Currency Conversion

A lot of people will tell you to use an ATM...LOL...cause that's the best way. Figure out in advance (it's called planning) how much money you will need in each country, and get that much at the ATM when you arrive. Before Schengen we used to do that. Banks will give you terrible rates.

Nothing "LOL" about it - ATMs are the cheapest, most convenient way to handle money, particularly if you are dealing with several different currencies. (You aren't sure whether the countries in question have different currencies?) If you use an ATM card with no fees, you can take money out as often as you want. Then it's easier to get out exactly what you need without overestimating.

Let me try the question again: So, let's say I'm in Copenhagen and I have about $50 in Danish Kroner left over and I'm leaving to fly to Paris in a few hours. (I know, Lee, heresy, but I don't have a need to emulate Jack Benny or be Scroogelike.) So, I'm flying to Paris. They don't use Kroner there, they use Euros. I want to CONVERT the Kroner into Euros. And while I know the ATM is the best place to get new currency, I can't convert currency at an ATM. So, what is the best way to CONVERT the Kroner in Euros. At a bank? Before I leave for Paris? Wait until I get to Paris? I don't have access to an ATM card that doesn't charge fees. I don't want to be making numerous trips to an ATM every time I need $20 because it costs me a fee. I hope that helps. Thank you.

Banks are better than Exchange bureaus. For an amount like $50, the fees may be a couple of dollars higher than at an ATM and is it really worth losing sleep over a couple of dollars. As for where to do it, I think whichever is convenient. Copenhagen or Paris. I doubt it will be that different. Now, for the rest of your "Euro needs," use an ATM. One last thing...ask yourself if you will ever visit Denmark again. If yes, just keep the extra currency and use it the next time.

Francine, If you've only got a few Danish Kroner left, I'd probably just convert them at an Exchange Bureau at the airport. While you won't get the best exchange rate, the difference in charges between that and a Bank likely wouldn't be enough to worry about. I used a similar method in Europe this year. I was travelling from Berlin to Prague and wanted to have a small amount of Czech Crowns on hand, so I just used one of the local exchange bureaus. I wasn't really too concerned about the rate. Happy travels!

I agree, it won't make a lot of difference which side of the travel you do your exchanging on when going from one country to another, when you are talking about a very small amount of money. I have sometimes converted everything I had left before coming home from somewhere, sometimes I just tuck it away for another time. As for the ATM card, there are lots of options for ATM cards that have no fees or low fees - local credit unions, online banks, etc. I wouldn't make frequent stops at an ATM if I had a high fee card, either.

You've got one basic misconception - - that you can't change coins. You can get rid of coins of a country at the exchange bureau in the country that uses that currency. Thus, if you had a few bills and a batch of coins, it would make the on-going percentage argument moot. If there's some coin change in the the transaction, you'll get that back in the currency you're trying to get rid of. If I figure I won't be back pretty quick, I ditch the little bit of money on the way out. If I forget, I do it at the next place and toss the coins into the ubiquitous charity box found in just about every airport.

I agree with pre-planning. The trick is to arrange work out what you need and just have a few coins left before moving on. I remember when we were leaving Israel buying a bit of chocolate and ended up with just a couple of coins. Can I suggest using a credit card at judicious times so you don't have to re-convert money. The big trick is to avoid converting again from a currency which has already been converted. Every time you change money you lose money. Sometimes a little. Sometimes a lot. I'd rather keep my hard earned and if I will lose some I'll buy a little something instead. I remember what it was like when every little country had its own currency and crossing borders was such a pain. The Euro is a real boon in Europe now.

How about looking into a no fee credit card, like Capital One, and using that rather than always paying cash in order to reduce the number of times you have to go to the ATM (since you mentioned there will be a fee) and to use in order to reduce the chances of having cash left over. I usually take about 200 euro with me (leftover from previous trip) or hit the ATM upon arrival. This usually lasts me a 10-day trip for small incidentals (coffee, ice cream, pastry, etc.) and then I use my no fee credit card for most other things. If you have a small amount remaining, I agree that it will not make much difference where you exchange it. For small amounts, the fee will most likely of no consequence.
It also sounds like your plans are not firm as of right now. Once they are, you should have a better idea of how much cash you will need on hand.

