April 1, 2010 we are headed for Paris and I see the exchange rate is now 1 euro to $1.36, a lot better that a few months ago. What is the best and least expensive way to buy Euro's here, as the euro may raise again in 6 weeks. Of course, it could still go lower too!! What to do?? MM
Nothing. Get them when you get there. See recent thread on same subject.
Neither you nor I have the ability to win at currency speculation. It may rise in the next 6 weeks but will it rise 5 to 6% which is what you would need to have a CHANCE at breakeven. And of course it cuold go down. Forget about it and get your Euro when you arrive via a debit card and a bank ATM.
"Neither you nor I have the ability to win at currency speculation"
Frank, in 2000 I brought back from Germany the Mark equivalent of €200 ($178 at the then exchange rate of $0.89/Euro). Every trip I take it with me to have money when I arrive and bring about the same amount home at the end of the trip. Today that same €200 is worth $272. I've made almost $100 on currency speculation! ;o)
But I agree with the others, except for a small "grubstake" to make sure I can eat, etc the first day, it's not currently worth taking the whole amount over with you. You can get Euro at 5% over the Interbank rate at any Wells Fargo branch or online (free shipping for amounts over $1000). Using an ATM over there can cost you 0%-3% over the Interbank rate, so you are ahead using the ATMs. Just make sure you tell your bank you'll be making withdrawals in Europe, or you might find that the put a fraud stop on you card.
Hint: small, local banks, without a currency exchange operation, pay 1% to the "Network" to handle the European transaction and the currency exchange. Major banks pay the Network in Euro, saving about ½%, then charge you up to 3% for what should have cost you 1%.
Mary,
What you can do is make sure you are paying the lowest fees to get euro. See http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange