Wondering if someone can recommend the best way to convert $ to Euros. I was at my bank today, Wells Fargo, and was about to buy my Euros at $1.44/Euro, when luckily the TV channel that was above the teller's head said the current exchange rate was $1.345/Euro!! Wow..quite a difference. I immediately halted the transaction and said I'll be back if interested.
What are people's recommendations on getting the best exchange rates?
ATMs once you arrive. Can't beat it - you get the current rate (plus a small percentage and fee depending on your bank). Get a few at Wells Fargo beforehand just so you're not arriving with nothing in case the ATM at the airport is out of service or empty or you can't find it. Been to 6 countries in the past month and haven't had trouble with using ATMs anywhere.
I am going to use Chase bank, they use the poblished rate and no comission. I don't know if there is a Chase bank in CA though.
There would be fees charge by my bank but there would also be fees charged by the bank in Europe whose ATM I would be using, right? Whats typical for those charges?
A ballpark figure for using a debit card overseas is 3%. If it is 1.34 today that would be about 1.37. The fees changed is totally dependant on your bank's charges for using the debit card. So ask your bank.
When I was in Spain last month the total charge on my Wells Fargo account was $5 per transaction. It looks like the exchange rate was pretty much the official rate. Since the fee is per transaction rather than a % you will be better off getting more cash per transaction.
