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Buying euro from AAA

Some posters mentioned purchasing euro currency from AAA and felt the transactions were a good deal. I checked two different AAA clubs in the region and the exchange rates vary from $1.20 to $1.2290 (all USD) per euro, plus a service fee if less than a minimum amount. If purchasing 200€, the cost from the two AAA offices was between $240.00 to $245.80 + $12.00 service fee. Using my VISA debit card at an ATM in Europe, 200€ costs $229.38. I typically retain enough euro currency from the last trip to get me started on the next trip, but if not, I just use an ATM at the airport (never ever a problem in many international trips). As a back-up, I carry some US cash, which can be used to purchase euro (or other local currency) at a bureaux de change. Short story, using my ATM card is a better deal than buying euro in advance. If comforting to have 100-200€ in hand and you don't mind paying the premium, do so, just don't kid yourself that it's the same rate as using a no-fee and no international transaction fee debit card (easily available).

Posted by
13809 posts

One thing I found when we still had an AAA office in our area, is that they sell the money packs at whatever rate they bought them at regardless of what the current rate is. This was not good when the local office had money packs they had bought at a higher rater than the going rate when I was considering purchasing. It might not be bad now if they purchased at a lower rate, but it is something you have to be careful with and do some due diligence.

I am one that likes money in my pocket when I land and I had found better rates at the local bank over AAA.

Posted by
3200 posts

My local AAA obtains their money from Wells Fargo Bank (which I hate, but that's another story). I can only relay my experience. I compared the financial rate online to the rate at AAA. They no longer buy packs ahead of time as they did years ago. I got the published rate. They work on-demand here for obtaining the money, at least for Kronor and Australian dollar. I felt it was a good rate and provided piece of mind as I did not have any Kronor. Perhaps AAA operates differently in different states. Even for Bruce's scenario a .02 difference wouldn't make me dally at the airport to find an ATM. I'd even rather dally to wait for checked luggage than hunt down and ATM. LOL. The bottom line is there is no right way. The right way is the way that makes you feel most comfortable.

Posted by
7010 posts

The rates for buying € at the AAA offices in both CO and here in OR are much higher than just getting them from a large bank. I bought mine at Wells Fargo in Colorado Springs and they were a decent exchange rate + a flat $5 fee (I was not a bank customer or it would have been no fee). Any large branch of a major national bank should have € on hand to sell you. Smaller branches will probably have to order them.

Posted by
13809 posts

Interesting Wray, it was in the spring of 2013 when I was doing my looking and the local office closed down a few months later. The nearest that does travel agent stuff is 90 miles away so really not worthwhile to investigate. Besides, I'm like Bruce now, and try to keep a stash!

Posted by
19052 posts

Years ago I talked to my local AAA office, and at the time they "bought" foreign currency from the Denver main branch of Wells Fargo, at a decent rate (~5% over). I think they might have added a little for shipping and handling, but not much. A few years later I checked with them and they were getting it from Travelex at something over 10%.

Local AAA clubs buy their foreign currency from different places, so you can't generalize. It seems that years ago, I could go online and find out what any AAA office was charging for foreign currency, but in recent years I find that you have to be an AAA member to find the rate. I think there is a reason that they don't want to publicize their rates - because they are not very good.

Posted by
7453 posts

AAA is offering an optional service, covering the cost of their transaction plus making a bit of a "profit", in the name of service and convenience. Their volume can not be high enough to gain a discount, so best to just go to Wells Fargo directly.

Posted by
1976 posts

Pam's experience is the same as mine. I stopped going to AAA years ago because their exchange rate wasn't good. They told me they sell the packs for what they paid for them, regardless of the current exchange rate. I shopped around and now buy currency, if I need to, at 5/3 Bank which sells at a decent rate. U.S. Bank, where I used to go, now has Travelex desks which handle all foreign currency transactions and which is a ripoff. I now keep some currency when I leave a country because I'll use it again.

Posted by
11613 posts

I used to use my local bank which orders the euro and has them for me within two days. There is no fee, the FedEx charge is $8, but the exchange rate is about 8-10% above the interbank rate. Now I keep €50-100 from the last trip to get out of the airport on the next trip.

Posted by
2788 posts

I go to Europe every year for the last 12 years (next month #13) and have always purchased local European currency from ATMs in Europe. If some folks are concerned about going to Europe without local currency and can afford what is often a poor exchange rate with usually with added fees, go ahead and buy you money here in the US. I prefer to wait and save a little money to be used for something special over there.