Is it a better deal to exchange US cash for Euros? We called our bank and they said they charge a 1% fee for using our debit card to get cash in europe, so it made me wonder if it is better to bring US cash and exchange it for Euros? Or is there a fee for this too?
Posted by
Pensacola
9110 posts
It's one percent vs close to ten percent if you work a currency exchange.
Posted by
San Francisco Bay Area (USA)
16690 posts
Use your debit card or your credit cards.
You will also need some euro in cash for small purchases, such as a coffee for example. For cash use your ATM card at the ATM machines in Europe. They work like in the US. Just make sure you notify your bank you will be using your ATM card overseas. If you don't they'll block it when they see it's being used overseas (for fear of fraud).
Taking $$ from the US and changing it into euros at a bank or exchange bureau is the worst deal. Even worst is if you buy euros in the US.
Posted by
Tresana, Highlands Ranch, CO, USA
23799 posts
Your bank at 1% for a debit card is a terrific deal. The worst is generally $5/withdrawal plus a 3% currency conversion fee so be appreciative that your bank only charges 1%. Sometimes credit unions and a few special financial institution do not charge a fee but that is the small minority. However, do take two cards tied to two different accounts.
Posted by
Vernon, Canada
32478 posts
Angie,
The easiest and least expensive way to obtain Euro is to use an ATM card and obtain cash when in Europe. However, I'd suggest packing along €50-100 for "travel expenses" to cover meals, taxi fare or whatever until you get settled at your first stop. As Frank mentioned, it's a really good idea to pack along two ATM cards, in case of any malfunctions with your primary card (I've had that happen).
You'll likely pay higher rates for exchanging cash at your local Bank, and it's also not a good idea to haul around your entire stash of travel funds as it could be stolen or lost. Obtaining cash in smaller amounts as needed is a much better practice. I would NOT suggest using the currency exchange places that you'll find at airports or rail stations, as their rates are usually dreadful.
Also, DON'T forget to notify each of your credit and ATM card issuers that you'll be travelling, so they don't "freeze" your cards when they detect transaction activity in Europe.