Purchasing Euros

[lesley_willis1971]

My mother and I are leaving for Europe in October. We fly into FCO (Rome, Italy) from Newark. I called my bank about ordering Euros from them to take with me but was shocked at the exchange rate. $508 USD will only get me 340 euros. I've read posts on here in the past that say to purchase them at the 1st international airport we arrive to. To just use our ATM/debit card at the ATM machines in the airport. That it will dispense in Euros and this is the best rate.

My question is....Has anyone done this before? Is the accurate information? Or any of you that have been to Europe, what did you find to be the best way of purchasing euros?

FYI: I am also posting this in the Europe section on here as well. Thanks in advance!!!

[SeaCBear]

Yes, that is what we always do, whether travelling to Europe or the U.S.

 

ATM's are not difficult to find in Europe, or in European airports. You will need to use a card that has a 4 digit PIN, however.

 

 

My mother and I are leaving for Europe in October. We fly into FCO (Rome, Italy) from Newark. I called my bank about ordering Euros from them to take with me but was shocked at the exchange rate. $508 USD will only get me 340 euros. I've read posts on here in the past that say to purchase them at the 1st international airport we arrive to. To just use our ATM/debit card at the ATM machines in the airport. That it will dispense in Euros and this is the best rate.

My question is....Has anyone done this before? Is the accurate information? Or any of you that have been to Europe, what did you find to be the best way of purchasing euros?

FYI: I am also posting this in the Europe section on here as well. Thanks in advance!!!

[cruisemom42]

The best exchange rate and easiest way to get euros (for me) is to just use an ATM (called a Bancomat in Italy).

 

I travel to Europe 2-3 times a year on average, and it's all I ever use. I generally keep some euros to use as starter money for my next trip. If you will worry unnecessarily without having some euros to start with, then get a few -- maybe enough to get you to your hotel, or whatever, just on the chance that the airport ATMs don't work or are out of cash (unlikely, but stuff happens).

 

There's lots of info on here about calling your bank in advance, making sure you have a 4-digit pin, using only ATMs outside a bank and protecting your pin # when withdrawing cash. All good common sense.

[bugeater2]

My mother and I are leaving for Europe in October. We fly into FCO (Rome, Italy) from Newark. I called my bank about ordering Euros from them to take with me but was shocked at the exchange rate. $508 USD will only get me 340 euros. I've read posts on here in the past that say to purchase them at the 1st international airport we arrive to. To just use our ATM/debit card at the ATM machines in the airport. That it will dispense in Euros and this is the best rate.

 

My question is....Has anyone done this before? Is the accurate information? Or any of you that have been to Europe, what did you find to be the best way of purchasing euros?

 

FYI: I am also posting this in the Europe section on here as well. Thanks in advance!!!

 

Those posts are 100% correct. When you land at FCO, just find the nearest ATM and get cash just like you would at home.

 

The exchange rate are almost dead on when you use an ATM. I used them all over England and Ireland last year and will do so again for this years trip.

 

The 340€ for $508 is about $35.00 over todays exchange rate.

[lesley_willis1971]

Those posts are 100% correct. When you land at FCO, just find the nearest ATM and get cash just like you would at home.

 

The exchange rate are almost dead on when you use an ATM. I used them all over England and Ireland last year and will do so again for this years trip.

 

The 340€ for $508 is about $35.00 over todays exchange rate.

 

What do you mean here? Dead on to todays exchange rate or dead on dollar for dollar?

[CruiserBruce]

What do you mean here? Dead on to todays exchange rate or dead on dollar for dollar?

 

What was intended to be said here is when you use an ATM, the rate you get is almost exactly (max 3% above) the official international bank to bank exchange rate that you read about online or in the newspapers.

 

If you get Euros at your home bank or AAA, or similar, you can expect fees to add 5-10% on top of that official exchange rate.

[cruisemom42]

What was intended to be said here is when you use an ATM, the rate you get is almost exactly (max 3% above) the official international bank to bank exchange rate that you read about online or in the newspapers.

