First timer for Europe- Euro's questions.

[HawkIVette]

First time for my wife and I to go to Europe. Just wondering what the most convenient and cheapest way to get Euros is?

Doing the 10 day Athens to Barcelona sailing. Staying one day extra on each end.

 

1. Should I get them before the flight to Europe? At the Athens Airport?

 

2. Most of our excursions will be through Carnival and added to our booking, so don't need a lot of Euro's for these. So, how much would be a good estimate to take along or buy?

 

3. Heard something about a Visa Travel Money card? How exactly does this work and low cost to fund? Can use at ATM's around Europe?

 

4. I know My Visa is accepted for most things, but my debit card is a small town local bank that I am not sure would be accepted at most ATM's without a huge fee. Debit cards good to use or not?

 

Thanks for the advice in advance.

 

Rich

[cruiserfromalabama]

When we travel to Europe-I always figure about how much spending money we will need for each day(not including gifts to take back)and call Wells Fargo(I bank with them as well)to place order for how many Euros that I will need. If I am on a cruise-I take only about 100 to 120 Euros for as many days we will be traveling. At each port we take that 100 or so Euros(my husband gets half and I get half)and we each take one credit card(two different credit cards)when we leave the ship. All other money stays in safe on ship. If one of us gets pick pocketed, then the other has cash and credit card to use. I usually buy gifts ashore with credit card. Do the same thing if doing land trip. I prefer not to use ATM(just me-others have no problems using ATMs though). I never use my debit card on trips as I do not want a hold on any of my money in my account. We always pay upfront for any trip expenses that we can, so usually do pretty good on not spending a lot of cash on trips. This has always worked well for us and I have gotten fairly accurate with figuring out how many Euros or whatever foriegn currency to take for each day we will be traveling. Wells Fargo will trade back in my Euros and exchange them when I get back. If you are going to be eating most meals on ship-then you could easily get by on less!

Edited March 31, 2016 by cruiserfromalabama

[trvlgirlmq]

First time for my wife and I to go to Europe. Just wondering what the most convenient and cheapest way to get Euros is?

Doing the 10 day Athens to Barcelona sailing. Staying one day extra on each end.

 

1. Should I get them before the flight to Europe? Not needed. At the Athens Airport? Yes, go to an ATM in the airport to get your initial amount. Make sure you know your daily limit and know how many Euros that will get you.

 

2. Most of our excursions will be through Carnival and added to our booking, so don't need a lot of Euro's for these. So, how much would be a good estimate to take along or buy? Figure how much you plan to spend on lunch, souvenirs and possible tips to tour guides and take that amount with you each day. ATM's are very accessible so you can restock your supply in port.

 

3. Heard something about a Visa Travel Money card? How exactly does this work and low cost to fund? Cash is king in Europe and there may be fees attached to this type of card. Can use at ATM's around Europe?

 

4. I know My Visa is accepted for most things, but my debit card is a small town local bank that I am not sure would be accepted at most ATM's without a huge fee. Debit cards good to use or not? Call your bank before you leave to put a travel alert on for each country you will be visiting. Also, ask what fees they will charge for out of network use. The banks in Europe do not charge you a fee to use the ATM. There will be a conversion fee added to each transaction that will come out of your checking account separately and it is up to 3%.

 

Thanks for the advice in advance.

 

Rich

 

I've answered above in red.

[onespots]

Rich

You have received very good answers. Personally we like to have euros before our flight over. We budget just enough for tipping the guides on tour, inexpensive souvenirs, taxi if needed, & food treats on the street from vendors.

 

Mastercard & Visa are widely accepted throughout Europe. Check to make sure your card has the latest chip & no international transaction fees. We avoid the ATMs due to crowding & waiting in line.

 

During our 14 night cruise & 3 day pre-cruise hotel land adventure we spent about 300 euros. What we did not spend on land we gave to crew members for their exceptional service over & above our pre-paid tips. Therefore we never bring back any euros.

 

Happy Travels, John

[bluwes]

Never ever change money at airports, the exchange rate will be the worst imaginable

[HawkIVette]

Thank you for all the info. Sounds like I should get some Euro's before we leave and then, if more are needed while on the trip, just get more at an ATM.

