Onboard Currency Conversion (machine-less)

[sixfoot]

I've seen several posts about the currency exchange machines onboard and their terrible rates plus fees. But my Princess ship (Pacific) does not have one of these machines and they do exchanges at the Purser's desk without a fee. My question is what the exchange rate is at the desk? Anyone have any experience with those rates?

 

Also, if ATMs are becoming the common practice for cash, anyway to tell the average ATM fee in Europe (Greece, Turkey, Italy)? My bank charges no fees for US ATMs, but the foreign ATM fee will need to be paid.

 

Thanks.

[cruisemom42]

I can't answer regarding the Princess exchange service.

 

Most foreign banks do not charge an ATM fee like banks in the US do. Any "fees" you encounter will likely be those imposed by your own bank. A typical large bank might charge a $5 per transaction fee and a 1% foreign conversion fee, for example.

 

Here's a link to a site that provides a comparison for a number of fairly common banks and credit unions:

 

http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

 

(Scroll down to the comparison chart)

[cruisin36]

I used a VISA debit card last year in Venice and was only charged $1 per transaction for dollars to euros at the current rate of exchange at that time. No fee from the Venice bank.

[sixfoot]

I used a VISA debit card last year in Venice and was only charged $1 per transaction for dollars to euros at the current rate of exchange at that time. No fee from the Venice bank.

Was this a pre-paid debit card or one tied to your bank account?

 

Thanks so far for the responses.

[janina]

Check with your own bank for their fees. The banks in Europe charge minimal fees. It still is the best way to get cash (atms) still less fees than traveler checks. Fees are really high on those. Not sure about that visa card mentioned above...hope they tell more.:)

[sixfoot]

Check with your own bank for their fees. The banks in Europe charge minimal fees. It still is the best way to get cash (atms) still less fees than traveler checks. Fees are really high on those. Not sure about that visa card mentioned above...hope they tell more.:)

I can get traveler's checks from my bank for free and Princess will cash them for free. So I'm really only concerned with the exchange rate that Princess will give.

[caribill]

I can get traveler's checks from my bank for free and Princess will cash them for free. So I'm really only concerned with the exchange rate that Princess will give.

 

Figure it will be (with fees) about at least 10% worse than an ATM will cost.

 

As someone on the Ruby Princess right now posted, the cost of an onboard Euro is about $1.50 while the cost at an on shore ATM is about $1.25.

[sixfoot]

Figure it will be (with fees) about at least 10% worse than an ATM will cost.

 

As someone on the Ruby Princess right now posted, the cost of an onboard Euro is about $1.50 while the cost at an on shore ATM is about $1.25.

Good info - thanks

[Zukini]

Forgive my ignorance, this will be my first time traveling where currency exchange is necessary....

 

What's the best option for converting leftover currency back into US Dollars?

[Toto2Kansas]

The few times we did a minor exchange onboard the Pacific, the rate was about the worse around. I agree, on the smaller ships, there is no exchange machine, it is all handled at the purser's desk. ;)

[caribill]

Forgive my ignorance, this will be my first time traveling where currency exchange is necessary....

 

What's the best option for converting leftover currency back into US Dollars?

 

Honestly, there is rarely a good option for this. At best, you will lose only about 10% of its value from when you purchased the currency.

 

If using a booth at an airport in the country of that currency, there may also be a service charge in addition to the 10% lost from selling the currency. (I once was offered about $16 for $25 worth of Euros after the service fee was included at such an airport exchange.)

 

About the worst thing is to convert at an airport that is not one in a country of that currency. They will first convert it to the local currency (there goes the first 10%) and then into the currency you want (there goes another 10%) and they may add on service fees. (Example: Euros to pounds to US $)

 

Options I have used:

a) Try to estimate how much local currency is needed and not get much more than that.

b) Save the leftover for another trip

c) Sell the leftover to a friend traveling to that country

d) (Not useful on a cruise that goes from port to port) Use the last of the currency to pay part of a hotel bill or the taxi ride to the airport.

[caribill]

The few times we did a minor exchange onboard the Pacific, the rate was about the worse around. I agree, on the smaller ships, there is no exchange machine, it is all handled at the purser's desk. ;)

 

In Tahiti once, I purchased the local currency at an airport ATM.

 

On the Tahitian Princess, the exchange price was significantly worse.

 

Then I realized at that the Purser's desk would buy back the local currency at about 10% less than they sold it for. Turned out that the buyback price on Princess was higher than what I had paid to buy the currency at an ATM. Made a profit on every bit of local ATM currency I sold to Princess.

[Zukini]

Honestly, there is rarely a good option for this. At best, you will lose only about 10% of its value from when you purchased the currency.

 

If using a booth at an airport in the country of that currency, there may also be a service charge in addition to the 10% lost from selling the currency. (I once was offered about $16 for $25 worth of Euros after the service fee was included at such an airport exchange.)

 

About the worst thing is to convert at an airport that is not one in a country of that currency. They will first convert it to the local currency (there goes the first 10%) and then into the currency you want (there goes another 10%) and they may add on service fees. (Example: Euros to pounds to US $)

 

Options I have used:

a) Try to estimate how much local currency is needed and not get much more than that.

b) Save the leftover for another trip

c) Sell the leftover to a friend traveling to that country

d) (Not useful on a cruise that goes from port to port) Use the last of the currency to pay part of a hotel bill or the taxi ride to the airport.

 

In Tahiti once, I purchased the local currency at an airport ATM.

 

On the Tahitian Princess, the exchange price was significantly worse.

 

Then I realized at that the Purser's desk would buy back the local currency at about 10% less than they sold it for. Turned out that the buyback price on Princess was higher than what I had paid to buy the currency at an ATM. Made a profit on every bit of local ATM currency I sold to Princess.

 

Thanks very much for the insight and advice, Caribill!

[Toto2Kansas]

In Tahiti once, I purchased the local currency at an airport ATM.

 

On the Tahitian Princess, the exchange price was significantly worse.

 

Then I realized at that the Purser's desk would buy back the local currency at about 10% less than they sold it for. Turned out that the buyback price on Princess was higher than what I had paid to buy the currency at an ATM. Made a profit on every bit of local ATM currency I sold to Princess.

 

That sounds about right Bill. We only get a small amount of local currency in Tahiti, so I just exchanged at the purser's desk, it was the worst of the worst exchange I had ever seen. I didn't try to sell any back though, nothing left. lol Might have to try that next year. ;)

[ActiveTraveler]

Does anyone ever keep pounds or euros as souveniers?

 

I did that with Canadian coins after my first trip to Niagara Falls.

[Ms. Alpha]

We sailed on the Royal in Europe in 2008 and there was a machine near the main desk. We never used it though, we changed some money at our bank at home and visited an ATM in Rome.

[Ms. Alpha]

I changed all paper money into local currency at our local bank when I got home. Kept the coins as souvenirs. Recently found a 5 Euro note in a bag that got missed, but I just gave it to a friend was going to Europe.

 

Recently came home with 260 Costa Rican Colonnes, but that is only about 50 cents!!.

[financialgrl]

Just got back from Europe and thought I'd gotten rid of all my foreign currencies but found about $70euro recently. I purchased it at ATMs when the euro to dollar ratio was $1.20ish which is good. So I figure I got two options - sometime when I pick up someone at the AP I can use one of those terrible exchange booths (and maybe by then if the euro has gotten stronger the hit won't be as bad) or take it with me on my next cruise - I'd guess you don't have to be heading to Europe for those machines to be on the ships - don't Europeans have to exchange their money over here if they sail on a ship beginning here? Either way - 70 euro not enough to worry about.