Help buying Euros dilema

[MATHA531]

Karl Malden, 1972 - Don't leave home without them.

 

Matha531 2015 - It's a waste of time and money so don't leave home with them. Nobody will cash them.

[twin123185]

Didn't even know travelers cheques still exist!

Edited September 7, 2015 by twin123185

[Crazycombine64]

Travellers Check in Italy are very difficult to cash. Banks will not honor them unless you have an account. I was only able to use them in 2 places, one fine Jewellery store in Florence, and an hotel in Venice. I actually cash them all at the hotel to get rid of them.

I used my ATM card very successfully to withdraw cash, my bank offers no transaction fees to use the ATM, and the exchange rate was reasonable. Be sure your bank knows you are travelling, otherwise they may block it. Happened to me once and had to spend 20 minutes on the phone. :D

[Hlitner]

Read an interesting comment (online) about travelers checks. Somebody when to use them in France and the young waiter did not even know what a travelers check was. Times have changed :).

 

Hank

[texancruzer]

Would you buy the currency at the airport once you arrive?

 

Thanks

 

~ Jen

 

NO. Worst exchange rate we ever got was at the airport !!!!

 

We used to do the ATM thing or use the currency exchange on the ship (but only for emergency cash - like if we ran out :eek:) ……

 

now I buy my euros ahead at my bank. I have little white envelopes with each day on them…… I put the tour $, the tip $ and any other costs (entrance fees etc) in them and once on the ship = into the safe they go. Each morning I take out the right envelope and I am ready !!!! We also carry credit cards and other cash for meals and SHOPPING :D but this makes it so easy so I am not worrying about if I have enough euros - where I am going to get enough euros etc etc etc……. I have found this works for me the best.

[texancruzer]

Karl Malden, 1972 - Don't leave home without them.

 

Matha531 2015 - It's a waste of time and money so don't leave home with them. Nobody will cash them.

 

NOT TRUE. You can cash them on the ship. And then buy euros. Not the best rate but works in a pinch. We used to carry $1000.00 in travelers checks and leave them in the safe in the cabin. This was for emergencies. Usually I brought them home and paid the sea pass account with them :)

[lisiamc]

NOT TRUE. You can cash them on the ship. And then buy euros. Not the best rate but works in a pinch. We used to carry $1000.00 in travelers checks and leave them in the safe in the cabin. This was for emergencies. Usually I brought them home and paid the sea pass account with them :)

 

As long as people are aware that pretty much the only place to offload them is the ship, or with a very few tour operators. Getting travellers' cheques cashed ashore is expensive and tediously difficult. And I think I've read that some lines (P&O? Cunard?) won't take them anymore. Hopefully someone else can confirm or refute that.

Edited September 8, 2015 by lisiamc

[Hlitner]

So perhaps we should further explore the rapid demise of Travelers Checks. At one time they were the way to go for all travelers. But a few years ago there were some major problems with counterfeit TCs which caused some merchants/restaurants to stop accepting them. And then the banks no longer want the things and many will no longer process them for their customers (retailers, restaurants, etc). AMEX used to have many offices scattered around Europe (and the world) where you could always cash their TCs, but then AMEX decided to close nearly all of their offices.

 

And the world has quickly embraced ATMs, which are much more convenient then TCs are readily available throughout Europe (and elsewhere). It is hard to walk more then a block in most European cities without seeing at least one ATM. And unlike TCs, the ATMs work 24/7 and give great exchange rates. The only negative we have found with ATMs are the daily withdrawal limits (usually no more then $500) which can be a big issue if one needs lots of currency. Our personal solution was to simply get multiple ATM cards (drawn on different banks) which not only allow us to withdraw much larger daily amounts, but also gives us a back-up in case something happens to one of our cards.

