purchasing currency before you go

If this is your first trip to Europe and have no left over Euro, or British Pounds, it's fine to arrive with a bit of cash in hand. Just don't go crazy! Perhaps exchange $50-100, enough foreign currency to buy a train ticket, sandwich, etc when you land.

Keep in mind that you will pay a premium to exchange here.

That being said, as soon as you get off the plane, you can find an ATM and get what you need for a few days, or longer. So, you really don't need to bother exchanging money in the US. As your bank what they charge at ATM's. We personally use Compass Bank, they have no ATM fees, anywhere in the world.

Thanks....
Actually, we are "seasoned" travelers - over 10 times abroad.....but have usually monitored the rates and the dollar is OK right now against the pound. Would like to "purchase" a few - but our usual vendor has stopped delivering to the door...........

I've monitored the cost of foreign currency here in the U.S. and consistently found Wells Fargo to have the lowest rate, about 5% over the Interbank rate. You can get cash from main branches (if they have one in Indiana) or online with delivery.

Just realize that when you purchase foreign currency state-side, the mark-up is usually anywhere from 5-10%, versus the usual 1-3% bank transfer fee you would be charged for using an ATM in-country.

So if you still really want buy state-side... check with your bank. Many banks can order foreign currency for you, although expect a few days for it to process.

I agree with Wells Fargo............
May try to wait to see how the market goes.
Wish I were buying euros instead!

I just looked at Wells Fargo's website. Today, the GBP is selling for $1.5586. Oanda shows the Interbank rate to be $1.4934. So WF is selling GBP for 4.3% over the Interbank Rate.

What that means is that for £325 (the maximum ATM withdrawal in most cases), you would pay $506.55 to bring it with you and $499.92 from an ATM with a card from a major bank. That's a pretty small fee for the convenience.

I always use ATMs, but my WF PMA account has fee free, 0% ATM withdrawals in Europe. (I stopped using Chase because they charged 3% for "currency conversion".)

As I understand Sheri, she is comfortable with today's rate and would rather chance losing a little if the rate goes down rather than having to pay more if it goes up. That's kind of like buying air tickets at a fare with which you are comfortable rather then trying to get the lowest possible fare.

As for carrying US currency "for an emergency", I suspect that the exchange rate will be far worse than getting foreign cash over here. I always arrive with 100-200 Euro, use the ATM as soon as I can, and then don't let my "cache" fall below, say, €100. That's effectively like having $140 US for emergencies, except there is no exchange rate on it, and I can get to it immediately, without having to find a bank or exchange counter.

Because I have all my projected expenses on a spreadsheet on my netbook, I can accurately predict how much more money I will need to finish my trip, with the buffer, and I get that much at my last trip to the ATM.

The Wells Fargo website also charges a $12 shipping fee if you don't happen to be near a bank that has foreign currency on hand. There is also the possibility of changing plans - that's why so many recommend trip insurance - that could leave you with foreign currency that you will have to exchange back with addditional loss. It's really all a gamble and you need to do what you are most comfortable with.

Wells Fargo adds $12 shipping only for orders under $1000 (~€700). Sheri wanted enough Euro for her trip. I doubt that that amount would be less than €700!

If, for some reason, I have to change my plans, changing back foreign currency will be the least of my problems. How about losing $1000 in airfare. But you don't recommend waiting until the day I fly to book, do you?