Euro question

[angls2u]

:confused:

 

What is the best way to exchange American $$ into Euros?? Do it before the cruise? At the airport? On the ship? In Europe?

 

I have heard the airport in Europe is the best place. What kind of fee is involved?

[MarkusToe]

Go to ATM and grab there....

Available at the airports

Cash exchange rates are worse. ...

[celebritydave]

:confused:

 

What is the best way to exchange American $$ into Euros?? Do it before the cruise? At the airport? On the ship? In Europe?

 

I have heard the airport in Europe is the best place. What kind of fee is involved?

 

Airports usually don't have a good exchange rate. You can probably buy them from your bank.

 

We have used ATMs in Europe and get a decent rate on that, but there can be an ATM fee. Check with your card company to find out.

 

We have never bought any on the ship, so I am not sure about the rate there.

 

Dave

[ghstudio]

The best way is to take it from an ATM in Europe on a bank account that charges the official rate and refunds your ATM fees. One example is Schwab Bank.

 

The ship charges 5% which is built into their buy/sell rates. That's the same as going to your local Bank America branch and exchanging money.

 

Your best bet abroad is to use a credit card in lieu of cash where you can...and have a credit card that doesn't charge any transaction fee. warning though, many still build in a buy/sell profit. You have to be careful about this because everyone is advertising no foreign exchange fee, but they don't say whether they convert at the official rate or some other rate that gives them a profit. The last time I called, Citibank didn't charge a fee, but they also didn't convert at the official rate. Barclay's does convert at the official rate with no fee...and I understand that Capital one cards do the same, but I can't vouch for that...I don't have one. Again...schwab bank doesn't charge a fee and doesn't mark up the exchange rate. I use barclays because I get AA points, but you can't get that specific card any more....but you can get a barclay's card without that feature.

Edited March 9, 2016 by ghstudio

[pete_coach]

The competition between financial institutions is so tight that the rates are so close it is not worth driving around to get a better deal. You will spend more on gas that you will save in exchange.

 

Have cash when you land for taxis, food etc and if you need more, find an ATM. Sometimes your bank ill have an affiliation with certain European banks. Check with them for every country you are going to visit. Sometimes, if you go to the bank machine or ATM affiliated with your bank, the fees will be reduced.

As for fees, each bank and credit card has it's own fee structure, best to speak with your financial institution.

 

Anyway, ghstudio is quite correct, have some cash from any ATM (by the way, most, if not all ATMs and bank machines in Europe will accept 4 digit PINS only).

 

Oh, and the ATM on the ship gives you US dollars.

[midwestchick]

I order mine ahead of time at Wells Fargo and the way it's billed on my Capitol One, it doesn't get charged as a cash advance. If you order a certain amount they ship free. I only get bills in 50 and 100's and get them broken down on the ship for no charge.

Edited March 9, 2016 by midwestchick

[Wiltonian]

Just find at ATM when you land. Ideally have a debit card which doesn't charge extra for foreign currency transactions, or a credit card which has no such fees.

 

I use a UK credit card at ATMs, and pay off the balance from my bank account soon afterwards. The interest charged for the withdrawn cash on my last cruise was less than £1 - far, far, far less than transaction charges with other sources.

 

Airport exchange desks give notoriously bad rates. Avoid like the plague!

 

Stuart

Edited March 9, 2016 by Wiltonian

[ghstudio]

One caution:

 

If you are exchanging currency on Celebrity ships. Do not ever convert from one non dollar currency to another non dollar currency.

 

Remember the 5% built into the Celebrity buy/sell rate. As an example, let's use UK pounds to Euros.

 

You give Celebrity guest services 100 UKP and ask for Euros. Celebrity processes this as two transactions. Your 100 UKP is first changed to $'s...and then it is changed from $'s to Euros. That's right....you were charged 5% on the first transaction and another 5% on the second one....or almost 10% to convert your pounds to euros.

Edited March 9, 2016 by ghstudio

[ondeckatsea]

We get about $100 worth of Euros onboard. It usually is enough for small things. The rest I put on my Capital One card. They don't charge for conversion. Just make sure you call them before you go and tell them exactly when and where you will be. I forgot one port in October (Gibralta) and they wouldn't accept the charge. It was reassuring to me.

