Euro questions

[Ethel5]

Bank of America wants $1.326 per Euro but the exchange rate showing is $1.286. I'm assuming the difference is a conversion rate. Since I want $1000 Euros they will waive the transaction fee. Now the questions are....will the rate be better using an ATM at the airport in Venice and will they take a debit card and are the ATMs there easy to use?

[cruisemom42]

Bank of America wants $1.326 per Euro but the exchange rate showing is $1.286. I'm assuming the difference is a conversion rate. Since I want $1000 Euros they will waive the transaction fee. Now the questions are....will the rate be better using an ATM at the airport in Venice yes, assuming the rate of exchange doesn't change, ATMs give you a better exchange rate than just about any other method of gaining euros and will they take a debit card yes; that is what they are designed to take and are the ATMs there easy to use? yes, almost all ATMs I've seen in Europe have an English option; look for either the American or British flag.

 

 

While I agree that I does make sense sometimes to have a few euro in advance of a trip, I almost always utilize ATMs for the bulk of my exchange. Here are a few other tips:

 

1) Alert your bank that you are traveling and use the opportunity to clarify what their withdrawal fees are.

 

2) Since there is usually a "per transaction" fee, you should try to minimize the number of transactions by taking out a larger number of euro at a time. Just realize that some machines have a limit as to how much you can debit at a time.

 

3) Have a 4-digit pin number and KNOW what the numbers are (not letters, as some keypads in Europe only have numbers OR the letters may be arranged differently).

 

4) Debit cards that have PLUS or CIRRUS on the back are part of the largest networks and will work in most ATMs.

[hylasgirl]

Bank of America wants $1.326 per Euro but the exchange rate showing is $1.286. I'm assuming the difference is a conversion rate. Since I want $1000 Euros they will waive the transaction fee. Now the questions are....will the rate be better using an ATM at the airport in Venice and will they take a debit card and are the ATMs there easy to use?

 

 

Mostly that rate you see is the wholesale rate. That is the rate you can get if you buy, say, a million euros. That is not the regular exchange you will get anywhere.

 

It is really hard to know what the best rate you will get at ATMs or anywhere else. Usually they are good, but some banks (most) will charge their ATM fee and also a foreign transaction fee.

 

We take a good share of euros with us. Mainly because it is worth a certain amount of money to NOT worry about getting money... for us. Everyone is different. We have gotten plenty of money throughout Europe from ATM machines and they are VERY easy to use. We have never had any problems. I wouldn't say we saved a great deal of money by waiting until we got to Europe and used the ATMs there.

[Ethel5]

Thank you both for the prompt replies. This is my first trip to Europe and I'm a bit overwhelmed! :)

[agabbymama]

When I first started travelling in 1986 to the present day, you are going to be charged fees and exchange rates. That is just the way it is. I don't even worry about it anymore. It is what is. If you are willing to go to Europe with the dollar in the toilet, then you have to know you are to paying through the wazoo to do it.

 

My first trip to England in 1986, the dollar was $1.87 to 1 pound. And I was charged anywhere from $1.50 to $4.50 to exchange travelers checks. I paid over $50 in fees. I had purchased the travelers checks free at my bank, so thought I had it made.

 

Then I went to getting cash of the countries I was going to. And again, charged a fee for the privilege of traveling to all the foreign countries.

 

Now after almost 30 years of travelling, I don't even worry about it. I watched the dollar for the year prior to my Med cruise in Oct '08. When I booked the cruise, the rate was $1.48 to 1 EUR. I held off until the rate was $1.38 and purchased some EUR from AMEX online. I didn't get the best rate, nor did I care. The convenience was worth the fee to me.

 

My friend exchanged her money in Rome and got a rate of $1.51 to 1 EUR plus $10.00 fee. Then I ran out of EUR in Corfu Greece, found a local bank and exchanged $500 at $1.26 per EUR with a $2.00 fee. So you just never know where you are going to get the best rate.

 

My debit card tied to my bank account stayed at home. I've never had my debit card hit here in the US, but I have had three of my credit cards hit and had to go through getting new cards, closing the old account and waiting to hear if they were going to waive those charges. I did open a Capital One credit card for my travelling in Europe and that is the card that went with me with only the % charged from Visa for foreign exchange.

 

If I can afford $6000 for a 3 week trip to Europe, I'm not going to worry about a $10 fee to exchange my currency. Just my opinion of course.

[Hambagahle]

You know the expression "when in Rome..." Well, when in Europe do as we do - use cash machines!

