What's the best way to get Euro now days?

[JerseyBird]

I know it used to be withdrawal from ATM machines from your destination country.

 

Now, besides a flat fee($2-5), all my banks charges 3% for ATM withdraws(this seems to be new) and any purchases. So is it better to get it at the airport Exchange counter now? Or purchase from your local bank?

 

 

Thanks.

[bqkali]

Credit cards usually offer the best rates: 1-5% surcharge depending on which card you have but no flat fee. This is typically the best possible exchange rate.

 

As far as cash goes, there is no clear answer for the best way to get Euros. To get the absolute cheapest rate, you will need to call around and get rates from your local bank, AAA, airport kiosks, etc. The rates vary wildly and one local bank may offer a great rate while the one down the street offers a horrible rate. I have even seen currency kiosks in the same airport that charge different amounts just depending on whether you're before or after security!! However, to make all those phone calls to compare rates/fees takes a lot of time and effort.

 

At this point, you may not have a lot of options because sometimes local banks need you to order Euros a week or more in advance because they otherwise do not have the currency on hand (call to find out - they may have some "in stock" depending on your bank). Your ATM rate is certainly not the greatest, but it is probably not worse than you'd get at an airport kiosk. Just use cash sparingly (depend on that trusty credit card :)) so you can convert as little as possible to avoid the fees if you can. When you do get cash, get a large amount. It makes no sense to pay a $5 fee to take out 40 euro when you could easily be taking out 400 euro for the same fee.

[moyaroo]

I know it used to be withdrawal from ATM machines from your destination country.

 

Now, besides a flat fee($2-5), all my banks charges 3% for ATM withdraws(this seems to be new) and any purchases. So is it better to get it at the airport Exchange counter now? Or purchase from your local bank?

 

 

Thanks.

I still prefer the ATM as it is better than a cambio and much better than buying at home.

[chipmaster]

I know it used to be withdrawal from ATM machines from your destination country.

 

Now, besides a flat fee($2-5), all my banks charges 3% for ATM withdraws(this seems to be new) and any purchases. So is it better to get it at the airport Exchange counter now? Or purchase from your local bank?

 

 

Thanks.

 

When possible use Capital One CC as they are one of the few/only card that I'm aware of that charges no fee.

 

As for cash the best cost/aggrivation value varies for different people.

 

I bank with Fidelity who will refund ALL your ATM fees provided provided you don't exceed a certain # of transactions/month. Thus for us it was an easy choice as we simply used our Fidelty and got the going exchange rate at withdraw. Others like my BofA have good rate but you have the out of network fee and the local bank fee to added, YMMV as to value depending on fees.

 

If you are exchanging a large sum ( thousands+) the options become more limited as ATM quickly become too cumbersom and you are left with your local banks or the highway robbery of exchange windows. Personally can't beleve the kiosks at the airports or that you see in any foreign city can beat what your local bank provides.

 

ATM or exchange it all at your local bank would be my recommendation.

[CruisingGoddess]

Schwab Bank also refunds all ATM fees too so I plan to use their ATM card to get euros.

 

I'll also use a Capital One credit card on purchases since they also don't charge fees for foreign currency transactions.

[Keith1010]

For major purchases I would use my credit card. And, yes Capital One to avoid the additional fees.

 

But there are times when you need cash and for that I would use an ATM.

 

Whatever you do, be sure to notify the ATM and Credit Card companies of the dates of your travel and what countries you are visiting so they don't think these are fraudulent transactions and be sure you know how to contact each one from outside the USA.

 

Enjoy.

 

Keith

[CruisingGoddess]

I just talked to Schwab and they said there is also no limit to the number of refunds you get per month. Daily withdrawal limit is $2000. Pretty good!

[JerseyBird]

I just talked to Schwab and they said there is also no limit to the number of refunds you get per month. Daily withdrawal limit is $2000. Pretty good!

 

Wow, Schwab is good, so Capital One! But too late for me.

 

I talked to my banker, he said the 3% transaction charge is imposed by Visa, not their bank. so no way to avoid it.

 

Thanks you all.

[cruisemom42]

Wow, Schwab is good, so Capital One! But too late for me.

 

I talked to my banker, he said the 3% transaction charge is imposed by Visa, not their bank. so no way to avoid it.

 

Thanks you all.

 

 

This may also be too late for you, but if you get a plain bank debit card, rather than a Visa check card, you wouldn't have to pay that 3%.

[CruisingGoddess]

This may also be too late for you, but if you get a plain bank debit card, rather than a Visa check card, you wouldn't have to pay that 3%.

 

Just to be clear for everyone else, Schwab's ATM card is also a Visa check card but they refund any fees charged by Visa as well so you literally do not pay ANY fees when you use it. Same goes with Capital One's credit card when used for purchases.

[chipmaster]

I just talked to Schwab and they said there is also no limit to the number of refunds you get per month. Daily withdrawal limit is $2000. Pretty good!

