currency exchange -dollars to euros

[silkman]

What have people found as the most efficient way and place to exchange dollars to Euros. Is it best to do it in U.S prior to leaving on cruise ..or do you not save much and it is just as efficirent to wait , and exchange currency in Europe?

 

Has anyone used travelex in U.S.? How did that work out? Anyone use their debit card with chip?

 

Anyone have trouble using a regular credit card in Europe?

 

Thanks

[Andee]

We use our debit card for as many purchases as possible (it seems to have the fewest fees), use our credit card when that isn't possible, and go to the ATM to get local currency for walking around money.

[LHT28]

We use our debit card for as many purchases as possible .

 

Can use use your Debit card overseas for POS purchases??

 

We cannot use our Canadian cards for POS only in the ATM's

It would be much better if we could use them for POS

 

Lyn

[Mura]

Our last European visit was August 2010 in Norway and there we had no problem with chipless credit cards. It may well be different elsewhere, however! Some advice is just to tell the clerk to keep on trying if a chipless card is rejected.

 

We always get cash from an ATM (using our debit card) upon arrival. For purchases we use two credit cards that don't charge currency exchange fees.

 

Haven't tried travelx yet ... and given our satisfaction with the debit/credit card use, we probably won't!

[dlb237]

What have people found as the most efficient way and place to exchange dollars to Euros. Is it best to do it in U.S prior to leaving on cruise ..or do you not save much and it is just as efficirent to wait , and exchange currency in Europe?

 

Has anyone used travelex in U.S.? How did that work out? Anyone use their debit card with chip?

 

Anyone have trouble using a regular credit card in Europe?

 

Thanks

 

It generally costs more to get euros in the US by comparison to using an ATM in Europe, but tell your bank when & where you'll be traveling first. The exchange rates from ATMs are better than you'll get from any currency exchange and bank ATMs usually have no fees for foreign ATM cards.

 

Regular US (no chip and pin) credit cards may not work in vending machines (e.g., for train tickets). Usually, if you hand the card to a person, it'll work.

 

Check whether your ATM or credit card charges additional fees for foreign transactions - MasterCard and Visa (includes Plus and Cirrus) generally take about 1% (can't be avoided, and American Express takes 2.7%). Anything else that the bank or credit card takes is pure profit for them (they try to hide it by marking up the exchange rate). Again, tell your bank when and where you'll be traveling beforehand.

 

--David

[meow!]

We use our debit card for as many purchases as possible (it seems to have the fewest fees), use our credit card when that isn't possible, and go to the ATM to get local currency for walking around money.

Good idea. When you are on a trip, time is of essence, and convenience too. For the exchange differences on the amount you spend (just for a taxi tour, for example), the convenience is more important. However, do have a few euros on you before you hit the road, you may just need it before you can reach an ATM.

 

By the way, while ATMs are easy in Europe, they often don't work in places like the Caribbean and in Mexico. You may have trouble in finding one that accepts your card.

[hapzfl]

The last time I used an ATM for cash in a foreign country the CC company (MasterCard) charged a "cash advance" fee which carried over into 2 months despite paying the full amount owed. It was a fee I was not able to avoid at all. And that is on top of any ATM fees, foreign transaction fee and whatever foreign exchange rate they apply. All in all not a good deal.

 

In my experience Amex has the best foreign exchange rate by far.

[LHT28]

The last time I used an ATM for cash in a foreign country the CC company (MasterCard) charged a "cash advance" fee which carried over into 2 months despite paying the full amount owed.

 

Yikes ..never use a CC to withdraw cash

You are charged interest from the moment you withdraw it until the whole balance is paid off.

 

 

We have a separate bank account with DEBIT card just to use when travelling I only keep enough in it for the trip ..just incase I may need more $$

 

Lyn

[Fam_Cruise]

Use FX fee free ATM/Debit card for getting foreign currency at ATM machines. (WARNING: Do not use Travelex machines which look very similar to ATMs... THEY ARE NOT ATMs and you will be charged FX fees. Stay away from anything with Travelex on it.)

 

Use FX fee free Visa for purchases.

 

See this web site/chart for more information: http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

 

FWIW, I have a Schwab ATM/Debit card which I use for cash that incurs absolutely no additional fees. Occasionally when using the Schwab Debit card at ATMs overseas, one will receive a notice that there is a fee to use this ATM, and while this fee might show up in your ATM transactions when you view your account, at the end of the month the fee is refunded back to your account. The first time this happens it catches one by surprise.

