Jump to content

Exchange Rate $ to Euros Onboard


Empty Nest Traveler
 Share

Recommended Posts

Onboard two different O European cruises last year. Conversion rate typically ran about 90% of market. They only paid in paper, no coins.

 

Most credit cards hit you with a 4-5% fee and of course the exorbitant interest rates starting immediately for cash advances. One must do their own math to calculate which is better for them.

Link to comment
Share on other sites

Onboard two different O European cruises last year. Conversion rate typically ran about 90% of market. They only paid in paper, no coins.

 

Most credit cards hit you with a 4-5% fee and of course the exorbitant interest rates starting immediately for cash advances. One must do their own math to calculate which is better for them.

 

Use a ATM a credit card cash advance can be 24% If you can get euros on the ship for 90% less than ashore rate go for it.

Remember no one will take of convert coin back to $

Link to comment
Share on other sites

Use a ATM a credit card cash advance can be 24% If you can get euros on the ship for 90% less than ashore rate go for it.

Remember no one will take of convert coin back to $

 

Dan, believe the 90% of market rate is 10% favorable to the machine, Not to the person using the ATM. ATM and credit cards give you the million dollar rate and nobody beats that especially euros on any ship.

Link to comment
Share on other sites

We use our bank ATM card for cash withdrawals. Everbank (now TIAA) charges 1%, I think, but does NOT charge you the ATM fee. They rebate that to you on your statement. And the money comes from a bank account, so no cash advance usury is involved.

 

 

If I had to use a credit card to get cash, then I'd immediately pay the bill so as to avoid most of the interest charges. But I can't remember having needed to do so ...

 

 

 

Works for us.

 

 

Mura

Link to comment
Share on other sites

Generally in Europe, the best rate you can get is using your Debit/Cash card in an onshore bank based cash machine. I would suggest getting a small amount of Euros, enough to cover initial expenses, before you travel from the US, and then if you need more, use bank machines when ashore.

Link to comment
Share on other sites

Generally in Europe, the best rate you can get is using your Debit/Cash card in an onshore bank based cash machine. I would suggest getting a small amount of Euros, enough to cover initial expenses, before you travel from the US, and then if you need more, use bank machines when ashore.

 

OP, a bit of additional detail beyond joining the many posters saying your best choice will be using a Debit/Cash card.

 

A debit card can be used for both purchases and cash withdrawals; a cash card can only be used to withdraw money. Many people who use a debit card open a dedicated travel bank account containing a limited amount of money in the account. That way, if the debit card is ever lost, the thief can't draw out all the money in the main account. A cash card runs the risk of having a thief withdraw a whatever cash is in the account but cannot be used to make fraudulent purchases. (We've never lost our cash card so I have no personal knowledge of what comes next, but I'm guessing that a string of closely space withdrawals or an unexpectedly large withdrawal, would trigger an inquiry phone call from our bank.)

 

In Europe, you'll want to ask for the location of a bankomat rather than an ATM or even cash machine.

Edited by Pet Nit Noy
Link to comment
Share on other sites

To be clear, in Europe, me being in the UK, we normally get issued with Debit cards. I used the term Debit/Cash card as I wasn't sure what American banks issue for drawing cash from an ATM.

 

As I mentioned, if you go to a bank ATM, not one in a shop/ retail area which may incur additional charges, then you will be as safe as you can be with this type of card, either in the US or EU.

 

If you are unhappy to take your normal bank card, most EU banks use chip & pin, then get a cash card with a set amount of money on it, which you pre-pay before travelling and that sets the level of your exposure to fraud.

 

Frankly, no matter what card you use, if you follow the usual safeguards, eg never letting the card out of you sight when a transaction is ongoing, you will be as safe as you can using either type of card.

Link to comment
Share on other sites

Per xe.com today's rate is more like $.8735 to the euro. Without the 5% ....

 

 

Mura

 

Mura, have to be careful with the comparison. Have no clue what the 5% is, may be what Oceania asks you to pay for the exchange which would mean O makes 15% on every transaction.

 

Agree with what you posted however it is Euros to the dollar, not dollars to the Euro. In what you wrote, 1 euro is will buy $.8735 which is the same as I wrote that $1.145 USD will buy 1 Euro. In other words the USD is worth less than the Euro so with your USD a Euro costs more than a dollar.

