Summary of Currency Exchange Options - Pros and Cons

A good summary but missed a couple of key points. I am guessing that Melinda is more of a writer than a traveler. And the article is based more on research than experience. While addressing bank fees associated with debit card, no mention is make of credit unions who almost never charge any currency conversion fees or the on-line banks who do the same. Two -- no reference to the value of paying in cash that can increase your savings or increase the value of your dollar. In our experience it is extremely rare for a hotel not to give a 5% discount for cash. And, finally I would question whether a bank actually gives a wholesale rate to even their best customers. But still a good summary.

I agree with Frank, she does appear to be speaking theoretically, not from experience. I would basically agree with her order of "rip-off" except I would rate "swipe your credit card somewhere between 3 and 4 (depends on the situation/avoid if possible). Unlike Frank, I have never stayed anywhere where they give a discount for cash. In fact, rarely have I stayed anywhere where they took a CC. Maybe that's why my average cost of a night, single occupancy, with breakfast, outside of cities, has been €28.22 (€31,70 overall). You pay a lot more to stay somewhere that takes your CC. Besides, there is a risk with credit cards. How often have you heard of someone using their CC in Paris, only to have bills show up a few month later from eastern Europe. That never happens with cash. As for other places, cash is king. With a high balance account at Well Fargo, I get two "free" ATM withdrawals per period. My other bank charges about 1.4% with exchange rate and fees. So ATM cash costs me 0-1.4% while my CCs charge 1-3%. As for getting cash before you go, bank or online, I never do because I've been there before and I always bring back enough to start my next trip. However, I constantly monitor the cost of getting it from an ATM over there (since 2000, the rates have gone up from 0% to about 3%. Another 2% and it will be better to get cash from your bank and take it with you.) " I would question whether a bank actually gives a wholesale rate". Of course not. Wells Fargo gets the wholesale rate plus 5% (on average) for Euro at their main office in Denver. But then, you don't get the wholesale rate at an ATM, either.