currency exchange/ Netherlands

Are you going to get your euros ahead of time - is that why you're concerned about converting? Using an ATM solves all your problems. I'm going to pay for my hotel with cash also & won't be able to take out enough with 1 withdrawal. So, I'll pull money out each day using some for walking around & putting some aside to pay for the hotel. If you use a ATM while traveling, you don't have to worry about converting as you'll be working with euros. Just make sure you have plenty to cover in your checking account. And as someone said, you need a 4-digit (numerical only) PIN & verify that your bank has a record or where & when you're traveling.

The ATMs at the airport will be fine, you get the same rate as any ATM. Generally the ATMs in Europe do not tack on a fee like in the US, the only fees will be what your bank charges.

It is worth adding that in some airports (Heathrow I know, not sure about Schipol) the currency exchange places have machines that look like ATMs, but are really Currency Exchange Kiosks. Avoid these, especially if the have the GWC or Travelex Logo. You should find ATMs sporting a bank label.

The only currency I am really needing to exchange is enough to pay for the hotel when we get there- I suppose I could just take the 5% fee the hotel charges for using a credit card. But if there was some way around it, would like to do that. Since they ask for the total of the stay at check in. But, it is also more than I can withdraw per day through my bank at an ATM. I also already have a 4 digit pin, so that should be ok.

My boyfriend and I are staying at a small hotel, sort of. We are getting one of the small apartments that Bema Hotel (bemahotel.com) offers. 95 euro/ night or 132.00 US (when we booked it online.) There were very few negative reviews that we found for this place, and non were for the apartment offerings.

Thanks for the note about the “fake” ATM’s at the airport!!! I have marked that in my notebook!!

I am trying to get as acquainted with the exchange rate and it’s fluctuations, before I go—so that I can better estimate how much in euro’s I have to spend. That way I don’t overspend in US $. Ie: if I know my 2,000 US translates into ~1,400 euro’s…. then I can tell myself I have x number of euros to spend. ( and I over estimate the US conversion, just to be on the safe side. Like if something says it is going to cost 38 euro (~53.50 US); such as the bike rental—I tell myself it’s actually costing me $75 US. Which probably makes no sense to anyone but me. : )

But I guess the simple answer you all have given me is to: just use the ATM! And credit card if places accept them.

In addition to the information you were directed to, it is worth adding a few notes specific to your question.

"adding $10" only works if the amount happens to by 25 Euro and the rate is at the $1.40 per Euro point. The math would be to take the amount in Euros and multiply by the current rate on XE or Oanda, then figure it costing a little more at best, somewhere in the range of 1 to 2 dollars per $100.
25 Euro x $1.40 $/Euro = $35. When you bought the tickets, the rate was probably less than $1.40

I was not able to locate the GWC converter, but Airports are always the worst place to convert cash, just don't do it. Even in town, any currency conversion kiosk will be worse than ATM or Credit Card.

Search this site and follow the suggestions for using your ATM card. Maybe consider going through a local bank and getting a few hundred Euro to take with you as back-up, but even at a bank, expect to pay on the order of something close to the 5% that the hotel charges over cash

gwen,

As this is your first trip to Europe, I'd highly recommend having a look at the Guidebook Europe Through The Back Door, as it contains a LOT of very useful information on things like money, languages, rail skills, etc.

The "Best Place? Best Rate?" is usually an ATM. Some banks charge a fee for foreign withdrawals. You'll have to check with your financial institution on that.

A few things to remember though. Your funds must be in a chequing account with a four-digit PIN. It's a good idea to tell your Bank you'll be travelling with the card and also to review your daily withdrawal limits. Most importantly, I'd suggest you take at least two ATM cards and at least one credit card (preferably a "chip card", especially as you'll be in the Netherlands. A few posters here have reported "issues" using magnetic strip cards there.

One final point. I'd suggest getting a small amount of "travelling funds" from your Bank (perhaps €50-100) so that you have enough for a meal, taxi fares, etc. when you arrive. Although there are ATM's in the airports, I'm usually too tired to bother with that, and find it easier just to have some funds to last a day or so until I get organized.

