Converting $$ to Euros

[Hlitner]

Which CC's don't have foreign transaction fees? I'm pretty sure ours do. Thinking about getting euros from our bank before we leave for Europe?

 

Quite a few :). For starters, the CapitalOne MC (which has no annual fees) has zero foreign exchange fees as does the Andrews Federal Credit Union Global Trek Visa (which is also a real Chip/PIN card). Most of the higher end credit cards such as the Chase Sapphire Preferred have no foreign exchange fees but these cards do come with an annual cost. The AMEX Platinum also has no foreign exchange fee...but its a very expensive card ($550 a year) which is mostly popular with very frequent travelers and business folks. Chase also has a very high end card, the Chase Sapphire Reserve which competes against the AMEX Platinum....but also has a very high annual fee.

 

I should add that the cards with high annual fees do usually come with some terrific benefits that are of interest to many frequent travelers. This can be special hotel discounts, access to many private airport lounges, etc.

 

Folks may also want to look in their own area at Credit Unions...which often issue fee free credit cards (many have no foreign exchange fees). And as to getting Euros through a local bank, in most cases you are not going to get a great exchange rate. Some travelers think the convenience is worth the price. As a very frequent world traveler we never get currency from US banks.....but simply use local ATMs once we arrive at our destination. Bank ATMs will generally give the best exchange rates you will find....and if you have an ATM card that charges no fees (not that hard to find if you use credit unions) that makes the rates even more attractive. We often spend over 6 months a year out of the country and totally rely on our ATM/Debit cards for cash (we carry 3 separate ATM cards...each drawn on a different account/bank).

 

Hank

[Coffeeluvr05]

I believe the Southwest Airlines card by Chase has no foreign transaction fees. I think that's the one we used. I think the annual fee is $99, but you get like 6,000 points each anniversary.

[pompeii]

You can open a Schwab checking account and get a chip and pin debit card. Then just put dollars in it before you leave home and use an ATM in country for local currency. No foreign transaction fees, and no out of network ATM fees. You can even use it in the ship's ATM with no ATM fee (but you'll get dollars not local currency.)

 

I found it very easy to open and their customer service is top notch. You do have to open an investment account, but you don't have to put any money in it. I have mine set up so that I can transfer funds from my regular bank online directly into the Schwab account. I have never had to set foot in a Schwab office. You can also deposit checks into it using their app.

http://www.schwab.com/public/schwab/banking_lending/checking_account