Best way to obtain Euros

[snorkelcruiser]

Hi, what is the most economical way to obtain Euros, i.e., in the US vs ports of call; type of bank. Thanks

[figdu]

Better to get them here before you go.

[Dunnik]

Better to get them here before you go.

 

That's what I plan to do, half in cash and half in traveller's cheques (to be cashed at the purser or ashore, even).

 

My credit card offers currency conversion better than my bank, so that's another way to "buy" Euros.

[MATHA531]

Better to get them here before you go.

 

Why?

[denatravels]

Airports have ATMs and the exchange rate is better. I have a card that gives no fee though (or reimburses other fees if the ATM charges them).

 

 

 

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[MATHA531]

Almost every guide book has a section on dealing with foreign currencies and opinions vary all over the place. Also people simply have different view points on this. So I will speak in generalities with full knowledge others may disagree.

 

1. The use of travelers cheques for use in foreign travel is long long gone (please leave home wthout them). Few places take them these days, banks don't take them, you're still dealing with foreign exchange rates (if the cheques are in your currency assuming here US dollars but it can be any currency) and in general are a relic of the 1980's at best. I wouldn't touch them with a 10 foot pole.

 

2. By far the best way of obtaining cash is through an ATM with either a debit card or a vanilla ATM card but it is hard to talk in generalities as different banks have completely different fee structures. For example, there are some banks who allow withdrawals from ATM's without any fee and even reimburse you if the bank owning the ATM charges a fee for having the gall to use its machine (rare though in Europe). Other banks, a prominent one being Bank of America tag on a $5 fee for each withdrawals but waive the fee if you use specific banks in their so called "global alliance". You have to check with your bank.

 

3. By far the most convenient and economical way to not have to worry about all this is to use a credit card (by you're really using it as a charge card namely you pay off the balance each month). Again policies of different banks vary and you have to check the specific policy of whatever bank you choose to use but you're looking for banks whose cards have no annual fees and no foreign transaction fees. Many do exist in the USA. An example is the Bank of America Travel rewards card. Almost all US banks today issue credit cards with the infamous emv chip although almost none requie use of a pin but today they work almost 100% of the time with European merchants and in kiosks again despite what some know nothings may say. Frankly, I have taken trips to Europe, but it can be country dependent where not once did I use cash for anything. But what I do is make a small ATM withdrawal say for €20 using my debit card which charges no fees and reimburses if I use a machine which reimburses if a machine charges a fee. More often than not, that €20 bank note sits in my wallet and never gets used.

 

Now I understand, there are specific instances where one needs cash. For example many independent tour operators have not entered the 21st century yet and only take cash. What a bummer but I suppose that's reality. Unfortunately, that means one who uses these tour operators exclusively has to take large amounts of cash. I don't think it's ever a good idea but I suppose reality is reality. I don't want to say not to use them; they can be great deals but that means yoou have to deal with the reality of perhaps being a crime victim or pick pocke ted. I guess what I'm saying, for safety and a variety of other reasons, if at all possible carrying cash, either in your currency or in euro (the official plural of the currency we are discssing btw) is something you should try to avoid if possible.

Edited April 9, 2016 by MATHA531

[figdu]

Why?

 

Exchange rate at the home bank will generally be much better than in a tourist area. It will definitely be better than what you will get on the ship.

[thinfool]

As already mentioned, using your ATM card upon arrival in a "Euro" country will be the easiest and most economical method.

 

While many like to obtain foreign currency before leaving the US, there is a cost involved.

 

All banks, AAA, etc, add fees of 3%-8% for this service. Even if they tell you they don't, they do.

 

Overall, the best rates that I have seen discussed here (and this is a well covered subject on CC) is using an ATM card issued by a credit union. Fees in the 1%-2% range are common.

 

That's not to say that all credit unions are like that, but it is a place to start.

 

Within Europe ATM's are plentiful. More so than in the US. Using an ATM that is associated with a bank is wise.

 

The currency exchange booths found in tourist areas or airports rarely have attractive rates.

[MATHA531]

Exchange rate at the home bank will generally be much better than in a tourist area. It will definitely be better than what you will get on the ship.

 

 

I respectfully disagree. The ship, yes, gives terrible rates.

 

American banks have historically given lousy rates.

 

European money changers, while I would call the rates as compared with ATM withdrawals and use of a non foreign transaction fee credit card as high, in general offer better deals when exchanging cash than do US banks. Usually rates at airports are outrageously bad.

 

But then again there may always be exceptions to every rule.

[crzndeb]

I got a small amount on a cruise last Oct. from an ATM in Martinique. This will be enough to get me to my hotel in Barcelona from the airport. I will use my debit card to get more in the cities I will be visiting on the Vista.