[CPT Trips]

Go to ATM and grab there....

Available at the airports

Cash exchange rates are worse. ...

 

This! With a couple of cautions.

Some of the exchange companies have automated machines that look like an ATM. BUT they don't exchange at the interbank rate (as ATMs do), and they charge a commission.

Some ATMs ask you if you accept the exchange rate in dollars when they recognize the US card. Select "no" and your withdrawal will be processed in the foreign currency and then be converted by your bank at the interbank rate. If you select "yes," the transaction will be converted to dollars on the spot at a less favorable rate. Either way you'll get hit with a foreign transaction fee (if you card has one).

[Keith1010]

In country ATM.

 

Keith

[Hlitner]

When you use a European ATM, it is wise to only use machines owned by banks. Avoid privately owned machines, Travelex, etc. And notify your card issuing bank (and credit card companies) or your upcoming trip (they will usually want your itinerary). Failure to notify can result in your ATM and/or credit cards being cut off because of security concerns.

 

Hank

[sparks1093]

Go to ATM and grab there....

Available at the airports

Cash exchange rates are worse. ...

 

One has to be careful at the airport- we used what we thought was an ATM in France on our way to Germany and it was actually run by a money exchange outfit and we paid through the nose. When we did use ATMs in Germany we paid an ATM fee and received the Euros at the rate for that day.

[dsrdsrdsr]

Work hard, shop around, and you can save yourself $5. Call me lazy, but I don't bother - I get cash to take with me at the nearest convenient place.

[SPacificbound]

We go to an ATM. Use caution, such a blocking any sight to pin number input, and normal cautions against pickpockets.

[whogo]

:confused:

 

What is the best way to exchange American $$ into Euros??

 

I do not look at the transaction as exchanging dollars to euros. I look at it as buying euros and know that somebody will try to make money on the deal.

 

The best way for most US residents to buy euros is to withdraw them from a foreign ATM. The cost of withdrawing euros from a bank owned ATM is set by your US bank. US banks charge from zero percent to three percent plus $0 to $5. Contact your US bank for their details. Costs also seem fairly accurate here: http://flyerguide.com/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

 

US banks sell currency for 5% and up. Some may add shipping or other fees.

 

The last time, I checked Travelex marked up currency by 13% at a US airport. Their $9.99 fee kills you on small transactions.

 

Exchange bureaus in foreign lands will charge what they can. I have received quotes with markups of over 20%. Anyone with a basic understanding of math can compare any offers to the benchmark interbank exchange rate as listed here: http://www.oanda.com/currency/converter/

 

Rick Steves money tips should be required reading: https://www.ricksteves.com/travel-tips/money

[simplelife]

Major locations of my auto club have Tip Packs of Euros (and other popular currencies) which your purchase for $100 and get a decent exchange rate. This gives you enough local currency for your first few transactions until you can get to a major bank's ATM. You can then get local currency from your credit card at a very good rate. I have never used the exchange places.

[Hlitner]

Major locations of my auto club have Tip Packs of Euros (and other popular currencies) which your purchase for $100 and get a decent exchange rate. This gives you enough local currency for your first few transactions until you can get to a major bank's ATM. You can then get local currency from your credit card at a very good rate. I have never used the exchange places.

 

Am sorry but must disagree in a big way! How do you get currency from your credit card at a good rate? Credit cards generally look at that transaction as what they call a "cash advance" which are subject to some of the nastiest fees/costs of all credit card transactions. Most charge you interest from the day you get the money (there is no "float" on cash advances). But rather than listen to me I am going to post a link to an excellent story on the practice:

http://www.creditcards.com/credit-card-news/cash_advance-guide-1267.php

 

As long time and frequent international travelers we acknowledge that using a credit card for an emergency cash advance makes sense. But not as the norm. And unless you have a PIN for your credit card and can use it in an ATM, you would have to get that cash advance from a bank which means getting to a back during normal banking hours. That is not always convenient...and not even possible on most weekends and holidays.

 

Hank

[CPT Trips]

Major locations of my auto club have Tip Packs of Euros (and other popular currencies) which your purchase for $100 and get a decent exchange rate. This gives you enough local currency for your first few transactions until you can get to a major bank's ATM. You can then get local currency from your credit card at a very good rate. I have never used the exchange places.

