Best way to purchase EUROs

[AllTimeCurisers76]

We are booked on the VRC for April 26th, the Grand European River Cruise 14 nites.  Amsterdam to Budapest. 

We are just wondering are there any tips when / where to purchase EURs.  we heard that sometimes on European Cruise ships it's better

than at a local bank in the states.  Any and all ideas are welcome. 

 

[Peregrina651]

I get them from a bank ATM at the airport when we land. NOT Travelex or an exchange bureau because that will cost way more than using an ATM, even if the ATM charges a fee for the transaction. A map of the airport will show you exactly where the ATMs are located. At the end of our trip, we make sure to go home with euros for our next trip.

 

Viking ships do not exchange currency but they do have the ability to break large euro bills into smaller bills and coins.

 

The currency in Budapest is not the euro and depending how long and what you will be doing in Budapest, you may want to visit a local ATM to get forint. Credit cards are readily excepted in Budapest but you may want cash for tipping and small purchases.

 

The onboard currency will be euros. That means that everything you buy on the ship will be charged in euros and that you will pay in euros at the end of the trip.

 

Be sure to bring a credit card that does not charge a foreign transaction fee or you will be paying 1%- 3% more on everything you charge.

 

Edited November 12, 2018 by Peregrina651

[kentchris]

If an ATM or credit card terminal offers to charge you in your home currency you're generally better off opting to be charged in €. The exchange rate offered is usually worse than your card provider's rate and you often don't have time to make an informed decision anyway. 

[Alturia]

We always use ATM's at the arrival airport to get the local currency. It is the easiest and offers the best currency conversion rates. If we need additional local currency during the trip we just find another  ATM.

[pully8]

Agree we always get cash/currency from ATMs, but most places are cashless these days. We carry minimal cash for safety reasons.  

[bubbulz]

1 hour ago, pully8 said:

Agree we always get cash/currency from ATMs, but most places are cashless these days. We carry minimal cash for safety reasons.  

 

Exactly what we do. 

7 hours ago, Peregrina651 said:

I get them from a bank ATM at the airport when we land. NOT Travelex or an exchange bureau because that will cost way more than using an ATM, even if the ATM charges a fee for the transaction. A map of the airport will show you exactly where the ATMs are located. At the end of our trip, we make sure to go home with euros for our next trip.

 

1 hour ago, Alturia said:

We always use ATM's at the arrival airport to get the local currency. It is the easiest and offers the best currency conversion rates. If we need additional local currency during the trip we just find another  ATM.

 

+1

[pully8]

Yes we avoid Travelex.

Another thing to remember before leaving home is to let your bank know which countries you will be using your cards.

With our upcoming cruise with a potential uncertain travel path, not sure how we will alert the bank, prior to departure.

Guess we will work it out.

 

 

[dogs4fun]

Agree with previous posts. For the best rate of exchange, utilize an ATM to get local currency. We just returned from a Danube river cruise & we purchased euros at a bank ATM upon arrival in Munich and HUF when we arrived in Budapest.

[bafinegan]

check with your bank.  Our bank will allow us to purchase foreign currency ahead of time for $10 per $3000 (plus the current conversion rate)  

 

baf

 

Edited November 12, 2018 by bafinegan
word check

[hbr777]

Check with a credit union if you are member. Ours charges nothing.

[Mark_T]

Even with no charges, check the actual exchange rate you are getting, many make a significant profit on the spread instead of charging a fee...

[bubbulz]

15 minutes ago, Mark_T said:

Even with no charges, check the actual exchange rate you are getting, many make a significant profit on the spread instead of charging a fee...

 

Exactly. It's not always just about the fees.

[hbr777]

1 hour ago, Mark_T said:

Even with no charges, check the actual exchange rate you are getting, many make a significant profit on the spread instead of charging a fee...

For sure. But my credit union does it for the bank rate - that's not the term, there is an actual term for it but it is escaping me at the moment. As the credit union is not-for-profit they do do currency purchase at the actual rate (whatever it is called). I do need to do it 3-4 days in advance.

[CILCIANRQTS]

We compare our bank and AAA rates to buy small amount for arrival day.

Get more from a major bank ATM in the city we first visit.

This trip, even found a bank machine in Lucerne that eats dollars and spits out Swiss francs!

[TravelerThom]

5 hours ago, hbr777 said:

For sure. But my credit union does it for the bank rate - that's not the term, there is an actual term for it but it is escaping me at the moment. As the credit union is not-for-profit they do do currency purchase at the actual rate (whatever it is called). I do need to do it 3-4 days in advance.

