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Is there any advantage to getting dollars in U.S. and exchanging on arrival instead of withdrawing euros from the bank upon arrival? My bank charges 3% exchange rate with their partner bank in Italy for withdrawals.

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When I went to Europe last year Capital One was offering debit/checking accounts with no fee for international use. Depending on what you plan to spend it may be worth opening an account with them.

 

 

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Getting from the ship to a bank is not always the easiest thing to do. In Europe the phrase "banker's hours" has a whole new meaning. You need a spreadsheet to keep track of when they are open. That said, I always take Euros with me.

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Is there any advantage to getting dollars in U.S. and exchanging on arrival instead of withdrawing euros from the bank upon arrival? My bank charges 3% exchange rate with their partner bank in Italy for withdrawals.

 

Not sure exactly what you are asking.

 

I'm going to assume you are flying from US to Europe.

Those Travelex kiosks you see in the airport charge huge fees along with the percentage of exchange rates. Then, if you get too many Euros and want to change back when you return, you must have your original receipt and they only exchange back paper,,, at huge fees again.

 

I just got back from Europe,,, best bet,,, ATM. That 3% is not much in the long run.

0% would be better with the right bank, but I use credit union, so,, there I am.

 

Guest Services on the ship will exchange for you but will ONLY do cash for cash. No getting foreign currency from Guest Services and charging to your on board account.

 

Don't forget to put an exchange rate app on your phone.

Use the app to figure out how much in Euro's you can withdraw without exceeding your daily limit in USD

 

Don't forget to increase you're allowable withdrawal amount per 24 hrs. Mine was at a max withdraw of $350. I had it bumped up.

 

Don't forget to notify your bank and credit card people that you are going to Europe,, Otherwise they may deny any transactions.

Edited by klfrodo
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Thank you. It's a U.S. to Italy trip. My question is "Is the exchange charge at a bank (not ATM) for cash $ to Euros the same as the exchange chsrge if you use the partner bank to withdraw euros from your u.s. bank. In my case, B of A. which is 3%?". Is that any clearer? Thank you for trying to help me.

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Thank you. It's a U.S. to Italy trip. My question is "Is the exchange charge at a bank (not ATM) for cash $ to Euros the same as the exchange chsrge if you use the partner bank to withdraw euros from your u.s. bank. In my case, B of A. which is 3%?". Is that any clearer? Thank you for trying to help me.

 

No. Usually the rate to get euros at your bank in the US can be anywhere from 5% to 12 or 13% above the bank to bank rate you get at an ATM in Europe. Don't fall for the "we don't charge any fees" claim...those locations usually have a horrible exchange rate instead.

 

Banks in Europe typically don't charge a fee, only your home bank does. Exceptions to this statement are possible, but not common.

 

I am writing this from Belgium. We will also be in France and Britain. We will get our euros and pounds from bank located ATMs, and our bank charges 3%.

 

This topic is discussed extensively on the European ports boards.

Edited by CruiserBruce
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Ok. I'll look there. Sounds like 3% is as good as it gets. Thank you.

 

No actually 0% is as good as it gets and should not be hard to find. On my last trip to Europe I carried 3 debit cards none of which charged me anything for overseas withdrawals. A small amount of work on anyone's part should turn up quality cards that are feeless. The same is true of CCs without exchange fees. They are available from multiple issuing banks with a variety of travel benefits attached.

As long as you use ATMs affiliated with banks you should get good rates. In airports you have to be careful which ATM you use. Spend a moment or 2 looking at the website of your arrival airport to determine ATM location.

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A tip a friend of mine gave me. He traveled extensively around the world to many countries a year. He worked in the entertainment industry. Sometimes he had to leave quickly. He always had a baggie with local currencies but if he needed more then pocket change he went to his local coin exchange. They had the best rate in town (as I came to find out) and had different denominations then standard banks.

 

Since I had booked private tours on our Med cruise I needed different amounts and large bills. I couldn't get those at BofA. It was easier having a 500 Euro bill then five 100 Euros. I could get coins as well. Since I am a planner I wanted to have my envelopes filled and ready to go for each location so all I had to do was pull out the daily envelope and hand it to our guide.

 

I realize many here use ATMs and say they are everywhere. I'm sure that is true. I, however, have no interest in stopping even for a moment to use an ATM rather then spending that time sipping a glass of wine or taking a few minutes extra looking at the Colosseum.

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  • 1 month later...
  • 2 months later...

Just got back from cruising out of Italy. My bank charged me 5% for withdrawing funds, I thought that was high. Also I was under the impression you could see the exchange rate on the ATM screen but you couldn't. So even though I had an ideal of what the exchange rate was I didn't know for sure till I got home. As soon as Trump was elected the dollar got stronger each day and I though about bringing extra Euro's home, but I didn't.

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Just got back from cruising out of Italy. My bank charged me 5% for withdrawing funds, I thought that was high. Also I was under the impression you could see the exchange rate on the ATM screen but you couldn't. So even though I had an ideal of what the exchange rate was I didn't know for sure till I got home. As soon as Trump was elected the dollar got stronger each day and I though about bringing extra Euro's home, but I didn't.

 

The Euro and the pound were pretty low in August when we were there. Yes, the Euro has slipped a little more since. But "experts" have been predicting the Euro at parity with the dollar for over a year now.

Edited by CruiserBruce
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  • 8 months later...

As for seeing the exchange rate, that depends. I travel a bit for work, and sometimes see the $ amount of what I am withdrawing. And sometimes it in on the receipt. But more common is no info on exchange rate. And anyway, the ATM has no way of knowing what your bank will exchange at. The ATM bank will process the transaction in the currency you withdraw, and YOUR bank will covert to $.

 

ATM is typically the best way to get cash. Cash for cash always has a hefty fee.

 

In most countries, there are ATMs ALL over the place. So it takes just a minute or two to withdraw funds.

 

I use the XE currency conversion app to covert back and forth, both when getting out money and even when purchasing, to make sure I am paying what I think (my mind only works in $ :) ).

 

Certain currencies, I keep any excess, as I am likely to use later. Euros is one of those. And a few times (like when the pound crashed after the Brexit vote), I will stock up if I even transit through. Others, I put the excess cash towards my hotel bill when I check out. Harder to do if you are not overnighting in the country. :)

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Just got back from cruising out of Italy. My bank charged me 5% for withdrawing funds, I thought that was high. Also I was under the impression you could see the exchange rate on the ATM screen but you couldn't. So even though I had an ideal of what the exchange rate was I didn't know for sure till I got home. As soon as Trump was elected the dollar got stronger each day and I though about bringing extra Euro's home, but I didn't.

 

 

 

You need a better ATM card. If you have an account at Schwab you should look at a Schwab card which charges zero and reimburses outside fees. I believe Fidelity does the same.

 

 

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