 

In any case if I am correctly interpreting your 5%, exchanging dollars for Euros will cost you 10% more on the exchange rate compared to an ATM plus a 5% premium to exchange on the ship. A pretty significant cost to use the ship exchange vs. going to the closest ATM where in some places there is no fee to take out the money and in most cases perhaps 1%

,

Link to comment
Share on other sites

Dave, I was really responding to the comment that on the ship today the euro was worth $.81.

 

 

Xe.com does quote it both ways: euro to the dollar, dollar to the euro.

 

 

They show today's euro as worth $1.14476, close enough to $1.45 for me.

 

 

Agree with the 5% figure!

 

 

Mura

Link to comment
Share on other sites

We use our bank ATM card for cash withdrawals. Everbank (now TIAA) charges 1%, I think, but does NOT charge you the ATM fee. They rebate that to you on your statement. And the money comes from a bank account, so no cash advance usury is involved.

 

 

If I had to use a credit card to get cash, then I'd immediately pay the bill so as to avoid most of the interest charges. But I can't remember having needed to do so ...

 

 

 

Works for us.

 

 

Mura

 

I think the the second you do the cash advance on the CC you owe the 24%...BAM..BAM Dave Thanks for the correction on the 90% it was not clear to who's advantage to me. My ATM/( chase gives me bankers rate and no fee as it is drawn against a business accnt with the same bank

Link to comment
Share on other sites

I agree that once you take the cash advance the interest kicks in. It's 20 years or more since I did a cash advance, but I believe that is the case. On the very few occasions when I did a cash advance, I immediately -- I say immediately -- paid off the amount. It's easier these days with computers, which wasn't always the case. You won't eliminate all interest by acting quickly -- but you can reduce the damage.

 

 

Mura

Link to comment
Share on other sites

Buy €uro before you leave .

If you are using a credit card always select "pay in your home currency" not local. This means that your bank (or whoever you use for a credit card) will handle the exchange rate.

Selecting to pay in local currency means your home bank handles the currency conversion. This will closely track the "true" currency conversion rate, meaning it is normally far cheaper.

Save all receipts if you spend over a certain amount you can claim the tax( VAT) back.

Have a great trip

Link to comment
Share on other sites

Ben Murphy wrote: "If you are using a credit card always select "pay in your home currency" not local. This means that your bank (or whoever you use for a credit card) will handle the exchange rate. Selecting to pay in local currency means your home bank handles the currency conversion. This will closely track the "true" currency conversion rate, meaning it is normally far cheaper."

 

The information we've been given about "paying in your home currency" had led us to make the opposite choice. (We've been doing this for so many years, I can't recall the source of our information beyond saying it was someone in Europe the first time we were asked the question. ) By choosing to pay in your home currency, you pay for two currency conversions.

 

If, for example, you choose the US dollar option to pay for a restaurant meal, your charge slip will be presented showing $$$. However, the reality is quite different. The bank that handles the restaurant's charges is local and transacts all its business using the local currency. When money from the meal charge gets deposited into the restaurant's account, the $$$ get converted to Euro. That's conversion #1 for which there is a fee.

 

Eventually, a charge made in a foreign country will be reported to the bank that handles the diner's US credit card. That charge will be reported in foreign currency, but the US bank will convert it to $$$. And that's currency conversion #2. Unless the traveler is using a specific credit card that does not charge for money conversions, the traveler will have paid for an extra, unnecessary conversion.

 

Admittedly, the conversion rates between banks are better than the rates at an individual mom and pop store's conversion, but two conversion charges are worse than one.

Link to comment
Share on other sites

Buy €uro before you leave .

If you are using a credit card always select "pay in your home currency" not local. This means that your bank (or whoever you use for a credit card) will handle the exchange rate.

Selecting to pay in local currency means your home bank handles the currency conversion. This will closely track the "true" currency conversion rate, meaning it is normally far cheaper.

I think you are confused

 

 

We always use the currency in the Country we are visiting

Our CC will do the conversion to CAD at a better rate

 

NEVER let the cruise line bill you in your Currency

 

We get billed in USD on Oceania

Edited by LHT28
Link to comment
Share on other sites

I think you are confused

 

 

We always use the currency in the Country we are visiting

Our CC will do the conversion to CAD at a better rate

 

NEVER let the cruise line bill you in your Currency

 

We get billed in USD on Oceania

Thanks

 

 

 

You'd be forgiven for thinking there must sometimes be an advantage to paying in pounds (given you are presented with the option) but in almost all circumstances it will cost you more.