If your credit union is indeed selling you foreign currency at the interbank exchange rate they are losing money. It costs the CU for employee time to order the foreign currency, it is expensive to ship the negotiable bills, an employee has to receive and store the foreign currency, an employee has to disperse the foreign currency to you and maintain a record of delivery. If they do all that with no mark up for their services they will soon be out of business. I doubt that your CU can break even with a 4% mark-up. 

 

An ATM machine dispensing local to them currency already has the local currency loaded. Your debt is handled electronically at minimal cost. To be sure the local bank has hardware, electricity, maintenance and real estate expenses for the ATM but these are pro-rated over many transactions and the bank can make a profit (and stay in business) charging less than 1% mark-up. 

 

I’m willing to listen to proof that your CU has NO mark-up on the interbank exchange rate, but despite regular claims to that effect here on CruiseCritic I haven’t seen anyone able to prove it. 

[Capt_BJ]

If your credit union is indeed selling you foreign currency at the interbank exchange rate they are losing money. 

 

A agree BUT in the old days of banking and still existing in the CU world, extending services that COST the 'bank' is seen as customer service ...

 

I get no fee currency exchange at current rate, free notary public service and other perks ...... in exchange they get to use my money .... they will count my bucket of change and convert to bills or deposit and don't charge me the fee the machine at the grocery store does.  "They are losing money. ? . ?" or gaining customers?

 

 If they do all that with no mark up for their services they will soon be out of business. 

 

Or they just may STAY in business because of it!

 

Customer Service!  The dealer I bought my car from has will wash the car free every Saturday ... no charge.  It costs him .... it does not cost me ... Does he recover this cost some place else?  OF COURSE ... but I still get a weekly free car wash.

 

The issue is to balance 'free service cost' versus income ..... NOTHING FREE is not the only solution to this equation!

 

Heck, I once got a free toaster just for opening an account   😲 didn't THAT cost them money?

 

*****************

side bar

 

I got Euro b4 we left the US and hit an ATM in the airport for "F" on arrival in Budapest due to warnings about E not being accepted.

 

From the airport to hotel taxi and beyond, EVERY time I was presented a fare/bill ... it was in EURO, I had to ASK for a price in F !!!!

 

Maybe I looked too touristy 

 

 

Edited November 12, 2018 by Capt_BJ

[hbr777]

Exactly right. There is no fee attached to getting foreign currency from my CU. Nor a mark up on the exchange rate. And it is one of the reasons I bank with them. 

[Host Jazzbeau]

4 hours ago, TravelerThom said:

I’m willing to listen to proof that your CU has NO mark-up on the interbank exchange rate, but despite regular claims to that effect here on CruiseCritic I haven’t seen anyone able to prove it. 

 

Good luck Thom – it seems that very few people understand the concept of 'proof' that your are asking for.  I for one understand what you want, but haven't a clue how to find the information.  I believe that I get the best rate using a Schwab debit card at local bank ATMs – but I only know the rate I was charged, not the interbank rate that I should compare it to.  Those who buy currency in the US believe the claims from their bank/credit union that there is no fee or no mark up, so they say it's true -- but they don't have any facts either.

[RDC1]

I have checked with a lot of places such as banks, credit unions, automobile clubs, etc.  I have yet to find one that will sell me foreign currency and deliver it inside the US for the current trading exchange rate (OANDA). I have been able to get that rate (or atleast one close enough that I can not see a difference from the conversion amount and the OANDA rate at that time) from bank ATM's using my Schwab ATM card (it refunds any international ATM fees). 

 

A number of places say that they do not charge a fee, but when you compare their quoted rate to current exchange rate they usually are anywhere from 2% to 5% off.

Edited November 13, 2018 by RDC1

[Alturia]

The deciding factor for me in choosing to use an ATM to obtain local currency is convenience. I don't have to make a trip to the bank/credit union before the trip. But then my bank reimburses me for any ATM fees so that helps too 🙂

[TravelerThom]

10 hours ago, Host Jazzbeau said:

 

Good luck Thom – it seems that very few people understand the concept of 'proof' that your are asking for.  I for one understand what you want, but haven't a clue how to find the information.  I believe that I get the best rate using a Schwab debit card at local bank ATMs – but I only know the rate I was charged, not the interbank rate that I should compare it to.  Those who buy currency in the US believe the claims from their bank/credit union that there is no fee or no mark up, so they say it's true -- but they don't have any facts either.

Let me start by saying who I am (retired physicist who travels less than some, but more than most) and what I am not (banker, currency trader, economist, etc). 

Let me also state that I understand the concept of “loss leader” and that sometimes by necessity or by choice businesses sell at a loss. So anything is possible. Smart consumers avail themselves these loss leaders; I know I do.

