euros at the bankomat

The exchange rate is set by your bank at home, not the geldautomat in Europe.

Gary My suggestion is always to bring at least 100 to 150 Euros with you to make sure you can pay for a transportation and a meal without having to find an ATM at the airport. You will be exhausted and disoriented and it is just one more thing that you don't have to deal with. Remember you have to go through immigration and customs too. Try to get some smaller bills. Bobbie

Getting euros at the ATM there will save you whatever flat fee your local bank might charge for ordering euros for you, or exchange fees for, say, getting euros at the airport. As Tom says, your bank sets the rate for foreign transactions, not the foreign bank.

Bobbie, is there a problem of getting through customs with a certain amount of Euro's?

Gary, we have never had a problem finding a bankomat on arrival at European airports (Munich, Stuttgart, Zurich, CDG, Brussels) or even in small towns. One time we did have to go to a second machine when the first one didn't work for us. Just be sure your ATM card is Visa with a 4-digit PIN and that you have plenty of cash in your checking account. The exchange rate via ATM is much better than through your local bank. The Euro withdrawals will show up on your regular bank statement with probably about $1.50 service charge per transaction. Unfortunately, the Euros are going up versus US$. Oh, well..... Hope you enjoy your trip immensely.

Gary, I doubt that this is what Bobbie meant or even that it's relevant for you, but under current anti-money laundering regulations (EC Regulation 1889/2005) you actually have to declare "liquid funds" to the custom service if the sum is worth more than 10,000 euros.

This same question, or one very similar, gets asked on this web site at least weekly. Have you gone to "Graffiti Wall > Money/Communication > ATM's: Minimizing Fees" elsewhere on this web site, yet, to see lots of questions and answers? There are two basic answers you will find from folks answering your post: 1) Get Euros in the US and pay too much for the knowledge that you do not have to look for an ATM when you arrive in Europe 2) Use an ATM machine at the airport when you arrive in Europe and save some money. Personally, I go to Europe every summer and being the cheap
skate I am, I wait until I arrive at an airport in Europe to get my local currency therefore saving some money to spend elsewhere. I have NEVER had a problem with that approach.

Sam - one clarification - your ATM card does not have to be a VISA debit card from your bank. Any ATM with standard networks (like Star, Mastercard or VISA) and a 4 digit pin tied to your checking account will work just fine. On occasion a machine will reject your transaction. Just try another machine in that event (of course notify your bank prior to leaving the States but even then some machines reject it). As the to question, it's really a matter of personal preference. Some people just don't feel comfortable arriving with no euros, so bring $100 worth with you if that's the case.

Since this subject is discussed so often never sure why so many misstatement keep getting posted. For a little clariity ---- The exchange rate that you receive at a bank associated ATM in Europe is set/established by the network (Cirrus, Plus) processing your card at about one percent over the interbank rate. The exchange is NOT set by your bank or the local ATM. After the exchange rate is established your card issuer and ONLY your card issuer what additional fees are charged. Could be 1 to 3% currency exchange fee, a withdraw fee or 1 to $5 dollars, etc. but again, it is the card issuer determines the fees. The Star network is only available in North American is not accessible in Europe. Using a debit card even with fees at an ATM in Europe is always the cheapest and most convenient way to obtain local currency.

You've rec'd some very good advice..unfortunately, some of it I thing a little too detailed. I dont agree with Rick on this issue. 1. ATM's are almost always the best deal for exchange rates. Add in the convenience factor, and they are definitely the way to go. Use your existing ATM (debit) card. 2. Take a 100E or so with you (the smaller bills the better). You arrive in Europe, tired, jet lagged, a wee bit confused in unfamiliar surroundings. Anything you can do to ease that anxiety is good. With some pocket money you can bypass the frantic hunt for an ATM at the airport..and go directly to taxi, transit, whatever.....and....you'll have $$ for a well deserved German or Austrian beer after checking in. No doubt there will be an ATM near the hotel...tomorrow

This is only a thought for those who travel regularly to Europe. Would it be possible to open an account with a bank within Europe?. The reason I say this is because a British friend opened a German account and the bank does not charge her when she pays in British Pounds. She can simply take cash to the branch when she is here, and they transfer it into her Euro account for no fee. She gets the days going rate. She also uses this account as her holiday savings account and pays in a regular sum each month as a standing order from her British account. I don't know if this is possible from the States though. As it is not a savings account, just an ordinary current account, she gets no interest on her 'savings' so she has no problem with having to pay tax on it.

@Shoni - I believe in most EU countries it is pretty difficult for a non-EU citizen to open a bank account without a work/residence visa. For example, when I lived in London, I had to bring a fair amount of documentation (passport, work permit, letter of referral from employer, proof of address, etc.) to open an account. I had a similar experience when living in Sweden.

Gary - this is personal preference. I'm surprised at how many people get upset on this Graffiti Wall if you do not follow their preference. Sure, you will pay more to get some Euros in the US. My personal preference is to always take about 250 euros with me for emergency and then use ATMs along the way. I have found that traveling alone, being dusty and fatigued after 10 - 12 hours on a plane, I don't want to hassle with an airport ATM with long lines, (and somewhat equally unsavory looking folks rubbing up along my back as I am using the ATM - it's when I personally feel most vulnerable). I just want to get to my hotel and shower. That's my preference. I learned the hard way when I arrived in Europe in 2003, tried to withdraw money from the ATM, was unsuccessful, tried another, then one more try. I was attempting to withdraw 150 euros and my US bank had a daily withdrawal allowance of $150 at the time. Given the change in exchange rates and the jetlag, I wasn't thinking clearly. I was then frozen out of my bank account for 24 hours (fortunately based on Pacific time). So there I was without cash, just credit cards. It wasn't life ending but it was inconvenient for me - not able to buy a bottle of water - little things. The cost for peace of mind for me is well worth the exchange rate & any fees.

Charlie, all this time I thought I was the only cheapskate around here! It's good to have company! Diane,unsavory looking folk, that must have been me rubbing up agains't you at the ATM, sorry about that.
So Gary, I didn't count the votes but it looks like it's pretty much split down the middle, get Euros here or get Euros there, it's your call. Funny how this question pops up on the board on a weekly basis.

Thank you one and all, I think I am all set, I have Euro's to get me started and I feal comfortable using the atm's along the way...wish us well as we get ready for a 30 days exploring!

Compared to ATM's, the most expensive place to purchase Euros is from airport exchange kiosks, either in the US or in Europe, something like a 25 percent premium. Purchasing over the internet from Travelex or similar company is about a 10 percent premium, not too bad if you want peace of mind to get you through that first day of jet lag fogginess. Your local bank should also be able to get Euros for you, although I've never done it. I would assume their charge would be in the 10 percent range. Over the last couple of years I've not encountered long lines at airport ATM's and have noticed there are more of them available. Always be sure to notify your credit card companies about your foreign travel and have your bank temporarily increase your daily withdrawal limit on your debit card. Never use a credit card in an ATM because it's treated as a cash advance and will end up costing you a bundle.

"Would it be possible to open an account with a bank within Europe?" Without a European passport, I had to show proof that I was working and living here legally, proof of income, and proof of residence. So, for the most part, I'm guessing for the casual visitor, the answer would be "no".