Europe - U.S. dollar to Euro exchange question

I will be arriving in DUS from the US in a couple weeks and will need some Euros for my first few days in Germany. I was going to exchange some dollars at my departure airport (SFO) but heard that exchange rates are generally better in Europe, so now I'm thinking of getting my Euros at DUS. Anybody know where the rates are better?

I dont know about DUS specifically but in general if you take money out of the ATM you get the official exchange rate which is usually the best. The drawback, both the ATM owner and your bank may charge fees. With my bank, it is a flat fee and it comes out to 2-3% if I withdraw 300-500 Euros.
I think maybe bringing some cash and exchanging without fees may be your best option.

In my experience, using an ATM card is the best way to go. It is usually treated as a "point of sale" purchase. You'll be able to find an ATM machine easily in the airport.

I will be arriving in DUS from the US in a couple weeks and will need some Euros for my first few days in Germany. I was going to exchange some dollars at my departure airport (SFO) but heard that exchange rates are generally better in Europe, so now I'm thinking of getting my Euros at DUS. Anybody know where the rates are better?

If you want to arrive with in Europe with Euros in hand, the best thing to do is go through a bank in the US to get them. Bank of America offers a fair exchange rate (not great) and its very convenient. You can do the entire transaction online and have the cash mailed to your door or you can pick it up at a bank branch.

I'm sure most large banks operate in the same manner.

this does not only cover Germany. Please continue to follow this thread in our Europe forum

regards

chrissxb
moderator
Germany Forum

If you want to arrive with in Europe with Euros in hand, the best thing to do is go through a bank in the US to get them. Bank of America offers a fair exchange rate (not great) and its very convenient. You can do the entire transaction online and have the cash mailed to your door or you can pick it up at a bank branch.

I'm sure most large banks operate in the same manner.

Thank you for answering his question, NorcrossFlyer.

Every European airport I have been in has had multiple ATM machines and I have used the ones at DUS. Use a debit card (never use a credit card) and a typical charge is approx 1% with an excellent exchange rate too. Typical charge to get euros in the US is 5-12%.

MisterNice

I usually go with the ATM machine in the country I am visiting option and have found the rates to be very good. You might also want to check with your bank to find out if they work with other banks in Europe. I bank at Bank of America and they work with several european banks and don't charge a service charge for ATM withdrawals from those banks. I know for a fact that BoA works with Deutsche Bank in Germany. Here's a listing from their website which lists banks in foreign countries on the right side of the page:

http://bankofamerica.via.infonow.net/locator/atmbranch/ListLoadAction.do

Agree, ATM card is the way to go. But don't withdraw too small amounts - there is usually a fixed fee element. I paid €5 fee on a USD 40 withdrawal once...

SmilingBoy.

Agree, ATM card is the way to go. But don't withdraw too small amounts - there is usually a fixed fee element. I paid €5 fee on a USD 40 withdrawal once...

SmilingBoy.

This depends on the bank. Many banks don't add a fixed fee ever. Some don't charge a fee if they don't have a branch where you are. Others have a group of banks that they don't charge fees with. My Citibank account doesn't add the fixed fee (but does charge a percentage). My daughter's Bank of American account doesn't charge a fixed fee as long as you use one of the banks they have agreements with. Your bank's website should have this information somewhere.

As a fairly frequent traveler to Europe I learned a long time ago to always be sure I came home with a small amount of Euros left over. While the ATMs at the airport have always worked for me, I'd be uncomfortable arriving with nothing in my pocket. I just save a little bit from the previous trip.

I concur with those posters who recommend withdrawing cash from an ATM upon arriving at DUS. I know there are several of them at various places in the airport, so even if one didn't work, you would have backup options.

Otherwise, changing cash $ -> € at DUS is definitely preferable to doing so in the US. In the US you generally get fleeced on currency exchange transactions, first because of the miserable rates, and second because of surcharges.

Thanks everyone. I usually don't use an ATM, but I do have a Citibank online account (with ATM card) that I signed up for as part of 10K AA bonus mile promo. I'll hafta go see what kind of ATM service and fees they have in Germany.