 

For CC I have a Schwab Visa (2% cash back) and Marriott Rewards Premier Visa, neither of which incur any FX fees. Word of warning, some hotels and retailers may want to charge you in dollars. DO NOT fall for their "Dynamic Currency Conversion" trick. They convert your charges to USD and add their own conversion fees. Always make sure transactions are in native currency. See this FT thread for a recent experience: http://www.flyertalk.com/forum/marriott-rewards/1232911-warning-dynamic-currency-conversion-courtyard-munich.html

[Paulchili]

The last time I used an ATM for cash in a foreign country the CC company (MasterCard) charged a "cash advance" fee which carried over into 2 months despite paying the full amount owed. It was a fee I was not able to avoid at all. And that is on top of any ATM fees, foreign transaction fee and whatever foreign exchange rate they apply. All in all not a good deal.

 

In my experience Amex has the best foreign exchange rate by far.

 

One should use a CC for an ATM withdrawal in emergency only (for all of the above reasons).

For ATM withdrawals one should always use an ATM (debit) card.

If you have a Citi Gold account, you will not be charged ANY additional fees for the use of any ATM anywhere.

[Paulchili]

The last time I used an ATM for cash in a foreign country the CC company (MasterCard) charged a "cash advance" fee which carried over into 2 months despite paying the full amount owed. It was a fee I was not able to avoid at all. And that is on top of any ATM fees, foreign transaction fee and whatever foreign exchange rate they apply. All in all not a good deal.

 

In my experience Amex has the best foreign exchange rate by far.

 

As posted by others above, one should use a CC for an ATM withdrawal in emergency only (for all of the above reasons).

For ATM withdrawals one should always use an ATM (debit) card.

If you have a Citi Gold account, you will not be charged ANY additional fees for the use of any ATM anywhere.

[CintiPam]

As posted by others above, one should use a CC for an ATM withdrawal in emergency only (for all of the above reasons).

For ATM withdrawals one should always use an ATM (debit) card.

If you have a Citi Gold account, you will not be charged ANY additional fees for the use of any ATM anywhere.

 

1. It is a waste of money to exchange currency anywhere, whether in the US or abroad. Far cheaper to use the ATM's, which are everywhere, including the airport where you first land in Europe. Check with your bank where you have your ATM card; you should not have to pay any usage fees at all while traveling abroad if you have some decent level of funds with them.

 

2. Although the U.S. still is resisting the "chip and pin" so common now in Europe (I studied this issue when I was a bank attorney more than a dozen years ago now!), the only problem we have encountered in Europe is when using a machine for a credit card transaction, many of which now require a PIN number; if you are interacting with a real live person, he/she can have you sign a credit card slip instead. In fact, in Scandinavia, even the smallest transactions are easy with a credit card, including the taxis and even a small purchase at a local 7/11. That helped a lot because we were using five currencies during a trip of only a bit more than two weeks!

 

We use our no fee Capitol One MasterCard for all our credit card transactions in Europe.

[Paulchili]

2. Although the U.S. still is resisting the "chip and pin" so common now in Europe (I studied this issue when I was a bank attorney more than a dozen years ago now!),

 

I have a few "pet peeves" (are you surprised?) and this issue is one of them.

I simply cannot understand why US banks will not issue CCs with PINs (preferably with a chip). Most European countries now only use CCs with PINs and those are much more difficult to copy and are useless when lost/stolen. I have never had a stolen ATM card "abused" as it has a PIN; I certainly cannot say the same for a stolen CC.

Granted, I know you can assign a PIN to your CC (as you well know), but this is for cash withdrawal only. I wish a PIN would be required for all purchases.

Banks are obviously smart enough to prtect their CASH (be it from a credit or debit card withdrawal) as they all require PINs. CC companies are much more cavalier with their (read: our) money.

[rallydave]

I have a few "pet peeves" (are you surprised?) and this issue is one of them.

I simply cannot understand why US banks will not issue CCs with PINs (preferably with a chip). Most European countries now only use CCs with PINs and those are much more difficult to copy and are useless when lost/stolen. I have never had a stolen ATM card "abused" as it has a PIN; I certainly cannot say the same for a stolen CC.