In Budapest, I used my remaining forints (after leaving enough for the taxi to the train station) toward payment of my hotel bill. I arranged with the hotel to hold my bag while I spent most of my last day sightseeing, and settle my bill when I collected my bag. If I have small amounts of "odd" currencies left over, I usually donate them on my flight home - many airlines collect spare change (and they never refuse paper either) for charities.

@Nigel - "The Euro is a real boon in Europe now." Apparently your home country doesn't agree. :)

My first trip was to 5 counties all with different money. Since we were driving it was easy just use the remaining cash to get gas when leaving a country. If Im not driving I estimate what I need to pay hotel bill and get to the airport with a few euros left to spend at the airport. I never bring home bills and use change to mark my golf ball on the greens.

Francine wrote:
"So, let's say I'm in Copenhagen and I have about $50 in Danish Kroner left over and I'm leaving to fly to Paris in a few hours. (I know, Lee, heresy, but I don't have a need to emulate Jack Benny or be Scroogelike.)" If you aren't thrifty than the cab ride, tip, drinks at the airport..........there's your fifty bucks.

And if you have, say $10 worth left ad convert it at the airport, you lose maybe $1 on the exchange. Cheaper to buy snacks and drinks before you go and exchange at the airport, than buy the overpriced travel food at the airport. Jack Benny would do this.

We had a similar experience during our Baltic trip in 2010. Generally exchanging money costs you something between nothing to three percent from an ATM (some banks also tack on a fee). You may pay double, or more, that from an exchange booth. If you exchange US for Danish Crowns (DKK), you pay an exchange fee. If you then change those to Swedish Crowns (SEK), you pay another exchange fee. Usually banks are going to be your best bet, but they have limited hours and take up valuable vacation time. I think the best plan is to pull local currency from an ATM. Plan ahead for what you will reasonably spend and attempt to leave the country with as close to nothing as possible. When you arrive at the next country, make an ATM your first stop. One caveat here, we took a Baltic cruise through multiple countries/currencies. I've never had trouble finding ATMs in airports, train stations, or downtown centers (even medieval centers). We did some hiking to find ATM's near cruise/ferry ports - the ships aren't helpful because they want you to use their exchange services. If you don't think you can hold out until you find an ATM, the ship is an option - but expect to pay a lot for the service. Also remember, "no fee" in exchange parlance just means they charge you more in the rate than the money is worth - so the transaction isn't free (imagine a booth in Times Square offering to sell $100 for $108, with "no fee"). If there is a fee, you will pay that as well as a premium rate for money (usually somewhat less of a premium than the no fee places). Most people don't take time to calculate how much they are paying - or they would always use an ATM.

I used to travel Europe when there was a different currency with each new country. I would try to manage my money to minimize the amount converted and just exchange at the next country. It's not the best rates, but changing from one European currency to another European currency is always cheaper than US$ to a foreign currency. There's always higher rates for US$ conversions. On recent trips I only had to worry about Euros. I had a CapOne MM account ATM card and withdrew money every other day as needed. No fees ever! :D

Personally, I try just to run down my supply of foreign money before I head for the next country, so the amount in question is trivial enough not to worry over.
Then I don't mind whether I spend it on snacks, exchange at an exchange window at their ridiculous rates, or stuff it into the charity collection bins at the airport. Incidentally, for those traveling eastward from the US, Asiana Airlines shows a nice little video inflight on where the donated foreign currency goes, and then sends the flight attendants up the aisle to collect anything passengers care to donate. Apparently they've collected several million dollars worth of assorted foreign money in the past couple of years. Wish other airlines would follow suit...