 

Hank

Edited September 8, 2015 by Hlitner

[milolii]

Yes, all interesting Information. I can not remember, but do the banks in Europe put the daily withdrawal limits or is it your own bank? We withdrew €700 in Venice a few years ago. We had our bank remove our daily limit several years ago. The bank representative I spoke with said it is easy to do, but most folks don't know they can do that. We had been with the bank many years, so not sure if that made a difference

 

Hank, or others, do you keep separate accounts at different banks? I not sure most people do, as bank fees can be involved in doing this. So I guess it is possible that the monthly fees would/could out weigh the cost of exchanging fees. Thoughts?

 

I have also been on land based tours with extra added excursions. The company then wanted €s in cash. So I think there are tour operators who still want cash.

[Hlitner]

The withdrawal limits can be imposed by either the European or your own bank. So if your bank has (for example) a $1000 daily limit it is possible that you will still run into a 3-500€ daily limit imposed by the European system. The limits do seem to vary across Europe but we have found that 300€ is about the lowest.

 

As to my personal banking situation, it developed over a period of years because we did a lot of international travel. DW and I always maintained separate accounts at different institutions (a local bank and a credit union). A few years ago, when we were planning a 2 month European driving trip I wanted additional backup so opened another account at a different major credit union that also happened to offer one of the few true Chip/PIN Credit cards in the USA. I love Credit Unions because many do not charge lots of fees, and some even rebate fees charged by other institutions. My two different Credit Unions do not charge any foreign exchange fees or ATM fees.

 

I have very strong opinions about most larger commercial banks. I do not like them! Most nickel and dime their customers and have never met a fee they do not like. Decent Credit Unions (owned by the depositors) often have a different attitude..as do some smaller local banks. We put our money in institutions that are good to their customers. We are often amazed at how many folks will stick with a bank that screws them, at every turn, with fees.

 

Hank

[twin123185]

Last night in Rome I used two different cards in an ATM. Got a rate just above $1.12. I also saw a change kiosk offering $1.18 which isn't too bad

[texancruzer]

Another reason we take our euros with us…….

 

I have requested many times while traveling for my bank to increase my withdrawal limit….. easy to do and you can even specify just the dates you will be traveling. I do this when I let them know I will be in another location so my card will not be declined. Always a good idea !

 

BUT, even with a larger limit on my card, most banks have a limit they will dispense. This is so the ATM doesn't run out of $$$ as quickly. Also helps keep fraud to a minimum. Well sort of.

 

Even at my own bank, the ATM will only dispense $400.00 at a time. And that is right here around the corner….,

 

so - if you need a lot of euros - chances are you will be looking for multiple ATMs and that is not something I want to do while on vacation …… especially when I have limited time in port.

 

Now - if I am on a land trip (like Hank is most of the time) that isn't a big deal. You have more time - but with only 6,7, or 8 hours in port that is precious time I want to be enjoying myself and not running around pulling money out of ATMs.

 

Just my opinion and it really only applies to those who need large amounts.

[marazul]

We have a joint account and two separate accounts at our credit union. That means three ATM cards. We also opened a "travel" account at Andrews FCU (thanks Hank!) that issues the chip and pin credit card and, of course, an ATM card. That gives us four cards. On a recent trip we used all cards at the airport ATM to obtain 2000 euros. No problem. No fees, no added charges and a very good exchange rate.

 

I believe the limit on each card was higher, but since that is all we needed, we spread the withdrawals evenly to all cards. That also let us test that all the cards were "working" before starting more travel.

 

If on a cruise or a hotel, we leave two cards in the safe and carry only one ATM card each on a daily basis. Same for credit cards. We also make sure we bring home euros to have for the next trip.

Edited September 10, 2015 by marazul

[MTemple212]

We have a joint account and two separate accounts at our credit union. That means three ATM cards. We also opened a "travel" account at Andrews FCU (thanks Hank!) that issues the chip and pin credit card and, of course, an ATM card. That gives us four cards. On a recent trip we used all cards at the airport ATM to obtain 2000 euros. No problem. No fees, no added charges and a very good exchange rate.

 

I believe the limit on each card was higher, but since that is all we needed, we spread the withdrawals evenly to all cards. That also let us test that all the cards were "working" before starting more travel.

