Money Exchange

Depending on how you define "cost effective" most of us would agree that there is no cost effective way to convert dollars on this side of the pond. Most exchange rates in the US will be between 5 and 10% whereas exchange in Europe using a debit card at an ATM will be closer to 3% or less depending on card issuer. It has been reported that Well Fargo only charges 5% for their customers. Don't know that for a fact. Most people just use debit cards unless there is a need for a large cash payment on arrival.

I don't know why anyone would buy Euros here.
Using ATMs is so easy, economical and convenient. And they are everywhere in Europe.

Frank, believe it.

Todays rate, from the Wells Fargo website, is 1.3206 $/€. At the same time, the rate given by Oanda.com was 1.2574. Wells Fargo's rate is 5.03% above the interbank rate.

That is the rate that you would get at a main branch of WF, such as downtown Denver, downtown Boulder, or downtown Colorado Springs. That does not include shipping. If you use a branch, they will charge you for shipping the currency from the main bank to the branch; if you order on-line, there is a shipping charge of, I believe, $8.

The rate is set in the morning, and the interbank rate varies during the day, so the rate might be plus or minus. But, of course, when you use your card at an ATM in Europe, the banks can use the highest rate for +/- a day for their calculations.

I once tracked the rate daily for almost a year. It averaged 5% at WF, 5½% at Bank of America.

But, of course, it IS higher than from an ATM in Europe, so I would not get more than enough to cover your immediate needs. Just don't let you "stash" get down too far when you are over there. I was once in a small town in the Black Forest when all the bank lines were down, and, for a day, you couldn't use any of the ATMs.

BTW, a little known fact, if you are ever in Europe, and you can't get money from an ATM, Carl will personally fly over and deliver money to you.

Incidently, I have an ATM card with a local bank that does not have a currency exchange operation. When I use their card at an ATM over there, they pass on to me the Network's 1% "cross border transaction fee", which includes the currency exchange.

When I use my credit card, I get charged 3% for currency exchange.

So, whenever possible, I use cash from the ATM rather than the card.

Anyway, most of the places I go to don't even take credit cards. If you can use your credit card, you are probably paying too much to start with.