From Where Do *You* Order Foreign Currency Online?

[ldubs]

On 9/9/2023 at 3:00 PM, Rick&Jeannie said:

For my upcoming cruise I have already ordered Euros from my local bank.  The point of my original question was for future need.  It sounds like I will just have to suck it up and keep doing what I'm doing (if I want currency pre-cruise.)

 

I know you were looking for a place to order them online.   I suspect that, other than what might be sponsored by one's bank, any online currency exchange is going to have high fees, or bad rates (or both).  

 

Next time in Europe, grab some Euros from an ATM. You will have them for the next trip. 

 

We recently exchanged USD's for 500 Euros for a visitor who recently stayed with us.   So, we will be set for a long time I think.    

[ontheweb]

7 hours ago, ldubs said:

 

The cards we have no longer have a vacation notification system either on-line or by phone.  They use whatever algorithm they use to identify card fraud.  So far it has been working pretty well.    

Same here, but I still like to call them.

[Philob]

10 hours ago, ldubs said:

Travelers Checks -- used to be good as gold!   No longer issues by Amex and I'm sure, other than us old folk, most won't even know what they are!  

Remember the TV commercials with Karl Moulden telling us to keep a few in your wallet cause you can replace them if you lose your wallet? Safer than cash. I wonder how much Amex $$ made off on the float of those checks.

 

 

 

 

Edited September 12, 2023 by Philob

[ldubs]

6 hours ago, ontheweb said:

Same here, but I still like to call them.

 

Huh, who do you call and what do they say.  Do they actually record and use your travel plans info?   My bank essentially says thanks but they don't need that info.  

 

[ldubs]

2 hours ago, Philob said:

Remember the TV commercials with Karl Moulden telling us to keep a few in your wallet cause you can replace them if you lose your wallet? Safer than cash. I wonder how much Amex $$ made off on the float of those checks.

 

 

Now that you mention it, I do recall that commercial.  I have bought them in the distant past.  Pretty soon, no one will likely remember what they were.   

[ontheweb]

2 hours ago, ldubs said:

 

Huh, who do you call and what do they say.  Do they actually record and use your travel plans info?   My bank essentially says thanks but they don't need that info.  

 

On one card, I call the 800 number that I use to pay them when I do not pay at my local bank. On the other that I generally do things online, I use their chat.

 

They thank me, though sometimes say it is not necessary. I do think it cannot hurt and is worth it for the little time and effort put in.

[wheezedr]

I really like to calculate the exchange rate of my travelers checks using my slide rule as I find it much quicker than my abacus.  Oh I’m sorry, I got lost in the wrong century.

[Rick&Jeannie]

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Edited September 12, 2023 by Rick&Jeannie

[mrgabriel]

When we lived in the States, I bought ￡ and € at our bank branch and never paid a fee. Maybe that's because we lived in a larger city where they always had foreign cash around? We dealt with SunTrust (now Trust). 

 

Here's another option - ask around to see if anyone you know has foreign cash in hand that they would like to sell you at the current exchange rate. If you just want a bit of money in your pocket, someone likely has a 20 or 50. Depending on where you go, they may not accept cash even in taxis so you'll need a credit card.  

 

[Rick&Jeannie]

17 minutes ago, mrgabriel said:

When we lived in the States, I bought ￡ and € at our bank branch and never paid a fee. Maybe that's because we lived in a larger city where they always had foreign cash around? We dealt with SunTrust (now Trust). 

 

Here's another option - ask around to see if anyone you know has foreign cash in hand that they would like to sell you at the current exchange rate. If you just want a bit of money in your pocket, someone likely has a 20 or 50. Depending on where you go, they may not accept cash even in taxis so you'll need a credit card.  

 

Well...we also deal with Truist, but we're in a fairly small town where they have to "order" the currency.  On my most recent order something went wrong when I tried to order both pounds and Euros.  The order for pounds was duplicated and I got no Euros.  The service rep had to make a phone call.  I got the distinct impression that she was NOT talking to a Truist person on the other end, just by the way she was identifying herself and other bits of conversation.  I think she was ordering from a currency exchange house.  The process of making the order also leads me to believe that they are dealing with a place "outside" of Truist.  While I cannot see the screen while they are setting it up, I've heard on more than one occasion that they "have to open other windows" and jump through some hoops.  Also...I can only order one type of currency per transaction, which forces the application of a second processing fee.  Hence the reason for my starting this thread...it has just left a bad taste in my mouth as far as all of the "seemingly" unnecessary extra fees.

 

OK...rant ends! 😄

[Mum2Mercury]

Coming in late, but I'm with the majority:  We don't bother with foreign currency.  Specific thoughts: 

 

- Admittedly, we spend very little in port.  We might buy a couple drinks or snacks -- we haven't had our American dollars turned down yet.

- We do save up small bills before a trip so we have the right amount for this or that.  It seems that vendors often "don't have change". 

- You never know how much you're going to need in port, so you run the risk of coming up short (and having to use American bills anyway) or having money left over, which is a pain.  

- Years ago we did order foreign bills -- mainly to excite our daughters, who were still young enough to be impressed with foreign bills -- and it was a hassle.  I had to leave school quickly and get down to some building to sign /pick them up.  We judged the experience "not worth it".  

Edited September 13, 2023 by Mum2Mercury

[cruisemom42]

1 hour ago, Mum2Mercury said:

we haven't had our American dollars turned down yet.

 

I suspect from your comment above and other parts of your post that you are only thinking of Caribbean cruises, but I'm pretty sure the OP mentioned euros and pounds.