 

If you get Euros at your home bank or AAA, or similar, you can expect fees to add 5-10% on top of that official exchange rate.

 

To be a bit clearer -- the exchange rate will be almost spot-on to the "published" exchange rate -- which varies daily if not hourly. However, most banks also charge a foreign transaction fee of 1-3% PLUS a fixed fee (often in the $3 to $5 range) for each withdrawal.

 

If you travel often, it makes sense to open an account with one of the few companies that do not charge you either the foreign transaction fee or the withdrawal fee.

 

Edited to add: No matter what method you use, you'll still end up getting fewer euros per dollar -- one euro is currently worth about $1.38.

 

 

It's worth noting that even with these fees, the rate is still better than you would get from trying to purchase euros from a bank in the US and much better than you'd find at a money changer at an airport, hotel, or onboard a cruise ship.

Edited April 24, 2014 by cruisemom42

[Arubamoose]

The first time we went to Italy we grabbed about $25 in Euros from the exchange place at Newark airport....enough to grab a cab if needed. I know I was grossly overcharged but such a small amount it wasn't a big issue. We hit the ATM in the airport when we landed. And a few more at banks!

 

This time we have a couple of hundred euros stashed at home and will hit a bank whenever. We find we charge a lot more with our no foreign exchange fee card. Mostly we need cash for tours.

[KirkNC]

Yes we always get euros from the ATM. One warning however, check with your bank and make sure your ATM card is setup to allow for international transactions. Some defualt to US only to minimize fraud.

[winemama]

good advice from everyone, make sure you call your bank ahead of time, let them know you are going out of the country, and if you want, have your the amount you can withdraw uped to maybe $400 so you don't have use the ATM often..also ask your bank for an ATM card that has no mastercard or visa logo on it, that way you r protected for you loose it.....also have a second form of cash removal from an ATM..look into the Capital One money market card...a good one to have

[Cruisercl]

Do the ATMs in EU take both credit cards and debit cards to get cash?

Thanks for the help.

[CruiserBruce]

Do the ATMs in EU take both credit cards and debit cards to get cash?

Thanks for the help.

 

Don't know specifically the answer to your question, but won't using a credit card create a "cash advance" which would cause VERY expensive fees?

[cruisemom42]

Do the ATMs in EU take both credit cards and debit cards to get cash?

Thanks for the help.

 

They do, but you do not want to use a credit card. Withdrawing cash from an ATM with your credit card is treated as a cash advance -- with a hefty percentage of interest that begins accruing as soon as you make the withdrawal.

 

I would only use a credit card to obtain cash in an absolute emergency.

[Cruisercl]

No problem there; just asking in case of an emergency. However I ran into some ATMs in Rotterdam that would not take debit cards......

 

Thanks for the info!!

[llarsen]

We purchased Euros from Bank of America before our last cruise, and will do so again before our trip in June. It was very convenient, as we were catching a cab to our hotel while others were waiting to use the ATM at the airport.

 

I was told the only fee from BofA is $7.00 delivery charge, but the rate was whatever the exchange rate is at time of purchase. Maybe the teller gave me incorrect information, I didn't calculate it to check.

 

You might check it out if you have an account with them.

[Ron98GT]

You can also use Wells Fargo to purchase Euro's in the states before you go. You can have them over-nite the Euro's or you can pick them up locally, which is what we did last week. We picked-up 700 Euro's to get use by. Don't use your credit card in the European ATM machine, use a debit/ATM card. If you use a bank debit card, your going to get charged 3%. If you use a credit union debit card it's only 1%.

 

https://www.foreignexchangeservices.com/index.html?partnerid=FES&serviceType=rate

[bugeater2]

You can also use Wells Fargo to purchase Euro's in the states before you go. You can have them over-nite the Euro's or you can pick them up locally, which is what we did last week. We picked-up 700 Euro's to get use by. Don't use your credit card in the European ATM machine, use a debit/ATM card. If you use a bank debit card, your going to get charged 3%. If you use a credit union debit card it's only 1%.

