Getting Euros
 

What's the best way to get Euros? Should I exchange it in the states? Or wait till I go there and use the ATMs there? I shouldn't use credit cards at ATMs correct?

I read through some of the threads around but if someone could clarify it for me that'll be great.

I recommend just using ATMs.

If your bank charges extra for this, maybe not, but in my 3 years in Germany I didn't visit a currency exchange once. ATMs and the occasional bank transfer did me just fine. The exchange rate at the ATM typically beats the currency exchanges too, and you don't get hit with a fee.

Make sure you're doing an ATM transaction, though, and not a cash advance: those do rack up extra fees.

NOT in the USA. Not ever. The rates are NASTY!!!!

Just get them from the ATM at your arriving airport in Europe.

Regarding the credit cards:

I lose about 3% on credit card transactions in other countries.

I lose only 1% on ATM withdrawls in other countries.

If you use a card that gets you great benefits that equal or exceed 2% (like airline miles or cashback rebates), then use the cc.

The above rates are compared to the interbank rates that the banks exchage currencies at. Different credit cards have diffferent markups on forieng transactions. My Amex and Visa cards lose 3% but others are reportedly different.

Second this. Just use an ATM. But be aware that there are some ATM's that doesn't honour Amex and Diners (but really an exception). But will never be a problem with VISA and Master.

BTW just forgot this and the others as well:

Wellcome to FT fflakes or lets say congets to your first post! :)

Use your ATM. Just be sure to get the maximum amount each time as you will pay the same service charge regardless of the amount you withdraw. If you belong to a credit union, those fees are often waived. We're just back from Italy & France, and ATM's were very easy to find.

Depending on your bank, it may be a good idea to call them before you go and let them know you will be using your card out of the country. Some folks have had cards rejected overseas by automatic programs that track your "typical" usage. Just call customer service and they will ask when and where you will be travelling. I have never had a problem.

One other thing - be sure your pin is numeric only. Some cards in the US allow letters, but many/most ATMs in Europe accept numbers only for pins.

Not only that, but find out what your home bank is going to charge to use foreign ATM's. You don't want to be surprised. Although my bank doesn't charge a fee, there are some out there that charge $3-5 per transaction, or a percentage of the transaction. I left my last bank when they went to a $1.25 fee PLUS 2% of the transaction (so it cost $3.25 to get $100 in the local currency). Now I don't get charged anything.

Check out this thread posted earlier today.

http://flyertalk.com/forum/showthread.php?t=556236

When travelling, we always try to get foreign currency via ATM's. We don't bother changing the currency back to Canadian dollars when we return unless it's a lot. We usually, keep a bit so that when we go back for another visit, it will get us going once we hit the ground.

One question I have is, does anyone have concerns with which ATM's they use? We obviously try to stick to ATM's attached to banks we recognize (Deutsche Bank, HSBC, ING, etc.) but sometimes we can't find one and we end up using one we find in a fairly business/commercial neighbourhood. No issues yet but we really should get a list of major banks in the countries we plan on visiting before leaving.

[QUOTE=roberto9My Amex and Visa cards lose 3% but others are reportedly different.[/QUOTE]
Last I checked, AMEX charges 2% fees. I havent looked into their exchange
rate though.

using ATM is the best bet for cash. check online and try to locate ATMs that are
affiliated with your bank. You may not get charged any transaction fees this way.

On one of my Master Card, when I received the notice for the
change in terms for international transaction fees of 3%, I opted out!
I can keep using the card until it expires without paying the
3% fee. Apparently you can do this, but you cant keep the card
beyond its expiration date. (unless you accept the new terms sometime
before expiration) I have it for 2 more years. :D

I think what you are doing is pretty good. other option is try to get an online
bank account that would reiemburse you for the ATM fees.
This would come in handy if you cant find a big bank like Citibank or HSBC.

Also many thomas cook ATMs dont charge you transaction fees, but their
exchange rates may not be excellent. I've used them a couple of times
and I didnt find them too bad.

Most airport information sites would list ATMs located onsite. You may be
able to choose one from some reputable bank and possibly lower fees.

In any case, ATMs are much cheaper than using the forex booths.

During my last trip to Europe in November 2005, both my Amex and Citibank Visa lost 3% from the interbank rate (€ and £).

But using my Citibank ATM card and Nexity Bank ATM card only lost 1% from interbank.

Just a hint from Europe, I don't know if these cards are available in the US:
ATM fees for credit cards (Visa, Amex etc.) are ridiculously high. Most Europeans use debit cards like Eurocheque/Maestro/Cirrus to withdraw money from ATMs - fees for these are much cheaper.