US to Euro conversion

[seminole95]

I'm traveling next week and have never been abroad. Does anyone have advice as to where it is best to exchange dollars to euros?

 

Airport?

Hotels?

Does it matter?

 

Any advice would be greatly appreciated.

[greydog]

We followed Rick Steves strong advice and withdrew from bank ATMs on trip. Check with your card vendors beforehand to see which offers best rate on foreign withdrawals. That info may be on mice-type on statement or surely on their website. I also notified my card co that I would be in foreign locations for certain dates so their misuse detection system wouldn't interfere. Converting at hotels, ship will hit you with 4% or MORE fee. Last year, Ship pursar required cash (travelers check) to do conversion (with fee too) and would not do conversion charging against shipboard account. Good luck

[Denny01]

We use our charge cards where possible but sometimes cc not possible or cash gives lower cost, so for cash, we draw from ATM's.

 

Nice to have a few EU's on entry, so we got a FEW bucks (don't make a big transfer) at an airport tranfer location. Someone else may have a better idea of cash onhand when entering Europe. Getting EUs from the local bank turned out to be very expensive in comparison.

 

Denny

[whogo]

We followed Rick Steves strong advice and withdrew from bank ATMs on trip. Check with your card vendors beforehand to see which offers best rate on foreign withdrawals. That info may be on mice-type on statement or surely on their website. I also notified my card co that I would be in foreign locations for certain dates so their misuse detection system wouldn't interfere. Converting at hotels, ship will hit you with 4% or MORE fee. Last year, Ship pursar required cash (travelers check) to do conversion (with fee too) and would not do conversion charging against shipboard account. Good luck

The Rick Steves link is worth reading: http://www.ricksteves.com/plan/tips/moneytip.htm

 

4% is not the worst rate. I have been quoted a 13% markup by an airport exchange bureau and heard of a 16% markup.

 

Use credit cards for purchases and debit cards in ATM's for foreign currency. Comparison of cards:

http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

 

Here is my take on exchange rate options:

0% to 3% most credit cards for purchases (not cash from an ATM!)

0% to 3.5% most debit/ATM cards for international ATM’s + $0 to $5/transaction.

1% to 16.5% foreign exchange kiosks in foreign countries

5% for euros on the Legend of the Seas in December, 2007

5.5% Wells Fargo foreign currency or traveler’s checks + $8 delivery for most customers

8% Travelex online for foreign currency or traveler’s checks (6% for AAA members), credit card purchases treated as cash advance; there may be other fees.

8.3% UK post office dollars to pounds

 

A cash advance foreign currency withdrawal with my credit card would cost 3% of the amount of the cash advance but not less than $10, plus 3% currency conversion, with interest at 22% APR.

[seminole95]

Thank you. I will check out the links provided. My Celebrity American Express card does not have a conversion fee, which is good. However, if I take a cash advance they will charge 15.99% from the minute the cash is taken. Even if I pay the balance off when the statement comes, I will have finance charges.

 

Is American Express accepted in most stores and restaurants? I'm figuring taxis, trains and street vendors are strictly euro only, correct?

 

My bank charges 2% withdrawl and then 2% conversion fee (which you informed me was standard). It's terrible that in addition to the weak dollar that these extras just diminish the value of my money!!

 

I guess to put it in perspective...Cost of traveling through Italy for the first time, enjoying a Celebrity 10 day Med cruise, and seeing the Eiffel Tower at night....PRICELESS.

 

Seriously, thank you for your help.

[Dog Mommie]

Whogo, while I am familiar with the flyertalk info, your referral to it and excellent "take on exchange rate options" is the best post I've seen here on this subject...and to me, that's PRICELESS!

[Bowie MeMe]

Hi Seminole (would that be FSU:D?)

If you have never been to Europe you are indeed in for such a treat. For Euros get them at the ATM. the fact that you don't know what the prompts say well you get over it. It's a thrill to get "thank you for using VISA" even if VISA is the only word you recognize. My tip is to have at least two different debit cards -- just in case one gets lost or stuck in a machine etc. Do check with the bank to see the rates. Also get your daily rate raised to $1000 just in case. On my two (both platinum) one charges 3% foreign exchange the other charges NOTHING for using foreign ATMs. On the credit card side I also carry 2 and they both just charge the 2% Visa exchange rate/fee. You also want the merchant to charge you in the currency of the country-- cheaper usually for you and less open to extra charges or boosting the rate. READ THE RICK STEVES link. I think I see more VISA but then Master Charge has a different name but the same logo (red/yellow circles). My personal goal is to spend money in as many countries as possible -- just for the fun of it.

Have a wonderful safe trip.

[dkjretired]

I agree with the ATMs but whatever you decide to do make sure you contact the card carriers before you go and let them know where you are going to be. This may prevent unwanted time lost in ports as they do security checks while your making purchases.

[Jamielps]

We found the airports to be the worst place. We exchanged some at home before the trip at our banks and then while abroad we used atms. I still have many euros at home. I should exchange them here for some spending money.

