Pre-Trip Euros

At your own personal bank. They just subtract it from checking. I get small bills 20's 10's 5's the rare times i do that.

Yep. I'm not aware of any bargain sources. You will not get a good exchange rate, so I recommend not getting more than you really need to get from the airport into town plus whatever modest additional amount you feel you must have to be comfortable. There may also be a flat fee that doesn't vary with the amount converted, but it's possible that your bank will waive that since you're a customer.

You can also use an ATM at the airport when you arrive in Europe. They're everywhere and you'll see several long before you get to the cab stand.

If you're in the Wall Street area, check with the headquarters of major international banks -- not for "bargains" but for ease, since they may have the currency in the vault. (I worked 5 blocks from BofA SF headquarters, so I just walked over during my lunch hour -- but to get Euros from the branch next door to my office would have taken several days and an extra $15 fee for it to be shipped.)

,Our local bank has a terrible exchange rate for foreign currency. However, if you have a Wells Fargo or Bank of America account or credit card, those banks give better exchange rates. Sill, recommend buying most of your Euros via an ATM.

I also order euros from my branch of US Bank. They require a few days for delivery. The advice to ask for small denominations is smart and makes it handy on arrival. I only get about $100 so I don’t sweat the rate that much, and I feel better having some cash in my pocket when we land. I have several accounts with this bank, and when I complained about the delivery fee they waived it and have never charged since. Safe travels.

Our first trip we were nervous about not having Euros in our pockets on arrival, so we bought some from US Bank at a terrible rate. Upon arrival, we saw how easy it was to get our initial stash of cash at the airport! We now wait until we arrive although we do preserve a few Euros (50-100) from each trip as seed money for the next adventure.

You can EACH make a withdrawal each day, so you can get plenty of cash on arrival.

I go to AAA. Apparently, each region has different rates. I'm very happy with ours. Particularly when traveling solo, I like to bring back up cash for the region so I can take several days if I want to locate an ATM with which I feel comfortable, or incase there is a problem with the ATMs/card upon my arrival. I save money elsewhere. My peace of mind and one less errand on arrival is worth it to me.

Any friends or acquaintances that have traveled there recently? Its a win-win if you can buy leftover euro from them.

I order mine through my Merrill Lynch account (via Bank of America) not a bad exchange rate. If I order under $1000 worth it's a $7.50 service charge and I have to pick them up at the local branch, otherwise it's free and delivered to your home address. I like having euros in my pocket when I land having had one bad experience in Rome (FCO) trying to get euros once we landed. I order a mix of small denominations so I get all 5s, 10s, & 20s.

I would call your bank. We always try to have a hundred or so going in - generally left over from the prior trip. If not, I get a hundred from my local bank. Probably costs me ten dollars for a hundred euros but it is just the cost of convenience. While many post about the frequency and convenience of ATMs in airport that has not always been our experience. And it just one less thing to worry about. To save $10 I am going to put myself through the hassle of finding an ATM at the airport. Not me it is not worth it. I can afford the ten bucks.

And don't forget to let your bank know you will be traveling in Europe so that when you use the card at an ATM there it isn't rejected. The same for your credit cards.

You can waste time checking around to different places to see if you can save a buck or two or just order them through your bank. You don't need more than a hundred or so Euros to get you past the first day.

It' also a good time to make sure your credit cards have chips in them. They will be much easier to use than swipe only.

Don't confuse exchange rate with foreign currency fees. The former reflect the value of one currency against another and are always changing. The small consumer will find very little difference from bank to bank. Used to be a traveller could shop for rates between money-changers; now currency exchange is much more central through electronic banking and the Plus and Cirrus services linking the machines. The service fees do vary and that's what you can look at before you leave -- opening a different bank account if you find a no-fee service. As always, read the fine print of your agreement. Wanting actual Euro currency in your pocket before getting on your plane may offer some sort of emotional comfort but it's not necessary. You won't need them until after you land and the airport will have ATMs.
If you encounter an ATM with an unusually low daily limit (very rarely the operators set limits), simply move on to the next machine. Your bank is the basic regulator so you can ask for an increase before you leave.

