Hello again fellow travelers, The bank I have has a currency exchange program. But the rate that they have euro to dollar is higher than the current euro to dollar. They have a 1.53 dollar to Euro rate, while Yahoo/Google has a 1.43 Dollar to Euro rate. Should I hold off on getting money, or should I consider taking out some money now? Thanks for your help.
Posted by
Tresana, Highlands Ranch, CO, USA
23562 posts
This is the point we try to make all the time. My bank doesn't charge any fees but they are burying the fee in the exchange rate. That is a 7% fee. At that level why should they charge any additional fees? Personally I like to have a 100E or so in my pocket going in just so I don't have to deal with finding an ATM. Always have that from the prior trip. If you don't have that, then pay the fee and get a 100E just for the convenience. After that rely on the ATM. The ATM is always the cheapest and most convenient way to obtain local currency.
Posted by
Elk Grove, CA, USA
6898 posts
Retail banks will typically charge 3%-5% for converting currency. You can look for the best deal but you won't escape an exchange fee.
Posted by
Ballwin
833 posts
You will always pay more than the actual exchange rate. It just depends how much more. Personally, I also like to take out 100 or 150 euro and start out with cash when I get there, and then use ATMs from there. Most people agree that ATMs are the best option. And whether to get some now or hold out, it's hard to say what the euro will do. There are reasons it may go up soon, reasons it may go down. If you're only taking out 100 euro, it will make a small difference. (Not that I'm telling you to take a lot out, just saying that in small increments there won't be a huge difference in doing it now or waiting later, unless a major event happens).