Interbank exchange rates are not fixed and will change by the second depending on supply and demand, but for major currency transactions they rarely vary by more than 0.01 (1%) over the course of a day, and more typically less than 0.002 (0.2%) per day. 

I tend to use XEcurrency.com mid-rate (the mid point between buy and sell bids) quote as a reasonable approximation of interbank exchange rate. For yesterday I can get their mid-rate quote for every 10 minutes and I can get their end of day mid-rate quote for at least the last 5 years. I’m not saying XE is the best out there, just that it is what I’m familiar with. I do not have an account with XE; this info is available at no cost to anyone with internet access. 

I have on occasion used my no foreign transaction fee Schwab debt card within the same hour I have charged something on a no foreign transaction fee credit card and the exchange rates were very close with no clear winner (sometimes ATM was better in the 3rd or 4th digit, sometimes the credit card, but remember the interbank exchange rate is always changing). Then I compared these exchange rates to the XE mid-rate open and close, and on average I was being charged 0.5% (or a little less) for the service.

If someone is willing to post 1) the quantity of “no-fee, no mark-up” foreign currency received, 2) the total amount they paid and 3) the date of sale (should be the day they were debited) I can look up the mid-rate open and close for that date. Unless it was an unusually volatile day the exchange rate should be approximately within that range. For practical purposes I’d consider that “proof” one way or the other. 

If there are Credit Unions or others out there offering genuine no fee, no mark-up foreign currency I’ll try to use that myself, and thank you for teaching me a better way to do things. 

[hbr777]

14 minutes ago, TravelerThom said:

Let me start by saying who I am (retired physicist who travels less than some, but more than most) and what I am not (banker, currency trader, economist, etc). 

Let me also state that I understand the concept of “loss leader” and that sometimes by necessity or by choice businesses sell at a loss. So anything is possible. Smart consumers avail themselves these loss leaders; I know I do.

Interbank exchange rates are not fixed and will change by the second depending on supply and demand, but for major currency transactions they rarely vary by more than 0.01 (1%) over the course of a day, and more typically less than 0.002 (0.2%) per day. 

I tend to use XEcurrency.com mid-rate (the mid point between buy and sell bids) quote as a reasonable approximation of interbank exchange rate. For yesterday I can get their mid-rate quote for every 10 minutes and I can get their end of day mid-rate quote for at least the last 5 years. I’m not saying XE is the best out there, just that it is what I’m familiar with. I do not have an account with XE; this info is available at no cost to anyone with internet access. 

I have on occasion used my no foreign transaction fee Schwab debt card within the same hour I have charged something on a no foreign transaction fee credit card and the exchange rates were very close with no clear winner (sometimes ATM was better in the 3rd or 4th digit, sometimes the credit card, but remember the interbank exchange rate is always changing). Then I compared these exchange rates to the XE mid-rate open and close, and on average I was being charged 0.5% (or a little less) for the service.

If someone is willing to post 1) the quantity of “no-fee, no mark-up” foreign currency received, 2) the total amount they paid and 3) the date of sale (should be the day they were debited) I can look up the mid-rate open and close for that date. Unless it was an unusually volatile day the exchange rate should be approximately within that range. For practical purposes I’d consider that “proof” one way or the other. 

If there are Credit Unions or others out there offering genuine no fee, no mark-up foreign currency I’ll try to use that myself, and thank you for teaching me a better way to do things. 

I next time I get euros I will be happy to post what you ask for. I do know it is the interbank rate with no fee or markup but next time I do this, I will post exactly what I do. I don't get many euros - just enough to get me to an ATM where I land, in case there is an issue with my card.

[Peregrina651]

1 hour ago, hbr777 said:

I next time I get euros I will be happy to post what you ask for. I do know it is the interbank rate with no fee or markup but next time I do this, I will post exactly what I do. I don't get many euros - just enough to get me to an ATM where I land, in case there is an issue with my card.

 

Next trip, consider bringing euros home with you to seed the next trip. At today's interest rates, not having those 1 or 2 hundred dollars worth sitting in the bank between trips will only cost you pennies in lost interest--and it is cheaper than trying to exchange leftover euros back to dollars.

[bubbulz]

12 minutes ago, Peregrina651 said:

 

Next trip, consider bringing euros home with you to seed the next trip. At today's interest rates, not having those 1 or 2 hundred dollars worth sitting in the bank between trips will only cost you pennies in lost interest--and it is cheaper than trying to exchange leftover euros back to dollars.

We do this as well. An added bonus is that it almost feels like 'free money' when you're starting out a trip.

[caripoo]

I check exchange rates months before our trips, and buy when good exchange....purchase some before we leave, use ATM's, and NEVER exchange back, and use for next trip.