 

If on a cruise or a hotel, we leave two cards in the safe and carry only one ATM card each on a daily basis. Same for credit cards. We also make sure we bring home euros to have for the next trip.

 

Also, if you call your bank that you have the atm card with, they can raise your daily limit for your withdraws. At least I know you can with Schwab.

[MTemple212]

The withdrawal limits can be imposed by either the European or your own bank. So if your bank has (for example) a $1000 daily limit it is possible that you will still run into a 3-500€ daily limit imposed by the European system. The limits do seem to vary across Europe but we have found that 300€ is about the lowest.

 

As to my personal banking situation, it developed over a period of years because we did a lot of international travel. DW and I always maintained separate accounts at different institutions (a local bank and a credit union). A few years ago, when we were planning a 2 month European driving trip I wanted additional backup so opened another account at a different major credit union that also happened to offer one of the few true Chip/PIN Credit cards in the USA. I love Credit Unions because many do not charge lots of fees, and some even rebate fees charged by other institutions. My two different Credit Unions do not charge any foreign exchange fees or ATM fees.

 

I have very strong opinions about most larger commercial banks. I do not like them! Most nickel and dime their customers and have never met a fee they do not like. Decent Credit Unions (owned by the depositors) often have a different attitude..as do some smaller local banks. We put our money in institutions that are good to their customers. We are often amazed at how many folks will stick with a bank that screws them, at every turn, with fees.

 

Hank

 

Hank, I so agree with what you said, especially the part about commercial banks! I have been a member of Navy Federal Credit Union (the largest in the world) for over 35 years and I have never regretted it. I would rather be getting paid for them having my money instead of the other way around with most regular banking institutions.

[roothy123]

I was just looking at Bank of America and American Automobile Association rates today. We like to take some money with us, but not for the whole trip. We also don't like to have to worry about it when we get to our destination, as time on a cruise is limited. Both BOA and AAA charge a fee for shipping, whether you have the money shipped to your house or to the bank. It's not a lot ($7.50 for one, 10 the other, both for 2 day delivery) but it may account for a little bit of variation in what you pay to get foreign currency at home. BOA lets you request small, medium, large or mixed denominations; not sure about AAA. BOA has more currencies and lets you combine various currencies as long as your minimum order is $100 total and $25 per denomination. I think there's only a five euro bill (nothing smaller), so if you try to put in something that doesn't convert easily to euro bills, the amount will round up a bit. I didn't pay all that much attention to the rates versus what's published on websites, but did notice that the two sites charged a similar rate. I think $350 bought 288 euros at AAA and 290 at BOA - not great, but we're not big spenders and this will last us a while, so I'm not that concerned about the "haircut."

Edited September 18, 2015 by roothy123

[hun]

Interesting - thanks for the info! We're going on our med cruise in a few weeks and was going to check those same places as we'll need about 650 in euros for our excursions. Unfortunately, it seems the great exchange rates of a few months ago are over (1.05!) [emoji57]

[roothy123]

Hi. Just curious. We checked with BOA about using ATMS in Europe. They charge a conversion fee of 3%, plus a flat fee unless you use particular banks. I suppose that may be waived for some accounts but in our case it isn't. So now I'm curious if the rates using big bank ATMS are better than getting money at home, given that 3% is added. If I ordered money at home from BOA and then also got money from their affiliated bank in a foreign country would I likely be paying more or less overseas or the same? Also when you get euros from an ATM is the rate displayed or do you just assume you'll be charged 3% - of the official rate that day or what?

 

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[tidygirl]

I went ahead and purchased our euros from AAA no charge since I'm a member and I ordered more than a small amount. Rate was 1.2 something.

I my have been able to do better while there but as we only have one day in Venice before boarding I didn't want to have the worry of how to get enough cash for 6 of us for the next week. Peace of mind for me.