 

https://www.foreignexchangeservices.com/index.html?partnerid=FES&serviceType=rate

 

While this is an option, you will pay more for this service than if you use an ATM machine.

 

Using the 700€ as an example, you paid based off of the Wells Fargo rate for this service = $1019.82

Using 700€ at a European ATM with the 3% + $5.00 surcharge = $1002.86

Edited April 25, 2014 by bugeater2
math

[cruisemom42]

While this is an option, you will pay more for this service than if you use an ATM machine.

 

Using the 700€ as an example, you paid based off of the Wells Fargo rate for this service = $1019.82

Using 700€ at a European ATM with the 3% + $5.00 surcharge = $1002.86

 

And to take the example one step further, withdrawing that money from an ATM using a Capital One (or similar) banking account with 0% fee and NO surcharge, those 700€ would only cost you $968.79.

Edited April 25, 2014 by cruisemom42

[bugeater2]

While this is an option, you will pay more for this service than if you use an ATM machine.

 

Using the 700€ as an example, you paid based off of the Wells Fargo rate for this service = $1019.82

Using 700€ at a European ATM with the 3% + $5.00 surcharge = $1002.86

 

I need to edit this post:

 

Wells Fargo only charges a $5.00 fee for the withdrawal at an ATM. The 3% fee is only if you use a foreign teller to get cash.

 

Using the 700€ as an example, you paid based off of the Wells Fargo rate for this service = $1019.82

Using 700€ at a European ATM with the $5.00 surcharge = $973.80

 

So you have ask yourself if paying an extra $46.00 is worth not stopping at an ATM at the airport of your destination.

[Hlitner]

I need to edit this post:

 

Wells Fargo only charges a $5.00 fee for the withdrawal at an ATM. The 3% fee is only if you use a foreign teller to get cash.

 

Using the 700€ as an example, you paid based off of the Wells Fargo rate for this service = $1019.82

Using 700€ at a European ATM with the $5.00 surcharge = $973.80

 

So you have ask yourself if paying an extra $46.00 is worth not stopping at an ATM at the airport of your destination.

 

We would just mention that most ATM cards will not let you withdraw 700 Euros. A majority of US issued cards have a foreign daily limit of $500 which equates to about $350 Euros. These limits are sometimes reinforced by similar limits imposed by European banks. So if you need a lot of Euros it is wise to plan ahead and do multiple withdrawals over several days.

 

Now we will tell you why we love credit unions more then most commercial banks. We will soon have the need for lots of Euros since we have to pay for a French apartment rental in cash! Our credit union suggested that we simply go into a French bank and ask for a Visa Cash advance. I quickly protested because these transactions can be very expensive with fees and interest compounded from the date of withdrawal. Our credit union told us they would "take care of the interest) and that our only fee would be the 1% imposed by Visa International (it is hard to escape that Visa fee). Cash advances of up to $2500 a day are relatively simple transactions.

 

We still recommend using ATMs, but its nice to know that the cash advance option is there if you have an emergency or need a larger amount of cash.

 

Hank

[Hlitner]

I need to edit this post:

 

Wells Fargo only charges a $5.00 fee for the withdrawal at an ATM. The 3% fee is only if you use a foreign teller to get cash.

 

Using the 700€ as an example, you paid based off of the Wells Fargo rate for this service = $1019.82

Using 700€ at a European ATM with the $5.00 surcharge = $973.80

 

So you have ask yourself if paying an extra $46.00 is worth not stopping at an ATM at the airport of your destination.

 

We would just mention that most ATM cards will not let you withdraw 700 Euros. A majority of US issued cards have a foreign daily limit of $500 which equates to about $350 Euros. These limits are sometimes reinforced by similar limits imposed by European banks. So if you need a lot of Euros it is wise to plan ahead and do multiple withdrawals over several days.

