Euro to Dollar Exchange Rate

If you had used a credit card today you would have gotten $1.11 to the EURO. Don't sweat it. Unless she exchanged your retirement fund you paid a few dollars for the convenience of having cash in your pocket.

One of the ways banks make money, along ATM fees, overdraft fees. And the actual exchange rate was more like 1.085.
Remember, the bank had to buy those physical euro notes at some time in the past, maybe more than 1.085, maybe less. But whatever, they just sat in a cash drawer until somebody some time in the future, came along and wanted to buy them, in this case, your mom.

Not an absolute horrible exchange rate. Not the very cheapest, but not the worst by any means. The exchange bureau counter at the airport would’ve been far worse.

Maybe her bank will give her a free pen or calendar next time she goes there. And you’ll be in Italy, while they’re still there, working in the bank.

If you're going to use the Euros soon, just wait until getting in Europe to obtain a little spending money out of a bank ATM. And to use a credit card for the vast majority of purchases like food and hotels.

I'm surprised on how little cash we can spend when merchants accept credit cards universally.

If you had used a credit card today you would have gotten $1.11 to the EURO. Don't sweat it. Unless she exchanged your retirement fund you paid a few dollars for the convenience of having cash in your pocket.

Ya, I’m not got going to worry about it anymore. She took out about $1000 even after I told her that was way too much. But it’s whatever, her money anyways lol

Lost 1/2 of 1%. Dint loose any sleep.

I like your math Mister E. 1/2 of 1% of $1000 is $5. But the difference between 1.16 and 1.11 is .05 aka 5%, $50 on $1000. But like the OP said, its her money and she can spend like she wants.

That's a loss of about 4.5%--$45 on the amount exchanged. (Unless there was some sort of fee charged in addition to the poor exchange rate.)

Probably a bigger concern is how that wad of cash is going to be kept safe until it is spent. Bringing it home and reconverting it to dollars would be another unnecessarily costly endeavor.

Actually, your mother bought on a slight dip - the Euro has been at around 1.10 for a couple of weeks now. And keep in mind that the reported [interbank?] rate of 1.08 isn't available to retail customers. So the spread between the cited 1.11 and 1.16 should be the basis for comparison - and not that bad.

Maybe she can use the cash to pay hotel bills if they aren't prepaid. Or a really nice gift for you in the duty-free shop at the airport.

Took 200€ out of an atm yesterday and the rate was $1.09. That bank rate is about right.

For those headed to Germany, we went to a cafe and restaurant yesterday and both were cash only. While other countries are mostly contactless payment now, Germany seems to be an exception to that trend.

Edited: today in Baden-Baden I noticed one ice cream store with a cash only sign. The one we went to was also cash only.

Airfare for 2 = $3000
2 weeks hotel $3000
Food & incidentals $1000
Matching Tom Bhin luggage and day bags $1000
Bad Exchange Rate $50

Relax, you were broke before the exchange rate. It's all fun now.

Don’t tell - but I am in Greece and need a few euros so am about to go exchange some dollars (not $1,000 though) in the lobby at 1.13….. It’s that or the Euronet ATM. 🤣

While other countries are mostly contactless payment now, Germany seems to be an exception to that trend.

Yeah, they did go mostly contactless during the pandemic, but old habits die hard, and it was obvious to see the backslide as things improved.

The nerd in me is a bit fascinated to see how different countries are adapting as things get back to normal. The UK has gone nearly all in on contactless, and it seems to be sticking. I am more surprised that Italy and Spain have kept a high use of contactless, as cash transactions were common in both countries.

I think some merchants are seeing the ease of contactless, and what it saves them in the long run, in other areas it probably messes with attitudes towards taxes, cash was not only king for security, but as a way to "manage" taxes.

I'm glad the dollar crept back a little. Hopefully it holds or gets a little better before we get into the summer.

Your mom paid a bit too much, but if she goes ahead and spends that money wisely more than makes up for it 🙂

I do try to get the best exchange rate, but I do not get to fussed about it.

A friend has advised me to apply for a credit card with no foreign transaction fee, one where you get currency rate without the approximately 2.5% up-charge with a regular card. I don't want to apply for another credit card and I don't think I would use it enough to justify the annual fee.

When I backpacked Europe in 1983, I used American Express traveller's cheques. I had to pay a commission to buy the cheques. I was subject to the currency exchange cost at the Am Ex office when I purchased the currency of each country I visited. Sometimes the location or lineups at the Am Ex office was not convenient and I would use the closest local currency exchange office with a worse exchange rate and sometimes an additional exchange fee. There was no internet to compare rates. I just had to window shop the posted rate boards. Because there was no EU, I had to buy seven or eight different currencies during my tour of Europe. Each time I left a country, I would still have leftover pounds, deutschmarks, francs, liras, drachmas, etc. Too much to spend while waiting for a train to leave, too little to exchange when arriving in a new country, kept as unwanted souvenirs.

So, IMO, compared to the past, the cost of currency exchange today is a bargain

I believe you can still find credit cards that charge no fees on overseas transactions and have no annual fee. I think CapitalOne has such a card.

Neither my CapitalOne nor my Citi cards have foreign transaction fees and neither has an annual fee.

I.don't.want.to.apply.for.another.credit.card.

Besides, I don't think the no-fee non-FTF Capital One card is available in Canada. Plus, I have a no fee 2% cash back card that mitigates most of the foreign currency exchange rate cost for meals and hotels when I travel.

Without my cash back card, I would lose $25 in currency exchange on every $1,000 credit card spending (2.5%). There are so many other better ways to save money than to fuss over currency. For our upcoming trip in September, we have already saved $600 per person on our airfare by booking early. We are also seeing big savings on our reserved accommodations. When the time comes to book our trains, the advanced train ticket discounts will probably make up for any currency differential we may incur in our other spending.

Ironically, the Canadian dollar is expected to strengthen in the upcoming months which will impact our travel budget more favourably.

My Merrill Lynch card refunds all the fees, and while that is nice its not essential, but then I go to cheap places and places off the main tourist circuit. So while many are spending $8.62 for a Big Mac with good exchange rates and no fee cards in Paris, mine is about $4.25 or $4.45 with a bad exchange rate.

The real savings are in public transportation, hotels, airline seat class, fewer Michelin Star restaurants, and Walmart luggage. Those alone are many thousands of the trip cost and certain decisions can save easily $1000 or more. Exchange rates and fees might save you $100.

We've always used credit cards while in Europe instead of cash. That way we avoid all fees associated with buying Euros in the US or using an ATM while in Europe. I have noticed a new trend in my state, NJ, in which restaurants are now charging a "credit card fee" of @ 2.8% for paying with a credit card. We have never been advised of this and don't know about it until we have already used the card. So, maybe using cash isn't such a bad idea. I'm wondering if the rest of the US and Europe are doing the same.