What's the best way to get Euro now days?

[fun_seeker]

Hi,

 

thanks for the tip, it is very helpful. Do you have any suggestions on how and where to locate such vendors?

 

Thanks

Yuan

It is a question of searching around to find one. We were able to get a deal through our stock brokerage account. You can also check around with some of the smaller banks that might offer it as a customer service, with Travelex, you might check with your travel agent, etc. It is a hassle to find a company that will work with you, but the search is worth the reward.

[neverenoughtime]

Does anyone use their American Express card for anything?

[skisteamboat]

Does anyone use their American Express card for anything?

 

I use it all the time at home and in the USA but never in Europe since they added all the fees. :D

 

Cheers

[whogo]

I use it [American Express Card] all the time at home and in the USA but never in Europe since they added all the fees. :D

 

Cheers

 

http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange Reports the foreign exchange markup for purchases as 2.7% for personal cards and 2.5% for corporate cards. These rates are in the acceptable range. It is not worth obtaining a new card with lower rates unless you are a frequent foreign traveler or a big spender. However, American Express cards are not as widely accepted as Mastercard and Visa. The above link will help you shop for an new card, if needed.

 

Note that the above rates are for foreign purchases, not ATM withdrawals with an American Express card. If ATM withdrawals are allowed, I assume they have massive fees.

[skisteamboat]

http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange Reports the foreign exchange markup for purchases as 2.7% for personal cards and 2.5% for corporate cards. These rates are in the acceptable range. It is not worth obtaining a new card with lower rates unless you are a frequent foreign traveler or a big spender. However, American Express cards are not as widely accepted as Mastercard and Visa. The above link will help you shop for an new card, if needed.

 

Note that the above rates are for foreign purchases, not ATM withdrawals with an American Express card. If ATM withdrawals are allowed, I assume they have massive fees.

 

My Capital One has minimum fees (1%) the last time I used it and my Credit Union does not charge any exchange fees for ATM withdrawals which is more than "Acceptable". ;)

 

Cheers

[CruisingGoddess]

Does anyone use their American Express card for anything?

 

From the guide books I've read, American Express is also not widely accepted in Europe. Visa and Mastercard are the way to go, apparently.

[fun_seeker]

From the guide books I've read, American Express is also not widely accepted in Europe. Visa and Mastercard are the way to go, apparently.

Our experience has been that when we asked about American Express, the European vendors who would accept it, would do so reluctantly. American vendors say that it is probably due to the fees AmEx charges those who accept their credit cards.

[tropical-lovers]

This may also be too late for you, but if you get a plain bank debit card, rather than a Visa check card, you wouldn't have to pay that 3%.

 

You do have to be cautious with this however. Our bank debit card is "blocked" for Spain and we cannot use it at all there!

[CintiPam]

You do have to be cautious with this however. Our bank debit card is "blocked" for Spain and we cannot use it at all there!

 

Why is that?

[tropical-lovers]

Why is that?

 

I really don't know but when I called to inform them of the trip they said we would be fine in Italy and France but that Spain was a blocked country. When I asked why, I honestly don't think they knew the reason either. It is a local credit union and not a major bank card so I am thinking that is why. I do have some euros and another credit card to bring as well, but I do prefer my debit card. (It limits my spending!! LOL)

[CintiPam]

I really don't know but when I called to inform them of the trip they said we would be fine in Italy and France but that Spain was a blocked country. When I asked why, I honestly don't think they knew the reason either. It is a local credit union and not a major bank card so I am thinking that is why. I do have some euros and another credit card to bring as well, but I do prefer my debit card. (It limits my spending!! LOL)

 

Thanks for your response. (I asked because if a particular European country was blocked, I would not have thought it would be modern Spain, but perhaps a less stable country.)

[legaleaglegreen]

We generally use our Capital One card in Europe because there is no foreign currency conversion charge (hate to give up the miles though). Only exception is auto rentals, where we use AMEX for the insurance benefits. Nonetheless, if you want to use AMEX the general rule is that the more expensive the hotel, restaurant or shop, the more likely they are to accept AMEX. For example, most 5 star hotels will happily take it; many modest hotels and B&Bs won't--many take only cash. Fancy restaurants more likely than family places. It also varies from country to country. Generally merchants prefer visa or mastercard because of lower fees, but if I were buying something expensive or having it shipped I would use AMEX to get the better customer protection. Make sure to advise your card issuer in advance of your travel dates and itinieries or you may be declined!

[ORV]

I recently talked to my bank concerning using the debit card overseas making sure it would work etc. and letting them know the dates we would be there.

 

The bank customer service rep recommended going into any bank that has the mastercard logo and getting a cash advance or withdrawal with the debit card. She said we would not be charged the exchange rate and would not be limited by the daily withdrawal amount. Has anyone done this as I never hear this mentioned in the forums?

[skisteamboat]

I recently talked to my bank concerning using the debit card overseas making sure it would work etc. and letting them know the dates we would be there.