Euros are high right now and should go down fairly soon. Are you sure you want to pay a fee to buy expensive euros now, when you can pick them up at an ATM in the airport for less?

A tight daily limit is generally more than 300 euros, are you sure you need more than that to start with?

If you really need some euros, I'd get some at a AAA. They will sell you an assortment but fairly small amount - for a fee. If you need a lot, however, you will probably need to ask a national bank to order you some.

Wells Fargo. And there seem to be an abundance of Wells Fargo branches in NYC.

They are the best place in the US I have ever found for getting euro, just 5% over the Interbank rate. That's only ~1% higher than what people pay (3% +$5) to get euro from ATMs in Europe with major bank (like WF, Chase, USBank) cards. I see you have multiple Wells Fargo branches in NYC.

Here is the website for WF currency sales. They set their rate once a day, in the early morning, so if the Interbank rate changes during the day, they might be more or less than 5%, but it averages out.

Exchange counters at airports are probably run by Travelex, who charge something like 10% (or more). Don't use them.

For those who would tell you you don't need to arrive with euro, ask them if the would take all of their US currency out of their wallet before flying to the opposite cost and rely on ATMs to replenish their cash.

Since 2001, I have always arrived with a few hundred euro, but it's what I deliberately brought back from my last trip.

By the way, AAA is very devious about hiding their rates (like requiring you to be a member to check it online). Once I checked them at an office, and they were getting their euro from Wells Fargo, which has an exchange counter in the main bank in Denver, and selling them without markup. The next time I checked with them, they were using Travelex, and I think the rate I found then was something like 14%, so ask them what their price ($/€) is and then check it with [Oanda][2].

I don't know about tourists in general, but many people on this board do not pay 3% plus $5 to withdraw money from European ATMs. There are multiple places to get an ATM card that avoids such fees.

I agree that there is nothing terrible about getting $50 or $100 worth of euros at home, before departure, if you want the freedom to walk right past the ATMs at your arrival airport. But when people speak of obtaining much more than that in advance, I wonder why they're willing to pay 5% to 7% extra for their walking-around money (and that's assuming there's no flat fee tacked on).

...Euros in my pocket for a taxi and to be sure that I have enough initially without regard to any ATM daily limits.

You didn't specify your arrival country. Some European countries are more into cashless economies where credit and debit card transactions are the norm. For example, taxis in Nordic countries accept credit cards, even chip and signature cards. You can charge taxi and trail fares from the airport to your hotel.

They are two different ATM daily limits. First there is the daily limit defined by your financial institution. You can typically get a temporary travel increase in your daily limit (assuming you have the funds in your account). Second there is a machine transaction limit that the ATM owner sets. I needed to acquire several thousand Euros a number of years ago to reimburse a German friend who paid for our tour. I had my bank's W/D limit increased to $700 and withdrew 500 EUR a day from ATMs in Paris and Germany.

And I didn't need any Euros on our last trip to Switzerland.

At one point, I'd say go to your local bank. This worked great for us over multiple trips until last week when apparently requesting foreign currency was a mysterious thing they didn't know how to do. In fact, they looked at us like we had two heads.

If you bank hasn't reached this state of abysmal customer service, get some Euros through them. This saved our backsides once when we reached Europe and needed a taxi from the airport, and the driver didn't take credit cards.

We've been taking a small amount of Euros, 100 - 200 (either left over or purchased from Wells Fargo) until we can use an ATM at a bank during the first day or two. On our first visit to Italy, the ATMs we tried to use at the airport didn't work. A small fee is worth not having to worry about immediately finding an ATM, or finding one that works.

Euros are high right now and should go down fairly soon.

Brad: Hope you are right! I have no confidence that this is the case.

For those who would tell you you don't need to arrive with euro, ask them if the would take all of their US currency out of their wallet before flying to the opposite cost and rely on ATMs to replenish their cash.

