Does anyone know the cheapest way to purchase euros?
My bank just said they charge a flat $3.00 fee to purchase euros. That sounds low, but they told me today's rate is 1.44 Euro to 1 US Dollar. When I look at today's exchange rate online it shows 1 dollar to 1.35 Euro. Do all banks bump up the rate in the US and is it cheaper to exchange at the ATM oversease?
Posted by
Chicago
2876 posts
It's best to get your euros from an ATM overseas. You'll get the best exchange rate, and the only fees - if any - will be those imposed by the bank that issued your ATM/debit card.
Posted by
Tresana, Highlands Ranch, CO, USA
23622 posts
This is discussed daily so if you scan back a day or two you will find lots of responses and detail information. BUT it all sums to The cheapest and most convenient way to obtain foreign currency is a debit card at an ATM in country you are visiting. Your card issuer MAY or MAY NOT impose additional fees. Even with these fees it is still cheaper than obtain currency in the US. And, yes, banks in the US mark up the rate from 5 to 10%. Have to make their money somewhere.
Posted by
Myrtle Beach, USA
12313 posts
Some are worse than others. I think Wells Fargo is one of the worst offenders. As I recall they charge a flat $5 fee plus three percent on foreign ATM transactions, a $500 withdrawal would cost $20. That can add up fast. I went to USAA, they charge a one percent fee on foreign ATM's so taking out $500 is a $5 charge - I think that's reasonable. Others here have opened brokerage accounts with Charles Schwab that allow free ATM withdrawals from your money market account (I'm not sure if Schwab still has that). Changing money at a bank is as bad as using a Wells Fargo ATM card. The rate differential is where they make their money. The cost of the same $500 worth of Euros (about 347 Euros) would be $499.68 (at 1.44) and $468.45 (at 1.35) - essentially a $31.23 fee.
Posted by
St. Louis, MO USA
1976 posts
If you want to take some euros with you from the States (I take 100 with me just to get started), then just bite the bullet and pay for them. But it's best to get the majority from ATMs. AAA used to have a pretty good deal on euros but not lately - my bank's (US Bank) exchange rate, even with the markup, was better than AAA's rate.
Posted by
Lawrenceville, Georgia
693 posts
Also, if you buy some Euros from a bank in the U.S. remember that you can specify what denominations you want. Get some 10s and 20s for smaller purchases when you first get in.
Posted by
Redlands, Ca, USA
358 posts
Since most of the travelers on this website visit europe multiple times best to bring home 200-300 in euros or more if the exchange rate is good at the time you leave. This way when you get to the airport you do not have to make a stop at the ATM which can be a line of people.
Posted by
OP
w. yarmouth, ma, usa
11 posts
Thanks everyone !!