buying euros

The absolute best exchange rate and most convenient access to foreign currency is via a debit card at a bank ATM in Europe. Anything after that is more expensive and then the question is how much more expensive. First, I find it a little hard to believe that WF was cheaper. In the Denver area, currency through WF carries about a 5 to 6% markup and I think that is pretty standard for all WF. The worse fees I have heard on a debit cards is up to 3% and sometimes a withdrawn or usage fee of 1 to 5 dollar but still cheaper than a 5% mark up. Second, there are many debit cards that have reduced or no fees currency access via ATM but it may be too late for you to find an alternative. Your debit, regardless of fees, will still be your best deal.

Heh, I wish I had bought euros when they were $1.20. We got here on About a week ago, and it's been climbing ever since :(

Heh, I wish I had bought euros when they were $1.20. We got here on About a week ago, and it's been climbing ever since :(

If you must buy before your trip, Wells Fargo has about as good rates as anyone in the US. Their office at 1200 S Milton Road in Flagstaff sells euros over the counter. Call 928-214-2480 to check availability. Foreign currency notes from Wells Fargo currently cost $2934.60 for €2000. Using a Wells Fargo ATM card abroad would cost you $2889.49, figuring six withdrawals with a 3% markup over the current $1.3881/€ exchange rate plus Wells Fargo's outrageous $5 transaction fee per withdrawal. You still save using your ATM card. Better ATM card issuers would charge you $2776.20 to $2859.49 for €2000. If you can use your ATM card for this trip, follow all the advice at http://www.ricksteves.com/plan/tips/moneytip.htm

Anna - ME TOO!! Are you hacing a wonderful time?

Your debit card fees would be little or nothing if you had a credit union debit card instead of a Wells Fargo card. I have a card from a small local credit union that charges nothing, and another one that charges 1%, with no per-withdrawal charges. Shop around for a better deal in debit cards.

Elaine, yes! I'm in Berlin right now and it's wonderful! And hey, the dollar went up a bit. Of course, after I took out 300 Euro.

You should be able to get those $5 fees reimbursed. There are no Wells Fargos over there so they shouldn't charge that fee. Call before you go and ask if you can get the fees reversed after you get back. Ask them to make a note in your account that you will be calling for a reversal. It's also good to give them an approximate number of times you will hit the ATM.

Jill, do you have actual experience with getting per-withdrawal fees refunded by Wells Fargo on international withdrawals? I've been on this board for a long time, and this is the first I have heard of it, though many people have mentioned the per-withdrawal fee. I'd be surprised if they actually refund those fees, since they are big moneymakers for Wells Fargo.

A friend of ours just purchased $1000 worth of Euros from US Bank for a fee of only $10.00 We have a credit union that charges NO overseas exchange fees or ATM fees so we just use ATM's in any city in Europe.

The ten dollar fee means nothing if the exchange rate is inflated by 5 to 10% which is not uncommon. First, you need to know the exchange rate before evaluating any deal. My guess is your friends did not get a good deal.

I had the same thought as Frank. The "$10 fee" does not give enough information to know the financial institution's actual % markup, you would need to know the exchange rate used by the bank and what the interbank rate was that day. An easy way to calculate this is to divide the total dollar cost of the transaction by the amount of euros obtained, and compare that to the interbank rate for the day. Usually, when this comes up here and the numbers are known, it turns out the financial institution's true profit is around +/- 5%.

A ouple of months ago I bought Euros thru the Bank of America. As long as the purchase was over 1000 Eu, there was no extra charge (service fee). The official exchange rate at that time was about $1.26. I was charged about $1.35 by the bank. The cash arrived at the bank in a couple of days..... I thought the Euro was probably going to increase in value, and it turned out to be a good guess.....The exchange rate now is about $1.39/Eu....I'm feeling lucky, and I won't have to hit the ATM for quite a while into my trip. The only problem: 2000 Eu make for a bulky moneybelt experience. I guess I'll have to wear loose pants, maybe look a little fat.

Yes, I've had experience... right in the midst of the recession too.