 

I must also disagree. AAA charges a ridiculously high mark up for the convenience. I checked long enough ago that I don't recall the exact markup, but I think it was about 25%.

[CruiserBruce]

Couldn't agree more with Hank. Depends which autoclub, I guess, but the "tip pack" tells us, and the exchange rate is definitely not great.

 

I also would like to know what credit card gives a "decent" exchange rate on cash advances. Never heard anyone say that!!!

[iancal]

We always use bank ATMs. Preferably one that is inside a bank.

 

Oddly enough our bank no longer requires us to advise them of our out of country dates/plans. Called them two months ago. They said not to bother doing this anymore. They must have initiated new security protocalls. We have been travelling for a month...no issue with our cards.

[moniquet]

This! With a couple of cautions.

Some of the exchange companies have automated machines that look like an ATM. BUT they don't exchange at the interbank rate (as ATMs do), and they charge a commission.

Some ATMs ask you if you accept the exchange rate in dollars when they recognize the US card. Select "no" and your withdrawal will be processed in the foreign currency and then be converted by your bank at the interbank rate. If you select "yes," the transaction will be converted to dollars on the spot at a less favorable rate. Either way you'll get hit with a foreign transaction fee (if you card has one).

 

Good point, I was just about to post this. Can be costly.

[agabbymama]

Everyone does this differently, and according to their own comfort or convenience zone.

 

In the last 30 years for my travels, I've gone the route of US travelers checks, Australian travelers checks, exchanging for the cash of each country visited, and finally settled on just good old US cash until I enter the country and find a bank to walk in and exchange. I do take a couple of credit cards for large purchases.

 

I don't even carry my debit card when I travel outside the US. I've had an ATM keep my card on a weekend, thus no access to my cash the rest of the weekend. Can't imagine this happening on a 1 day port stop on a cruise.

 

For our Med cruise I took $1000 spending money + $500 emergency stash. We had purchased one of the small tip packs from AAA. Then we had 3 days pre-cruise in Rome and found the American Express office and just exchanged money there. Hlitner has since commented that a lot of American Express offices are no longer open, so that could play into the equation. We actually got the best exchange rate at a local Greek bank on Corfu toward the end of our cruise.

 

The banks have it worked out, you are going to pay fees of some sort, somehow, somewhere. Could you save a little? Maybe, but what is the hassle worth to you. Now at my age, if I can afford to pay $5000-6000 for a cruise, the $50-100 in fees isn't going to break the bank.

 

Do what you are comfortable with. Just have a back-up plan to cover all events that could happen unexpectedly. I was travelling from Vienna to Budapest and didn't even think about currency difference. Budapest wasn't on the EURO yet, so I arrived to a 5 day bank closure due to a holiday. I had EUROs but no Forint. Fortunately the Hungarian Guide I had hired loaned me $100 worth of Forint for those first few days so I wasn't totally broke.

 

Have a great cruise!

[flamomo]

I don't mess with trying to find the right sort of ATM in Europe or worry about whether I will get taken advantage of if I mistakenly use the wrong one.

After estimating how many Euros I feel I will need, and adding about an extra 10% for unplanned needs to the total, I go to my local bank, request they order the amount I want and the denominations I want it in, and in 2-3 days I get a call from the bank to let me know that I can come pick my Euros.

I know many will disagree with my thinking, but .... I may pay a few more cents per Euro and a bank service fee of $7, but I can head out on my cruise knowing I have the foreign currency funds I need. And if push comes to shove and I run low, I know I could resort to using an ATM in Europe to get more.

 

Also ... I have 2 checking accounts and 2 ATM cards. One account is used only for travel, and if I were to need more Euros I would used the card attached to that account to get them, rather than the one that is tied to my main checking account.

Edited March 10, 2016 by flamomo

[zqvol]

:confused:

 

What is the best way to exchange American $$ into Euros?? Do it before the cruise? At the airport? On the ship? In Europe?

 

I have heard the airport in Europe is the best place. What kind of fee is involved?

 

Use an ATM after you arrive in Europe! You will get the best and most current exchange rate using any banks ATM, avoid ones that are not bank owned.

Edited March 11, 2016 by zqvol