Um, yes, I believe I would not worry about that. I wonder, do Europeans stock up on U.S. dollars before flying here? At what cost?

While I don't go out of my way to acquire foreign currency before arrival and agree with the RS ATM on arrival approach, a year or three after your trip you will have memories other than the cost premium of FX. Don't sweat the little stuff.

I love AAA but their exchange rate was horrible. I figure if worst came to worst I would just buy Euros at the money exchange counter in Milan our point of entry. Even the airport money exchange counter was way better than AAA.

As it turned out we quickly found a bank ATM at the airport and withdrawing euros was as easy as back home. The rate and fee were really good too.

I have never gotten off a plane at a European airport and not found at least a dozen ATMs between the plane and the airport exit that all worked. I know they worked because people were getting cash out of them. And I really didn't have to look for them because they are right there in the walkways brightly lit and impossible to miss. I never buy cash in advance before heading to Europe. Of course I can't guarantee that your card will work in any European ATM, but mine has every time I used it over the past 15 years. And my Debit card has ZERO fees.

Europe is a modern continent. I have not found a single taxi driver at a European airport in the past 5 years of travel that did not take a credit card. If he first says cash only, I get out of the cab. Amazing how all of a sudden the driver finds his credit card machine or now it works. Also at least near the airport, a credit card works fine for anything you might need -- food, drink, a hotel room, or whatever.

I don't carry cash at home so would have no problem flying coast to coast and getting what little cash I need from an ATM on arrival. I probably wouldn't need any anyway.

Don't get me wrong, I do use cash in Europe. It is simpler, faster, and more secure in most cases. No worries about someone stealing your card info. I just don't worry about having any until after I get to my hotel room and have a chance to relax a bit and collect my thoughts (or sleep a night). Then I head to the closest bank owned ATM and get enough for a few days.

And it always amuses me that people comment on how great a rate they get from this place or that place when they get Euros before leaving the states, but then they will never state exactly what that great was or even how many Euro they got for how many dollars total! If you don't tell us what it was, it wasn't all that great.

Thank you all for your helpful responses and thoughtful perspectives. Much appreciated. Stan is the man with his suggestion: “Any friends or acquaintances that have traveled there recently? Its a win-win if you can buy leftover euro from them.” I have some time until our trip so this may, hopefully, be doable.

I wholeheartedly agree with Mark. If you have gotten in the habit of trusting that an ATM in Europe works exactly the same way as an ATM in the US, then you don't need to pay an extra fee to quiet your worries or make you feel more secure. I realize it's hard to get out of one's comfort zone, but really the ATMs work exactly as they do here (and no, they're not all going to be down at the same time. If one doesn't cooperate, then you move on to the next one). There is no need for all this anxiety and pre-trip currency planning, it's unwarranted. I hardly carry any cash (here or overseas) and get it only as I need it. I had no idea what Lee's comment about flying cross country meant because I simply can't relate (maybe it's a generational difference, who knows). The best thing you can do before your trip is get an ATM and credit card with the lowest possible fees (or ideally, no fees).

I wouldn't bother getting Euros in advance. However, if it is going to be sticking in your head the whole trip over, then do it, just so you can relax and enjoy the flight.

But what if the ATM's aren't working on arriva? It's happened.

Frank:

But what if the ATM's aren't working on arriva? It's happened.

Then I ask, "Do I need Euros NOW or can I get into town using my credit card(s)?" If I need Euros NOW, then I'll exchange some USD I brought with me for an emergency to change (at a poor rate) at an exchange desk at the airport. I always carry a few hundred USD as a contingency just in case, but I've never needed to change it. Even so, it seems unlikely I wouldn't be able to find my way into town using a credit card.

RE: But what if the ATM's aren't working on arriva? It's happened.

Rick Steve's solution is a small supply of US Dollars. The good part about having some USD is you can spend it when you return (unless you return to Canada). After all the US Dollar is the world's reserve currency.

Rick Steve's website FAQ on "cash and currency": https://www.ricksteves.com/travel-tips/money/cash-tips

Resist the urge to buy foreign currency before your trip.