 

So, I will need to stop at a Wells Fargo and see if I can get some. I assume there is a fee to get them at the bank. What can I expect that to be? More than the fee from an ATM in Europe? And by fee, I mean a % fee or even the difference between the real exchange rate compared to what the actual exchange rate they give you?

 

Maybe I am over worrying about this and I should just expect it to "cost" a little, but don't want to overpay for our enjoyment.

[TomCruise48]

Thank you for all the info. Sounds like I should get some Euro's before we leave and then, if more are needed while on the trip, just get more at an ATM.

 

So, I will need to stop at a Wells Fargo and see if I can get some. I assume there is a fee to get them at the bank. What can I expect that to be? More than the fee from an ATM in Europe? And by fee, I mean a % fee or even the difference between the real exchange rate compared to what the actual exchange rate they give you?

 

Maybe I am over worrying about this and I should just expect it to "cost" a little, but don't want to overpay for our enjoyment.

 

Wells Fargo does a huge amount of foreign currency exchange business and has very low fees. You can set up the exchange on the internet or over the phone and have it delivered to your home or local branch. There is an extra fee for home delivery, so I pick it up at my local branch.

[coldinerie]

I always get a about 100.00 Euros prior to leaving the US from my bank, but let me tell you, you will pay about 13% more doing this. I like to have pocket euros with me prior to leaving.

 

I never change at an ATM in airport, too many fees at airports.

 

Hit the first ATM you see when you hit land. At least in France, ATM fees are minimal, I think my bank charged 2 % so it was a deal at land based ATM's.

 

You can go on line now and tell your credit card company that you are in Europe, look for the link.

 

Have fun!

[hbrote]

Lots of good info but I also take Euro's with now. I didn't on our first trip and this was a mistake. The ATM's in the Venice airport were not available so I had no Euros for transportation. Now I bring enough to survive for a day or two. Wells Fargo has the best exchange rate and here is a link to their daily rates https://www.foreignexchangeservices.com/?partnerid=FES&serviceType=rate

 

I also card a debit card that has no exchange rate charged when used (USAA) and only have a certain amount of money in that I expect to spend. I also have a credit card with no foreign exchange rate that I use (Capital One).

 

Enjoy your trip, you'll have a great time and Athens is a great place to visit.

[scrantsj]

If you have AAA, you can order Euros from them (they go through Well Fargo). Their exchange rate doesn't seem to be the best, but they are convenient if you want cash before you leave.

[thinfool]

There is a lot of confusing and sometimes plain wrong information in this thread.

 

Proceed at your own risk.

[crzndeb]

I was on a cruise that stopped in Martinque last Oct., so I picked up some at an ATM there. I think it's a good idea to get some for your arrival day. As a previous poster stated, the ATM's at airport could be down, and then what?

 

I will probably go to AAA and pick up a few more before I leave, but the bulk I will get once at ATM's once I get to Europe.

 

I think it's always a good idea to be prepared.

[BaseballMomof4]

Last time we were there we found a good money exchange at the train station in Civi and also one on La Ramblas in Barcelona. They had decent rates.

[KingHal]

For general use abroad you should get a credit card which doesn't charge a foreign exchange transaction fee such as one of the cards shown on this website: http://www.creditcards.com/no-foreign-transaction-fee.php

 

In fact there's an excellent guide at http://flyerguide.com/index.php?title=Credit/Debit/ATM_Cards_and_Foreign_Exchange&mobileaction=toggle_view_desktop

 

The general principle is to have a small amount before you travel, say $200 worth; and to use ATMs to withdraw $300 worth at a time from your bank a/c (don't withdraw cash using a credit card); and finally, where possible use a foreign exchange transaction fee free credit card. If you plan ahead you should be able to save money.

[azmaui]

Here is what I'm planning to do - bring significant amount of $, my regular credit card (I let them know I'll be traveling) and atm card as a backup. Money exchange places are not hard to find and often offer best rates (except for ones at the airport where you get the least for your $) When you withdraw from atm you often get crappy rate (you don't know what the rate is) plus transaction fee. That's just my preference (I grew up in Europe and visit frequently).

