purchased euros today at Chase

There's nothing wrong with subtracting, Lee. That's how you get the profit Chase made in dollars. However, it's 5.13 cents, not 6 cents. You divide to get the profit in percent.

I also bank with Chase and did the same thing about 2 weeks ago, my rate was just under $1.35 per Euro when the real exchange rate was around $1.30. Chase charges about 5 extra cents to buy Euros from them. It is going to cost you about 3.5% to 4% including all fees when you get Euros from an ATM in Europe. I did not get all the money I will need from chase for my whole trip, enough for my first 7 to 10 days or so. I probably took too much. You may not get a better total exchange rate in Europe, including all the fees imposed by Chase, if the rate goes up at all before you leave, but how much money do you really want to carry around. I would have gotten more myself but I figured that if it costs me say an extra $100 for my trip if the exchange rate goes up I can live with that, but if I was to get say 3000 euros for my whole trip and got pick pocketed and lost all my money my whole trip would be ruined. Is it worth at most a few hundred dollars to take the chance at losing even more money and ruining your trip, probably not. It may cost more but it is worth the peace of mind.

The actual exchange rate right now is E1.32 to $1, which tells you the mark-up in Chase's exchange rate. I suck at math so someone else will have to figure out the exact percentage.

Generally, it is best to withdraw from an ATM in Europe, but unfortunately Chase's fees are insane. That's why it's often recommended to get a credit union account or a Capital One money market (no fees). Schwab used to have a good card as well, but I think they might have discontinued it?

Depending on the timing of your trip, if you have no alternative but to use a Chase card at the ATM, then I think the previous poster is pretty much right on & it is probably worth getting as much euro as you feel comfortable carrying.

Justice, if you didn't carry much money, relying on your card, and you got pickpocketed, and they got your card, that might be potentially worse, with no money and no way to get more. It just emphasizes, you have to protect those things. If you do a good job of that (moneybelt, neckwallet), then you are not going to lose the cash.

As for the cost of getting cash over there, from ATMs, there are many small banks, credit unions, etc, that charge 1% plus a few $$ for ATM withdrawals (my bank in Denver charges 1% + $2, about 1½% overall). Chase does not have good rates. Dump them.

I looked up yesterday's average interbank rate on Oanda.com, and Chase's rate for cash was just under 5% over. I suspect they started in the morning with an interbank rate slightly lower than that day's average and applied 5% to it, and the interbank rate went up slightly during the day. This is exactly what happens with Well Fargo's rate vs Interbank. I tracked it for a year.

So, if you get cash from an ATM over there, you'll pay about 3½% vs 5% for cash over here.

That's pretty close, do what feels best for you. Better yet, find a better bank.

The rate is today is 1.32870, so Chase only made .06 to the dollar.

JB, join Liz at the back of the math class. ;-o

Claudette paid $1.38 per Euro. 1.38 / 1.3287 = 1.0386 (you divide, not subtract), or .0386 on the dollar (3.86%). But yesterdays average rate was 1.3174 (H=1.3234, L=1.3121), hence .0475 on the dollar.

But he said, "to the dollar". It's 5.13¢ on the 1.3287 dollar, or 3.86¢ on the dollar.

I do have an account with a credit union so I'll check their charges. Thanks for all the advice and math help! I always did suck at math.

Check the ATM card from your credit union. It should say "Cirrus" or "Plus". Then it should work at ATMs in Europe.

Yes, you're right, Lee. I didn't catch that.

It's nice to arrive with some spending money, say E100, so if that's what you did don't beat yourself up on the exchange rate (which wasn't very good). You basically paid a few bucks for a convenience. I would do that.

I wouldn't buy more that that, however.

If you are paying your bank 3% plus $3, though, you should get another bank, at least for travel. They don't all charge those fees, you know.

Claudette, you done good. You only changed $100 to get started, and the $138 is the best I've seen today in my quick perusal of individual-bank rates. Now, don't change any more.

DO investigate your credit union's rates - they are probably better. Our Golden 1 CU is, and CUs usually are. Usually are...

Make sure your money is in the CHECKING ACCOUNT of your credit union, if you go that route. And actually, you should have some money in BOTH institutions, just in case something happens...8-( And if you are Golden 1, call your LOCAL branch to alert them when you'll be out of the country. Don't ask...

"And actually, you should have some money in BOTH institutions, just in case something happens.."

Mary, I couldn't agree more. At times I've had money in three checking accounts, just to make sure, and I was glad I did when the first two accounts didn't work (long story).

I couldn't agree more with the suggestion to check your local credit union. I have debit cards from two local credit unions. One charges 1%, the other charges nothing to make withdrawals abroad. Better deals are out there!

According to XE, today's rate is: 1.00 EUR = 1.32805 USD.

http://www.xe.com/ucc/

Can you pick up Euros at Chase, if you don't have an account there? Do you need to call ahead? I wouldn't mind picking up 100 for an emergency, although I have a couple of credit union accounts I use (one charges 1%, one charges 0% on international). I use two, that way, I can get more in one day in a crunch, and in case of an emergency- I have a back-up.

I use chase in Oregon, the branch I went to had no fees and did not "imbed" a charge in the transaction either like some banks sneakily do (bank of america). I looked at the rate on my phone the moment the teller entered my transaction and it was the rate at that second. Personally I think it is a great deal. Hopefully they don't figure it out and start charging.

This afternoon, XE's rate was 1.32829. This is the Interbank rate, the rate at which major world banks exchange funds, which varies during the day, and is not the rate you can get.

On our last trip, my ATM card worked all over Europe; my husband's never did (same account).

I spoke to the bank personnel myself before the trip; absolutely no good reason why his card didn't work.

Always have a back-up!

I've never heard of a bank not charging a transaction fee for currency conversion. It's usually at least 1% of transaction amount with a minimum fee of $25.

Also, there's a difference between "exchange" rate, "buy" rate, and "sell" rate. For instance, the exchange rate may be $1.30 to 1 euro, but the sell rate is $1.39 while the buy rate is $1.15. Believe me, there are no free lunches when dealing with financial institutions. It's all about identifying which one's not going to make you bend over the most often.

Do your homework and find out which ATM is going to stick it to you a bit less. Once you have your domestic account in place, then it's time to see which European financial institutions have the best fees and rate of exchange. In France, for instance, the post office ATM's have been the best for my experience. In Spain, Banco Popular has been the best. The worst thing you can do is assume that all ATM's are linked to a reputable financial institution. Many (especially in the east) are privately owned and charge incredible fees, not to mention the possibility of having your account information in the hands of a non-secured third party.

I've always used bank ATMs in Germany. The first one I come to in Munich and Frankfurt airports always seems to be Deutsche Bank. Last trip I used two others (Hall in Tirol and Pfronten, Germany). Both were in bank lobbies. I've never paid a fee to a bank over there.

I once saw a sign on an ATM in this country that said that for non-customers they charged a fee ($1.50) to use the ATM, but it did not apply to international customers. Maybe it's some agreement with the "Network".