 

The bank customer service rep recommended going into any bank that has the mastercard logo and getting a cash advance or withdrawal with the debit card. She said we would not be charged the exchange rate and would not be limited by the daily withdrawal amount. Has anyone done this as I never hear this mentioned in the forums?

 

Cash advances are usually the highest rates you will experience. If it is a true debit card and you draw from your balance, I believe all you will be charged is the exchange fee, a surcharge, a "foreign ATM", and all the others mentioned previously. :eek:

 

I think the bank rep was misinformed.

 

Cheers

[grandbanksguy]

Cash advances are usually the highest rates you will experience. If it is a true debit card and you draw from your balance, I believe all you will be charged is the exchange fee, a surcharge, a "foreign ATM", and all the others mentioned previously. :eek:

 

I think the bank rep was misinformed.

 

Cheers

 

We just returned from a Med Cruise. I accessed an ATM twice for Euros using a debit card. Look for Bankomat ATM's. They work in most languages including English. When I checked my bank statement online I found that the exchange rate that I was charged averaged 1.44. There were no exchange fees or surcharges.

[ORV]

Cash advances are usually the highest rates you will experience. If it is a true debit card and you draw from your balance, I believe all you will be charged is the exchange fee, a surcharge, a "foreign ATM", and all the others mentioned previously. :eek:

 

I think the bank rep was misinformed.

 

Cheers

 

 

I was told that if I use an ATM then yes, I would be charged a foreign ATM fee plus 1 % service fee. But if I go into the bank and get the money directly from the teller I would not be charged these fees. I'm not sure why there would be an ATM fee that you are alluded to when no ATM is used. Maybe you could explain that? Maybe if you didn't know it might be better to either say so or just not post. Cash advances with a credit card do carry a 3% transaction fee plus the conversion fees. The CS rep said the debit card has none of these.

 

What I'm looking for is someone that has had their bank tell them this and if they have tried it.

[whogo]

I recently talked to my bank concerning using the debit card overseas making sure it would work etc. and letting them know the dates we would be there.

 

The bank customer service rep recommended going into any bank that has the mastercard logo and getting a cash advance or withdrawal with the debit card. She said we would not be charged the exchange rate and would not be limited by the daily withdrawal amount. Has anyone done this as I never hear this mentioned in the forums?

If you are not charged the exchange rate, what are you charged? Do you mean that your bank will not mark up the exchange rate? I wish you would identify a bank that does not mark up the exchange rate and charges no other fees.

 

My bank, Wells Fargo, charges $3 for an over-the-counter debit card withdrawal. I assume that they also markup the exchange rate their normal amount, 3% for most customers. I do not know if a foreign bank would tack on a fee.

[ORV]

If you are not charged the exchange rate, what are you charged? Do you mean that your bank will not mark up the exchange rate? I wish you would identify a bank that does not mark up the exchange rate and charges no other fees.

 

My bank, Wells Fargo, charges $3 for an over-the-counter debit card withdrawal. I assume that they also markup the exchange rate their normal amount, 3% for most customers. I do not know if a foreign bank would tack on a fee.

 

Yes, that is what I meant, that the bank doesn't mark it up.

 

The bank is Bancorp South. The debit card is a MasterMoney card. I just called again and questioned what I would and would not be charged to make sure I got the same story twice. Here is what I was told.

 

If I go in the bank, go to a teller and use my debit card as a credit card and get a cash advance then my bank will not charge me any fees, Mastercard will not charge me any fees. She said the local bank in Barcelona, Rome etc might, they can not speak for them.

 

I was also told I was limited only by the balance in my account or $9,999 whichever one was lower.

[skisteamboat]

Yes, that is what I meant, that the bank doesn't mark it up.

 

If I go in the bank, go to a teller and use my debit card as a credit card and get a cash advance then my bank will not charge me any fees, Mastercard will not charge me any fees.

 

Sounds like a real good deal. If I could get a Cash Advance (not a withdrawal against my balance), which is apparently an interest free loan in this case, than I would get as much as I could, deposit it in a interest bearing account and keep the interest I earned.

 

Cheers

[ORV]

Sounds like a real good deal. If I could get a Cash Advance (not a withdrawal against my balance), which is apparently an interest free loan in this case, than I would get as much as I could, deposit it in a interest bearing account and keep the interest I earned.

 

Cheers

 

I'm sorry, we seem to be playing a semantics game and I'm sure it's my fault we're not communicating very well. It is definitely a withdrawal against my balance but you obtain the money just like a cash advance on a CC.

 

From my previous post

 

"I was also told I was limited only by the balance in my account or $9,999 whichever one was lower. "

 

Maybe that will clear it up for you.

[CruisingGoddess]

Yes, that is what I meant, that the bank doesn't mark it up.

 

The bank is Bancorp South. The debit card is a MasterMoney card. I just called again and questioned what I would and would not be charged to make sure I got the same story twice. Here is what I was told.

