US Dollar to Euro looks pretty good right now

It's been bouncing around $1.13 for about a month now, which is pretty good. About 5 years ago it was around $1.04, which was wonderful, and way better than the $1.40 I remember earlier in the twenty-teens.

https://www.xe.com/currencycharts/?from=EUR&to=USD&view=1Y

It was at 1.12 last week. I've done a bit of converting recently. Reminder that you can convert $ to € and leave them in a Wise account until you need them.

@Bets—could you say more about a Wise account? This is new information for me and I’m interested. Thanks!

It used to be called Transferwise, a currency exchange company. You send to their US account from your US bank, they convert the money and hold it awaiting your instructions. You can have all or some sent somewhere, or I've heard that they also can issue an ATM card though I have no direct experience with the ATM card, only transferring.
There are other currency exchange companies: MoneyCorp, Currencies Direct. But I don't know if they issue ATM cards.

they definitely issue cards - I have a bright yellow one. Really bright yellow. Can't miss it yellow. Don't know why they chose yellow.

Nigel, you are referring to Wise, I assume. At 1.12 and 1.13 exchange right now, maybe you can give us info on the yellow card.

After money is put into Wise, I have always transferred it into a different country account. I have moved UK>US and US>UK.

The card allows extracting some or all of the funds in the currency where you are.

It is so bright I have hidden it in the house and it has never visited an ATM. One day maybe, but I prefer to move money to one of the bank accounts and then use whatever usual method I normally use.

Since I almost never use cash for anything (last time was this summer because I had a note going out of circulation I bought a muffin and got the change) an ATM card is nearly useless to me.

I went and played around on the Wise site. For me it's not worth it. Maybe if you have a long term stay coming up..

https://wise.com/us/multi-currency-account/pricing

Wow! I'M glad I just lurk here! You guys are some serious travelers! Out of my usual 1 trip every other year league but that's why it's fun to read stories and advice and travel vicariously!!👍👍 Thanks!

I remember when I went to Europe in 2019 that the exchange rate was €1:$1.11 or something really close to it. Because I remember just adding 10% in my head to do a quick conversion. The first time I ever went to Europe the rate was $1.45 so it’s nice to see Europe so much more affordable now.

I think Wise could be helpful to a lot of people who rent apartments in Europe. I've read posts about making sizable deposits to owners who don't accept credit cards. Then there's the need in some cases to pay a large balance in cash on arrival day. It seems as if it would be possible to transfer the money from a Wise account and avoid the need to visit multiple ATMs on multiple days to acquire thousands of euros.

It shows that the travel gods have a sense of humor that while travel is restricted for most of us at least it's relatively cheap to plan.

Chriss--a few of us live overseas at least part of the year and have occasional large purchases.

You're right Carol. The amount a traveler needs has to offset the transfer fee. It's a crap shoot whether it will go up or continue down. If you have a no-fee ATM card and the rate is still low, you're better off using an ATM for a trip. I try to put everything on my no-fee US cards and use a no-fee ATM card during our months overseas to avoid using money for which I have had to pay currency transfer fees.

However, It's worth it for people whose banks charge withdrawal and transfer fees.

I travel on a credit card and pocket money out of an ATM. Both no fee cards. Love the convenience of tap cards, and love a little cash in the pocket. I travel to some pretty less traveled places but it has worked fine, even in Albania.

In the Netherlands, for local transfers, most Dutch use Tikkie, sending the money via WhatsApp. Can I tikkie you? is a common phrase! Many ex-pats I know do you Wise. We're fortunate to have bank accounts in the USA and Europe that allow us to transfer money without fees. As my wife is paid in EURO and I am paid in USD, it leads to some "timely" money transfers. There are other rules at play for us as we have to be sensitive to the IRS Form 8938, Statement of Specified Foreign Financial Assets.

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) also has specific reporting requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). So yes, some of us have to complete the FBAR form, which is interestingly similar - and somehow appropriate - for those of us with a military background to another acronym. Yes, living overseas, US citizens also pay US taxes...and it is a consideration in how, where, and when we move or store money.

@ Nigel

A couple of questions. Can you, or have you, set up your UK Wise account in a digital wallet on your mobile phone? I have my Australian Wise account within a wallet on my mobile but to date have not had any reason to use it for domestic transactions. Actually, do not know of any retailers who accept it here. There are situations where the rates offered are attractive. Perhaps an option during the Ashes tour of 2023. Have you noticed any UK domestic retailers who accept Wise (in GBP) either card or mobile phone, the same way as say Mastercard, or other RFID tap and go?

Wise is listed/traded on LSE.

Mobile phone via digital wallet is fast becoming the standard where I live. I have a further 6 accounts in my mobile digital wallet (e.g.: Amex, Mastercard, PayPal, Qantas.) and rarely use my cards. Mobile phone digital wallet can also be set up to domestically withdraw cash at most ATMs. Most children on becoming teenagers have a mobile phone with a domestic bank account in a digital wallet and rarely have cash monies.

A little story. Last week, in a supermarket and a lady was transitioning from card transactions to mobile wallet. She was having trouble pulling up the account on her mobile phone. Her granddaughter, I estimate at about 12 years old, took the phone quickly got the correct page, entered Grandmothers PIN, and did the transaction. Grandmother was a little pinkish and apologised for holding things up. A lady in line laughingly comforted her by commenting that most had already had that experience. A little subdued laughter from those who had been there, done that. The other shoppers, including me told her to keep trying with the mobile, and in about a fortnight it will be like second nature and in the meantime take her granddaughter along shopping in case of emergencies.

@ James. Wise claims that they can deal in 54 currencies for me including the currencies of Eastern Europe. Might be worth a look. As you spend a significant amount of time O/S it may be prudent to have a discussion with your financial planner, who will for a fee, crunch the numbers on the options.

Regards
Ron

A couple of questions. Can you, or have you, set up your UK Wise account in a digital wallet on your mobile phone?

Probably can, haven't tried. I don't know why it wouldn't work - it (if you've the sunnies on and look sort of sideways so as not to burn the retina) looks like any Mastercard (I think it is MC but haven't looked for yonks).

Biggest reason not to do it is the aforementioned sunnies requirement.

I'm perfectly happy using Wise to move decent sized chunks of money bank to bank.

The euro debuted around $0.80 in 2002. Not likely to see that again.