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Best rates-$ to €

Because we (USA) are in debt to China $1.4 Trillion to pay for Iraq now, our dollar losing value at a rate that is quickly nearing freefall.

I won’t be going to Europe until next spring and I my dollars will be worth much less by then so I would like to buy Euros in the states now.

Does anybody know hoe to get the best rates?

Posted by
1158 posts

Usually from your bank. I have a Chase account and I didn't pay any commision.

Posted by
705 posts

I don't know if it would be the same for you in the US but I use Travelex and buy the currency on line. You can check the rates on line and then decide if you want to buy or not. When I want to buy currency I usually watch the rate and then order on line. You get a better rate by ordering on line rather than buying over the counter. May be worth checking out.

Posted by
831 posts

John,
Neither option will get you a better price. In Italy, Traveller's checks are about as useful as eight tracks, few merchants will accept them and banks have short hours and charge to change them.

AE is not as accepted as Mastercard and Visa because they charge the merchant more. AE is accepted more at high end places where the profit margin is higher. Mastercard and Visa are about equal, both credit card and debit card. Be aware that there are places that don't take any credit cards and places that do take cards but will give a discount for cash (euro).

Posted by
93 posts

Bank of America gave us the best rate. From what I'm hearing our exchange rate was better than most and much better than an ATM in Europe. If you're a customer of a certain level (premier banking and up) there's no service charge. It takes 2-3 days to receive them and you can ask for any combination of face value.

I would hold off if I were you...the dollar has been coming up a little bit in the last few weeks...think positive?!?! But if you get your money now...at least you know you won't spend it!! Prepare for the journey not the trip...and you'll be happier!! Remember looking and taking pictures is free!!Enjoy!!

Posted by
831 posts

John,
Since most banks charge 4 or 5% (added on the exchange rate) and ATM withdrawals in Europe can be done for 1% above the interbank exchange rate you are betting that the dollar will fall by 3 or 4% to break even, not counting on any gain your money could earn.

Bea,
It is not the commision but the exchange rate where they get you.

Helen,
Unfortunatly it doesn't work the same in the US.

Becky,
Someone is blowing smoke up your skirt. Bank of America exchange rate for euro is 6% above the interbank rate right now. BOA gets 1% plus $5 on ATM withdrawals in Europe. I do like your attitude.

Posted by
424 posts

I purchased Euros in advance in person at Travelex. You can also order currency over the internet and they will deliver to an address with signature.

The rate was pretty competitive and if you purchase more than $300 in currency, they wave their commission fee. If you purchase less, and are a AAA member, they do give you a discount off the commission fee.

Posted by
9 posts

Thanks Henry,

What about buying online and or traveler’s checks in Euros?

Posted by
9 posts

I have various credit cards……the usual AE, visa, MC but I only have one debit card which is Master Card.

It used to be that the best card to have in Europe was AE (better service on everything than a US consulate……by far) but that was many years ago.

Does anyone know which debit card to have there is now…….most commonly accepted?

Posted by
576 posts

Henry, you made a good point about about the opportunity cost of buying euros. While it might sound tempting to hedge against the dropping dollar by buying euros months or years in advance, as you pointed out, one must factor into account how much your invested dollars could be earning. At what point does it make sense to do this? (A crystal ball would be very handy...)

Posted by
769 posts

I was just debating the SAME thing... BoA had the best rate vs Travelex on line, and better than AAA membership. It was about 1.50/1.49 vs the 1.38/1.40 this spring! I figure Id save 40-50$ if it continues going up to 1.55/1.60 by April! I always like to use the ATM over there - but its my personal and practicle preference to land with $200-300US worth of the local currancy to get me through the first couple days. I feel there is enough other stuff to do before and after arrival than having to then find a good ATM and a good rate. One less thing to worry about.

Posted by
486 posts

I won’t be going to Europe until next spring and I my dollars will be worth much less by then so I would like to buy Euros in the states now.
Your justification shows that your politics clouds your financial judgment but in any case, betting on foreign currency exchange rates belongs to the experts and amateurs almost always lose. However, rather than buying euros, why not buy euro futures if you know the dollar is going down in free fall? It is cheaper and you can make a killing. Then you can fund a fabulous trip to Italy and take me along to show me how wrong I was.

Posted by
5 posts

Check Wells Fargo online, you can get Euro Currency and Amex travelers cheques in Euros or Dollars. That is where I found the best exchange rate and no service charges and only $8 Fedex shipping. Their rate was better than Travelex and Amex and several others I checked.

Posted by
9 posts

Thanks,

I had pretty well decided to buy from AAA but I will check Wells Fargo.

I’m told by folks who are there now that in Italy, nobody will take travelers checks. I’ll be in Germany and Switzerland also and I haven’t checked on T checks there yet.

Posted by
9 posts

Don’t know that but:
Stationed Spain 60-64, Germany 64-66, Italy 68-71, worked civilian, Spain 90-92. We bought local currency £, fr, p, l, dm etc, went to Gibraltar / Switzerland, changed all. By time back to $, we had more money. Not a lot but more. $ was worth 8 -10 then. Lived in 5 star hotels for what I spend at Motel 8 now. Last there (99-2000), $ bought (except for gas) twice what bought here. European friends visit often now because USA biggest bargain on planet now. World knows we’re broke and why. Eggs, copper, bobby pins, milk, hinges, cheese, ball bearings, cotton, gas etc, rationed during WWI & II-everybody knew war was on. Nobody feels now because temporarily, China-Russia fronting money for this one. European friends never take dollars back now. I want Euros this time.

Posted by
769 posts

Currency speculator expert or not - for most of us its a matter more of convenience to have one less item to do stepping of the plane the first day. Sure buying now or in 6 months or 6 months ago would only save 3-5cents per 1$. Making a fortune on futures was a nice idea- but a bit out of scope for this particular discussion. All in all - whats your time and comfort level worth - an extra 20$ or less! thats 2-3 beers in Norway, or 4-5 in Germany!