 

 

WOW 2000, don't lose that card and PIN! If it is really 2K cash withdraw it sounds tempting and I really could have used a card like that last year, but I think you'll find that local ATMs all limit single transactions to a far smaller amount to avoid card fraud.

 

I guess one can try multiple withdraws at the same ATM or run around to multiple ATMs, making such a cash limit really unpractical to really use.

 

I still think if one needs more then 300/day one is better off bring the dough and storing in one's safe.

[Got2Cruise]

This may also be too late for you, but if you get a plain bank debit card, rather than a Visa check card, you wouldn't have to pay that 3%.

But several have reported that a plain bank debit card is not always accepted in Europe. I know my credit union gives Visa Debit cards and so does my very local neighborhood bank.

[grandbanksguy]

I know it used to be withdrawal from ATM machines from your destination country.

 

Now, besides a flat fee($2-5), all my banks charges 3% for ATM withdraws(this seems to be new) and any purchases. So is it better to get it at the airport Exchange counter now? Or purchase from your local bank?

 

 

Thanks.

 

We have a PNC preferred checking account ($2500 minimum balance required). We are leaving for BCN next week and just purchased some euros without any fees or bank charges. Whatever the exchange rate was, that's what we received net. PNC also reimburses all fees and bank charges on international ATM withdrawals as long as the minimum balance is maintained. Other banks like TD offer similar deals.

[cruisemom42]

But several have reported that a plain bank debit card is not always accepted in Europe. I know my credit union gives Visa Debit cards and so does my very local neighborhood bank.

 

I have never had a problem in my travels. Not to say it couldn't happen, but I think sometimes travelers try an ATM that isn't working and assume the problem is their card, rather than the machine.

[CruisingGoddess]

I have never had a problem in my travels. Not to say it couldn't happen, but I think sometimes travelers try an ATM that isn't working and assume the problem is their card, rather than the machine.

 

It really depends on the machine, I believe. From the travel guides I've read, you need to match up the logos (Cirrus, Plus, etc.) on the machine to the ones on the back of your card.

[financialgrl]

I know it used to be withdrawal from ATM machines from your destination country.

 

Now, besides a flat fee($2-5), all my banks charges 3% for ATM withdraws(this seems to be new) and any purchases. So is it better to get it at the airport Exchange counter now? Or purchase from your local bank?

 

 

Not sure about that VISA information they gave you regarding VISA requiring the 3% charge (oops mayube that was on another post ). Either that or I'd guess maybe banks may have flexibility. I just called both my credit union (one of the large armed services ones) and Wachovia this week because I am going to Canada in 2 weeks and Europe in about 8 months and I have a VISA card with both banks. Both places said I'd be charged a straight 1% fee for VISA charges. My reason for calling originally was because Wachovia charged me 4% total for a room I booked for the upcoming Canada trip. They said that their conversion rates for VISA happend to rise during this billing cycle and all their accounts all got charged 4% which is in error but that my account is still eligible to keep the 1% fee. They will credit the 3% on my next bill. Been a long time credit union member (over 35 years) but not so with Wachovia so I guess that must have some sort of balance threshold.

 

My ATM card (credit union card) there I was told that it would not sustain a percentage charge but a flat $2 charge to withdraw cash as long as I used a machine that uses the system logos on the reverse side of the card which she said work in almost all overseas machines. I think it's funny how all banks seem to have different rules but I am satisfied with what I have at this point.

[skisteamboat]

Another source is Credit Union ATM card. Most do not charge fees.

 

Cheers

[iancal]

After considerable travel, we now do the following. We usually leave home with 500E, sometimes more. We buy this at an exchange store-fortunately there are two within few blocks of my office. We find that the exchange store give us a far better rate than our bank on buying and selling. It is also much more convenient-they always have the currency on hand. We try to use credit cards as little as possible. We find that the exchange rate is not favourable to say the least. We pay cash for as much as possible. We normally stay in small, local hotels vs the 3 star plus tourist accomodation. Cash often gets us an additional 5-10 percent discount just by asking. In some countries, such as Italy, I think the most that we could ever get out of an ATM at one time was either 250E or 350E. so sometimes we had two transactions. On balance, we believe that the ATM route saves us anywhere from 5-10 percent over the credit card route before vendor discounts for cash-sometimes more. Our car rentals are usually prepaid in our home currency.

[cruisemom42]

After considerable travel, we now do the following. We usually leave home with 500E, sometimes more. We buy this at an exchange store-fortunately there are two within few blocks of my office. We find that the exchange store give us a far better rate than our bank on buying and selling. It is also much more convenient-they always have the currency on hand. We try to use credit cards as little as possible. We find that the exchange rate is not favourable to say the least. We pay cash for as much as possible. We normally stay in small, local hotels vs the 3 star plus tourist accomodation. Cash often gets us an additional 5-10 percent discount just by asking. In some countries, such as Italy, I think the most that we could ever get out of an ATM at one time was either 250E or 350E. so sometimes we had two transactions. On balance, we believe that the ATM route saves us anywhere from 5-10 percent over the credit card route before vendor discounts for cash-sometimes more. Our car rentals are usually prepaid in our home currency.

