Best place to convert USD to EUR's

[jsf]

We are going on TA in Apr. and trying to find the best place to convert our money from USD to EUR's

Thank's

J.

[BILLP1]

Banks

[DYKWIA]

generally, from a UK perspective which may still be relevant - best not to buy on the day, but in advance. Ships like hotels are notoriously bad. Some high street banks can offer poor rates. Best rates can be available at some of the small exchangers. In the UK I use a web based search engine which gives you all the rates and explains quite simply which is the best value. The cheapest money however may be to use as little cash as possible and pay as much as you can on a credit card that doesn't charge for foreign transactions - not many of them about but they are around (Post Office Mastercard for example in the UK)

[ghstudio]

I use a schwab bank "debit" card which is really a credit card in disguise. They charge no conversion fee and they refund ATM fees. When I get to my first euro port, I find an ATM and withdraw euros...and I use that credit card which is a chip/signature card on all my travels.

 

I suspect their are other banks/credit cards with this type of arrangement but I've used the schwab bank for many years and recommend it. (not to be confused with having a credit card on your schwab account where they charge 1% fee for these transactions).

 

The ship charges 5% at guest services, hidden in their conversion rates...and most US banks charge about the same. If you're going to pay the 5% fee, then just get the euros on board at guest services....not at the ATM's that charge a fee on top of the 5%.

[AntjeG]

I´d take a few Euros cash (exchange at your bank at home) and then use the ATMs in Europe to get cash. Exchange rates in the country itself are normally better than the rates offered at home. As mentioned before, the ship may charge you for currency exchange. So do most banks if you exchange cash instead of using ATMs. Credit cards like VISA are also quite common at least in western Europe but there are venues like ticket machines for public transport which sometimes don´t accept credit cards. Same for some restaurants. So you may want to have cash with you.

Edited December 11, 2014 by AntjeG

[dabear]

Take a small amount of euros from the US (which will be at a poor exchange rate) and then use an ATM (often right at the airport, etc) in the country of expected use or a credit card with no exchange fees. Euros can be bought at any of the European countries at better rates than in the US or non Euro country.

Edited December 11, 2014 by dabear

[notjaded]

Fidelity's Cash Management Account ATM fees are reimbursable and there are no foreign transaction fees. Like others, I bring a small amount of currency with me that I acquire from my local bank, but then use the ATM option on arrival.

[DavidYYC]

Get from the ATM's in Europe.

[4774Papa]

You get the best rate buying Euros with your ATM card once in Europe.

 

However, I like to purchase some currency in advance.

 

After some research, I found that Bank of America and Wells Fargo both have pretty good rates. Better than my local SunTrust.

 

With BOA you need a BOA credit card or account, with Wells Fargo, you don't and you can put the charge on your credit card. They charge a $15 fee for Fed Ex.

[Phxazzcruisers]

We have always gotten the very best intraday rates when we use our debt card at the foreign ATM to get our Euros. We bank with Wells Fargo and the settlement rate has always been superb

[FrequentFlyKid]

My experience with this question is that you're going to get a mixed bag of answers. The "right" answer is pretty subjective. Without knowing your banking institutions, your spending habits, your like or dislike for cash vs plastic, etc., I would offer this...

 

I would go to your bank about a week before you depart and exchange the amount that you'd like for Euro's. Generally your bank will give you the best rate and not charge you any overt fees. I bank with Chase and this is what I do when we travel to Europe.

 

My second suggestion would be, if you don't do what I just mentioned, is to go to an ATM when you arrive and withdraw cash from your checking or savings account. Your bank will likely charge you a withdrawal fee of a fee dollars and then a roughly 3% conversion fee.

 

The worst thing to do would be to hit up a currency exchange kiosk, hotel, the ship, etc.

 

When we travel out-of-the-country we take very minimal cash and pay for everything on my Chase Sapphire Preferred card. Earn points and there is no transaction fee whatsoever. Plus, if I lose my card or it's stolen then there is no worries. If I lose cash or have that stolen then there is no recourse.

 

Just my two cents...

[AntjeG]

Another thought: I know that Bank of America and Deutsche Bank co-operate. Deutsche Bank doesn´t charge me if I use Bank of America ATMs. I think that Bank of America would also not charge you if you use Deutsche Bank ATMs. Deutsche Bank has blue signs.

[Lsimon]

Personally, I think the best option is to buy Euros locally from my bank (local branch of a large national bank). They charge no "fee" for customers and their exchange rate is usually just over 4% over the current spot market rate (which some call the interbank rate). That way I have a good rate and don't need to worry about finding an ATM, if it will work or not (I've had them not), and what my daily withdrawal limit is which gets complicated between my bank's limit, the ATM network's limit and foreign exchange rates. For security I carry most cash in a hidden money belt type pocket.

 

The favorite among most other Cruise Critic posters id foreign ATM's at your destination. These do offer a little better rate but I don't find the difference that big. A 3% difference just costs $30 per thousand, not a big impact on my travel budget. Also, most banks, including mine, have a ATM foreign transaction fee of 3% to 5% plus ATM network fees. I realize there are some internet banks and brokerage firms that don't have the foreign ATM fees but that only helps if you're already using them or willing to set up an account just for your travel. Additionally there are the other ATM issues I mentioned above.

 

I also do as much purchasing as possible using a credit card that does not have a foreign transaction fee. I do go through the effort of choosing a credit card that doesn't have such fees and use that as a backup card when I'm home and as my primary card when I'm traveling.

 

Whatever you decide to do make sure you've contact your credit card and ATM issuers to learn about all foreign fees and to let them know you'll be traveling to avoid false fraud alerts.

Edited December 11, 2014 by Lsimon

[DYKWIA]

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The worst thing to do would be to hit up a currency exchange kiosk, hotel, the ship, etc.

 

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In London some of the Currency exchange kiosks offer way better exchange rates including fees and charges etc c.w. the banks. Little place next to Stanley Gibbons on the Strand often has some of the best rates nationally - usually a queue outside.

Edited December 11, 2014 by DYKWIA