abefroman99

Where is the best place to buy Euros and not get ripped off on the exchange rate?

I tried at my bank and they wanted to add 6% another bank said there is no fee and the sell at the exchange rate, but they have their own exchange rate (that coincidentally is 6% different than the actual rate).

stut

I'd use an ATM at your destination. You're likely to pay a loaded rate (1-2.5%) and possibly a minimum fee for doing so (certain banks waive this), but tends to be convenient and economical.

Also, depending on your destination, you may not need that much cash, particularly if you have a contactless credit card. On a recent 4-day trip to France, I spent under €50 cash between two of us... You will still pay a loaded rate.

linglingfool

This. Unless you're buying directly from someone you know, you're unlikely to beat whatever your bank charges you to use an ATM if you want to purchase before you leave.

LondonElite

Credit card (check foreign currency surcharges) and ATM. You will need surprisingly little Euro cash in most countries.

EmailKid

As noted, just get them in Europe.

I don't mind carrying cash, and while Czech Republic still uses the Crown, I found that I get better exchange at the many exchanges around Vaclavske Namesti, the center of town by main railway station (Hlavne Nadrazi).

Haven't been around too many other parts of Europe lately so can't say if there are similar setups there. Just used ATMs to get Euros in Slovakia.

keisari

Are you trying to buy Euros in Europe or in the US?
In the US you end up paying hefty fees and 6% is about right.

If you are buying Euros in Europe it all depends on where.
For example Bank of America has an agreement with several European banks including BNParibas in France where you pay no fees at the ATM and they give you a great rate.

Depending on the country, you can use credit cards for most of your expenses while in Europe.

David-A

I think you mean debit card, after checking for foreign usage surcharges, and the currency conversion fee they charge.

Credit cards (irrespective of currency or location of withdrawal, i.e. even at home) will usually consider ATMs to be a 'cash advance' and subject to further surcharges, and no interest free period, etc.

Assuming we are not talking about a cash advance, then yes use a card in an ATM, after making sure you understand what (a) Foreign currency fees they charge, i.e. how much loading they apply to the rate, and what further fees (fixed and/or percentage) they also apply, and (b) for foreign usage fees they charge.

(b) above is important, as even if you elect to make a transaction in the currency of the card/account, some will still charge a fee for usage abroad.

That said, using the correct debit card in a local ATM is invariably the best route. Both cheapest and most convenient.

stut

The one caveat, though... If you are relying on an ATM to get cash, and it's a country where you can't get by on credit cards for small payments or, for example, the taxi from the airport, then make sure you know what to do if the bank decides to block your card.

(I have a very cautious bank which seems to auto-block my card in a number of destinations, including the US.)

You can mitigate against this to an extent by telling the bank in advance about your travel plans, but that doesn't always work. Make sure you have the fraud department's number available, and, if possible, something like a Skype app on your smartphone. And take some of your own currency with your (or travellers' cheques - about the only use left for them) in case you need to change some the old-fashioned way in an emergency.

David-A

One of many reasons why I would never recommend anyone rely upon a single card issuer, let alone a single card.

Having separate cards, from separate issuers not only gives you more cards (divide up against loss), but you can keep going if any institution has a panic.

Even at home I always have multiple cards from different issuers, and different card networks too (Amex, MC, Visa), you never know when one element will have a problem. All have had problems in the past.

SuperG1955

If you're in the NYC area, you can get a 1.5% fee on just about any currency at http://www.nycforeignexchange.com/. We've used them and they are reliable.

If you don't want to carry large sums of cash, the best thing is to use ATM's.

We use EMV Chip and PIN Debit Cards which are available through a number of US Credit Unions and which will work in any ATM in Europe that has the VISA notation. VISA charges a 1% fee and no ATM or Foreign Exchange fees.

While the Euro is in widespread use we have trips to 3 countries this summer that still use their own currencies (Sweden, Hungary, and the Czech Republic. We can reload the card account online with no fees from a regular checking or savings account.

Information on Chip and PIN cards can be found here http://www.flyertalk.com/forum/credi...signature.html

Dammir10

Only 3 letter: ATM.

Best rates and so far I never saw any bank have better.

Also, to use credit card is not bad solution.