Exchanging Dollars for Euros

I would speak to your bank and see how much they charge you for withdrawing money whilst abroad. It would be best to pay by card when you can and then take out money only once or twice from a cash point.

The easiest and least expensive way to obtain foreign currency is to use your own debit card to withdraw cash from ATM's in the country you're visiting. It's as easy to find ATM's in western Europe as it is here. Your Visa or Mastercard-branded debit card will work fine at ATM's in Europe. Be sure to tell your bank your travel plans before you go, so they won't put a block on your card when they see a foreign transaction.

Before you decide to use your credit card a lot check with them to see if they have a "foreign currency transaction fee." Many, if not most, card issuers will charge a fee based on the amount of the transaction. In such cases it is best to pay with cash from an ATM. My Capital One card doesn't charge that fee.

It probably has been state a thousand plus times on the site, The cheapest and most convenient way to obtain Euro, anywhere, is via a debit card at a bank ATM in Europe. Even if your bank charges conversion fees it will still be cheaper than obtain Euro in the US. The best rate in the US is about 5% and most money bureaus in Europe will be closer to 10%.

Agree with Frank. ATMs are the way to go with debit cards. When you see how ubiquitous the machines are, you'll wonder what the worry was.

There are other great resources on this website beyond just this Helpline. Click on "Travel Tips" in the upper left of this very page and you'll find a section called "Money Matters" that answers your questions.

i always have my currency in pocket, actually in my money belt before I leave the U.S. I find that with the credit card machines in Europe, there are always extra fees; sometimes the credit card gets stuck or the machine is slow, etc. I get some money from the bank and some from a credit union; i watch the currency exchange rate and try to jump when it looks like a good deal.Have a great time.

1001.

Have you read the article in "Graffiti Wall > Money/Communication > ATMs: Minimizing Fees"? It should give you some insight into saving money on exchanging currencies. As others have said, use a DEBIT CARD tied to a CHECKING ACCOUNT at an ATM in wherever will be staying for the best rates.

The CHECKING ACCOUNT point is particularly important. I went to Cap One expressly to take advantage of their zero foreign transaction fee and it was a disaster. A person who didn't know what she was talking about said, convincingly, that an ATM card tied to a savings account would be just as good with fewer fees. She was SO wrong. When we returned I spent THREE MONTHS closing the account. It was a customer-service failure at every step of the way.

Despite all the oft-repeated, panic advice, there's absolutely no need to have your atm card tied to a checking account - - one tied to a savings account is just fine. The salient point is that the atm generally ( always / never ? ) won't let you choose between accounts. And apparently defaults to checking. If the card is only tied to the savings account, you can suck money out all day all over the world. This one needs to be put to rest. Permanently.

Two things to add to what Ed said: 1. With a savings account, you're limited by federal banking regulations to 6 withdrawals per statement cycle; 2. If your card is tied to both a savings and a checking account, European ATM's will typically default to whichever account you have designated as "primary". Like Ed said, they won't give you a choice.