I may not even need them.

[LHT28]

1 hour ago, thespiritmovesme said:

My WC blues are solved. I dug around in my DH's change bowl & found enough euros from our 2019 cruise to tide me over for a bit. We only have 2 euro ports on our TA so I may not even need them.

Most  places  even coffee shops will accept  a CC 

We found in Norway people use a CC even for ice cream cones  ..we did have cash though

Here  most places have a minimum spend to use a CC