Exchanging for euros
 

Researching online, I see so many different answers on best how to get euros for dollar before heading to germany.
ASk my credit union, debit card,, etc.
what do most people.on here do for cheapest exchange.

debit card at atm
 

de just tell your bank you are going and get cash from atm

I would normally agree provided the OP has a card with no overseas/foreign currency transaction fees, but he/she specifically asked how to get before heading to Germany which rules out ATM use on arrival.

OP. Is there a reason you can't use a bank ATM on arrival?

There's no great answer to this, but unless you're going to exchange a large sum of cash, you typically won't get the cheapest rate. And you usually don't want to be carrying a large amount of cash on you at all times.

What I generally do when going to a new place is get $100-$200 local currency from my bank. Then once there, grab enough cash to last several days. It's one thing to save on the exchange fees (hopefully you'll have an no FX fees account as others have mentioned) but I'd rather pay the small amounts vs. losing a large chunk to theft/falling out of your pocket/etc.

I've been getting them from my bank. Not a lot. Usually enough so that I don't have to scramble for currency in the airport to tip, buy a snack, or pay the cab.

As a preferred customer, my bank waives some of the fees and gives a discount on the exchange, but its definitely a slight premium over the best exchange. But for $100 it amounts to less than $5 so its ok for the convenience.

My bank (Bank of America) has specific ATM partners in Europe where I can get Euro's from an ATM for a lower rate, but they still ding me with about a $3 ATM fee. So does the European bank.

So, I am comfortable paying a slight premium to have some 'folding money' when I arrive. I now always seem to have 20-50 Euro left over from previous trips at home, so I use that if I only need Euros.

Combo:

1. buy 1-15 shares of FXE stock (each share is 100 euros) depending on how much you plan to spend in Europe
2. Buy 50-150 euros cash at my own local bank or from a trusted friend who might have excess euros to exchange at a mutually-agreed upon rate. Some people will gladly give a 5% discount off published exchange rate in order to offload a currently-unneeded currency since that will avoid costs of carry.
3. Upon arrival in Europe, withdraw up to daily allowed withdrawal ($800?) in euros
4. Pay with credit card as much as possible with a card that allows foreign transactions without a fee.

leftover euros after trip can be saved for future trip

Only thing I worry about is if I lose my debit card after arrival, I am at hotel, and I only.have American dollars to work with.

I’ve gotten Euros from an ATM using my credit card. There’s a fee, but it’s ok in an emergency. Cash conversions are possible too, but, again, prepare to pay for it.

Out of curiosity, do cash advances (taking money out via credit card) charge a daily interest in the US? They do in Canada (usually resulting in taking the money out, then scrambling to find a way to call home to get someone to put the money back into the account)

yeah, as far as I know. I think they start the clock just like if you were carrying over a balance and they start charging you average daily interest rates.

I think in this case, I was using my BofA visa and it had a small balance on it (like $15), so the interest wasn't too bad. I paid it off quickly.

why will you lose it? It’s like being worried about losing your passport.
but let’s say that you do lose it. You can ring your bank about the loss. You can use your credit cards to get cash. You can exchange american dollars for euros. You can still use your credit card for purchases.
I still suggest getting euros from your local bank.
Is this your first trip abroad? I promise that it’ll go great.

yes - cash advance rate. Just repay it fast. One can use their credit card app to pay off the balance from the bank account. So maybe 1-3 days interest to pay. That’s just a good fast emergency fix.

Been doing that for the last 20 years.
-Cash from ATM in visiting country
-Pay mostly with credit card

I have a Revolut card. It carries several different currencies on it. You load it with your credit or debit card in US dollars you can convert to Euros for no charge. Then draw your money from an ATM. I was at a Hilton in London, and they had one of those Travelex ATM to draw GBP from. You change into what currency you may need while you are home. I had put GBP on the card and beat their high conversion fee. Its is also good when going out to dinner to pay your bill. hope this helps.