Euro Exchange rate - exchange now or wait?
 

I am traveling to Italy in mid-May. Should I exchange money now (given the exchange rate) or wait until May? Is it better to do this before leaving or in-country?

Euro Exchange rate - exchange now or wait?
 

Take it out at an arm on arrival. The rate is likely to get better by May.

Euro Exchange rate - exchange now or wait?
 

In country using a ATM

Ok, thanks very much.

+1

Even if the dollar weakens somewhat it is not likely that the exchange rate you will get at an ATM in country will be anywhere as bad as the exchange rate you will get from a moneychanger in the US.

Does anyone know if you can pull cash out of Amex Platinum card using a pin? Trying to avoid the exchange fee which is waived for plat members...

Call Amex

Euro Exchange rate - exchange now or wait?
 

Agree, just wait - a.) cheaper/easier to withdrawal there in general & b.) all economic indicators show the Euro has a lot more room to fall against the dollar.

Have you been watching CNN a bit too much?

The market has already priced in the macro indicators. If the feds statement is loose USD will loose some of its gains.

The USD is at its strongest against the euro in over a decade, it does not have 'a lot more room' at all.

Euro Exchange rate - exchange now or wait?
 

Sure it does, many think the dollar will be stronger than the euro by year end. And it's lose, not loose :)

Euro Exchange rate - exchange now or wait?
 

Will the Fed "make money loose" by lowering short-term rates, or tighten.

Airport exchange booths are terrible, but many banks sell euros for five percent over the spot rate. So with the euro trading at 1.05 they would sell them at 1.105, or thereabouts.

Many people do not have a no-fee ATM card and don't have a servant available to spend the time to open such an account and manage it. So they have to just use their regular ATM card, which often will have a three percent foreign transaction fee plus a $5 ATM fee.

So for many people there will be no savings from waiting until they get to Europe to get euros. Furthermore, there doesn't seem to be any compensation scheme to reimburse people for time spent waiting for an ATM, since getting money already in your hand is instantaneous. Who is to pay the person who has their card eaten by an ATM? Everyone talks about how wonderful it is to take risks without acknowledging the risks involved with relying solely on an ATM card.

Certainly one should carry an ATM card, but one should never be without a few hundred dollars or more worth of the local currency prior to arrival.

Based on your posts in other threads on this topic, I'm convinced that you actually believe in your own advice. But, it's simply not good advice for people who travel to other countries more than once a decade.

so today, a euro costs a buck five. a big change would be to a buck three. how many euro you buying? one million, and you save $200, or is it 2000?

BUYING 10,000, AND YOU SAVE $20, or is it $200?

Hmmm, took me maybe 20 minutes to apply for an online checking account with Capital One. A couple weeks later I had an ATM card with no ATM fees, no forex fees and which reimbursed me for some of the fees the ATM operator might charge. It takes less than 5 minutes to transfer money into the account when I need to refresh it, which I do maybe twice a year.

The advantages of using the ATM card are more than just getting a better deal on the exchange rate. It allows you to walk around with less cash to begin with and you are better able to judge just how much you will need for the trip.

Now, we do go to the Eurozone, UK and Canada enough that I just hang on to the leftovers between trips, so we always have some cash in pocket when arriving. But, for other countries I have not had any problem with hitting an ATM at the airport. I have to admit that we do not travel much to what are referred to as third world countries, so maybe they are different. But, this is still my advice to anyone traveling to Europe.