Granted, I know you can assign a PIN to your CC (as you well know), but this is for cash withdrawal only. I wish a PIN would be required for all purchases.

Banks are obviously smart enough to prtect their CASH (be it from a credit or debit card withdrawal) as they all require PINs. CC companies are much more cavalier with their (read: our) money.

 

While at first glance, the CC with PIN and chip sounds great but, theives in Europe have already found how to defeat the PIN and chip while driving down the street and picking up signals from the chip and making their own clone cards with your data. Quite scary actually. Seems no matter what companies do to protect data nd credit cards, there will always be hackers who are just one step behind the latest security update.

[Paulchili]

While at first glance, the CC with PIN and chip sounds great but, theives in Europe have already found how to defeat the PIN and chip while driving down the street and picking up signals from the chip and making their own clone cards with your data. Quite scary actually. Seems no matter what companies do to protect data nd credit cards, there will always be hackers who are just one step behind the latest security update.

 

I am sure you are right - thieves are very clever indeed.

However, while I am not familiar with the PIN and CHIP cards, as far as I know, the PIN part of info is NOT on the card's magnetic strip (as you can readily change it as often as you wish without changing the card - it is kept on the bank's computer); thus this type of card cannot be copied as it does not contain that info on it. It is also useless to a thief without knowing the PIN.

As I said, I am not familiar with the CHIP component of the cards - I would gladly settle just for a card that requires the use of a PIN.

[JimandStan]

We just buy the amount of currency that we expect to use before we leave the United States and keep it in our cabin safe until needed.

 

The interest lost by withdrawing the funds a few days early is insignificant, and we do well enough on the exchange rate (versus what the ATMs' are charging) that the convenience of having the money in hand makes it a no-brainer.

 

I know that several others, whose opinion I respect, differ with my opinion on this, but when I am on vacation I am not going to take a bus or a train with my luggage, I am not going to chase down an operable ATM that likes my pin, and I am not going to fly in Coach when Business is available.

 

If I want that kind of stress, I'll stay in the office.

[CintiPam]

I have a few "pet peeves" (are you surprised?) and this issue is one of them.

I simply cannot understand why US banks will not issue CCs with PINs (preferably with a chip). Most European countries now only use CCs with PINs and those are much more difficult to copy and are useless when lost/stolen. I have never had a stolen ATM card "abused" as it has a PIN; I certainly cannot say the same for a stolen CC.

Granted, I know you can assign a PIN to your CC (as you well know), but this is for cash withdrawal only. I wish a PIN would be required for all purchases.

Banks are obviously smart enough to prtect their CASH (be it from a credit or debit card withdrawal) as they all require PINs. CC companies are much more cavalier with their (read: our) money.

 

As usual when discussing banks, the answer is money. U.S. banks apparently have decided that the cost of conversion to the chip and PIN system outweighs the cost of fraud under the current system.

[CintiPam]

I know that several others, whose opinion I respect, differ with my opinion on this, but when I am on vacation ... I am not going to chase down an operable ATM that likes my pin.....

 

If I want that kind of stress, I'll stay in the office.

 

European ATM's like my PIN just as much as American ATM's like my PIN!:D I prefer not to stand in any bank lines anywhere anytime.

 

I just realized that I have been visiting the CC boards everyday for almost a week now; I am concerned about restarting my addiction! Jim, helpppppp!

[bal42018]

Before leaving on a Baltic cruise last summer, I asked Capital One to add a PIN to our card. When we subsequently used the card, sometimes we were asked by merchants to enter our PIN, sometimes not. The card was always accepted.

 

What I found, at least in that part of Europe, was how little necessity there is for cash. I dutifully exchanged dollars for Kronor upon arrival in Stockholm, but got less and less cash after that. Virtually all stores, cafes and cabs accepted our credit card. We did use cash for tips, because there was no place to add a tip on the card receipts. One Euro was required at a public bathroom in Warnemunde, and you may need cash for street vendors of food and crafts, but Euros or dollars usually work. We often strayed from the beaten path, but never handled a Kroon, Lat, Zloty, Ruble or Danish Krone.

[chipmaster]

We used credit card for larger purchase and resturants ( make sure you have a card like CaptalOne that doesn't charge additional fees ).