 

It is very helpful to have a few Euros in your wallet when you first arrive in Europe (that is, providing you are arriving in the Euro zone, if you aren't, then get the local currency in advance). When I say "a few" just enough to get you from the airport or cruise port to your hotel. When we go to the US we do the same thing - take $100 US with us, and then find a cash machine. The exchange rate is better, and there is no commission. There is sometimes a fee - we pay a 5fr per transaction fee to our bank - so get a couple of hundred at a time. Don't carry more cash than that though because should you loose your wallet or have it stolen you cannot replace the cash.

[cherylakers]

We have traveled extensively throughout Europe. US $$$ are taken in a lot of places. In fact in some places they prefer US $$$ to their own currency. We never take much US cash with us, usually around $300. Then we go to the ATM upon arrival while we are waiting for our bags to appear. We have never had trouble getting Euros or any other currency at an ATM. Although while in the Chec Republic my husband got some of their currency, brought it back to me and it was worth only about $5 US $$$. It's hard to figure out in some countries that say have 3500 of theirs to 1 of ours.

 

We have an account at a nationwide brokerage type firm that does not charge us any transaction fees. When the foreign ATM makes the charge they just credit the charge off. You can see that on our statement. So, basically we have a money market account with them and we withdraw all over Europe free of charge. I don't think I can say on these boards which company though, so check around. It's really worth it.

[nparmelee]

If you want to take some euros with you, then the rate offered is a good one. Using the ATMs you will likely have bank fees added so that if you do get a better rate, it may all even out in the wash. Its one of those things not worth over thinking, if you want to take euros with you, when the rate is where you want it, go for it. If you want to use ATMs, try not to think about every litle fee.

[iancal]

We always use the ATMS, however we usually arrive with 500E cash. We very seldom buy euros or any other foreign exchange from the bank becaue the their exchange rate is poor and thier charges are high. We are fortunate to have several retail foreign exchange stores nearby. Their rates are better and for us it is more convenient.

[sanjim]

We left home and got to Europe without any Euro. Went to the ATM after getting out bags at Barcelona Airport, had no problem . Took the max amount I could think it was 350 Euro. Did have to use ATM in Greece same thing another 350 euro. After cruise came back home without any Euro spent the last dollar at airport for a candy bar.

 

One good thing If you have a Capital One Debit Card, or money account you will save a lot of money in transaction fees they don't charge any transaction fee . All other debit cards charge from 1 to 5 percent check it out.

 

If you are going to Barcelona and for some reason the ATMs wont work there is a money exchange booth at the airport. You can get enough money for a cab till you find a ATM that will work.

[BigGuy25]

We're taking several car/driver excursions where the company asks for payment in cash (euros) at the end of the day. So, we need 1,500+ euros just for those days. I usually use debit and credit cards and have never needed that much cash before. I would think that kind of cash would be a problem to obtain from machines and should be obtained before we leave ... yes??? Also, is there a "Travelers Check" kind of instrument that is in "euros" that can be purchased in the States before we leave? If so, I could buy one for each day and not deal with all the cash!!

[cruisemom42]

We're taking several car/driver excursions where the company asks for payment in cash (euros) at the end of the day. So, we need 1,500+ euros just for those days. I usually use debit and credit cards and have never needed that much cash before. I would think that kind of cash would be a problem to obtain from machines and should be obtained before we leave ... yes??? Also, is there a "Travelers Check" kind of instrument that is in "euros" that can be purchased in the States before we leave? If so, I could buy one for each day and not deal with all the cash!!

 

Traveler's checks, even in euros, are not widely used and are not welcomed by most Europeans. You'll be better off getting cash at the best rate you can find before you go and just keeping it safe (e.g. in the safe or in a money belt).

 

Some private tour operators will, on request, do a credit card but you have to ask. They prefer cash and I've found they sometimes "neglect" to mention that they will also accept plastic.

[CatherineL]

BigGuy - you can buy travellers cheques in Euros. But you have to cash them somewhere - they're not the same as the US ones, where you can use them to pay in a restaurant or shop and receive change.

 

I like taking travellers cheques, as the bank always seems to stop my card, in case it has been stolen when I travel overseas - even when I tell them not to.

 

Try to find out where you will be able to cash them first though. I struggled to cash mine in Alicante, which is quite a big city - it didn't help that I couldn't speak a word of Spanish back then though.

[sanjim]

Bigguy25, I really don't think you would have a problem getting that much euro from ATMs. you just have to use several, and do you really need all that cash to carry around If you need 1500 euro the right after getting off the plane then I would get it at home. If you need 1500 euro over several days just get it from an ATM which are not hard to find, and really not a problem.

[chipmaster]

We're taking several car/driver excursions where the company asks for payment in cash (euros) at the end of the day. So, we need 1,500+ euros just for those days. I usually use debit and credit cards and have never needed that much cash before. I would think that kind of cash would be a problem to obtain from machines and should be obtained before we leave ... yes??? Also, is there a "Travelers Check" kind of instrument that is in "euros" that can be purchased in the States before we leave? If so, I could buy one for each day and not deal with all the cash!!