 

I've yet to have a cafe in Paris or a fish & chips shop in London happily accept my American dollars...

 

 

[Ashland]

On 9/12/2023 at 10:00 AM, ldubs said:

 

Now that you mention it, I do recall that commercial.  I have bought them in the distant past.  Pretty soon, no one will likely remember what they were.   

I too used to purchase them and cash them onboard.

We also made a few land trips to Shanghai and would cash them at a bank once there.

[ontheweb]

9 hours ago, cruisemom42 said:

 

I suspect from your comment above and other parts of your post that you are only thinking of Caribbean cruises, but I'm pretty sure the OP mentioned euros and pounds.

 

I've yet to have a cafe in Paris or a fish & chips shop in London happily accept my American dollars...

 

 

We had trouble spending Euros in Amsterdam. Trying to get them to accept dollars would have been a joke.

[Hlitner]

I find the thread almost laughable.  The OP first asks about getting currency and a few well-traveled folks (including moi) simply explained that these days, most simply use ATMs.  The OP rejects this idea and still wants to have foreign currency in-hand when they leave their home country.  But then they later post that they have had issues getting currency (at home) which I do not find at all surprising, hence our suggestion to simply use ATMs.  In the coming years, we predict that it will become increasingly difficult to get foreign currency, at home, and the cost to do so will increase.  Companies like Travelex make a very nice profit serving those "who insist on using the service" and they are not going away.

 

Times change and most folks learn how to adapt and change with the times.  When I started international travel we had travelers checks, tons of money changing places, most banks would change currency (for anyone), hotels would often change currency, etc.  Now, most banks have gotten out of the currency exchange business (except for their own customers), most of the changing places have disappeared (they still exist...but not as many), and the cost of obtaining currency has generally increased (you can sometimes lost 10% or more).   Another more common thing are machines (found in many countries) that will exchange various currencies, but often at lousy rates.  

 

Folks need to understand that there are two components to changing currency. The commission (if any) and the actual rate of exchange.  Some places will charge zero commission but give an awful exchange rate.  Major credit cards, that do not have foreign exchange fees, will only get about a 1% profit on internal exchanges (such as when you use a credit card in a foreign country.  Using an ATM/Debit card costs about the same (1% off the wholesale rate of exchange) plus any fees charged by the ATM owner and your own bank.  There are plenty of credit cards and ATM/Debit cards that have zero foreign exchange fees, but most folks do not have a clue about their own cards.  One popular (and free) credit card with no foreign exchange fee is the CapitalOne Master Card (unless this has recently changed).  Higher end cards like Chase Sapphire Reserve/Preferred and AMEX Platinum (and some Gold) do not charge any extra fees.

 

As to banks, the large commercial banks (i.e. Chase, Wells Fargo, etc) are often among the worst in terms of fees.  Credit Unions and smaller regional banks are usually among the best...with the lowest or no fees.

 

I will admit to sometimes be surprised at how things work in various countries, We were recently in Kyoto, Japan, and wanted to obtain a few hundred dollars' worth of Taiwanese currency.  We happened to walk by a large commercial bank that had a large exchange operation (separate from the regular tellers) that could handle almost any exchange...although they did get about a 3% "discount" off the current exchange rate.   That is the first time, in recent memory, that we have seen a large commercial bank provide such as service, but you had to be there (physically) to get the money.

 

Hank

 

 

 

 

[Rick&Jeannie]

As the OP...I appreciate your opinion. 

[ldubs]

8 hours ago, Hlitner said:

 

I will admit to sometimes be surprised at how things work in various countries, We were recently in Kyoto, Japan, and wanted to obtain a few hundred dollars' worth of Taiwanese currency.  We happened to walk by a large commercial bank that had a large exchange operation (separate from the regular tellers) that could handle almost any exchange...although they did get about a 3% "discount" off the current exchange rate.   That is the first time, in recent memory, that we have seen a large commercial bank provide such as service, but you had to be there (physically) to get the money.

 

Hank

 

 

I remember banks having the foreign exchange counter separate and apart from the teller windows.  That is quite a few years ago -- almost too many to remember!  

 

I think the OP was originally interested in on-line resources.  Either way,  I usually have enough Euros left from previous trips to get me past the first taxi ride and then use the ATM.  

[whogo]

On 9/6/2023 at 6:12 PM, Rick&Jeannie said:

I know there are places to order online...but I'd like to hear from those that have done so and their experience

I last bought foreign currency at a local Wells Fargo branch, maybe fifteen years ago. Wells Fargo no longer offers foreign cash at branches, it is now online ordering only. Last I checked, Wells Fargo and Bank of America offered the best online prices, still way above ATM rates. They may have better rates for preferred customers.

 

Travelex and airport exchange bureaus have had horrendous rates, the unwary can pay 20% or more for currency than they need to. Again, this is old information. You'll have to shop around, Rick&Jeannie, for acceptable rates. You will be paying a premium for the foreign cash on the exchange rate plus a fee (probably) plus shipping. You can compare your cost to the interbank rate as posted at oanda.com . Heaven help you, if you have forgotten your high school math.

 

I won't mention it, since you asked me not to, but I have used nothing but ATM's for foreign cash for years.

[Rick&Jeannie]

Thanks everyone...I'm going to consider this topic as "closed" as far as I'm concerned.  I appreciate everyone's viewpoint...even those that bordered on ridicule as to what I wanted.  I will no longer be following this thread.