Exchanging for euros
#1
Original Poster
Join Date: Apr 2016
Posts: 67
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.
ASk my credit union, debit card,, etc.
what do most people.on here do for cheapest exchange.
#2
Join Date: Dec 2009
Posts: 140
debit card at atm
#3
Join Date: Jan 2010
Posts: 9,307
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?
OP. Is there a reason you can't use a bank ATM on arrival?
#4
Join Date: Jan 2015
Posts: 2,918
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.
#5
Join Date: Apr 2016
Location: BNA (Nashville)
Programs: HH Diamond
Posts: 6,227
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.
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.
#6
FlyerTalk Evangelist
Join Date: May 2008
Location: San Francisco
Programs: GM on VX, UA, AA, HA, AS, SY; Budget Fastbreak
Posts: 27,610
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
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
#8
Join Date: Apr 2016
Location: BNA (Nashville)
Programs: HH Diamond
Posts: 6,227
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.
#9
Join Date: Jan 2015
Posts: 2,918
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)
#10
Join Date: Apr 2016
Location: BNA (Nashville)
Programs: HH Diamond
Posts: 6,227
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.
#11
FlyerTalk Evangelist
Join Date: May 2008
Location: San Francisco
Programs: GM on VX, UA, AA, HA, AS, SY; Budget Fastbreak
Posts: 27,610
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.
#13
Join Date: Jan 2005
Location: BWI,IAD,DCA
Programs: UA gold, Hyatt Plat Marriott silver,Hilton Gold, PC Plat., SPG Gold.,Hertz Gold, Global Entry
Posts: 650
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.