Ordering Euros online to be delivered to my home before I leave for Europe

If you are a AAA member you can get them on line for about 6% over the interbank rate. It's under travel services on their home page. Some banks are a lot more than 10% over, a real rip-off.

Either way, it's a huge amount of money to waste.

Rosemary, please be assured you can arrive in Italy and withdraw money from your ATM easily. At most, buy 100 Euro from your bank for your own reassurance, but know it's not necessary.

10% over the interbank rate is a rip-off. Even a bureau de change will offer a better rate.

You really really can take money from an ATM at the airport . . . best rate, no hassle. Just make sure you have a 4-digit PIN and have called your bank to tell them when and where you are going. Take the maximum (probably 250 euros) each time to cut down on fees.

If you are worried about the ATM working once you get there, you can always find a bureau de change at the airport where you can deal with a person (not the best rate, but it's an option).

Rosemary,When I first went to Rome, I did use a bureau de change, and yes, the rates are VERY high! This was back in 2005, so I don't know the rates now, but Rick Steves has called it a money pit! If for some reason the ATM is not working, and you really need some cash, then getting a few euro to hold you over from bureau de change, that should be fine, but ATM's work most of the time. Have fun on your trip!

Every airport I have been in Europe and Israel had a very handy ATM located in the airport. I never understand why a person feels they have to have foreign curency in their pockets when they land.

Best rate will be from the ATM's.

Sorry JB, I one of those people who like to have a few Euros in my pocket when I land. It is just one less thing to worry about when I hit the ground after a long flight. Normally, I save a few from the last trip but if headed to a country where I don't have the currency I will buy about $100 local. Granted it is expensive but I can afford the 7 r 8 dollar fee for the convenience value. Second, IF you are going to have problems with an ATM, the probability is higher with a stand along ATM. I am sure the risk of using an airport ATM is very low, my personal preference is to use an ATM attached to a bank during open hours. In 15 years I have never had problem so am unlikely to change my practice.

Thanks Frank. In fact I need 500 E cash on the day I arrive to hate to depend on an ATM for all that. I will get some cash to bring along. Rose

You can and I have. You do it with two different ATM cards, which you should take anyway, and draw the max. Our bank allows a very high limit so that is not problem. Sometimes the ATM will limited the amount of a maximum withdraw from that terminal. I think that is often true over the weekends and in high tourist areas. It is often 250E but I have never encountered a limited at a terminal attached to a bank -- BUT I don't think I have every tried for more than 300, 350 Euro.

In 2000, I went to Europe for the first time in 10 years, and took along Traveler's Checks, just like before. One day I saw an ATM in a train station and wondered if it would work with my U.S. card. It did, and when I got home, I found that the exchange rate they gave me was just what the WSJ gave for that day.

Over the next few years I went back frequently and noticed that the exchange rate, although not shown, was a little higher than the Interbank Rate. Then a large bank lost a class-action lawsuit for not disclosing the exchange rate, and my bank started showing it, 2% at the time. Since then, they have raised it to 3%.

Knowing banks, I suspect that they will continue to quietly raise the exchange rates until people find out it is more effective to bring money from home.

Bottom line: ATMs are the best way NOW, but don't naively assume it will always be true. "Trust but verify."

This really should be a moot point for anyone who goes over frequently and expects to return. I always have several hundred Euro when I arrive and manage my ATM withdrawals over there so that I come back with about the same amount.

But if she needs 500 euro upon arrival, assuming this is above her ATM withdrawl limit, she would still get a better exchange rate by converting dollars to euro at the arrival airport bureau de change in Europe, rather than buying euros stateside.

Rosemary, I'd like to say a big thank you for your question. Your listed site foreignmoney.com is the (only) site I have ever found that will deliver Euros to your (office) address instead of to your home. This is exactly what I need and I am ecstatic! Thanks a million! Good luck to you on finding a good exchange rate.

Tom, do you know what exchange rate the "arrival airport bureau de change" will charge? I am under the impression that a lot of them charge around 7½%.

Here in Colorado (anywhere in the West, actually) Wells Fargo sells Euro at major branches for about 5% over the Interbank rate.

AAA rate is about 6% over the actual rate. I think I will shop around the local banks (Wells Fargo, etc) for a lower rate, otherwise I will use AAA. They waive the $12 shipping fee if I order $1000 so I might do that too. At least the exchange rate keeps getting better! Thanks

"Tom, do you know what exchange rate the "arrival airport bureau de change" will charge? I am under the impression that a lot of them charge around 7½%."

When I calculated it out of curiosity once in Brussels, it was about 6%. Either way, that's still cheaper than the 10% that Rosemary quoted.

And to those of us who will keep returning to Europe, I always make sure that I come back home with Euros in my pocket. I put them in the safe next to our passports so that on my next trip, I always have a little spending money right away and don't have to find an ATM as soon as I land.

Brilliant post Josh. I do the same thing. ALWAYS bring back some currency from the country I visited and know I will be returning to. Eases my mind to know I'll have the "money" to get me to my first night's lodging the next time I travel. Once I'm checked in I'll head out in search of an ATM.

Have a wonderful trip Rosemary!

Give xe.com/cash a try

If you travel to Europe frequently, a Euro savings account at Citibank is worth it. The Citibank in Spain even pays about three percent interest. The accounts are free, and come with either an ATM cash card, or a VISA debit card, depending on which bank. (There are Citibanks in the UK, Germany, Spain, and Belgium and all have slightly different policies.)

