Where is the best exchange rate for US to euros. Should we get euros here in the US before we go or get euros in Europe. And if so where do you get euros, at a bank? Many of our accomadations require cash payment. We want to of course get the biggest bang for our buck.
Posted by
Phoenix, AZ, USA
1035 posts
Check out the first question on the FAQ.
Posted by
Lakewood, Colorado
19237 posts
The best exchange rate you will get is from an ATM in Europe. Check around for rates. My Wells Fargo PMA account, which I have for other reasons, gives me so many "Free" ATM withdrawals per month. That includes giving me the exact Interbank exchange rate and no other fees.
Small local banks, those without foreign currency operations, just pass on the 1% Network charge and add a couple of dollars for out of system ATM.
Larger banks, those with foreign currency operations, pay the Network in in the local currency, thus avoiding half of the Network charge, then charge you around 3% for the "service".
For about 5%, you can get a small amount of foreign currency before you go, just enough so you are not penniless until you find a working ATM.
In any case, make sure you inform your bank that you are going to be making purchases in Europe, or they might suspect your card has been stolen and block it.
Posted by
Oak Park, Illinois
4535 posts
Also check with your bank on your daily withdrawal limit. You may need to increase it if you expect to pay mostly with cash.