 

If I go in the bank, go to a teller and use my debit card as a credit card and get a cash advance then my bank will not charge me any fees, Mastercard will not charge me any fees. She said the local bank in Barcelona, Rome etc might, they can not speak for them.

 

I was also told I was limited only by the balance in my account or $9,999 whichever one was lower.

 

Even if what your bank is telling you is true, you are still at the mercy of whatever random bank you walk into in Europe. Even though ATM's have a withdrawl limit, I would still think it's better to use the ATM and be guaranteed to have no fees, a decent exchange rate, and be refunded any fees charged by the ATM/foreign bank...in other words, Schwab's high-yield checking account. :D Schwab's daily withdrawal limit is $2,000 so even if you hit the ATM's limit, you can always go to another bank's ATM.

 

By the way, I sumed up all the wonderful advice I learned from this and other threads about credit cards/ATM cards on my travel blog:

 

http://ladyrebecca.com/travel/europe/credit-cards-atm-cards-for-foreign-currency

[ORV]

"Even if what your bank is telling you is true, you are still at the mercy of whatever random bank you walk into in Europe"

 

That's a very good point and one I brought up with the CS rep. She replied.

"The foreign bank only gives you the amount of the local currency that you request, You're not changing US currency for Euros, you're making a withdrawal. The exchange rate will happen on the US side"

 

That is where my concern is though, much like when you request Euros through your local bank and their rate is 1.6 while the real exchange rate is 1.49 or whatever the daily rate is.

 

The European bank can still charge a fee. I'll report back what happened when I return in about a month or so.

 

I appreciate the comments, still would like to hear from someone that their bank recommended this to and how it worked out.

[cruisemom42]

"Even if what your bank is telling you is true, you are still at the mercy of whatever random bank you walk into in Europe"

 

That's a very good point and one I brought up with the CS rep. She replied.

"The foreign bank only gives you the amount of the local currency that you request, You're not changing US currency for Euros, you're making a withdrawal. The exchange rate will happen on the US side"

 

That is where my concern is though, much like when you request Euros through your local bank and their rate is 1.6 while the real exchange rate is 1.49 or whatever the daily rate is.

 

The European bank can still charge a fee. I'll report back what happened when I return in about a month or so.

 

I appreciate the comments, still would like to hear from someone that their bank recommended this to and how it worked out.

 

I think you're running into a dead end because none of us have experience with this. I haven't heard of it before and I read several travel sites frequently.

 

I hope it works out as you have been told and that you'll report on your experience after you return. It just sounds a little too good to be true.

[grandbanksguy]

"Even if what your bank is telling you is true, you are still at the mercy of whatever random bank you walk into in Europe"

 

That's a very good point and one I brought up with the CS rep. She replied.

"The foreign bank only gives you the amount of the local currency that you request, You're not changing US currency for Euros, you're making a withdrawal. The exchange rate will happen on the US side"

 

That is where my concern is though, much like when you request Euros through your local bank and their rate is 1.6 while the real exchange rate is 1.49 or whatever the daily rate is.

 

The European bank can still charge a fee. I'll report back what happened when I return in about a month or so.

 

I appreciate the comments, still would like to hear from someone that their bank recommended this to and how it worked out.

 

I have a TD bank Debit card that I used in Italy a few weeks back to get Euros. The amount that I was charged worked out to an exchange rate of 1.44. This was very close to the rate on the foreign currency exchange the days that I made the withdrawls. I was charged no other fees or mark-ups. You can't beat this. The withdrawls were made from a Bankomat ATM.

[whogo]

I know it used to be withdrawal from ATM machines from your destination country.

 

Now, besides a flat fee($2-5), all my banks charges 3% for ATM withdraws(this seems to be new) and any purchases. So is it better to get it at the airport Exchange counter now? Or purchase from your local bank?

 

 

Thanks.

I contacted your bank and received this e-mail response (hi-lighting is mine):

 

"For any withdrawals done outside the U.S., your account is charged 1% of total withdrawn from ATM or 1% of purchase using the PIN number.

 

"Non PIN transactions do not receive the cross border fee.

 

"The foreign ATM fee of $1.50 still applies and is separate from the cross border fee. This fee is charged anytime a non BancorpSouth ATM is used.

 

"If a cash advance is done at a foreign bank, there are no fees on our end. The other bank will charge a fee.

 

"These fees are the same for all of our account types, with the exception of a Performance Checking in which you receive up to 5 non BancorpSouth ATM refunds during a statement cycle, for a maximum of $3.50 each.

 

"I hope this is helpful to you."

 

Since you have no idea what fees a foreign bank would charge, I suggest using your ATM card in a foreign ATM. European ATM's do not charge fees. Your bank's $1.50 plus 1% is a very reasonable fee. You will want to investigate Performance Checking. Follow the usual advice about notifying your bank of your travel plans. Check other advice here: http://www.ricksteves.com/plan/tips/moneytip.htm