cost of euros today

You can query the daily exchange rate between Canadian dollars and Euro (and vice versa) at Oanda.com. In the 'Interbank +/-' field use the following percentages (from Oanda's Help screen): - ATMs typically add 2% (and then add service charges in many parts of the world). - Credit cards typically add 3% (for the major currencies; more for other currencies).
- Foreign exchange kiosks and banks often add 5% when you convert hard cash

Kathy, you are worrying too much. The current exchange rate is what it is, and you will be wasting your time trying to game the system to save money. If the exchange rate changes while you are away, then you just have to put up with it. The change might be in your favour. We were in the U.S. in 1992 when the dollar/pound exchange rate was so much in our favour that everything was dirt cheap and we even thought of tipping people out of charity. It is generally thought that you get a better deal by using your home bank ATM card in a cash machine overseas than by changing actual notes, either in Canada or in Italy. Whoever is providing you with the exchange service will want to make a profit on the deal, and the costs are less if actual notes are only handled in their own country. You also have to accept the prices overseas as they are, however poorly they may compare with what you pay at home. Those are the prices the locals pay, and they are unlikely to be better off than you (the exception is Switzerland). When choosing a restaurant, it is best to avoid those nearest to tourist attractions, because they offer the worst food for the most money. Study the menus and prices which are posted outside, and choose the style that suits you best.

Today's 2% 'Typical ATM Rate' for buying Euro from a foreign ATM is €1,00 = CAD 1.34. The cash exchange rate is the above rate +/- 4% (that's if you take actual Canadian currency to a currency vendor such as Travelex and ask for it to be exchanged into Euro, with possibly an additional fee tacked on for performing the exchange). Those fees can be higher or lower, depending on where you buy from. The best way to get Euro is to use an ATM connected to a bank that's in the same network as your bank (e.g. the PLUS network - check the back of your card). Foreign ATMs typically won't charge a fee, but your bank probably will. The exchange rate fluctuates day-to-day, though under normal circumstances the fluctuations are small over the course of a vacation period. No individual has control over the ForEx market; it's a market like a stock exchange, driven by many highly complex market forces. Get some Euro from an ATM when you arrive and tuck away the receipt given by the machine. It's more important to pay close attention to how you spend during your trip. Foreign currency can sometimes feel a bit like Monopoly money until you get used to doing the conversion math in your head and realize that you just spent about $6.00 (or more!) for a double gelato.

What difference could it make?

It makes a difference to someone who isn't an experienced traveler and who came to the Helpline to ask a question and receive helpful answers.

Thanks for the intervention, Rose. I understand that Kathy thinks it makes a difference. I'm wondering what difference she thinks it makes. Maybe there's something that doesn't occur to me.

Also, I would like to point out that ATMs in Europe do NOT typically add 2% to the transaction. ATM in Europe are free to use. Your card issuer could add from 0 to 3% plus a withdrawal fee but that is always determined by the card and not the ATM. This applies to debit cards at ATMs only. There is no such thing as a typical 2% ATM rate. When you use an ATM the exchange rate will be within 1% or less of the interbank at the moment.

There is no such thing as a typical 2% ATM rate. Hmmm... I think I'll trust Oanda instead on that point. My past trip ATM receipts, when calculated out against the published Interbank rates all show a mark-up against the 0% Interbank Rate, which is the wholesale rate at which banks trade with one another, as Oanda further explains below. No bank on the planet will give you currency at the exact rate they paid for it; they are not non-profit (imagine what a brave new world we would live in if they were!). Interbank rates with a margin close to zero, are the "official" rates quoted in media such as The Wall Street Journal. They typically reflect the market rates for large transactions of US $1 million or more when banks trade between themselves or with their very large clients. For the smaller amounts exchanged in a retail setting, banks, credit cards and exchange agencies charge commissions to convert currencies. These retail rates add commissions of 1 to 10 percent or more.

You can believe who you like but you just do not understand what you are quoting. Comparing apples and oranges. Where is Henry when we need him to explain the workings.

Agree with Frank. By law in the U.S. the bank must show you the mark-up separately on electronic transactions. The rate you see should be very close to the interbank rate and if your bank charges a foreign transaction fee (e.g. a 1% markup) you will see that as a separate line item. Back to the original question, if the exchange is being done by Visa, then you can look up the rate here

Using Laura's Visa currency exchange calculator link, today's rate (July 4, 2013) is: 1 Euro = 1.372318 Canadian Dollar And as quoted above today's Oanda 2% 'Typical ATM Rate' is: 1 Euro = 1.34 Canadian Dollar

Hmmmm. And just who is Oanda? The Canadian dollar closed today at an average of 1.36. So Oanda is saying it closed about 1.31 plus 2% to get to 1.34. Don't think so. For the original question the Canadian exchange at an ATM will be in the range of 1.37/1.38. Since the rate changes minute by minute it is impossible to say what the exchange rate will be at any given time. But it is safe to estimate that the Canadian exchange rate at an ATM should be less than 1.40.

Surely you jest. Oanda, along with XE, is among the world's most trusted currency exchange data and conversion services. Oanda was founded by a research professor at the University of Toronto. It was the first such service to offer free currency exchange data over the Web (doing so since 1995). They have an excellent iPhone app. XE is already displaying the July 5 rate: 1,00 Euro = 1.35883 CAD

Kathy and Rose, See http://usa.visa.com/personal/using_visa/exchange_rates_faq.html "How does Visa calculate its rate? Every dayexcept weekends, Memorial Day, Christmas Day and New Year's DayVisa calculates the rate for the next day's transactions. The Visa rate is ed from a range of rates available in wholesale currency markets or the government-mandated rate in effect one day prior to the applicable central processing date. Visa makes this rate available to issuing banks, which may adjust the rate when billing cardholders by applying a foreign transaction fee. " Today, 5 July that is $1.37 Canadian will buy one euro. If you look on the Oanda site it says with no markup the euro will cost $1.36 Canadian with a 2% markup a euro will cost $1.39 Canadian. The markup comes from your bank not the ATM. Yes, at one time the networks (Visa and MasterCard) embedded their fees in the exchange rate but stopped after being sued. See the settlement http://www.ccfsettlement.com/documents/mdl_1409_settlement_agreement_1384141.pdf
Now the fees all come from the financial institute that issued the card. See http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange (the chart near the bottom) for some banks fees.

WOW, you guys are all amazing..who needs the internet.LOL. My question has pretty much been answered. I work in a Cdn bank and even with staff rate, July 4ths rate for me to buy euros was 1.42. So as advised I will buy a bit here to have in my pocket upon landing and then atm it with my debit card after that. Thanks for all your info and comments. May be more questions as we get nearer to our Sept trip.

This is the internet. Sometimes it just take a while to get accurate information. Henry has been explaining the in and outs of debit cards ATM fees for years.

George, I'm with you. I see similar evidence on my statements and receipts. In terms of practicality for travel, the differences are minuscule and reside in the noise.