KathyWdrf

Or, perhaps, trying to avoid the middleman, and looking for an individual (or individuals) who have Euros to do a direct person-to-person currency swap?

That can work well too.

arlflyer

If that's the case, I think the original question could have been more directly phrased.

CG

No, I'm simply looking for a commercial outlet that does currency exchange for a couple percent above interbank. Such outlets exist in many places in the U.K, for example, so I know there isn't a business reason against them, but I couldn't find any here in the U.S. I am decidedly not looking for a back alley exchange any more than I'm expecting pirates in Greece. I live in the Baltimore/DC area and have called the usual suspects including my bank (BofA), a couple other local banks, Travelex, AMEX, AAA and found that all charge a pretty hefty premium over the interbank, i.e. 7%-15%. I thought there may be some outlet in existence that offered a more reasonable rate that I didn't know about and for some reason couldn't find using the obvious search efforts of a reasonably intelligent person. I've often found in the past that at least one FT member knows an obscure or not otherwise obvious tip to make travel more affordable or easier, and so was attempting to tap into that knowledge base here. Its very possible none exist or I posted in the wrong place and I'll just suck it up and pay the rate, but I though it never hurt to ask.

arlflyer

I think the answer is that there isn't anything out there without having some sort of connection (maybe diplomats or such have a channel here in DC). For some reason it seems that currency exchange in the U.S. is often at a higher premium than elsewhere - maybe it's because we Americans, on average, don't "get out much" compared to Europe/Asia/etc. where currency is flowing across borders a lot more.

Through what airport are you transiting? You mentioned not ever being in a place where Euros are used before landing in Greece, so I was guessing LHR? Unless you are on one of the nonstops, what is it, ATL-ATH or PHL-ATH?

If you are transiting LHR maybe you can get a better rate there.

skba1

Exchange rates at LHR are notoriously horrible. That 7% premium at BofA is better than what is likely to be offered at LHR.

My suggestion would be to bring USD cash and exchange it in Greece - there are plenty of exchange offices here, and they do not mind getting foreign money. You should be able to find a rate that is <7% for a larger transaction of a few thousand euros - but you may well have to ask for a special rate.

KathyWdrf

I've used the services of Currency Exchange International (CXI) here in San Francisco, and they have branches in many places in the U.S. I suspect that their exchange rates depend on the local market/local competition.

http://www.ceifx.com/locations


Years ago there used to be a local guy in S.F. who had his own foreign exchange company and gave better rates than most -- but when the building he was in was slated for demolition, he decided to pack it in and retire.

MSPeconomist

Some credit cards might allow you to order foreign currently to be delivered by FedEx. AmEx Plat card used to do this, but IIRC the service was quietly dropped, although it was listed as a benefit of the DL Reserve card after than.

Major USA airports have some sort of an exchange window but the rates are terrible and they can run out of the currency you need, so it might be better to order through your bank or at least call the airport place in advance and ask them to reserve the currency you need.

In resort areas around this part of the world, you might find that USAdollars cash is readily accepted by various merchants at exchange window type rates. I vaguely remember seeing this on Greek islands but even more so on Turkish islands and Turkish coastal resort towns.

Twice I've been in cities where the local ATM network wasn't functioning and it was a big mess, even though credit cards were accepted as usual. My guess is that the government will try to place priority on keeping airport ATMs functional but you won't be able to easily find ATMs with cash elsewhere without great inconvenience to you such as long lines, following rumors, or checking a largee number of ATMs in various neighborhoods at odd times.

Helsinki Flyer

Any Greek island will have a currency exchange office giving you a better rate. If you insist on having the euros during your transatlantic flight there´s not much more help we can give.

whimsey21

I have, in the past, found that my bank (Capital One) will provide a fairly reasonable exchange rate-- not quite what the "official rate" is, but not nearly the 7% you mentioned from BoA; they have not charged me any additional fees. If you have an Amex card, your local Amex Travelex offices will also exchange for you at their listed exchange rate and will waive the usual fees.

CG

To bring a little closure to this thread....
We've been in Greece since Tuesday and from the ATH airport baggage claim area to remote parts of the Peloponnese we've not encountered a single ATM that had a line or didn't allow us to take out our full limit set by our bank in Euros. Also, all the gas stations and grocers have taken credit cards, no lines, no stocking issues. The whole thing appears to be a manufactured crisis to this tourist actually on the ground here, I'm sorry I sweated the getting Euros before I left.

arlflyer

Great to hear!

How is the purchasing power? Are there deals to be had? Are there any indications that you are encountering tourist pricing?

Andy33

Would you expect the tourist pricing to be higher than the locals pay?
I don't see how you'd ever know unless you're generally known to be close friends with a local, in which case any cheap prices that they get would probably be extended to you too.
There's a legal requirement for priced menus to be displayed outside restaurants and in bars, for hotels to display the maximum price in rooms, for goods in shops to be priced either individually or as a price per kilo or per litre, and of course the price of fuel is displayed in exactly the same way they do it everywhere else.
No do Greek hotels let rooms at below the maximum price - yes of course, so do hotels everywhere if they have rooms they can't fill otherwise. Do bar and restaurant owners sometimes supply complimentary drinks or sizeable snacks or whole courses, again yes, but they always have, it's traditional. I suspect it happens more often at the moment though.

linglingfool

The credit card part makes sense; there's no restrictions on money flowing into Greece, only out.

CG

If you can pay in cash you can get discounts for big items like accommodations. Combination of a lot of cancelations and the fact that accommodation owners want to pay their employees in cash but can't withdraw the cash from your cc payment even though it's in their bank account. Bottom line its a great time to come to Greece on vacation!

Father-of-3

One thing you might want to look into is a currency exchange that guarantees buy back. I haven't done this in a while but ive done it in the Atlanta airport. In a nutshell you take their poor exchange rate (let's say 1.20) but they guarantee to buy back to something close (say 1.18). Since this is more of an emergency fund you are paying about 2% for the safety net.

If you get a good exchange rate in Greece you just make sure to return with th exams amount of Euros you left with and exchange them back. If you don't find a good exchange rate (or any cash at all) you made a smart investment.

I used this when I was a novice traveler a long time ago as it solved many concerns for me. 1. Fear of not having cash/local currency
2 Needing to pay any immigration taxes and not wanting to get fleeced on the exchange there
3. ATMs in the 1980s and 1990s weren't networked nearly as well as they are today and my card often didn't work overseas. Who wants to spend vacation time trying to find a Chase bank in Tokyo.