 

For small amounts of cash ATM is the way to go, but plan and budget wisely as port time is busy and you don't want to have to find and ATM. Every airport I ever stopped in had ATMs galore so getting euros there is easy. I topped off my cash pile with stops but brought all my cash. I am one that tries to save a buck when it makes sense ( book inside cabins ) but when it came time for dollars to euros I got most of mine thousands and thousands in the USA. The fees were there, but time in port was so short I wasn't about to waste my time hunting for an ATM to save 5 bucks, YMMV.

 

What have people found as the most efficient way and place to exchange dollars to Euros. Is it best to do it in U.S prior to leaving on cruise ..or do you not save much and it is just as efficirent to wait , and exchange currency in Europe?

 

Has anyone used travelex in U.S.? How did that work out? Anyone use their debit card with chip?

 

Anyone have trouble using a regular credit card in Europe?

 

Thanks

[LHT28]

Here we have had the PIN & chip for over a year now .. longer for the PIN

We have not encountered any problems ..so far

 

My latest card has the WAVE feature no PIN or signature required for purchases up to $25......not sure I like that idea

 

There is a lot of speculation that the RFID can be picked up by scanners

You can buy special sleeves for your CC to block the radio signals

 

Technology ...ain't it wonderful :eek:

[Paulchili]

As usual when discussing banks, the answer is money. U.S. banks apparently have decided that the cost of conversion to the chip and PIN system outweighs the cost of fraud under the current system.

 

..and likewise, the CC companies have figured out that the money they would lose by having to use PIN cards outweighs the money lost on fraud. Here I don't mean money needed to make PIN CCs or the equipment to use them - this is largely already available for use of debit cards; I mean money they would lose by losing phone orders, online orders, etc.

Like you said - it's all about the money. When their losses outweight the gains, they'll switch.

[LHT28]

. I mean money they would lose by losing phone orders, online orders, etc.

 

We still do online & phone orders with the PIN card

there is security code on the card that you give... that way the CC knows it is really us ;)

 

It appears the USA is the only Country that does not do the PIN & Chip cards

 

Lyn

[Paulchili]

We still do online & phone orders with the PIN card

there is security code on the card that you give... that way the CC knows it is really us ;)

 

It appears the USA is the only Country that does not do the PIN & Chip cards

 

Lyn

 

Lyn, I don't mean the CVC code, I mean a real PIN.

When you dine in most places in Europe, the waiter brings the CC machine to the table and locals MUST put in a PIN for the card to work; in the same restaurant my US CC would work w/o a PIN. If that local person loses his cc, it cannot be used w/o a PIN - mine can be used by anyone.

That is all I am asking for - when I lose or someone steals/copies my CC, I don't want them to be able to use it just because of the principle of it - a thief should not benefit from crime (regardless of the fact that I am not responsible for the fraudulent charges).

For whatever reason (obviously unknown to me), US CC companies are willing to put up with fraud losses (but you can be sure it is not out of their own pockets). They must have a good reason not to convert to PIN CCs (even though the technology is already here for debit cards that must use a PIN available in most of the stores - so no "new" machines would be needed for CCs with PINs; and no new CCs would be needed for the PIN only cards). In other words - I want my CC to work just as my ATM or debit cards work now :) - very simple.

Chips cards are a different story - there is expense in creating them and machines to read them.

[LHT28]

Lyn, I don't mean the CVC code, I mean a real PIN.

When you dine in most places in Europe, the waiter brings the CC machine to the table and locals MUST put in a PIN for the card to work; in the same restaurant my US CC would work w/o a PIN. If that local person loses his cc, it cannot be used w/o a PIN - mine can be used by anyone.

 

Ours can also... if you have a PIN it can still be used the regular way by swiping the strip

Hopefully the clerk checks the signatures but it very seldom happens

 

For whatever reason (obviously unknown to me), US CC companies are willing to put up with fraud losses (but you can be sure it is not out of their own pockets). They must have a good reason not to convert to PIN CCs (even though the technology is already here for debit cards that must use a PIN in most of the stores).

 

We have the machines here also ..when we used a taxi in Copenhagen last summer he had the machine in the cab

Some stores her you can do it either way PIN or swipe

 

I meant for online purchases you give the CVC code but now some sites have the Verified By Visa security

 

I guess not matter what they do the bad guys will find a way around it

 

All you can do is keep pressing the banks for the new technology

 

Lyn