Dollars to Euros: what's the best way to exchange?
Jun 28th, 2005, 06:41 PM
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Dollars to Euros: what's the best way to exchange?
Hello, Fodorites!
The days are counting down to our 30th anniversary trip, and I'm focusing on the "little" details like money. We have some cash which we were thinking of taking, since we can probably get some discounts for cash purchases.
I know we can exchange for Euros at our bank, but it will take a week and there are all sorts of forms, etc. to fill out. Would we be better off carrying dollars to France & exchanging at a bank there, or should we just get Euro travelers checks, which are a bit safer to carry?
Details, details! Thanks in advance!
The days are counting down to our 30th anniversary trip, and I'm focusing on the "little" details like money. We have some cash which we were thinking of taking, since we can probably get some discounts for cash purchases.
I know we can exchange for Euros at our bank, but it will take a week and there are all sorts of forms, etc. to fill out. Would we be better off carrying dollars to France & exchanging at a bank there, or should we just get Euro travelers checks, which are a bit safer to carry?
Details, details! Thanks in advance!
Jun 28th, 2005, 06:47 PM
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The advice on this board is invariable:
Do not take dollars abroad.
Get cash at an ATM.
Just ensure you have a 4 digit PIN.
Forget travelers' cheques.
Now sit back and wait for 473 other people to repeat the above
Do not take dollars abroad.
Get cash at an ATM.
Just ensure you have a 4 digit PIN.
Forget travelers' cheques.
Now sit back and wait for 473 other people to repeat the above
Jun 28th, 2005, 06:47 PM
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The advice a friend of mine who is economist gave me : if you can change a few pocket money for your first expenses on arriving it's great but for all the rest, use ATM's for cash with a debit card and only use a credit card for "big" expenses : hotels, lots of shopping..
So if it's difficult for you to change money now, wait until you arrive and change it at the airport, sure there are ATM's.
So if it's difficult for you to change money now, wait until you arrive and change it at the airport, sure there are ATM's.
Jun 28th, 2005, 06:47 PM
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Happy Anniversary!!
The best way to exchange is not to exchange. If you want to take cash or US$ traveler's checks as a back-up, that's OK, but the best way BY FAR to get euros is to use your ATM card after you arrive in France. Exchanging cash or TC's is a thing of the past, and every smart traveler in today's world uses the ATM. You will get a better exchange and pay less in fees.
If you buy euro traveler's checks you will not get a good exchange. Once you get there you will have a hard time finding anyone who will take them. Then if you bring any home, you will get another lousy exchange to convert them back to US$. If you must take TC's (as a back-up only to your ATM card), get them in US$.
If you want to get some euros before leaving, that's up to you. Your bank will not give you a good exchange rate, so don't get more than 50-100 euros. It's really not necessary to do this, as ATMs are at the airport, but that's your call.
The best way to exchange is not to exchange. If you want to take cash or US$ traveler's checks as a back-up, that's OK, but the best way BY FAR to get euros is to use your ATM card after you arrive in France. Exchanging cash or TC's is a thing of the past, and every smart traveler in today's world uses the ATM. You will get a better exchange and pay less in fees.
If you buy euro traveler's checks you will not get a good exchange. Once you get there you will have a hard time finding anyone who will take them. Then if you bring any home, you will get another lousy exchange to convert them back to US$. If you must take TC's (as a back-up only to your ATM card), get them in US$.
If you want to get some euros before leaving, that's up to you. Your bank will not give you a good exchange rate, so don't get more than 50-100 euros. It's really not necessary to do this, as ATMs are at the airport, but that's your call.
Jun 28th, 2005, 06:51 PM
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Thanks, Rex-
It's that easy? At home, when I don't use an ATM from my bank, I get zapped with a $1.50 fee on one end and a $1.75 at the other. I assume there are similar fees in Europe, but even so it is the best way to go?
I know that my credit card will charge a 3% fee per transaction; does the ATM also charge that fee?
Would you recommend just bringing the cash in dollars and exchanging at a bank there? I must admit that I'm a bit nervous about carrying cash...
It's that easy? At home, when I don't use an ATM from my bank, I get zapped with a $1.50 fee on one end and a $1.75 at the other. I assume there are similar fees in Europe, but even so it is the best way to go?
I know that my credit card will charge a 3% fee per transaction; does the ATM also charge that fee?
Would you recommend just bringing the cash in dollars and exchanging at a bank there? I must admit that I'm a bit nervous about carrying cash...
Jun 28th, 2005, 06:54 PM
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Once again, nobody recommends bringing cash and exchanging it there. I cannot stress that enough!! $1.50 is actually a reasonable fee, and a heck of a lot less than you'll pay by exchanging cash!! Your bank will charge the $1.50 fee, but the other bank will not charge you. Make sure to get enough cash for a few days, as you don't want to pay this $1.50 fee every day.