I was thinking of getting traveller's checks, but maybe I'll forgo them and just rely on the ATM. I'll be travelling to Switzerland as well, so I'll need to get Swiss Francs at some point too.

Agree, ATM card is the way to go. But don't withdraw too small amounts - there is usually a fixed fee element. I paid €5 fee on a USD 40 withdrawal once...

SmilingBoy.

I think fixed charges are more common in Europe. My German card has a EUR 4 fixed fee and 1% conversion against my U.S. card with no fixed fee, 2% conversion. Smaller withdrawals in third currency countries all go to the U.S. card.

I think fixed charges are more common in Europe. My German card has a EUR 4 fixed fee and 1% conversion against my U.S. card with no fixed fee, 2% conversion. Smaller withdrawals in third currency countries all go to the U.S. card.Yes, I should have said that this was my Belgian card used in the US.

SmilingBoy.

Reading TravelBuzz this morning, I sadly find I have to correct myself: more and more U.S. banks do apparently charge flat fees on ATM withdrawals now, as well as increasingly steep surcharges. See the following discussion:
http://www.flyertalk.com/forum/showthread.php?t=702650.

And the morale: always check with your bank beforehand, and I guess now re-check if things are still the same.

If you want to arrive with in Europe with Euros in hand, the best thing to do is go through a bank in the US to get them. Bank of America offers a fair exchange rate (not great) and its very convenient. You can do the entire transaction online and have the cash mailed to your door or you can pick it up at a bank branch.

Been a long time since I've seen "fair" and "Bank of America" together. :) I suspect the BOA rate is really crappy. With the usual insane fees. :td:

While I am no big fan of Citibank, they do offer no charge (not even an exchange rate charge from interbank rate) ATM withdrawals if you have their ATM card from their ATMs only.

Problem is finding one at the airport. Don't know where you'll be arriving, but only Citi ATM in France is one location in central Paris.

Been a long time since I've seen "fair" and "Bank of America" together. :) I suspect the BOA rate is really crappy. With the usual insane fees. :td:

If you just use the first ATM you come across, you're correct. However, BoA has a partnership with several banks around the world that allows fee-free withdrawals from the ATMs of partner banks. As long as you use those ATMs, it's a pretty good deal. I've made use of this partnership with my Deutsche Bank ATM card - exchange rates have usually been very competitive. I can vouch for the networks of Deutsche Bank, BNP Paribas and Barclays - they all have pretty good coverage in their respective markets (Germany, France and the UK).

See the full list of associated banks here (http://bankofamerica.via.infonow.net/locator/atmbranch/ListLoadAction.do), on the right side of the page.

Slightly OT, but does the OP need to worry about his PIN in Europe?

We used to tell incoming students that they should:

1. Let their banks know they would be using their cards in Europe (IT systems flag unusual usage patterns)
2. Make sure they had a 4-digit PIN
3. Make sure the PIN did not begin with zero

Is any of that still applicable?

3. Make sure the PIN did not begin with zeroI think I had a (UK?) ATM card once with a PIN beginning a zero.

SmilingBoy.

Slightly OT, but does the OP need to worry about his PIN in Europe?

We used to tell incoming students that they should:

1. Let their banks know they would be using their cards in Europe (IT systems flag unusual usage patterns)
2. Make sure they had a 4-digit PIN
3. Make sure the PIN did not begin with zero

Is any of that still applicable?

I didn't know about the 0 thing, but the rest is still applicable.

I'll hafta go see what kind of ATM service and fees they have in Germany.
Found out Citibank does not charge any fees as long as you use their ATMs; otherwise it's a 3% exchange fee.

I'll be travelling to Switzerland as well, so I'll need to get Swiss Francs at some point too.
No Citibank ATMs in Switzerland, apparently. :td:

Found out Citibank does not charge any fees as long as you use their ATMs; otherwise it's a 3% exchange fee.

Citibank ATMs can be a little hard to find. They'll only be in major cities, so if you're heading into smaller towns, be prepared to pay extra fees on cash withdrawals. Or withdraw some extra cash beforehand.

No Citibank ATMs in Switzerland, apparently. :td:

IIRC, the Swiss kicked out Citibank for some infraction or other. Can't remember the details though.