[whogo]

Whogo, while I am familiar with the flyertalk info, your referral to it and excellent "take on exchange rate options" is the best post I've seen here on this subject...and to me, that's PRICELESS!

Thanks.

[seminole95]

Yes, it is for Florida State. I am a proud but frequently disappointed football fan alum. :o Thank you for the good advice and well-wishes.

 

I also agree with your philosophy of spending money in as many countries as possible for the fun of it:)

 

Take care,

 

Tina

 

 

 

 

Hi Seminole (would that be FSU:D?)

If you have never been to Europe you are indeed in for such a treat. For Euros get them at the ATM. the fact that you don't know what the prompts say well you get over it. It's a thrill to get "thank you for using VISA" even if VISA is the only word you recognize. My tip is to have at least two different debit cards -- just in case one gets lost or stuck in a machine etc. Do check with the bank to see the rates. Also get your daily rate raised to $1000 just in case. On my two (both platinum) one charges 3% foreign exchange the other charges NOTHING for using foreign ATMs. On the credit card side I also carry 2 and they both just charge the 2% Visa exchange rate/fee. You also want the merchant to charge you in the currency of the country-- cheaper usually for you and less open to extra charges or boosting the rate. READ THE RICK STEVES link. I think I see more VISA but then Master Charge has a different name but the same logo (red/yellow circles). My personal goal is to spend money in as many countries as possible -- just for the fun of it.

Have a wonderful safe trip.

[lisiamc]

We followed Rick Steves strong advice and withdrew from bank ATMs on trip. Check with your card vendors beforehand to see which offers best rate on foreign withdrawals. That info may be on mice-type on statement or surely on their website. I also notified my card co that I would be in foreign locations for certain dates so their misuse detection system wouldn't interfere. Converting at hotels, ship will hit you with 4% or MORE fee. Last year, Ship pursar required cash (travelers check) to do conversion (with fee too) and would not do conversion charging against shipboard account. Good luck

 

Great advice. and I absolutely love "mice-type"! :D I've never heard that expression before - hope you don't mind if I borrow it!

 

Lisa

[greydog]

Great advice. and I absolutely love "mice-type"! :D I've never heard that expression before - hope you don't mind if I borrow it!

 

Lisa

 

If you use phrase "mice-type" you'll be dealing in stolen goods (like me) :eek: since I heard it first from Clark Howard, Atlanta consumer radio program, who uses the term regularly regarding the legalese got-yas.;)

[Lsimon]

Usually a lot of discussion on this topic in the Europe port of call boards - like this one here: http://boards.cruisecritic.com/showthread.php?t=835216

[MMastell]

I'm traveling next week and have never been abroad. Does anyone have advice as to where it is best to exchange dollars to euros?

 

Airport?

Hotels?

Does it matter?

 

Any advice would be greatly appreciated.

 

Your ATM card is your best bet for obtaining currency worldwide. The days of the travelers check are numbered and are no longer accepted in many places. I do have one word of caution. Use a bank ATM when obtaining currency. This will eliminate added charges and the possibility of having your card information stolen.

 

Take care,

Mike

[Bobblsc]

Your ATM card is your best bet for obtaining currency worldwide. The days of the travelers check are numbered and are no longer accepted in many places. I do have one word of caution. Use a bank ATM when obtaining currency. This will eliminate added charges and the possibility of having your card information stolen.

 

Take care,

Mike

 

I have read, but hurriedly, all posts. I hope I do not unnecessarily repeat some advice.

 

Yes, use your ATM card for cash, but credit cards for hotels, meals, etc. My local bank charges $2.00 for each cash withdrawal, regardless of the amount. The exchange rate appears to be very close to the rate quoted in The Wall Street Journal. There is a daily limit to the ATM withdrawal amount. I call my bank prior to leaving to make sure that limit is adequate. If not, they will adjust it.

 

A comment or two about airport withdrawals could be misinterpreted. I believe they are referring to cash exchange windows. All the European airports I have been through, about a dozen, have ATM's of banks where the exchange rate has appeared to be good.

 

As advised, telephone your ATM bank and credit card service desks to tell them you will be overseas. They seem to only want information that you will be in Europe, or the Orient, etc.

 

My Citi credit cards add a 3% fee for all foreign transactions. Most other cards do likewise. I think Capital One, and maybe a few others add only 2%. The information on a web sit provided above states that some cards have no fee. I can't disagree, but I would check such as the exchange rate carefully.

 

I think the following is new to this thread. Make copies of all your cards before you travel. Hopefully, you will not need to refer to the copies, but believe me, if something is stolen, you will be grateful that you have all those collect call phone numbers on the back of the cards. My wife's purse was stolen once, and it was a hassle to notify card issuers, but it would have been almost impossible without the phone numbers at hand.

 

An aside, you will have a great time, but some taxi drivers will cheat, or try to cheat you. This is more likely to happen in Eastern Europe than elsewhere. Metered cabs in Great Brittan and Northern Europe should be OK, but some other places may be a problem, usually minor, but sometimes major.

 

Bob :rolleyes: