Online Currency Conversion Options
 

So for once I'm trying to be more proactive than usual by buying some pounds and Euros well in advance of a series of trips to Europe. Typically, I wind up converting at the airport or using ATMs at my destination, which are both usually fine though not necessarily the most cost effective solution.

Do any of you have a preferred way to order currency before departure? I'd prefer to order online or call and use a debit card or ACH transaction to pay and have it delivered to my residence as opposed to go to a bank (I use Schwab's mainly Internet-based checking accounts so no local branches I have any affiliation with) or a travel agency of some kind (like an AMEX Travel office) simply to save time.

Any thoughts? I'll fall back on my usual methods if there's no better/cheaper way to do this but thought I'd ask what you all prefer.

Generally speaking, using an ATM overseas to withdrawal from a US checking account is going to be better than anything you'll be able to arrange before you go, either through a bank or at a US airport.

I always bring some cash with me, for emergencies, but depend mostly on a debit card for any cash withdrawals. Normally I'll take a 1% hit, plus a $1 ATM fee. Say a total of a 1.25% hit on a $400 withdrawal. Usually better than most moneychangers are offering. And often 3-4% better than some of the scandalous places.

ATM withdrawals are usually most effective, combined with use of a no foreign transaction fee credit card.

If you convert in advance or at a money changer at your destination you pay a premium for convenience, though I admit after a series of successive long hauls sometimes the last thing i want to deal with is changing money, and though it hasn't ever happened to me i still get concerend that my atm card won't work, will get eaten, etc. So I do keep some US$ with me just in case that i can change if i have to.

And while I tend to use up my excess currency by paying down my hotel bill in cash at checkout, i keep a stash of various currencies so i often have some with me when i land if i don't feel like dealing with changing money or atm withdrawal right away when i land.

I have heard that Wells Fargo has an online currency delivery service. I've never used it personally, but why not check it out and see if it suits your needs. I am a WF customer and their office with currency conversion is convenient to my office, so I just drop in and make the switch.

If you have a lot of time between now and your trip, a good way to pick up a few odds and ends is to ask everyone you know if they have any pounds or euros left over from prior trips. Exchanging with a friend is actually the most cost-effective way for both parties; no middle man fees.

Just look up the buy/sell rates in the paper, and calculate the average. That's the "true" rate. Then exchange with the friend at that rate. Both end up with more than by going to a commercial establishment.

Because I go to Europe every year, I tell all my friends to not worry about exchanging any leftover currency when they get back from a trip. (Occasionally, I even put a note in the monthly church newsletter.) I tell them to call me and I'll buy it off them. That way I have some currency in my pocket when the plane lands and I can buy a sandwich or bottle of water in the airport without having to search for an ATM.

Later, after I've had a good night's rest and am not all stressed and jetlagged, I withdraw money from an ATM.

Works for me, might work for you.

Agreed
 

If your first stop in GBP and EURO locales are a big city, the ATM is the most cost efficient way to get local currency. Although I was very surprised that in Argentina last week, the local ATM charge at the three different banks I checked was AR16 which is about 4 bucks. Didn't think anyplace would be more then New York.

The ATMs at the Bangkok airport charge 150 baht. Thats about $5. Huge rip off.

Thanks all. I have enough pounds and Euros to take at least one taxi or Tube/Metro (and use the restroom at Paris Gare du Nord) from prior trips, and I'll stick to the ATM withdrawal at a local bank, and not at the airport, as the primary method.

Many airports are fine. The ones that have a large fee are Argentina and Thailand, off the top of my head.

Some airport exchanges can be okay. Normally I expect to pay 2-3% for such exchanges. Some like Global Exchange in EZE are 10%. They may be the same folk in SJO, who have horrid rates.

That's a great plan. Go for it. Besides, if you are at the airport and anticipate (for some reason) cash expenses greater than what you brought, you can always consider the airport ATM to be Plan B.

It's certainly better than begging friends for leftover currency. ;)

It seems a bit neurotic to be worrying over a 3% charge to arrive and need money for a cab.. just fly with 40 bucks, exchange it at the airport currency exchange and enjoy your trip.

I'd agree with you, if it's a small amount. However I often change hundreds, if not thousands. So the difference between 1% and 5% certainly make a difference.

I came VERY close to this in Tunisia on NYE. For some reason Schwab flagged my ATM card and shut me down from withdrawing cash. I also had my Chase ATM card (at $3+3% :mad:) and that was denied at one bank as well. Fortunately it did work at a second bank and so my 5th attempt to withdraw local cash was ultimately successful. I had a couple hundred in USD that I could have exchanged and survived but it was a bit frustrating, particularly added on to a misconnect, forced overnight in CMN and a lost bag.

Unless you are willing to bet on the exchange rate sliding a few percent in your favor, in which case paying the penalty in advance makes sense, I'd just deal on arrival.

More than once I have been grateful to have dollars on hand. There wasn't an ATM in sight at CDG, when we had a 7 hour layover. There was an AmEx currency exchange. My husband tried to use his AmEx card to get cash, which was refused (and a hold put on it) because it wasn't set up for cash withdrawals. He was successful with his Visa--at 24% interest! He didn't realize I had a stash of dollars.

When we landed in Amman, Jordan, I had planned to use an ATM to get the Jordanian currency required for the visa. Unfortunately, the only ATM was in the departure hall. (What kind of sense does that make?) Although I wanted to conserve the dollars to tip our American tour guide, it was clear that the only way to pay for the visa was to change some dollars for dinars at one of the currency exchanges.

In Jordan, ATM's were few and far between, and many places did not take credit cards. We were always short of cash. It is not possible to buy JD's outside of Jordan. Again, I was grateful for the dollars in hand, for there were many currency exchanges.

For euro's, the AAA in Denver (where I live) sells a handy 100 euro assortment at a reasonable rate. Perhaps they do where you live, also.

Best of luck to you.