 

To clarify, I think you are saying not to use your credit card to get cash (e.g., cash advance and/or ATM)? Because in my experience, using your credit card for actual purchases nets an excellent exchange rate (and if you have a Capital One card, no foreign transaction fee).

[CruisingGoddess]

To clarify, I think you are saying not to use your credit card to get cash (e.g., cash advance and/or ATM)? Because in my experience, using your credit card for actual purchases nets an excellent exchange rate (and if you have a Capital One card, no foreign transaction fee).

 

I agree that credit cards give an excellent exchange rate for purchases. I paid for my Barcelona hotel room on my Capital One credit card and got a better exchange rate than what I found on XE.com and there were no transaction fees! Yay! :D

[fun_seeker]

If you plan to take more than a few hundred Euros, then keep an eye on the exchange rates. They vary with the economy and the strength of the Euro vs the $. When you see what you consider a good rate, then buy your Euros from a vendor who will buy them back at the same rate of exchange. It was an expensive lesson the first year, but it paid off this year. By buying our Euros early, we fixed the exchange rate at the conditions most favorable to ourselves.

[whogo]

I know it used to be withdrawal from ATM machines from your destination country.

 

Now, besides a flat fee($2-5), all my banks charges 3% for ATM withdraws(this seems to be new) and any purchases. So is it better to get it at the airport Exchange counter now? Or purchase from your local bank?

Thanks.

Use your ATM card to get euros. Using the card with the $2 transaction fee you will pay:

5% total withdrawing $100 worth of euros,

4% total withdrawing $200 worth of euros,

3.7% total withdrawing $300 worth of euros,

or 3.5% withdrawing $400 worth of euros.

The larger the withdrawal, the lower your total markup. Local banks, with rare exceptions, charge about 5.5% markup plus a delivery fee. Airport exchange bureaus can be incredible rip-offs. I have seen markups as high as 28%.

 

Excellent links for foreign exchange information:

http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

http://www.ricksteves.com/plan/tips/moneytip.htm

 

Wow, Schwab is good, so Capital One! But too late for me.

 

I talked to my banker, he said the 3% transaction charge is imposed by Visa, not their bank. so no way to avoid it.

 

Thanks you all.

The Visa network charges 1%. Your bank adds the rest.

 

We have a PNC preferred checking account ($2500 minimum balance required). We are leaving for BCN next week and just purchased some euros without any fees or bank charges. Whatever the exchange rate was, that's what we received net. PNC also reimburses all fees and bank charges on international ATM withdrawals as long as the minimum balance is maintained. Other banks like TD offer similar deals.

The fees and bank charges are only part of the equation. The exchange rate is the other. "Whatever the exchange rate was" was whatever your bank set it at. Wells Fargo and Bank of America markup the exchange rate by about 5.5%. You can check PNC's markup by comparing your purchase to the interbank rate for the date of purchase at http://www.oanda.com/convert/fxhistory .

[lambs2]

From personal experience (4 European cruises in a couple years) we have found that a Paypal debit Mastercard/Cirrus was our best bet for getting Euros from ATM's in European ports. We preloaded our account with funds, called Paypal to give the dates we were to be out of the country and which countries. We had no problem using our Paypal ATM card to get Euros (and few other foreign currencies as well!). The charge is $1. per transaction and 1% exchange fee. There is also a $400. daily limit, which we planned around. We never needed more than that per day, but I know some folks spend considerably more so they would need, in addition, another card from a different bank, or pre-buy Euros from home. We always found that was too expensive for us due to the poor exchange rates charged in the USA and all the delivery fees, and so stick to the ATM's.We also used our Capital One credit card, with NO exchange fees, as often as possible and always asked to be charged in the local currency. We purposely looked for bank ATM's displaying the Cirrus logo and this method worked great, and just as planned for us. :)

[jff50]

Some good information on this site (and associated links). Trying to sort through this over the next few weeks.

 

http://europeforvisitors.com/europe/articles/amex-travelfunds-visa-travelmoney-cards.htm

[yuanyuan4]

If you plan to take more than a few hundred Euros, then keep an eye on the exchange rates. They vary with the economy and the strength of the Euro vs the $. When you see what you consider a good rate, then buy your Euros from a vendor who will buy them back at the same rate of exchange. It was an expensive lesson the first year, but it paid off this year. By buying our Euros early, we fixed the exchange rate at the conditions most favorable to ourselves.

Hi,

 

thanks for the tip, it is very helpful. Do you have any suggestions on how and where to locate such vendors?

 

Thanks

Yuan