 

 

Sent from my iPad using Forums mobile app

[MATHA531]

While everybody is entitled to their own opinion, I don't think it is wise to carry large amounts of cash be it in dollars or in euro (the official plural of euro is euro). I understand, however, that sometimes people are dealing with independent tour operators who do not take credit cards. Still it is very rare, as a matter of fact almost non existant that you do better with exchanging cash than with an atm provided you remember when doing a transaction with an atm not to fall for dynamic currency conversion (do not accept an invitation to be billed in your currency, always insist being billed in local currency). The exchange rates are set by the shared teller networks and almost all use the official exchange rate (as posted on xe.com) and may mark it up 1% or so. Yes there are banks that tack on additional fees, but then again money exchanges are profit making operations and add their own fees or screw you on the rate they offer. But every bank has different policies regarding cash withdrawals on thei debit or ATM cards and you should check out yours in particular.

 

Personally, I travel with very little cash. I credit card everything wherever possible whether small or large. I don't understand, again this is my opinion, why people write things like I don't like to use my credit card for small purchases. Unfortunately, there are some merchants who will not take a credit card for small purchases. I will not patronize such short sighted merchants.

 

Now this is the way I do it and it is by far the most convenient way of handling things. No worries about exchange rates and the like. Hand over the credit card, just say no if the merchant tries to pull dcc on you (the charge slip says an amount in your currench; it must say the amount only in local currency or you tell the merchant he or she is in violation of the credit card companies rules. You can learn more about this scam by doing a search for dynamic currency conversion or dcc for short).

[HawkIVette]

There is a lot of confusing and sometimes plain wrong information in this thread.

 

Proceed at your own risk.

 

Thanks for adding so much to the conversation. Care to enlighten me as to the right way of money exchange while traveling in Europe?

 

To all others, thanks for all the ideas and information, even if most of you are wrong.:rolleyes:

[HawkIVette]

For general use abroad you should get a credit card which doesn't charge a foreign exchange transaction fee such as one of the cards shown on this website: http://www.creditcards.com/no-foreign-transaction-fee.php

 

In fact there's an excellent guide at http://flyerguide.com/index.php?title=Credit/Debit/ATM_Cards_and_Foreign_Exchange&mobileaction=toggle_view_desktop

 

The general principle is to have a small amount before you travel, say $200 worth; and to use ATMs to withdraw $300 worth at a time from your bank a/c (don't withdraw cash using a credit card); and finally, where possible use a foreign exchange transaction fee free credit card. If you plan ahead you should be able to save money.

 

Thank you so much for this link. Great info here.

One bit of info I found very interesting was this below.

 

Visa and MasterCard, the most widely accepted credit card networks worldwide, offer the best exchange rates, according to an Exchange Rate Study by CardHub.com. The study not only found that no international fee credit cards on the Visa and MasterCard networks serve as the best tools for spending money abroad, but also that they save international travelers an average of 7.9% relative to major banks and 14.7% as compared to an airport service on U.S. dollar-to-Euro exchanges. Even if one uses a credit card with the maximum 3% foreign transaction fee, he or she will still save 4.9% and 11.7% as compared to banks and airport companies, respectively.

[thinfool]

Thank you so much for this link. Great info here.

One bit of info I found very interesting was this below.

 

Visa and MasterCard, the most widely accepted credit card networks worldwide, offer the best exchange rates, according to an Exchange Rate Study by CardHub.com. The study not only found that no international fee credit cards on the Visa and MasterCard networks serve as the best tools for spending money abroad, but also that they save international travelers an average of 7.9% relative to major banks and 14.7% as compared to an airport service on U.S. dollar-to-Euro exchanges. Even if one uses a credit card with the maximum 3% foreign transaction fee, he or she will still save 4.9% and 11.7% as compared to banks and airport companies, respectively.

 

Just to clarify the

U.S. dollar-to-Euro exchanges

mentioned are not the same as using an ATM card to obtain local currency at an airport or local bank affiliated ATM.