 

Some people recommend just waiting until you arrive at airport and use ATM there. Airports usually have poor rates and there is always a chance that machines could be down. I like to have some on hand before I leave.

[CruiseFreak11]

Your bank, and no travelers checks. Will only be able to cash in on ship? Maybe

 

 

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[MATHA531]

I got a small amount on a cruise last Oct. from an ATM in Martinique. This will be enough to get me to my hotel in Barcelona from the airport. I will use my debit card to get more in the cities I will be visiting on the Vista.

 

Some people recommend just waiting until you arrive at airport and use ATM there. Airports usually have poor rates and there is always a chance that machines could be down. I like to have some on hand before I leave.

 

A common fallacy. If you use an airport ATM and do the transaction in local currency, the exchange rate is set by the shared teller network. However, there is a scam called dynamic currency conversion (dcc) that is metastasizing through the traveling world where the merchant or th ATM operator try to get you to agree to an exchange rate they assign. If an amount in your currency appears either on a charge slip or ATM screen, you are being dcc'd. Follow Nancy Reagan's advice and just say no.

 

Visa/mc regulations prohibit the use of dcc without the consent of you, the scamee. In the case of an ATM withdrawals. press the no button as soon as the suggestion comes up to pay in your currency and not the local currency. In the case of a merchant, again mc/visa regulations require you consent to the use of dcc. However, often they just do it and present you with a slip with the amount of local currency and your currency listed. In that case, smile and tell the merchant he is required to get your approval and tell him or her to void the transaction and do it properly in local currency. Many merchants have 3 great lies ready. They may tell you the amount in your currency is just listed for your convenience. Then ask the merchant why you are being asked to sign a statement accepting the exchange rate as final. Or they may tell you they have no control over it. That is a lie as the terminal does ask the merchant whether you wish to be dcc'd. Finally there is the inevitable no speak English which is usually a lie as almost every in the service industry in Europe today speaks English to some degree. (Note the word almost).

 

Do not offer to pay cash. If the first person you speak to refuses to do the transaction properly in local currency, ask to speak to the manager. If this does hot work, simply circle the amount in local currency and write on the charge slip, local currency not offered. When you get home, dispute the charge and ask it be charged back to the merchant. Often if the amount is relatively small, the bank will credit you the difference. However, I never accept that and insist the charge be charged back to the merchant. Only in this manner, can we stop the spread of this cancer. It is very prevelant in Italy, Ireland (the land of its birth), Spain. It is often found in the UK although not as prevelant. Not as much in France and Germany.

 

Finally, dcc is not allowed by Amex even though some merchants have found ways around that prohibition.

[dancindukes]

There are many great articles about this subject. Here is one. https://www.ricksteves.com/travel-tips/money/cash-tips We get our Euros from ATMs in Europe. Good idea to have 2 separate bank accts. If one system goes down you can get money out of the other. Happened to us. We just used a different bank and acct and were able to get Euros.

Edited April 9, 2016 by dancindukes

[Velvetwater]

Finally there is the inevitable no speak English which is usually a lie as almost every in the service industry in Europe today speaks English to some degree. (Note the word almost).

 

 

While I completely agree with you that local currency is king and the only way to get a fair price abroad I disagree with the above.

 

I know you mentioned almost but I would actually put it as half/some. Having travelled extensively in Europe (and living here :)) in larger cities and smaller villages I can say around half the service folk I have met speak good enough english to discuss matters with...the other half could not.

 

This is especially true in the less touristy countries (Old Yugoslav states and Black sea countries) and small villages all over and whne you go far in land in some cases.

 

 

On the subject of currency it is best to get a smaller amount of say £50 before you go incase it is needed desperately/machines charge too much. Although I understand this is tricker than in the US. We have found the best rates in cash machines while in that country which is just as good as going to a currency exchange local to us in the UK.

Edited April 10, 2016 by Velvetwater

[Karnyval]

If anyone is paying attention, the Euro as of late is getting stronger relative to the US dollar. Will it continue? Who knows.

 

Something to keep in mind. Buy now or later. Do you feel lucky?

[dancindukes]

That's what I plan to do, half in cash and half in traveller's cheques (to be cashed at the purser or ashore, even).

 

My credit card offers currency conversion better than my bank, so that's another way to "buy" Euros.

 

VERY few places in Europe accept Travelers Checks. It's rare.

[lizardhowson]

Keep in mind, John Heald has already stated there will NOT be a Euros currency exchange at Guest Services.

 

He stated there will be 2 ATM's in the lobby, one for US dollars and one for Euros.

 

The ship operates exclusively on US dollars.