Avoid (or at least minimize) cash exchange. But exchanging money can make sense in certain situations, including emergencies (if your
card — or the only ATM in town — doesn't work), or when crossing into
a country that uses a different currency.

What to Bring

US dollars: I carry $100–200 as a backup. While you won't use it for
day-to-day purchases, American cash in your money
belt comes in handy for emergencies, such as when banks go on strike
or your ATM card stops working. I've been in Greece and Ireland when
every bank went on strike, shutting down without warning. But hard
cash is hard cash. People always know roughly what a dollar is worth.

On my last trip to Europe (Germany), my partner Robin had apparently changed her PIN since our last trip, so she found that her ATM card would not work. So, not to worry, some say. Just use the US dollars you have with you. She went to multiple banks and, NO ONE was willing to take US currency in exchange for euro - NO ONE. I guess we could have gone to an airport and hit a Travelex exchange booth for about 10-14% discount, but we weren't near any airport.

So, my conclusion is, don't expect to use US dollars anywhere in Europe. They are essentially worthless. And don't listen to anyone who tells you otherwise.

So, instead of $200 in reserve, exchange it for 160€, for about $10. You can be sure you will be able to use the 160€.

The idea to bring dollars applies to currency exchange places, not banks. It's an insurance for those people who are afraid all the ATMs will be down at the airport. There's always a Travelex that will exchange your dollars at the airport. I don't think anyone expects banks to do USD exchanges in Europe. That's what the rip-off currency exchange places are for.

As for Wells Fargo, why would anyone want to do business with such a shady outfit? Creating millions of fake accounts without customer consent? No thanks. I'll stick to my credit union.

Ditto, Agnes. FYI, the Federal Reserve just sanctioned Wells Fargo today for their shady business practices...

For those who would tell you you don't need to arrive with euro, ask
them if the would take all of their US currency out of their wallet
before flying to the opposite cost and rely on ATMs to replenish their
cash.

Absolutely I would and would use an ATM at the arriving airport. 100% yes. I never, ever get foreign currency while still in the US. What a waste of money to do that.

It is a very good idea to bring some pocket Euro, say 100-200 Euro, or at least get from an ATM at the airport or train station, (you're not in mood to bother with public transport), even more so if you intend to take a taxi from the airport to town. True, the credit card logo is indicated on the vehicle. What are you going to do at the end of ride, the driver says his " payment machine" is out of order, ie he wants cash. Totally unlikely but it happened once to me,... in Paris (if that matters) in 2007.

When we arrived from the hotel at CDG, I handed him the credit card, he pointed the hand held payment machine, I got the message that it wasn't working. Bad luck, a timely coincidence? Or, was the guy telling the truth, or lying since he simply wanted cash.

No use arguing, he didn't seem to know much English anyway or at least pretended not to. . You start arguing in a language (English) other than the local lingo, the guy will just clam up. You still have to pay the fare.

My view is always to bring back Euro, I had the cash to cover this unexpected incident.

I have on one occasion experienced all ATMs being unavailable across all of my cards (in Canada as it happens), on a weekend. It cleared up on the Monday and I had enough cash already since it was mid trip and not arrival. So this situation may be rare but it certainly isn't unknown.

It is the ripoff charges for currency exchange in the USA that is the issue really. For a common currency such as the euro, you shouldn't be paying more than 1% from the interbank rate whereas the market in the USA seems to withstand charges of 8%.

Per the above suggestion to buy euros from another traveler rather than a bank: There is a monthly travel group in New York City. We meet the second or third Saturday of the month at Panera Bread, 452 Fifth Avenue (between 39th and 40th Streets). I, along with many of the other regulars, will be happy to sell you some euros at a better rate than a bank (since we don't need to take a commission or inflate the exchange rate).

Look in the Travel Group Meetings section for the announcement of the next one in New York: https://community.ricksteves.com/travel-forum/travel-meetings. Once you see the meeting, you can send me a private message to arrange the euros purchase.

