saving Dollars verses Euros

If you're getting this advice from your customers, I'd say no.

"Should I convert them to Euro's before I put them in a "sock"/"

Regardless of how you create a fund to save money for travel to Europe, the same applies to buying Euros as to playing the stock market -- it's virtually impossible to predict whether the Euro will rise, or fall, in the future, so keeping your savings in Dollars until you start your trip is your overall best strategy.

Some people try to play the currency markets by buying some Euros when they seem to be going down. This is called currency speculation, and it seldom results in any significant profit, unless you are a professional trader and know the business -- and even the "experts" often don't get it right.

I was crazy enough a couple of years ago to open a European bank account and bought Euros and Pounds to keep in it. I bought when I thought it was a good time. Looking, however, over the past history of my foreign currency purchases, while the account has been very convenient when I am on trips -- I have a Euro debit card that works great everywhere in the EU with no ATM withdrawal fees, and can also be used as a credit card -- in the long run, I don't think I have made much, if any, profit on this currency speculation. It's been interesting, I like the account, but in terms of it making a big difference in the cost of my trips -- I don't think so, and the markets have been VERY variable in the last two or three years. Like, I bought some British Pounds when they were worth $2.00 each. They are now worth $1.43! Luckily, the account paid some six percent interest for the first year, which made up a little for the devaluation, but after that, due to the financial crisis, the bank reduced the interest rate to 1.5%

At least I still have the Pounds and can travel to the UK to spend them, but that's about the only good thing about it!

No, because (a) converting them will be more expensive here than from an ATM in Europe and (b) converting them here in small batches will build up any commissions you have to pay.

Put your tips in an interest-bearing account at a bank or credit union that does not charge fees for European ATM withdrawals.

Look into the Capital One Rewards Money Market Account. It has worked great for me.

Jeff, Did you find the Capital One Money Market daily limit of $500 sufficient? Also, Can this debit card be used at most ATM's abroad with no fees attached?