Better to Change US $ to EU in the US or wait til Europe

[Javaholic]

Which is better,,, get Euros here, or there?

 

I’ve gone with my SIL a few times & she uses the machines in the airport. They both fly for Airlines & said it’s best. But I’ve read it’s not,

 

Does anyone have good insight on this? Is it better to use a credit card for bigger purchases, meals, gifts, etc? I’ve mostly bought trinket & small stuff in the past (3-15 eu) and generally at street vendors.

[BarbarianPaul]

I’ve found that the rate is best if I buy it here before I go. The exchange rate at the airport is legendarily bad.

We also have a credit card that doesn’t charge a foreign transaction fee, which is helpful.

Most useful is a prepaid travel money card, which you get in the US and is loaded with as many euros as you want to buy. It basically works like a debit card. You can purchase items with it and also get euros out of any atm.

 

 

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[Scrapnana]

You usually get the best exchange rate if you use an ATM in the destination country. Check to see if your banking institution charges for using a card in a foreign country. Also, use a debit card as most institutions consider using a credit card for cash as a cash advance (with high interest).

 

Depending on the location I will use my credit card for purchases, meals, etc.

[Hlitner]

This topic comes up a lot. The best exchange rate will almost always be out of a bank ATM machine in Europe. If you have an ATM/Debit card that does not charge fees you will not find a better rate anywhere. There are usually bank ATMs in European airports which can be convenient. But for many travelers it is just more convenient to get some Euros at home. And consider that if you are getting a relatively small amount (say under $1000) the difference in exchange rates (and possibly fees) will not break the bank.

 

Hank

[Javaholic]

Thanks everyone, appreciate it

[tv24]

In Europe the best exchange rate is always at a bank ATM, which can be found at just about any airport and in the center of most cities. In some countries such as France, bank ATMs are on almost every block. This exchange rate is way better than what you can get when buying Euros in the US.

 

For purchases I try to use my credit card or debit card as much as possible. Try to use a card that has low or no exchange fees. Credit cards are widely accepted. Debit cards are almost universally accepted, even for tiny amounts. Sone Northern European countries, such as Denmark, are rapidly moving in the direction of cashless.

[cruisemom42]

I agree -- I've done the maths on the exchange rates and the ATMs in Europe yield the best deal. Unless you have an account that reimburses the transaction charge (generally $3 to $5 per transaction), you're better off taking out a larger amount at a time rather than multiple smaller amounts.

 

NOTE: Beware when using ATMs in airports. Many have been replaced with Telex currency machines that give the same BAD exchange rates as the kiosks. They look very much like normal ATMs -- so just be sure to look at the name before you withdraw.

[navybankerteacher]

I’ve found that the rate is best if I buy it here before I go. The exchange rate at the airport is legendarily bad.

We also have a credit card that doesn’t charge a foreign transaction fee, which is helpful.

Most useful is a prepaid travel money card, which you get in the US and is loaded with as many euros as you want to buy. It basically works like a debit card. You can purchase items with it and also get euros out of any atm.

 

 

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Yes, the “exchange rate” at airports is bad - but bank ATM’s at destination airport give better rates than ANY exchange facility.

[g&gtravel]

The US has trailed EU on transitioning to the "chip" cards, but slowly catching up. You will almost always require a chip card, with pin, to use it in Europe.

[BarbarianPaul]

Yes, the “exchange rate” at airports is bad - but bank ATM’s at destination airport give better rates than ANY exchange facility.

 

 

 

Wasn’t aware of that!

 

 

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[Hlitner]

The US has trailed EU on transitioning to the "chip" cards, but slowly catching up. You will almost always require a chip card, with pin, to use it in Europe.

 

This seems to be less of an issue in the most recent couple of years. In our experience most merchants and restaurants are now pretty familiar with Chip/Signature cards and it has been a long time since we have had a problem. Where Chip/PIN does really matter is when using various vending machines such as ticket machines, gas station pumps (where there are no humans to handle a transaction), parking meters, etc. With those machines sometimes your card will work and other times it will demand a PIN. There are a few US card issuers that do offer cards with Chip/Pin. One example is Andrews Federal CU which has a "Global Trek Visa." What is interesting to us is that AMEX offers Chip/PIN cards to those with a Canadian address but still resists giving them to those with a US address.