 

Do not expect to be able to cash traveler's checks anywhere in Europe.

 

Make sure your credit card has a smart chip in it and you are set up with a 4 digit pin, required in all of Europe.

Edited April 19, 2016 by lizardhowson

[MATHA531]

Keep in mind, John Heald has already stated there will NOT be a Euros currency exchange at Guest Services.

 

He stated there will be 2 ATM's in the lobby, one for US dollars and one for Euros.

 

The ship operates exclusively on US dollars.

 

Do not expect to be able to cash traveler's checks anywhere in Europe.

 

Make sure your credit card has a smart chip in it and you are set up with a 4 digit pin, required in all of Europe.

 

99.9% of US credit cards do not do chip and pin transactions; they do chip and signature. Many cards do not have provisions for pins.

 

As far as debit cards are concerned, long ago the issue of having 4 digit pins has been resolved and is no longer applicable.

[gtalum]

Hi, what is the most economical way to obtain Euros, i.e., in the US vs ports of call; type of bank. Thanks

 

ATM when you arrive in Europe. There is no less expensive way to get local currency.

[southerngirl8]

That's what I plan to do, half in cash and half in traveller's cheques (to be cashed at the purser or ashore, even).

 

My credit card offers currency conversion better than my bank, so that's another way to "buy" Euros.

Travelers checks have gone by the wayside. Will be a waste of your money to plan on using them. Get Euros before you go, my 2 cents worth. One less thing to worry about. I can go to the Bouillon and Currency exchange here in Vancouver and get my Euros with no fee. I plan on getting all my Euros before I go.

 

Make sure you have a chip credit card- even if a chip and sign card.

 

In Europe you may not be able to use your Debit only card at a retailer for purchases- different banking systems. I know I can not use my debit card at a retailer in the US and I live in Canada. If you have a "Debit/Credit" card you are fine as long as you use as a Credit Card.

[hbrote]

My experience has shown me that I need to travel with some Euros from the US. I use Wells Fargo which has the best, inside this country, exchange rate. When in Europe I use ATM's with a debt card, with pin, to acquire Euros. This card is "Just for Travel" and not tied to my primary account and the card has no foreign transaction or ATM fees for its use. I also have a Credit Card with the same. The reason I carry some Euros is that on our first visit all ATM's at the airport were down.

Edited April 20, 2016 by hbrote

[cruisng4fun]

As far as debit cards are concerned, long ago the issue of having 4 digit pins has been resolved and is no longer applicable

 

I am getting conflicting reports if I need to switch my 6 number pin to a 4 number pin? I have a BOA debit card which I planned on getting Euros from ATM when we arrive in Greece at the airport do I need to switch my pin?

Edited May 25, 2016 by cruisng4fun

[lizardhowson]

That's what I plan to do, half in cash and half in traveller's cheques (to be cashed at the purser or ashore, even).

 

Forget the traveler's checks, from all I have read they can't be cashed overseas. And guest services cannot give you Euros as they are US dollars only with no exchange services.

 

Recommend you come up with a new plan.

[MATHA531]

As far as debit cards are concerned, long ago the issue of having 4 digit pins has been resolved and is no longer applicable

 

I am getting conflicting reports if I need to switch my 6 number pin to a 4 number pin? I have a BOA debit card which I planned on getting Euros from ATM when we arrive in Greece at the airport do I need to switch my pin?

 

Six digit pins will work no problem. That hasn't been an issue for at least a decade although many guide books don't know better.

 

Having said that you are aware of a couple of things about Bank of America, one of the biggest near criminal banks in the USA.

 

They charge a fee of $5 for each withdrawal from a foreign ATM unless you use a bank's machine in their network which is not all that large and I don't know if there is a bank in Greece as part of their network. They also add a 3% foreign transaction fee for converting USD to euro that is 3% above the interbank rate.

 

There are many internet banks available which will give you a debit card that does not carry a fee, has only a 1% foreign transaction fee and in those cases where a bank has the unmitigated gall to charge you a fee for having the audacity to use their machine (not too often in Europe especially with bank ATM's) will reimburse you up to a certain amount each statement period. Examples are Fidelity (the brokerage people, Chaarles Schwab Bank). I do not advice using a debit card from your main bank as if the account gets compromised, all your outstanding checks might turn to rubber until the matter is resolved. What I do is keep $50 in my Schwab account just in case I have to get cash at home (very rare for me) and just before a trip, transfer in enough money to cover my anticipated travel expenses. When I get home, the amount left above $50 is transferred back to my main account.

 

Just some advice.

[lenquixote66]

I bought some at my local bank.However,I overbought and brought home more than I anticipated.Instead of bringing them back to the bank I am saving them for a future cruise.