Changing dollars to euros

If you want to have a few Euros on hand, I'd suggest getting some from AAA if you are a member. They have pre-done packs of foriegn currecny prepared. They cost $100. One or two packs would give you plenty to tide you over until you can get to a reliable ATM.

I like to bring E100 with me just in case. When I get there I just use ATMs to get euros out. Check with your bank because they may charge a foreign transaction fee. I bet Citibank does. If you have access to a credit union, join one because they don't usually charge any fees when using foreign ATMs.

In this country, getting Euro from AAA is ify. They get them infrequently from other sources. It the rates have been going up, and they bought them a while ago, it's a good deal. The best source in my opinion is Wells Fargo. They consistently charge 5% over the international rate. Always check the price from multiple sources. But in the long run, nothing beats the rate you get from your bank at the ATM over there. "I like to bring E100 with me just in case". So, save 100E from your current trip to have when you come back.

As others have stated, get most of your Euro from ATM in France. If you want to order a 100 - 200 Euro before you go, Citibank's service is pretty convenient. You just call them up and then can pick up the currency the next day. They have a phone line where you can check the exchange rate. They do mark it up above the Interbank rate so you will be paying extra for the convenience.

Barbara - "a reasonably large amount"...no; use ATMs in Europe for larger amounts. But $100-$200, sure - get some from your bank. Yes, you'll pay a bit extra than the European ATM route, but not that much more. Many people pay alot more to have a bathroom in their hotel room or for a taxi when they could have easily taken the (much cheaper) train. Paying a few dollars more to have some cash right off of the airplane is very convenient for drinks/snacks, buying train/tram tickets, or paying taxi/shuttle bus fares at the airport. DO get cash at the first opportunity, though. Do you need a large amount of money to pay for a rental? That requires a different tactic. Travel with at least two ATM cards - often enough, your card will work fine, but your husband's never does, etc. And be sure your bank knows the wheres and whens of your trip. Otherwise, you get NO money :-( Save 100 - 200 euro or so from this trip for your next one ;-)

As Lee said, buying euros from AAA is not always the best way to go. They will sell you euros at the price they paid for them, disregarding the current exchange rate. Last July I went to AAA to buy some euros before my trip and they wanted to sell me 63 euros for $100, because that's what they paid for them. Well, last July the exchange rate was around 73 euros for $100, so I said no thanks. I went to my bank (US Bank) and bought 100 euros for $137 - not the best rate, but better than AAA. To answer the other part of your question, I like to have some local currency with me when I arrive, so that I don't have to bother with looking for an ATM immediately.

Barbara, there is such great comfort in having some Euros in your pocket when you arrive. Yes, I do agree that you can easily immediately withdraw Euros from an ATM when you arrive at the airport. However, we have arrived at airports where nary an ATM was to be found nearby and we needed to immediately take a train, bus or taxi. From our travels, we now have our stash of Euros, Pounds Sterling, Swiss Francs, Canadian Dollars, Pesos, Yuan (China), Colones (Costa Rica) and other currencies. We're ready for more. However, many years ago, we did purchase Euros from Wells Fargo. There was a 5% fee for the transaction. It's very easy to do and the comfort level is greatly enhanced for about $20.

As of 10:45, 1/30/11, according to Oanda, the Interbank exchange rate for Euro, was $1.3611. Bank of America is $1.4407. Wells Fargo was charging $1.443. Citibank's rate was $1.4578 per Euro. Travelex is $1.46 per Euro. Right now, at an ATM in Europe, you could expect to pay about $1.40/Euro.

I should qualify the ATM rate. That's for a major US bank that has a foreign currency operation. They charge a 3% exchange rate. I deal with a regional bank here in Denver that just passes on the 1% Network charge. Using their ATM card, I would pay $1.3747 per Euro.

That is a mark up of nearly 3%. The rate should be closer to 1.37 to 1.38. The ATM rate will always be about 1% or less over the interbank rate.

Frank, regional banks, like 1stBank, without a foreign currency operation, pay the 1% Network charge and pass it on to us. However, major banks, like Chase, Wells Fargo, and US Bank, all of which have foreign currency ops, pay the Network in Euro, avoiding an approx ½% Network exchange charge, then charge us 3% to exchange the currency. So, if you were to use a Chase ATM card today in Europe, you would be charged about $1.40/Euro. Of course, they also get to choose the Interbank rate over about 2 days to which to apply that 3%.

In the many trips to Europe, we've always just utilized ATM machines at airports for local currencies. Never ever a hiccup. Maybe just lucky. Worst case scenario, convert dollars to minimum required local currency at an exchange bureau and withdraw more later via ATMs.

Barbara, Keep in mind that the answers provided here are good for the country you are visiting. It is also good for a number of other countries. It is not good advise for all countries. But in France, use of an ATM should provide the best cost per Euro based on paying in cash. The cost of using an ATM has two components. 1) exchange rate markup 2) per withdrawal fee For example: If you withdraw $500 in Euros: - a 1% fee would cost you an extra $5 - a $5 withdrawal fee would cost you an extra $5 (assuming that your US bank only has the fee as oppose to an additional fee from the foreign bank) If you are willing to shop around for a bank/ATM card you can do better than Citibank. Just keep in mind: - Most banks, not all, markup the exchange rate. - Most banks, not all, charge a withdrawal fee when using a foreign ATM machine. - Not all banks do both.
- Just need to consider both cost components to get the best deal for your situation based on the country you are visiting. Edwin

Based on things I have seen, I think it is a regulation of the Network that Banks cannot charge a fee to foreign users. Note, there are renegade ATMs out there that do charge fees, but not banks. Your bank might charge a fee for out of system ATM usage, just like they do in the US, but not the European bank.

Check with your bank what fees are applicable. Chase announced recently that international fees will be raised to $5.00

In preparing for our European vacation I discovered that my bank offers free currency exchanges. I can simply go online and use my debit card to order currency for the countries I plan to visit, and it is shipped free to my home! While it is possible that I may need more money when I am in Europe, this has eliminated a lot of hassle and time. Check your bank website.

Nothing is free especially from a bank. CHECK the exchange rate - I will bet that you bank is marking up the exchange rate by at least 5 to 10 percent. Much higher than use a debit card at an ATM in Europe. Common tactic. Give us the name of your bank so we can read the fine print or tell us the exchange rate you received.

You will pay when you exchange money, one way or another. It may be convenient to use ATM's, but most banks charge a "per transaction fee" on top of the exchange rate. You won't save significant money doing it one way or the other. Do what makes you most comfortable. If you like having money ahead of time, get it and use your money belt. If you feel better not having much cash on you, then exchange as you go. It really all depends on what style of travel you favor. Enjoy your trip! :-)

Barbara, when I have used the ATM in Europe, both Credit Union and Bank, what has been said in the preceding remarks are true. Most of the time, I have gotten the money I needed for a couple weeks, and it lasted sometimes three weeks, it just depends on how much you think you will need and how you pay for hotels, cars, (usually these I put on a credit card, because if there is a problem you are protected better and can dispute). If you pay for anything on your debit cards, it comes out of your account right away and there really isn't a way to dispute them as easily. Usually, I am on a budget and I will allow say, $100.00 a week, so I would withdraw $200-$300.00 for the 2 weeks. As an example, I will be there for 4 weeks, then I would have a total of about $400-$500. It really just depends on how much cash you will use. But I didn't have any problem and the rates were definitely better than getting the money you need at a bank in the USA.