 

Hank

[Fouremco]

What is interesting to us is that AMEX offers Chip/PIN cards to those with a Canadian address but still resists giving them to those with a US address.

 

Hank

Yes, you can only get chip and PIN cards here in Canada, and it has been that way for several years. I believe that the US is one of very few countries that resisted the move.

[drowelf]

I agree -- I've done the maths on the exchange rates and the ATMs in Europe yield the best deal. Unless you have an account that reimburses the transaction charge (generally $3 to $5 per transaction), you're better off taking out a larger amount at a time rather than multiple smaller amounts.

 

NOTE: Beware when using ATMs in airports. Many have been replaced with Telex currency machines that give the same BAD exchange rates as the kiosks. They look very much like normal ATMs -- so just be sure to look at the name before you withdraw.

 

Yes, be very aware, always use a national bank chain ATM at the airport or in any other area, not any Telex or off brand. If unsure, then simply do a quick search on the name plastered on the front of the ATM.

 

We generally hit up the arrival airport for a couple of big withdrawls when we land in Europe or the UK. That gives us all the spending $$ we generally need. Also the airports are relatively safe area to be getting cash. Not too many muggings going on in a crowded terminal.

 

Another point, be sure to tell your bank your going to be doing this and it also helps if you can load accounts at different banks with cash to be withdrawn. Over the decades there have been a couple of instances where I could not get money out of my account, but the could out of the wifes (different bank). Remember this has to be a positive acknowledgement between the 2 banks. It turned out to be communication issues between the 2 bank's networks. A couple of day later in a different city and different bank, I had not problems.

 

Cheers,

[drowelf]

Yes, you can only get chip and PIN cards here in Canada, and it has been that way for several years. I believe that the US is one of very few countries that resisted the move.

 

Yeah, we screwed that up totally. Chip and Signature is not much more secure than the old no chip method.

[Charles4515]

Yeah, we screwed that up totally. Chip and Signature is not much more secure than the old no chip method.

 

Chip and Signature is much more secure than the no chip.

 

By the way what we have now in the US is Chip. Signature is no longer required in the US.

[navybankerteacher]

Chip and Signature is much more secure than the no chip.

 

By the way what we have now in the US is Chip. Signature is no longer required in the US.

 

Unless you are at a place without a chip reader.

[Charles4515]

Unless you are at a place without a chip reader.

 

 

Actually I was at one of the rare places around here without a chip reader last week, I was taken aback by that and no signature was required.

 

Gas stations don’t have chip readers yet and I don’t have to sign.

 

Also while a signature is not required merchants still have the option of having a slip signed.

 

Where we still end up signing is sit down restaurants since the transaction takes place out of our sight and a tip can be added.

 

 

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Edited August 6, 2018 by Charles4515

[Charles4515]

Getting back to the question if I needed cash I would use a bank ATM, not get money from my bank, besides the worse exchange rate my bank has a minimum amount I would have to buy which is more than I wanted. In Europe but last year in Europe I did not use any cash over two weeks. The first week was in the UK. The second week was on a cruise that was Scandinavian ports with multiple currencies. I used either Apple Pay or Chip and Signature Credit Cards. Loved tapping my Apple Watch for every ride on the Tube.

[Javaholic]

So, best as I can tell - the best route would be take cash from a bank ATM in Europe (starting in Barcelona). Then, pay it immediately upon return, so no high interest on a "cash advance".

 

One more question - do they exchange at all on the ship? Do many place take US currency? We are in Barcelona - Monte Carlo -Marsaille - Rome, Naples, Venice etc. Just wondering if there is even any need to bring much US money, except for our airport.

 

Most of our excursions are pre-paid. So it's just eating when out & about, and buying gifts, etc.