To get Euros into your account, you can open a Euro account at EverBank in St. Louis, which sells Euros at very close to the bank rate. Minimum $2,500 to open, but after that, you can maintain as low a balance as you wish. EverBank will then wire transfer your Euros for free to your Citibank account in Europe.

I like the VISA debit card that came with my Spanish Citibank account. Very convenient. You can even use it for U.S. Dollar purchases at home. I seldom do that, but theoretically, if the value of your Euros goes up after you've bought them, you would actually be saving money by making a U.S. Dollar purchase with the card, because the Euros now buy more Dollars!

I have found the best exchange rates from Wells Fargo Bank. The rate is the best I've found and only $8 overnight shipping.

I haven't seen the option of purchasing euros at my local airport a week or so prior to my departure mentioned. Melbourne Fl is listed as an airport at which one can get Euros. Generally how are the fees at these locations?

One less thing I'd HAVE to do when I reach BCN. Si I can give my full attention to finding transport to city center.

Thanks for all the info people.
Rich

That sounds almost too good to be true. How about giving the name of your bank? The best I have been able to find is WFargo at 5% over interbank. The Euro in 08 began at 1.47 snd ranged from a high of 1.60 in late July to a low of 1.23 at end of October. I don't think it has ever been as high as 1.67 at least not in the last 18 months.

That'll work fine if you can call the currency markets OK....but what happens if the Euro and the dollar hit par? Then you're stuck with Euros you purchased at 1.27. And how much cash do you carry around with you? I know that, in Canada, you'll never get the interbank rate....because it's inter-bank...between banks. They don't make any profit giving individuals the same rate they borrow money at, from other banks. Sounds like sub-prime mortgages! ;)

Just like playing the stock market, buying foreign currency in advance of a trip always entails a risk that the value of the currency might go down after you bought it. But, if it goes up after you buy, you make a profit. So, it's up to the individual whether to take the risk or not. There is no perfect solution -- just like when you buy your air ticket, you run a similar risk that ticket prices might go down after you buy.

My experience with exchange bureaus in airports is very, very expensive especially for a small amount. Last year I wanted a hundred pounds in my pocket when I hit London. For a variety of poor planning reasons, I didn't have that when I hit the Denver airport. The final cost with all fees added in was nearly 20% over the interbank rate. Avoid them if you can.

ourpassportstamps....I don't want you to get all paranoid again, but I, too, would like some proof of your claim that you can get the interbank rate for currency exchanges in the U.S. It seems odd to me that any bank would give its money away for nothing, except for a flat $5.00 exchange fee. I fail to see how posting the bank you deal with would harm you. Perhaps you could do it by PM if you're concerned. And as for the comment "You will have to your own leg work on that," I truly hope that doesn't come back to bite you in the future if you ever ask for assistance on this board. ;)

Of course, I will guestion anyone who makes statements that may be contrary to the facts. If I make a statement of fact I should be able to support it with something other than opinion. However, if I have an opinion, it is an opinion. Here is my fact for challenging your statement that the Euro was never 1.67 during 2008. I could provide you with the daily chart but it would take too much room. The summary is:

Time period: 01/01/08 to 12/31/08.

Daily averages:
Average (366 days): 1.47134
High: 1.60380
Low: 1.23290

The same information can be obtain by anyone from:

http://www.oanda.com/convert/fxhistory

Check it yourself if you don't believe it.

I am suspicious, as are others, of your claim to buying currency at the interbank rate since those transaction generally begin at the multi-million dollar level. That would be most unusually and not available to an average traveler even if they did do a lot of leg. If you don't id you bank, I would assume that your statement is bogus. It would have to be big national bank because a local bank would not have access to currency at the interbank rate.

We have clashed before over some unsupported statements you made on internet security. Just because your dh says so, doesn't make it so. I probably was programming computers (Spring, 61) before he was born. You seem to be somewhat paranoid about internet security but encourage people to visit your web site. Which I would never do because it is one of the most risky things you can do -- visit an unknown, private web site -- Who knows what kind of stuff can be downloaded to your computer from that site.

I guess we can all take our postings down. Passport removed all of her postings so our answers don't seem to connect but that is what she does. When she gets challenged, she picks up her marbles and goes home.

It's disturbing that "passport" will not substantiate her claim of getting an interbank rate. Strange. Why make such a claim if you can't support it?

As I said before, the two best rates I've found are (1) EverBank (minimum $2,500 purchase to open a Euro account); and (2) Xetrade.com (free account, no minimum required).

Neither of these services give you the interbank rate, but it's pretty close -- a lot better than buying Euros over the counter from, say, Bank of America or Wells Fargo. Xetrade.com is about two to three cents higher than the interbank rate. EverBank pledges that their rate will be no more than one percent higher than what EverBank pays for their Euros. Usually, I've found it's only about 0.75% higher.

The "catch" is that with both of these services, you have to have a European bank account where you can deposit the Euros, so you can withdraw cash. Not for everybody, but I personally like it.

Xetrade.com also has free Euro bank drafts. Useful if you need to mail a deposit to, say, a B&B that won't take credit cards.

My goodness, the things that go on while I sleep. Since I missed a whole bunch of this, my guess is somebody's husband works at a consulate or embassy or some place in the government that has an available cashier. Their rates are always better than even at military banks and you do not pay a fee. Perhaps someone just did not want you to know that her husband works for the government somewhere. That is my educated guess.