The OP asked:

Where is the best place to buy Euros in the New York area at the most favorable exchange rate and hopefully minimal fee?

OP did not ask if they should get money before the trip, but where OP could get money before the trip. The debate over arrival airport ATMs vs bringing some cash is not answering OP's question, and the debate will never be ended as people have different ways of traveling. There is no one right way, there is only each person's right way.

Agree with Wray -- This question and the wearing a money belt question seems to generate an enormous amount of "do it my way" pointless discussion with some very broad statements that can be wrong. "Never found airport without ATMs" Well, I have. Each position seems to have to prove that their position is the correct one. It really doesn't make any difference. Each position has some risk so it just a matter of the risk you are willing to assume.

Yup...us regular travelers to Europe and elsewhere have our proven systems. I’ve landed at many countries in Europe and around the world. Never once have I encountered either no ATMs or non-functioning ATMs. My ATM card is a zero foreign transaction fee version and rebates any fees charged. My back-up plan is to convert US cash at an airport exchange booth. I do retain euro from the last trip to the euro zone, but as noted, we travel beyond it. If having the equivalent of $100-200 in local currency before arrival reduces your angst, do it.

All I can say is in 50 trips to Europe over the past 15 years (many for work, enough for fun), I have never found where all the ATMs at the airport did not work. It was tough going into Greece during their financial meltdown a few years ago where most of the ATMs were out of cash, but there were still a few to be found that had cash and worked (employer was nice enough to provide each of us €500 in cash to take with us [first and only time] but I didn't have to dip into that).

On a trip to Italy in 2015 there was an issue where Visa Debit cards would not work at any ATM for one whole day. MasterCard Debit worked fine. The cards did still work at merchants. This is why it is good to have multiple Debit and Credit cards with you from different banks and covering both Visa and MasterCard -- one of them will work.

Could the Visa issue have happened on my arrival day in Europe? Could it have been for MasterCard as well? Of course. And maybe by not taking Euro with me I might have had to sleep at the airport until the ATM networks were back up and functioning. But the chances of that are lower than the possibility of winning the PowerBall lottery. So do what make you feel happy and safest. $10 spent to get a hundred or so Euro before departure isn't going to bankrupt anyone.

We use Bank of America as our primary bank account. Would I be able to use any ATM when I get to the airport in Italy? Should I look for any particular ATMs? I've never used an ATM in Europe, so it will be a first for me.

Pilgrim,

We use to have a BofA account. (They sold us to regional bank).

BofA's FX ATM fees are not very good. Bof A charges a 3% FX transaction fee. I use my local Credit Union ATM account which passes on a 1% FX fee. Other institutions (e.g. Schwab) are known for no FX fee. (My Capital One Visa is also a no FX markup credit card).

BofA also charges a $5USD out of system fee unless you use a partner bank: https://locators.bankofamerica.com/international.html
BNL D'Italia (Italy)

I should clarify. Yes you can use your BofA ATM card on arrival in Italy, but it may have transaction fees. And do notify BofA of foreign travel and verify you daily w/d limits which are in USD.

Unless I was staying put a long time in each city and had already verified the presence and location of ATMs belonging to a partner bank, I would find it a major-league drag to be tied to a few ATMs (perhaps not conveniently located) just because the parent bank had some sort of corporate relationship with BofA. That's not how I want to use my vacation time, so I travel with two ATMs cards, neither of which charges me a fee, no matter whose ATM I use, and both of which use uninflated foreign-exchange rates. One of the cards is a no-fee Capital One Bank card; the other is from my credit union.

Now, if your trip is going to be short and you anticipate charging the vast majority of your expenses (i.e., if you're staying in moderately expensive or costlier hotels, plan to eat in sorta-nice restaurants, aren't looking for private tour guides who may well expect to be paid in case, and don't plan to drop a lot of money at street markets), you may not actually use all that much cash during your trip. In that case, the BofA fees may not amount to all that much; just use whatever ATM you see. But if your trip is a long one or you expect to do more traveling, I recommend going ahead and setting up an account at a bank (can be an online one) or credit union that is friendlier to overseas travelers.

still talking about this??

still talking about this??