[iancal]

No matter where we have traveled we found that the best exchange rate is always at an in country ATM. The one thing we are careful about is bank charges from our bank. If we use our normal ATM card the bank adds a 2.5-3 percent premium to the exchange rate. Same as they do with our Visa or MC cards.

 

So we use one credit card for travel that does not add this 2.5 percent fee on visa purchases. We use this card to get cash in the form of cash advances. Prior to leaving home, and during the trip if necessary, we ensure that we always have a large credit balance on the card. We use the card for a cash advance. We avoid he 2.5 percent fee and we avoid interest charges because our account is in a credit balance.

 

This may seem like a small amount. However, we often buy travel products outside our country prior to leaving and we usually have 2 overseas trips per year, 6-10/12 weeks each. The bank fees can really add up so we make a point of getting around them.

[Charles4515]

So, best as I can tell - the best route would be take cash from a bank ATM in Europe (starting in Barcelona). Then, pay it immediately upon return, so no high interest on a "cash advance".

 

One more question - do they exchange at all on the ship? Do many place take US currency? We are in Barcelona - Monte Carlo -Marsaille - Rome, Naples, Venice etc. Just wondering if there is even any need to bring much US money, except for our airport.

 

Most of our excursions are pre-paid. So it's just eating when out & about, and buying gifts, etc.

 

 

 

The exchange rate on the ship is not very good.

 

You should be using a debit ATM card not a credit card to get cash at an ATM. Don’t do a cash advance.

 

They don’t take US cash at the ports you mentioned.

 

Also when you use your credit card at a restaurant or shop they may offer to do the transaction in USD. Don’t do it. You get stuck with a bad exchange rate and fee. Only charge in the local currency for the best rates.

 

 

 

 

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[Charles4515]

No matter where we have traveled we found that the best exchange rate is always at an in country ATM. The one thing we are careful about is bank charges from our bank. If we use our normal ATM card the bank adds a 2.5-3 percent premium to the exchange rate. Same as they do with our Visa or MC cards.

 

 

 

 

 

 

You can get an ATM Card from Capital One Bank or Charles Schwab that does not charge foreign exchange fees. There are probably others. Some credit unions.

 

 

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[tv24]

So, best as I can tell - the best route would be take cash from a bank ATM in Europe (starting in Barcelona). Then, pay it immediately upon return, so no high interest on a "cash advance".

 

One more question - do they exchange at all on the ship? Do many place take US currency? We are in Barcelona - Monte Carlo -Marsaille - Rome, Naples, Venice etc. Just wondering if there is even any need to bring much US money, except for our airport.

 

Most of our excursions are pre-paid. So it's just eating when out & about, and buying gifts, etc.

 

Most ships do have exchange desks and most offer terrible exchange rates. You are much better off using a bank ATM on shore for cash withdrawals against your checking account and using your credit/debit card for purchases.

 

All of the places you are visiting are modern, developed cities that have their own stable currency, the Euro. So merchants and service-providers use the Euro, just like merchants and service providers in the US use the dollar. It would be extremely unusual for anyone to accept US dollars for a purchase.

[SFO Peter]

Follow Rick Steves prevent fraud advice and use cash (unless you are shopping at well known store) for purchases.

 

You can usually find ATM near the ports. So at first port go stock up with Euros. You can get say $100 worth of euros from ship as a start. Note that Credit Cards usually cover fraud but it is somewhat of a hassle. Banks are not obligated to cover Debit Card fraud so I would not use Debit Card for purchases. I would use Debit Card only for Cash. I also put a Debit Card purchase limit of $1 so it is used for ATM only.

 

I personally know persons who have had credit card compromised at least three times here in SF and Las Vegas within two years. So you need to be vigilant and monitor your bank account activity as well.

 

I recognize that some may not have the choice of paying cash or maybe just prefer to use credit. So this is just plain use it or ignore it advice.

 

Peter

[Herfnerd]

We are getting ready to head over to Prague next month and Rome early next year. Spoke with my credit union and was told to use bank ATM's in Europe to get the best exchange rate - my CU only charges a $0.75 per transaction fee but to be aware that their ATM's might charge a service fee as well.