money in Koln, Germany

The best place is ATM as everywhere else.

I know about the atm- have read about them, but the hard currency is in Germany, what now is the best exchange?

I'm not sure what you mean that the hard currency is in Germany. Anyways though, the vast majority of the time you will get a much better exchange rate by simply withdrawing euros from an ATM with your debit card. If it asks you if you want to be billed in euros or dollars, choose dollars. Start your trip with some cash that you've exchanged in the US, and then do the rest by ATM while you are there. Am Ex outlets (especially for traveler's checks) will give you bad rates, and currency exchange centers with give you even worse rates.

If you have US currency and need to exchange it, a bank will be your best bet. It's more expensive than using an ATM but won't be more expensive than other options. You may run into some limits on what bills/condition they will accept. I haven't noticed this much in Germany but have seen it in other countries.

"If it asks you if you want to be billed in euros or dollars, choose dollars." No - choose euros. If you choose dollars, you will pay a far higher exchange rate, plus a conversion fee. Whenever you use a credit or debit card in Europe, and are given a choice between dollars and the local currency, always choose the local currency.

Stick with banks, Wendy. Currency exchanges will have the worst rates.

My local Denver bank charges me 1% currency exchange + a $2 fee, for about 1.4%. Last time I exchanged American currency (travelers checks) in Germany (2000) it was at a bank and they charged me 6%. Instead of taking US dollars to Europe, put it in a bank here and get an ATM card.

"If it asks you if you want to be billed in euros or dollars, choose dollars." If you do that you will pay through the nose. It is a "convenience" that will cost dear.