Buying Euros

[Aviendha]

I posted this on the Europe board without much success...

 

We're traveling to Europe this summer, so I've been researching the best exchange rates for Euros.

 

My bank's current rate is around 1.25 USD for 1 Euro. Not wonderful. They don't appear to charge any fees for this exchange service.

 

I have also looked into using XEtrade (www.xe.com) They currently offer a rate of 1.19 USD for 1 Euro, which is 6 cents less than my bank. They do not charge a commission or exchange fee for the service.

 

At this point, XEtrade is definitely the most economical. I was wondering if others have used XEtrade for buying Euros? Are they a reliable, reputable company? I'm a little apprehensive because I haven't heard too much about them even though their rates seem to be significantly lower.

 

We are waiting a bit longer to purchase Euros in hopes that the rates will get better. Over the past few weeks, they have improved slightly which is promising.

[sasset]

I get mine at the airport, on arrival, via the ATM. You will get the commercial (bank to bank) rate which is better than the exchange offices and your bank. If your bank charges you for using an ATM other than one of theirs you will get charged that fee.

 

Regards

[Guest]

Agree with Sasset, just got back from London and Paris. Use the ATM when you get to whatever country you are visiting. Also, purchasing them now or researching prices now is not going to help too much if your going in the summer. Best bet, just get them out of the ATM.

 

Don

[mromoff]

I also agree with the previous posters. In all of the airports that I have been in, in Eurpoe (Heathrow, Charles De Gaulle, Frankfurt, Zurich, and Amsterdam), you can easily find an ATM in the airport terminal. We usually find one on the way to the baggage carosel.

 

You will get the best exchange rate, and best of all, you only need to take out what you immediately need - so you aren't carrying a bunch of cash around.

 

Have a great trip.

 

Mindi

 

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[Moeve]

Keep your eyes open with the change in interest rates in the US the Euro is coming down - look out for it in the next couple of weeks. As to the commisions - well guess what those 6 cents are. You will get the better exchange rate (currently 1,19) using your credit card. In Europe however you will need a certain amount of cash. Check with your CC to see how much the fees are for drawing cash at a ATM in Europe. You will find lots of ATMs around Europe that accaept CC like Visa & Master but look out for the charges. Oh and I believe there is a 1.000 to 2.000 USD limit per day but then again you are definatly not going to want to walk around with all that cash - too many bloody pick pockets!!

[mattinla]

Use your credit and/or debit card to pay for as much as possible and try to keep cash (that you get from an ATM over there) to a minimum... that's always your best bet. When you purchase Euros from an exchange place you generally pay more in fees.. and then you have to sell the leftover back with even more fees. It's a racket.

 

And check your PIN codes. Many foreign ATMs only accept 4 digit PINS, and they can't start with a 0.

 

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[TinLemon]

My parents are in the middle of French wine country right now on a 12 person barge and they said they bought some Visa sponsored debit card where you prepay the amount you want on the card and then you can debit off the card as you go, or use it in any ATM for cold hard cash. They said it's like the new travelers check and is popular in europe. I won't know until next Thursday if it actually worked out well for them.

 

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[royalbluepea]

TinLemon,

 

I believe I saw AAA offering that Visa debit card. I'd be interesed in knowing how it worked out for your parents.

 

pea

[Jings]

I don't know if the situation in the US is the same as the UK where most credit card companies are now charging 2.75% on all foreign currency purchases and cash transactions. This is on top of the 1.5% cash advance fee, plus interest kicks in from the date of the purchase or cash advance.

My bank debit card is fee-free so that is what I always use in mainland Europe or Ireland.

[sasset]

Use an ATM card to get Euros, not your credit card that may also work in the ATM. You will get a cash advance fee in addition to the ATM fee. If you have time, you may want to check with your local credit unions. Many of them offer no fee ATM cards.

 

[This message was edited by sasset on 04-15-04 at 11:13 AM.]

[Aviendha]

Thanks for the responses.

 

I called my credit card company and was told they charge a 3% fee on all foreign purchases!!! So, I won't be using it too much.

 

I guess I'll use my debit card at the ATM.

Hopefully, I won't run into any problems.

[thenewkid]

You didn't mention where you were flying into, but when we arrived in Venice there was this little machine by the luggage carousels that exchanged dollars for euros. That's the best rate we found!!!

 

Enjoy your trip!!

 

Millie Med. Cruise

 

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[Aviendha]

Kid~

 

We ARE flying into Venice! Was it an ATM?

[thenewkid]

No, it was just a little machine that exchanged money. We put in dollar bills and it spit out Euros. That was last July. Don't know if it is still there. If it is, it was over by where you got your carts for the luggage. Good Luck!!

 

Millie Med. Cruise

 

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