Buying euros from a friend

Hi Ken, I have not read Europe Through the Back Door but I am going to check it out. We are taking two tours and visiting family and friends during our month long trip. We are very excited to tour Europe for the first time, my dream vacation is about to come true. :) Thanks again for your reply Lilly

Watching the rate is a gamble either way. Buying now ties up your money and is a problem if you have to cancel the trip. I would wait until just before you leave and pay the official rate. That way you both come out ahead.

It is a LOT of euros? Because it could be a win-win situation if you buy them now. You could probably easily arrive at a price that would simultaneously allow your friend to get more than if he sold them back to a bank while allowing you to pay less than it would cost you to get them. Obviously I can't predict the exchange rate but I would not expect it to drop enough in the next two months to turn a transaction like that bad. If it's just a few hundred euros you can do your friend a favor AND have some cash in your pocket upon landing without a huge financial risk. If it's a few thousand.....that might be different.

I would do it. The exchange rate over a couple of months is not much of a ganble. If you look up the exchange rate and do it, you won't be paying the exchange rate premium you will pay at an ATM or currency exchange. As for having your money tied up for a couple months ... what difference does it make since the banks are paying next to nothing. The biggest advantage is to get whatever small bills and change he has. If you go the currency exchange or ATM route you will only get large bills and you are going to need small bils and change when you land. Just think what it would be like to land at an airport here with nothing but $20 bills in your pocket.

How many euros are you talking about? The rate shouldn't change to greatly in the next 2 months. It's always a nice idea to have some cash when you arrive. I would buy several hundred euros from a friend as long as I was getting the current rate of exchange.

I'd do it if it were me. I see nothing to be gained by gambling.

Thank you for your quick replies. :)

How hard is it to change euros (large bills) into small bills once we arrive in Italy or can I do it here in the US? This is my first time to Europe and have so many questions. This darn trip better be worth it... LOL Thanks for any help :)

Lilly, To answer your first question, I'd consider buying the Euro's from your friend, however that will depend on whether he/she will give you a good exchange rate. Hopefully it will be a "win-win situation" for both of you. What denomination of "large bills" are you referring to? I've never had any problems with transactions involving €100 notes. I suspect large businesses will be more easily able to handle large notes (ie: don't try to pay for a small purchase at a "Mom & Pop" store with a €500 note). As this is your first trip to Europe, hopeufully you've already read Europe Through The Back Door. That will provide you with a lot on information on how to travel in Europe, and will hopefully minimize any problems to make sure that the trip is "worth it". Cheers!

If you buy them from your friend at the official rate for that day, you will both win. you (both) wont be stuck with the bank's cut off the top. Just dont play games with each other trying to get some discount

What is a 'Mom and Pop' store? The mind boggles.

Mom and Pop store would be a small family run store.

shoni, I used the term "Mom & Pop" store to describe a small family operated establishment, as Bronwen mentioned. I was trying to convey the idea that it would not be as easy to change large denomination bills at a place like that, as opposed to a large multi-national Hotel such as a Sheraton or whatever. Cheers!

Thanks again for the much needed information, you have all been so very helpful. Have a great day and wonderful weekend :)

Also, include buses, cabs, etc. in places that will not have change for large bills. Small bills for small purchases. Small and large bills for large purchases. When I was taking the city bus from the center of Athens (main square) to the Airport (5am) one bloke pulls out a 500 Euro note and tries to pay for a several Euro fare. The bus driver kicked him off the bus and told him to get change if he wants to ride the bus. Edwin

It could be a place to get a new mom, couldn't it? ;-}}}

Michael 1, Actually, I'm Canadian. I assumed the term "Mom & Pop" store was fairly universal. I think I've even heard Rick using that term on occasion.

"What is a 'Mom and Pop' store?" When will you Brits learn to speak English!!

That's an unfair comment. The phrase "mom and pop store" is used all over the US, and in big cities.

The person who asked was German - not a Brit!

Nigel - I don't know about Moms, or even Pops, but I do you can get a pop at a Mom and Pop store (at least in the midwestern portion of US and Canada.)

"The person who asked was German - not a Brit!" Larry, she lives in Germany, but I think she has stated she is British.

If Shoni is actually a Brit, my bad - but that's nowhere in this thread. Seems like this is heading into the "Why Americans don't travel abroad" territory (which I am deliberately not reading)

That's the way it is....