 

Obtaining local currency (not making purchases) with a bank affiliated ATM card will result in the closest-to-market (exchange rate) transaction costs available to a traveler.

Edited April 2, 2016 by thinfool

[MATHA531]

I will try to explain and hope it does not lead to more confusion. There is no such thing as an "official" or "fixed" exchange rate between the euro and the US dollar. There is something called the "interbank" rate. This rate is used by banks to exchange millions and millions at any given time and is the rate published say on xe.com or oanda.com.

 

Both visa and mastercard have established rules for currency exchange. To simplify it, although it is worded in a cnfusing way, both mastercard and visa sort of use this interbank rate and add on 1% to account for fluctuations in a short period of time. Many but not all banks may add an additional 2% to this making a total of 3% above the interbank rate as the going rate. However, in the USA for competitive reasons, many banks do not charge the 2% and some even eat the 1% mc/visa fee and bill themselves as no foreign transaction fees. This is probably the best you can but you have to check with your bank to get its actul policy which the truth in lending law requires them to provide upon issuing you a card.

 

Using a debit or atm card, you are at the mercy of your bank and its shared teller network but in general, since visa and mastercard control the plus and cirrus shared teller networks, the exchange rules are similar. However, many banks add on an additional fixed charge for atm withdrawals. As an example, Bank of America charges $5 for each ATM withdrawal but waives it if you use certain bank's atm in their global alliance. For example, in the UK, their global alliance partner is Barclay's Bank. Many other banks, do not add on this fee. Again, you have to check with your bank for its specific policy. In general, when you use cirrus or plus, the machine you pull your money out of is not allowed to add on its fee and in general this is true. But there are some atm's which get around this. Some banks will refund this fee.

 

Exchanging cash is by far the worst way to handle foreign currency. You will never get anything near the interbank rate. The mark up varies from about 7% to as much as 10%. Exchanging currency is a money maker for banks as they lower your return if you exchange back. Just as an example, if you change US dollar for British pounds at a cash exchange, assming the interbank rate is $1.40 = £1. to buy £100, the interbank rate would suggest it would cost you $140. However, it will most likely cost you $154 to get the £100 (a 10% markup). Some banks may claim they charge less but then add on fees. If you have £100 left over and try to exchange it back at the end of a trip, you will onlhy get $126 ($140 minus $14). That is the way banks make money. Now you can make your own decision whether it is worth it to exchange cash.

 

I will say this. When I travel to Europe, I may make a small ATM withdrawal but use a no foreign exchange fee card for everything else I buy and rarely spend cash. I, as I said above, do not understand why some people suggest not using credit cards for small purchases. I use my credit cards for everything whether I am at home or travelling. It is much more convenient and much more economical.

 

I hope this didn't confuse the issue even more.

[thinfool]

. I, as I said above, do not understand why some people suggest not using credit cards for small purchases.

 

Let me shed some light....my wife likes to buy nice jewelry. Not from cruise line associated places like Diamonds International, etc, but from independent shops. And she is good at negotiating (haggling) with the shopkeeper.

 

These shops will take MC/VISA, but when my wife is done negotiating for her items there are always two prices.

 

Cash price.

MC/VISA price.

 

This is true in the Caribbean, Rome, Istanbul, Marmaris, Venice, etc, etc.

 

Guess which one gives her better value?

Edited April 2, 2016 by thinfool

[HawkIVette]

Just to clarify the mentioned U.S. dollar-to-Euro exchanges are not the same as using an ATM card to obtain local currency at an airport or local bank affiliated ATM.

 

Obtaining local currency (not making purchases) with a bank affiliated ATM card will result in the closest-to-market (exchange rate) transaction costs available to a traveler.

 

No, I understand that. I did not intend to mix the 2 different ways of purchases (cash vs. credit). But I was just making the distinction that it us much cheaper to make credit card purchases vs. using Euro or (much worse) Dollars.

 

Thanks for all the info.

Edited April 2, 2016 by HawkIVette

[MATHA531]

Let me shed some light....my wife likes to buy nice jewelry. Not from cruise line associated places like Diamonds International, etc, but from independent shops. And she is good at negotiating (haggling) with the shopkeeper.

