Exchanging US Dollars to Euros in USA - 4 year low

It is always a math question. Mostly likely the best you can do in the US is 5 to 10% over the exchange rate. The current exchange rate this hour is 1.27 which means that can purchase in the US in the range of 1.32. Have no idea where you got the rate of 1.249. That is incorrect since they would be losing money on the deal.

However, the BIG key is to use debit and credit cards that DO NOT charge currency conversion fees. Remember, ALL fees charged by your credit/debit card ARE DETERMINED by the card issuer. Many credit union and Capital One credit card do not charge any fees. You save considerable money shopping around to find the best deal with debit and credit cards.

Frank is right. If your bank is charging you a 3% "exchange rate" plus an ATM withdrawal fee, you need to get a better card.

Banks in Europe do not impose any charge for using their ATM machines.

Finally, you will almost always get a better deal by withdrawing cash from ATM's in Europe rather than buying the European currency in advance from a U.S. bank.

Hello Frank. The rate of 1.2902 was provided by my bank. This was their current rate as of this morning. The $15 charge was for ordering euros on my behalf. I do have two capital once cards that do not charge an exchange fee, however, if I use the cards to withdraw cash, the interest rate is quite high as it is considered a cash advance. I would like to at least take some euros with me to cover at least one day.

It seems to me that you are saying that withdrawing money from an ATM is a better deal. I was quoted that for 1000 euros the US price would be $1,305 to include the $15 fee.

Wanda, it is really tempting, isn't it, to buy the euros here especially since it's at such a low rate. However, it might go lower by the time you leave. Right now, 1000 euros should cost you $1,234.90. Your bank is charging you about $70 for this transaction. On the other hand, you need to do what makes you feel most comfortable when you arrive in Italy. For our euro needs, an ATM is the first thing I look for once I get out of customs and am in the main airport. When I'm travelling with my husband, I withdraw my max and then my husband uses his own ATM card for the same bank and he withdraws his max. Have fun on your trip!

Thank you Denise. I just assumed that it would be cheaper to go this route being that I was told that the banks do charge a 2-3% exchange rate for taking out money from an ATM plus an ATM fee. I have been receiving conflicing informtion on the ATM Fee. I was also told that you can only take out $250 max per card which will result in multiple withdrawals as I do not have a 2nd account. I am going to hold off for now and see how it goes. Thank you.

Consider setting up a money market account with Capital One. They don't charge any fees at all and you actually earn interest on the money. It takes a few weeks to set up.

Wanda,
Guessing which way the currency market is headed is a tough call. You might want to open another account with a better fee schedule just for your vacation. See http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange for ideas.

All the charges will come from your home bank. Italia bank ATMs will not charge you. There are a lot of advantages to having a 'vacation' account.

Thank you so much for the feedback. I truly appreciate it. I am going to wait and withdraw money in Europe from an ATM. I am also going to see about opening a capital one money market account just for this trip. Thank you.

Also check with your bank about increasing the daily withdrawal limit. You can do that when you inform them of your trip so they don't block the card.

Hello, Wanda ------

......and the visa (debit card) rate is 1.249082,.....

And just where did that number come from?