 

Now we will tell you why we love credit unions more then most commercial banks. We will soon have the need for lots of Euros since we have to pay for a French apartment rental in cash! Our credit union suggested that we simply go into a French bank and ask for a Visa Cash advance. I quickly protested because these transactions can be very expensive with fees and interest compounded from the date of withdrawal. Our credit union told us they would "take care of the interest) and that our only fee would be the 1% imposed by Visa International (it is hard to escape that Visa fee). Cash advances of up to $2500 a day are relatively simple transactions.

 

We still recommend using ATMs, but its nice to know that the cash advance option is there if you have an emergency or need a larger amount of cash. And one needs to keep in mind that the interest charged on a credit card cash advance can be quite significant!

 

Hank

[Ron98GT]

While this is an option, you will pay more for this service than if you use an ATM machine.

 

 

 

Using the 700€ as an example, you paid based off of the Wells Fargo rate for this service = $1019.82

 

Using 700€ at a European ATM with the 3% + $5.00 surcharge = $1002.86

 

 

Actually it cost me $1028. I will get additional Euro's out of ATM machines using one of my CU debit cards, which will cost me the 1% Visa/MC charge. I need the Euro's when we get to Venice and won't have time to run around looking ATM's, so the extra 2% charge was an acceptable convenience charge.

 

 

Sent from my iPhone using Tapatalk

Edited April 26, 2014 by Ron98GT

[GigemAggies]

We purchased Euros from Bank of America before our last cruise, and will do so again before our trip in June. It was very convenient, as we were catching a cab to our hotel while others were waiting to use the ATM at the airport.

 

I was told the only fee from BofA is $7.00 delivery charge, but the rate was whatever the exchange rate is at time of purchase. Maybe the teller gave me incorrect information, I didn't calculate it to check.

 

You might check it out if you have an account with them.

 

BofA only charges you the delivery charge, HOWEVER, they give you a TERRIBLE exchange rate! I too wanted to have some euros in my pocket when we landed in Venice so I ordered some from BofA. I got the exchange rate from them before I did and I was shocked at how bad it was. (10% worse). So just beware!

[agabbymama]

I don't travel as much as Hlitner or cruisemom42 but I have been to Europe 8 times. My first trip (1987) I thought I was being smart getting Traveler's Checks at my Credit Union with no charges at all. Unfortunately in Great Britain, I paid quite a few charges to cash them.

 

My next trip to mainland Europe (1989) I again thought I was being smart exchanging the money here for foreign currency for Belgium, Holland and Luxembourg. That was certainly a hassle keeping the money straight in the different countries, but there were no additional fees here for the exchange, other than the exchange rate difference.

 

I exchanged a few dollars when I flew to Austria on my way to Hungary. Unfortunately I didn't know there was a huge holiday in Hungary and the banks & exchanges were closed the first 5 days I was there. If not for the Hungarian guide I had hired on the Internet, I would have had absolutely no Hungarian money at all.

 

For our last trip to the Med in 2008, we arrived into Rome at 9:30 pm after an all night flight from Los Angeles to Paris, all day traversing Paris, then a short flight from Paris to Rome. We were tired puppies and certainly DID NOT feel like having to look for an ATM in the airport. We were lucky to be walking.

 

You are going to have the exchange rate, fees, no matter what way you do it. If I couldn't afford those rates & fees, I wouldn't travel. I don't even look at the fees anymore, they are just considered part of the travel budget. The convenience of having the cash when I arrive is worth whatever it is I have to pay. My Debit Card (tied to my checking account) doesn't even go on my travels with me. That's just me, others have differing opinions. Everyone has to decide what is best for them.

[GeezerCouple]

good advice from everyone, make sure you call your bank ahead of time, let them know you are going out of the country, and if you want, have your the amount you can withdraw uped to maybe $400 so you don't have use the ATM often..also ask your bank for an ATM card that has no mastercard or visa logo on it, that way you r protected for you loose it.....also have a second form of cash removal from an ATM..look into the Capital One money market card...a good one to have

 

Why is there an advantage in getting a card without the MasterCard or VISA logo on it?

 

Will any bank provide one of those?

 

Thanks.

 

GeezerCouple