 

I had a similar challenge funding 4 private tours for 14 people. I know of few banks and NO ATMS that allow drawing out such large somes of money daily even if you are a billionaire for that matter. Allmost all cards/ATMs have 100-300 dollar/euro limits to prevent fraud and such.

 

Its also silly to try and carry 4-5 cards and max them in every port. You will be very busy in port and the last thing you really want to do is ask the driver to make stops at sevaral ATMs to extract another 500 or so Euros. Sure ATMs are everywhere, but time is generally a premium in every port, why waste it driving around looking and getting cash. Much smarter to just bring it and be set.

 

After much research I just swallowed it and exchanged what I thought was the total amount needed, carried the stash in a money belt and threw it in the safe on the ship. For ever port I carried just that ports payment.

 

Don't forget tips, meals, entrance fees, guide fees, souvenior, etc. Even with my best estimates I ended up hitting the ATM in 4 ports.

 

Enjoy your cruise and private tours!

[lilmiss]

Why to you want take so much money in cash ??? Better use ATMs or pay with credit cards...thats much safer....

[chipmaster]

Why to you want take so much money in cash ??? Better use ATMs or pay with credit cards...thats much safer....

 

 

Most private tour guides take cash, and the ones I selected were cash ONLY.

 

My daily limit for the two ATM cards I brought was in the couple hundred Euro range.

 

In the end traveling with ~7K wasn't that bad, I felt rich :D

[CintiPam]

Most private tour guides take cash, and the ones I selected were cash ONLY.

 

My daily limit for the two ATM cards I brought was in the couple hundred Euro range.

 

In the end traveling with ~7K wasn't that bad, I felt rich :D

 

You easily should be able to raise your daily ATM limits temporarily for a trip abroad. Just ask your bank during the same call you are informing them that you are travelling abroad. Also, your limits are per card, so if you and your spouse each bring your ATM cards, that's a pretty large daily limit.

[nparmelee]

The Europe banks also have a limit, so even if your daily limit is raised to $1000, you may still be limited to 150-200 euros per withdrawal by the ATM. This is when those pesky ATM fees can really build up.

[CintiPam]

The Europe banks also have a limit, so even if your daily limit is raised to $1000, you may still be limited to 150-200 euros per withdrawal by the ATM. This is when those pesky ATM fees can really build up.

 

Where have you come across an ATM in Europe with a limit of less than 250 Euros per withdrawal?

[whogo]

Mostly that rate you see is the wholesale rate. That is the rate you can get if you buy, say, a million euros. That is not the regular exchange you will get anywhere.

 

You will get the wholesale rate with a few credit cards and debit cards. Capital One credit cards are famous for offering the wholesale rate and no fees on foreign transactions.

 

It is really hard to know what the best rate you will get at ATMs or anywhere else. Usually they are good, but some banks (most) will charge their ATM fee and also a foreign transaction fee.

 

It is hard to know what rate you will get at ATM's because US bank staff are clueless about foreign exchange. Try to find the one person at your bank that understands and then try to get it writing. This website has the details on a number of credit card and debit card issuers. http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

 

US $$$ are taken in a lot of places. In fact in some places they prefer US $$$ to their own currency.

Merchants love the opportunity to make a killing by marking up the exchange rate as much as they can get away with, 25% maybe. Arthur Frommer blogged about it on February 3rd. http://*****.com/cmdw94

 

More good foreign currency information is here: http://www.ricksteves.com/plan/tips/moneytip.htm

[Screwbit]

Mostly that rate you see is the wholesale rate. That is the rate you can get if you buy, say, a million euros. That is not the regular exchange you will get anywhere.

 

It is really hard to know what the best rate you will get at ATMs or anywhere else. Usually they are good, but some banks (most) will charge their ATM fee and also a foreign transaction fee.

 

We take a good share of euros with us. Mainly because it is worth a certain amount of money to NOT worry about getting money... for us. Everyone is different. We have gotten plenty of money throughout Europe from ATM machines and they are VERY easy to use. We have never had any problems. I wouldn't say we saved a great deal of money by waiting until we got to Europe and used the ATMs there.

 

I was thinking about getting a million Euros to take with us in September. I just hope my bail-out money gets here by then !!! ;-O

[nparmelee]

Its been almost three years now, but we did find them, don't remember where anymore as that was not something I was trying to remember. If the ATM doesn't accept your first entry for how much to take out, you just have to keep trying lower numbers. Even at a 250 euro limit, if you need to pull out cash for a an apartment, hotel or excursion for more than that, you may need to do multiple withdrawals.