Happy travels!

Thank you all. I will watch the video when I get home. ; ) I have checked with my bank, and they charge 1% fee for all foreign transactions. If I use a pulse ATM, the first two withdraws are free (well, not including the ATM”s fee, that is). My daily limit is $500. I only have my checkcard (which I use almost daily as a visa); I do not have any credit cards. The person I am traveling with has one, small limit one. Let’s ee if I have the summary, correct: While the hotel will charge 5% for using visa- I will probably end up paying that 5% anyway, if I get the money ahead of time from my bank. AND If I get cash, I should get it out of an ATM, (but maybe not the ones at the airport… don’t know if they would be run by the same GWC people?) Avoid changing currency at the airport at all costs!

I have the Rick Steeve’s guidebook for Amsterdam, Brussels, and Bruge(?sp)—and it has been most helpful, so far. I love the detailed: turn right here, see this, turn left and see this description! I will browse through his other one at the store, and see how much extra information it has : )

We are trying to go on a slightly small budget, (~3,000 US for 6 nights/ 7 days.) and so I just want to make sure my little old US dollar goes the farthest it can as a Euro. :P

It's unfortunate that your hotel requires total payment, in cash, at check-in. I don't think that's fair. Why can't they just accept cash for the first night's stay, letting you pay the rest later? Did you ask them about this and explain that it's difficult for you to obtain enough cash Euros to pay for your entire stay in advance?

And, a 5% surcharge for using a credit card is, in my view, awfully high. The surcharge is because they incur a service charge from the credit card company when they collect on your charges, but no credit card company that I know of has a 5% service charge.

I guess you can look at the fee associated with using a credit card both ways. If they advertise the place at 95 Euro, and charge your card 95 Euro, fine. If they say, hey! pay cash and you get a 5% discount (90.75 Euro), all is good since they do incurr a fee when you use a card. It is a bit more messy though to advertise at 95 Euro and then say "wait" you want to pay be credit so it will be 99.25 Euro. Not sure which is being encountered in this case, and technically there is little difference between the two, but my point is that a discount for using cash is common and legitimate.

the best place in amsterdam to convert dollars is Pott Change on Damrak,just before you get to Dam Square. there is no commission as there is at GWK and the rates are better. do not take travelers checks. they have a less favorable exchange rate. ATM's are very good but you will generally incur the bank fee.

With all due respect to Allen -- that is poor advice. Even paying a 3% ATM currency conversion fee is a better total price than any money exchange. A no commission money exchange simply means that they have buried their fees in the exchange rate. You absolutely have to know the exchange rate -- today it is $1.43 -- on the day you begin your trip. It may change a little during the next week but that is your benchmark for evaluating everything. You need to understand exchange rate or you will be taken advantage of.

And it is not uncommon for places to add 5% to credit card purchases. So even if you have to pay 3% to get cash from an ATM you are still ahead 2% to pay cash and get a 5% discount.

Gwen, the ATM machines are the way to go with your bank card for getting NL currency.

The bank of choice in NL is ABN/AMRO (at least when I was living there a few years ago) and they have ATM machines everywhere; including Schiphol. Can't miss them and their colour scheme advertising the machines is bright green/yellow/white. They will have the best rate (dependent on your USA card) anywhere.

The transaction cost is up to your bank/debit card company and you may wish to check with them in that regard. I even used ABN/AMRO when in Rome/Venice last year because they had ATM's in Italy and I recognized and trusted the 'trademark'.

Stay away from the currency exchanges everywhere. If you're a bit nervous when in Holland about using the machines (they are multilingual); find an open ABN/AMRO bank and go to the counter where they'll be pleased to help -just have your passport for ID.

I'd be very surprised if there wasn't an ABN/AMRO machine or bank within a few blocks of your hotel. You'll probably see a red/green button in the bank lobby/foyer (sort of like a doorbell); push the green button and they'll buzz you into the bank service area -it's a Dutch thing....