[cruisemom42]

Hi. Just curious. We checked with BOA about using ATMS in Europe. They charge a conversion fee of 3%, plus a flat fee unless you use particular banks. I suppose that may be waived for some accounts but in our case it isn't. So now I'm curious if the rates using big bank ATMS are better than getting money at home, given that 3% is added. If I ordered money at home from BOA and then also got money from their affiliated bank in a foreign country would I likely be paying more or less overseas or the same? Also when you get euros from an ATM is the rate displayed or do you just assume you'll be charged 3% - of the official rate that day or what?

 

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A lot of banks charge that foreign conversion fee, it can range from 1-3% (sounds like BOA is on the high end).

 

I used to travel a lot more internationally for work and had opportunity to do some detailed comparisons of what methods yielded the best returns on converting dollars to euros. Even with the 3% service charge added, the ATMs are usually better than most other exchange options which can give you an unfavorable rate to the tune of 7-11%!

 

Granted, IF you are withdrawing only a small amount with multiple transactions, and IF you are charged per transaction (e.g., $5 per withdrawal, which again is charged by many banks), you may come out about even. But if you make fewer withdrawals, taking out the max, then an ATM almost always wins.

 

Caveats: This holds true for US dollar conversion. Canadians have exchanges that offer a better rate of exchange than you can find in the US, apparently. Also, note that the "per transaction" charge as well as the "foreign conversion fee" are both charged by your own home bank, NOT by the foreign bank whose ATM you are using. In Europe, such charges for withdrawal are rare.

[mhber]

On the airport Travelex website when I punched in 4940 e it says $5000 US. So I was just not sure what was up or if I was misunderstanding it.

Why do we need so much cash? So far the tours we have booked are private tours they all say CASH only at the end of the tour. At 65e x 6 people that's 390 e plus a tip for 1 day! Now where am I going to get that much cash especially in Greece?

I guess I will probably just buy most of my euros over here and take the loss as I don't want to spend our short time in Venice looking for ATMs and hoping I can get enough out for the next 8 or 9 days.

Also remember cash will be divided among us and tucked safely away.

 

The reason you get this exchange rate is because you are doing it backwards. You are asking to sell Euros for Dollars. If you say you are selling $5000 Dollars for Euros, the rate will be about 3950 e for $5000 Dollars through Travelex

[LondonTowner]

I would never carry lots of cash with me. We are frequently in the Eurozone so always have Euros at home. Whenever we go away I make sure we have a small amount of cash, but use CCs for everything else. We have a Visa and a MasterCard that make no charges for foreign transactions.

 

Travellers Cheques are more or less obsolete these days. It is very difficult to find anywhere to change them in Europe

[Hlitner]

Reading Roothy's post about BOA fees brings back some ancient memories. Many years ago, when we still used large commercial banks, we realized that the large banks were not consumer friendly. Not only did they have all kinds of fees, minimum balances, etc. but they were never the best banks for Auto Loans, mortgages, or when I had my own business...business services. So we made the big leap to large Credit Unions and smaller regional banks. All of our fees disappeared (the Credit Union actually pays us), the service was much better, and we have lived happily ever after with no bank issues.

 

So we continue to wonder why folks continue to do business with banks who do everything possible to make life miserable (or expensive) for their customers.

 

Hank

[buggins0402]

The percentage on top of the flat fee was news to me. It seems to be common:

 

http://www.nerdwallet.com/blog/banking/debit-card-foreign-transaction-international-atm-fees/

[joanna111]

ATMS all the way.

 

First, my small community bank and my husband's credit union have a flat fee -- maybe $5? -- per withdrawal. No percentage. So that's very reasonable especially if you get a few hundred dollars at a time.

 

Second, we have access to different networks so it's not hard to find one that participates with the card. And we have separate bank cards so we have backup if one gets lost or eaten. And having funds in more than one bank means we can get double the limit of euros. We look ahead -- we might hit machines every day for a few days if we're heading to say, an island that we think will have limited atms.

 

Third, we love to walk through foreign cities! And at least in the larger cities we found atms on every street -- we have no sense of "looking for an atm." They're just part of our exploring the city.