Well, the emotional support peacock passport thread seems to have hit a plateau at 29 posts, but currency questions never seem to die. They're like the White Walkers on the Game of Thrones.

Thanks Edgar and acraven. I've been to Europe before but I've always purchased my currency in advance. We'll be going to Italy in September, but after reading this thread I'm now considering purchasing currency when I arrive. I'll purchase $200 in advance for peace of mind, but I'll bring my BOA ATM card and my Capital One Card. Looks like I should use my Capital One Card as my primary card and BOA as my backup card.

Thanks for the responses. I really appreciate you taking the time to write.

I'll bring my BOA ATM card

@pilgrim
Despite the fact that they have horrible fees, which Edgar spelled out? Also, when you're abroad, you're not "purchasing" currency when you're at the ATM. You're simply withdrawing the local currency which will be the equivalent of USD from your checking account. Your bank is the one that charges the fees (above the interbank rate - the daily rate you see online using a currency exchange calculator), so it's best to get a bank that's not so greedy like BOA. Otherwise you'll be out an extra 3% plus $5 per transaction fee for each withdrawal.

If you purchased all your EUR in advance on prior trips, how did you estimate correctly how much you'll need? You must have some Euros left over that you brought home, right? I would take those before buying any more ahead of time.

Pilgrim: I should use my *Capital One Card** as my primary card....*

As a clarification, you should use your Capital One Credit Card to charge purchases and not use any credit card at ATM machines to obtain cash. If you use a credit card to withdraw cash from an ATM, it is treated as a cash advance loan with a cash advance fee and interest charges. If you open a Capital One bank (money market or checking) account, their debit/ATM card is a no fee card: https://www.capitalone.com/bank/

Thanks, Edgar. I was going to call Capital One tomorrow to see if I could use it as an ATM card - so you saved me a call. I would like to have a backup ATM card as a duplicate so I’ll have to research my best options. Thanks!

A Capital One Credit card cannot be used as an ATM Debit card!! Credit cards are not the same as Debit cards. They are two physically separate and distinct cards.

Sure, you can use almost any credit card to get cash out of an ATM once you have the PIN for that card, but that is a cash advance loan, not a withdrawal from your account. Cash advances have super high interest rates that start accruing the second you get that advance and many credit card issuers also charge a fixed fee for cash advances which for most cards is now $10 for eah and every cash advance.

Capital One will be happy to issue you a Debit card for getting ATM cash, but it will be a separate account from your Capital One Credit card.

Capital One will be happy to issue you a Debit card for getting ATM
cash, but it will be a separate account from your Capital One Credit
card

Thanks, Mark. I did double check my Capital One account and I do have a Capital One 360 checking account (not credit card). I set this up a couple of years ago in anticipation of an International trip that never occurred. But it looks like I can use it on my upcoming trip in September. I'll just have to transfer more money into it. Thanks for the reply.

I just bought some euros from my credit union, a great deal because they charge no transaction fee of any kind and I typically get them in less than 3 days. I have a trip to Italy planned for May, but may not get to go because of some personal issues. But as we know it is likely the dollar will continue to fall against the euro, and I think I will go to a euro zone country at some point in 2018.
This was an obvious win for me, because I can turn the euros back into the credit union and get the current rate with dollars. I would be very sad I had to turn in the euros, but I would most likely make money on the deal!

cafetista.bruja

What exchange rate did your credit union charge you to sell you euro? Lots of places tout "no fee" but they really mean they make money on their exchange rate, both buying and selling. My bank will say they use a "market rate" but it really is 5% or more different from the interbank rate. They have to make money to provide the service.

But as we know it is likely the dollar will continue to fall against
the euro

If we all knew where things were headed, then we'd all be currency speculators. As for the credit union, please clarify what exchange rate you received. Even though credit unions are non-for-profit, no service comes for free and they need to cover their costs.

"But as we know it is likely the dollar will continue to fall against the euro"
The trend is your friend until the bend at the end.