 

These shops will take MC/VISA, but when my wife is done negotiating for her items there are always two prices.

 

Cash price.

MC/VISA price.

 

This is true in the Caribbean, Rome, Istanbul, Marmaris, Venice, etc, etc.

 

Guess which one gives her better value?

 

Of course, nothing is absolute. There is always a question of cash or credit. Technically, the merchant is in violation of his or her credit card agreement depending on country although in the USA, cash discounts are now allowed (but in some states credit card surcharges are not, explain the difference to me). I will agree there are some places where haggling about the price is part of the game; there are many places it is not. But to each his or her way of doing things is fine. My only caveat is one should have all the fact in order to make an informed decision.

[KingHal]

I will try to explain and hope it does not lead to more confusion. There is no such thing as an "official" or "fixed" exchange rate between the euro and the US dollar. There is something called the "interbank" rate. This rate is used by banks to exchange millions and millions at any given time and is the rate published say on xe.com or oanda.com.

 

Both visa and mastercard have established rules for currency exchange. To simplify it, although it is worded in a cnfusing way, both mastercard and visa sort of use this interbank rate and add on 1% to account for fluctuations in a short period of time. Many but not all banks may add an additional 2% to this making a total of 3% above the interbank rate as the going rate. However, in the USA for competitive reasons, many banks do not charge the 2% and some even eat the 1% mc/visa fee and bill themselves as no foreign transaction fees. This is probably the best you can but you have to check with your bank to get its actul policy which the truth in lending law requires them to provide upon issuing you a card.

 

Using a debit or atm card, you are at the mercy of your bank and its shared teller network but in general, since visa and mastercard control the plus and cirrus shared teller networks, the exchange rules are similar. However, many banks add on an additional fixed charge for atm withdrawals. As an example, Bank of America charges $5 for each ATM withdrawal but waives it if you use certain bank's atm in their global alliance. For example, in the UK, their global alliance partner is Barclay's Bank. Many other banks, do not add on this fee. Again, you have to check with your bank for its specific policy. In general, when you use cirrus or plus, the machine you pull your money out of is not allowed to add on its fee and in general this is true. But there are some atm's which get around this. Some banks will refund this fee.

 

Exchanging cash is by far the worst way to handle foreign currency. You will never get anything near the interbank rate. The mark up varies from about 7% to as much as 10%. Exchanging currency is a money maker for banks as they lower your return if you exchange back. Just as an example, if you change US dollar for British pounds at a cash exchange, assming the interbank rate is $1.40 = £1. to buy £100, the interbank rate would suggest it would cost you $140. However, it will most likely cost you $154 to get the £100 (a 10% markup). Some banks may claim they charge less but then add on fees. If you have £100 left over and try to exchange it back at the end of a trip, you will onlhy get $126 ($140 minus $14). That is the way banks make money. Now you can make your own decision whether it is worth it to exchange cash.

 

I will say this. When I travel to Europe, I may make a small ATM withdrawal but use a no foreign exchange fee card for everything else I buy and rarely spend cash. I, as I said above, do not understand why some people suggest not using credit cards for small purchases. I use my credit cards for everything whether I am at home or travelling. It is much more convenient and much more economical.

 

I hope this didn't confuse the issue even more.

 

 

That's a full and accurate explanation.

[KingHal]

Here is what I'm planning to do - bring significant amount of $, my regular credit card (I let them know I'll be traveling) and atm card as a backup. Money exchange places are not hard to find and often offer best rates (except for ones at the airport where you get the least for your $) When you withdraw from atm you often get crappy rate (you don't know what the rate is) plus transaction fee. That's just my preference (I grew up in Europe and visit frequently).

 

 

Sent from my iPad using Forums mobile app

 

 

Good luck with that approach. If you find an exchange office offering better than the inter-bank rate used by Visa & MasterCard then I can only presume you have found a money laundering operation and are assisting organised crime :) LOL. That isn't to say that many don't beat the rates offered by banks to exchange actual cash - which is why you shouldn't take cash.