As a rule you should always opt to pay in local currency. The only time when it might be cheaper to pay in pounds is where your home bank charges a foreign transaction fee higher than the DCC charge.

But, said FairFX's Simon England, because DCC charges vary between every merchant it is almost impossible for consumers to keep track of what they are paying.

Pre-paid travel cards, where you can lock in a rate when you buy foreign money, are a good alternative. These can also be loaded with sterling, so again be sure to select local currency when making a payment or withdrawing cash.

The Post Office offers probably the best known pre-paid card but there are dozens on offer - including start-up bank Monzo's card that gives near perfect exchange rates.

Heavens knows!

I copied my link off Telegraph money

 

 

Link to comment
Share on other sites

Buy €uro before you leave .

If you are using a credit card always select "pay in your home currency" not local. This means that your bank (or whoever you use for a credit card) will handle the exchange rate.

Selecting to pay in local currency means your home bank handles the currency conversion. This will closely track the "true" currency conversion rate, meaning it is normally far cheaper.

Save all receipts if you spend over a certain amount you can claim the tax( VAT) back.

Have a great trip

 

Ben, My bank in the US automatically does that.... and gives best rate too. The best plan for me is to use the credit card as much as possible and cash as little as possible. Even Taxi in Europe take CC The problem is once you get a Euro or any other currency and spend it your going to get a lot of change back... Say "coins"

If you can not spend those" coins" in Europe then they become "fishing weights", meaning no one is going to convert them back for you and they become worthless to you. ( I have some 15 pounds( Weight) of Lira, Guilders, Australian, Fiji,Marks, Pounds, and Franc's in a bag some where

 

Any savings in conversion rate and fees is usually negated by the inability to convert this currency back.

 

Best plan is to only use the ATM on a daily baisis and dont plan in advance. Over planning will leave you stuck with a lot of money you can not use. Too, on what cash you can re-convert your going to have to pay a 2-10% re-conversion fee back to your home currency.

I plan, and have used in the recent years, with the wide spread of credit cards in Europe, is to do EVERYTHING on a cc. I only patronize places that accept it... from Taxi, tips, gas , toll,... Some will tell you they do not accept CC's but when you turn to walk away...BINGO.. they suddenly remember they do !!!

Another advantage is it takes some 25 to45 days for your foreign purchase to get converted into your currency. It can be like currency futures trading.. Charge an an August high for the euro..but in September maybe the currency exchange rate goes down in your favor... you saved maybe .5% !!!

 

Even local tours take CC. The benefit is twofold You purchase is insured if you cancel or the tour fails to perform( I did a charter in Argentina, for $$$$$ and the charter did not perform as promised..they refused a refund but my CC refunded the $$$$ without a problem)

Second, you earn hotel or air points !!! ( my rule is never spend $1 that you do not get $1.25 back in value.)

 

Work smarter...not harder.

 

Last May I spent a week in France, Paris, Lyon, Province, Brittany and got 60 euro cash... I lost 15 euros of that to coin. ATM's In France would only give you fixed amounts , the min being 60E at CDG . Thats the only reason I got the 60 !

 

Bottom line....cash of any sort, in the worlds economy is your enemy not you friend... airlines no longer accept cash, rental cars, many hotels. It is far far easier for a merchant , and safer too, for them to take CC payment.

Edited by Hawaiidan
Link to comment
Share on other sites

Please sign in to comment

You will be able to leave a comment after signing in



Sign In Now
 Share

  • Forum Jump
    • Categories
      • Welcome to Cruise Critic
      • New Cruisers
      • Cruise Lines “A – O”
      • Cruise Lines “P – Z”
      • River Cruising
      • ROLL CALLS
      • Digital Photography & Cruise Technology
      • Special Interest Cruising
      • Cruise Discussion Topics
      • UK Cruising
      • Australia & New Zealand Cruisers
      • Canadian Cruisers
      • North American Homeports
      • Ports of Call
      • Cruise Conversations
×
×
  • Create New...