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Jun 28th, 2005, 06:56 PM
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Thanks everyone!
I feel like I've been living in the stone ages moneywise. The fees for ATM's at banks other than my own have turned me off to using them, but it sounds like I need to rethink that.
I guess I'll just deposit the cash here and take it out there. Sounds easy!
I feel like I've been living in the stone ages moneywise. The fees for ATM's at banks other than my own have turned me off to using them, but it sounds like I need to rethink that.
I guess I'll just deposit the cash here and take it out there. Sounds easy!
Jun 28th, 2005, 07:02 PM
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You're welcome, cybertraveler. You're certainly not the first person to ask this question. In fact, you're probably not the first person TODAY to ask this question. We get this all the time, and the recommendation is always the same. Bon Voyage.
Jun 28th, 2005, 08:02 PM
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And I invariably add that you don't have to have local currency in your pocket when you hit the ground. Carry some $ as backup, but use plastic to get to your hotel, where you are sure to find an ATM in the area.
And don't use credit or debit cards that mark up the currency exchange. It's a waste of money.
And don't use credit or debit cards that mark up the currency exchange. It's a waste of money.
Jun 29th, 2005, 03:29 PM
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Thanks again!
I've read that the airport has a problem with pickpockets, and I was wondering if there has been a problem with people hanging around the ATM there to steal your password or the cash after you withdraw it?
ira-what's "ttt"?
Kate, thanks for the info on bank charges-that's helpful to know!
I've read that the airport has a problem with pickpockets, and I was wondering if there has been a problem with people hanging around the ATM there to steal your password or the cash after you withdraw it?
ira-what's "ttt"?
Kate, thanks for the info on bank charges-that's helpful to know!
Jun 29th, 2005, 04:01 PM
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"ttt" stands for "<b>t</b>o <b>t</b>he <b>t</b>op" - - which means to bring your message back up "to the top" where it will have better visibility (as opposed to on the "next page" and beyond - - where all mesasges ultimately end up)...
Click on "HELP" (tiny little red letters in the upper left hand corner) for FAQs, including this one.
Fodors really ought to instruct you to read these when they send you that initial e-mail to confirm your registration (and a whole lot more - - like "click on your own name"
.
Click on "HELP" (tiny little red letters in the upper left hand corner) for FAQs, including this one.
Fodors really ought to instruct you to read these when they send you that initial e-mail to confirm your registration (and a whole lot more - - like "click on your own name"
.
Jun 29th, 2005, 06:07 PM
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Just came back from our 35th wedding anniversery European cruise, so we had the same questions. Keep your US dollars at home, use your ATM card- it is the best exchange rate-- I was charged no ATM fees for its use-- probably in the exchange rate-- $1.25/ euro as of the 10th of June. Do get a 4 digit pin for your card if you don't already have a 4 digit one AND notify your card issuer that you will be overseas and using your card for ATM withdraws. If you don't do the latter you may find that you credit line is frozen by the bank because of the unusual location of the withdraw. Then its a long distance hassle to sort it out. I was given this advice in advance to do and my bank verfied it. Also you may want to have 2 different cards with 2 different accounts in case one is lost or stolen. Additional suggestion-- if you are going to call USA much when gone use an international cell phone- you can rent one if you need to in the US before you go-- phoning on French or Italian phones was a big hassle. Don't bother with a prepaid phone card purchased in the US. Buy one for 5 or 10 euros in the various countries that you visit for internation calls--- if you are not going the cell phone route.
Jun 29th, 2005, 06:12 PM
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I know for sure that you can use a credit card to buy tickets for the airport-to-downtown trains in the following cities: London, Paris, Munich, Rome, Vienna.
Yet another reason acquiring foreign currency prior to the trip is not essential.
Yet another reason acquiring foreign currency prior to the trip is not essential.
Jun 29th, 2005, 06:49 PM
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I will be going to Paris in May of next year. Would I be correct in assuming that if I withdrew euros with my debit card and 4 digit pin at a French bank I will get the best currency exchange rate?????
Jun 29th, 2005, 06:52 PM
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I am amazed at how helpful everyone is on this site! Thanks, ira, for the ttt translation.
Great tips from inkere; I might not have remembered to tell the bank-- I will do tomorrow. I always tell the credit cards in advance, since they might melt down otherwise!
I like the idea of the international cell phone. We will be leaving our kids at home. Can those phones receive calls from the states? (sorry if this seems silly, but I'd really only want them to be able to call me in case of emergency.)
Great tips from inkere; I might not have remembered to tell the bank-- I will do tomorrow. I always tell the credit cards in advance, since they might melt down otherwise!
I like the idea of the international cell phone. We will be leaving our kids at home. Can those phones receive calls from the states? (sorry if this seems silly, but I'd really only want them to be able to call me in case of emergency.)
