We are planing a trip to GAS in Sept. Right now the dollar is very strong against the SF and the Euro so we are considering buying some now before we go. Do you think it's a good idea? Has anyone done this? If so, where did you buy them?
Posted by
Tresana, Highlands Ranch, CO, USA
23642 posts
Nope -- you will not win. First you will have to pay between 5 to 10% to buy on this side. The most you will pay in Europe with a debit card is 3% or less depending on your card issuer. That means you would have to have a swing of at least another 5% to make it pay.
Posted by
dallas, tx, usa
1358 posts
This subject is discussed monthly on this page.
If you read previous letters regarding this subject you will see that most experienced travelers suggest you not buy foreign currency before going.
Buy it at ATMs which you will find easily everywhere in Europe and in all types of stores and even in Post Offices in Switzerland.
Doing that means you won't be carrying extra money.
The exchange rate goes up and down; so it is risky to buy in advance.
Buying here involves paying a fee which may be more than you want to pay.
Posted by
OP
San Diego, CA, United States
10 posts
Thanks for your input. I did not realize the fees would be so high. I am sorry to have asked a question that was already answered but when I looked thru this page I didn't see where this was talked about. Thanks for your time.
Posted by
Vernon, Canada
32363 posts
Marianne,
I'd suggest obtaining a small amount of Euros to use for meals or whatever while you're travelling. Once you get settled in the first town, you'll be able to stop at an ATM and obtain more.
I've always obtained foreign currency at my local financial institutions. You might ask the Bank / Credit Union you normally deal with if they offer that service? My Credit Union doesn't keep a lot of foreign currency on hand, so occasionally it takes a few days to arrive.
When you arrive in Switzerland, most places will accept Euros (but not always at the best exchange rate). Again, just visit an ATM when you arrive.
As I recall from Rick's book, travellers obtain the best "interbank rate" by using ATM's. As you may know, your funds MUST be in a Chequing account with a four-number PIN.
Happy travels!