Money exchange options and best rate

[Ally1234]

We are cruising in the Med in June 2015. What do you recommend regarding exchanging USD to Euros? Where will I get the best rates? We live in Northern California if you have a specific bank. Or do you recommend an online option? Or use credit card or get an ATM in euro currency?

 

So many options, so little knowledge on my part.

 

Thank you,

Ally1234

[paul929207]

We have always found the ATMs in Europe to offer the best rates.

[Essiesmom]

Get about $300 worth of euros before you leave home. Just so you don't have to be rushing to find an ATM in the airport. then, get more as you need them from ATMs in Europe, using a debit card. Do not exchange money onboard the ship...the rate will be terrible. EM

[fortinweb]

We have always found the ATMs in Europe to offer the best rates.

 

This is only a benefit if there isn't a use fee for an out of system ATM access. My bank charges $5 if I take money from an ATM that is not part of their partner groups. That charge will almost always negate the benefits of slightly lower exchange rates from the local ATMs. With this in mind, we always save money by getting foreign currency from my local bank. Saves the effort of hunting for a free ATM to use.

Edited January 11, 2015 by fortinweb

[Hlitner]

We do hear all those who want to get Euros before they leave home, etc. etc. However, having spent lots of time in Europe (on cruise trips, driving trips, etc) we have never bought any Euros in the USA. We get all our Euros out of European ATMs which gives us the best rates. ATMs are very common in Europe (easier to find then in the USA) and the rates are the current rate of exchange less about 1% for the transaction cost charged by the expeditor who is generally Visa International. European bank ATMs do not normally add any other fees. But US banks can (and often do) add fees which is why DW and I use two US Credit Unions that charge zero fees. There are also some credit cards (such as the Capitalone Master Card) that charge zero foreign exchange fees (many other credit cards charge from 2.5% to 3.5%). If changing at US banks you will often pay at least 7% when compared to the current rate of exchange.

 

Most of this stuff is not that relevant to folks who just take cruises and do not really spend a lot of Euros. But for those of us who spend a lot of time in Europe and spend thousands of Euros.....it does make a difference.

 

Hank

Edited January 11, 2015 by Hlitner

[SadieN]

An ATM is a 'bancomat' in Italy.

 

Bring a coin purse or plan on buying one over there.

The smallest Euro bill is €5. The merchants prefer exact change and the locals have no problem waiting for someone to dig out exact change. (Each coin has a different edge making this easy to do.)

I had an 'I Love Lucy' moment in s local supermarket when I used a €50 for a €17 bill.

[SadieN]

An ATM is a 'bancomat' in Italy.

 

Bring a coin purse or plan on buying one over there.

The smallest Euro bill is €5. The merchants prefer exact change and the locals have no problem waiting for someone to dig out exact change. (Each coin has a different edge making this easy to do.)

I had an 'I Love Lucy' moment in s local supermarket when I used a €50 for a €17 bill.

[Flatbush Flyer]

OP in NorCal? Try Mechanics Bank. Low exchange rate for foreign currency. And ATM fees imposed by other banks refunded.

 

 

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[whogo]

You will have to do the math yourself, if you are looking for best rates. Card issuers charge between zero and 3% plus $0 to $5 in fees. What does you bank charge for an overseas ATM withdrawal?

[Underwatr]

Recognize that exchanging money usually costs you around 10% of the amount exchanged due to the exchange rate used (plus 10% of any amount you might change back). Withdrawals at an ATM might cost you 1% in addition to the fees that your bank charges for international ATMs. Using credit cards will cost you 0-3% depending on the bank.

[Talisker92]

Since you live in Northern California, I use Wells Fargo, and call their foreign exchange department. They will messenger it to a local branch, and I believe the charge is $6, regardless of the amount.