Converting USD to Euros

ATM...is the way to go......nothing else. You could change a small amount before you go if you feel better have some Euro's when you hit the ground.

Hi Lisa,

Check out the FAQ at the top of the board or here:

http://www.ricksteves.com/graffiti/helpline/index.cfm/rurl/topic/39871/bfaqs-answers-to-frequently-asked-questionsb.html

In short, no. You may want to purchase a few euro before leaving in order to be able to 'hit the ground running' but that's a personal preference.

Lisa - once you reach your destination there will be competitive locations that change money - check out a few to get the best exchange rate for that day. Most of the exchange locations(other than banks) are negotiable, particularly depending on how many dollars you wish to exchange.
Lisa - contrary to some of the comments regarding your question - exchange bureaus such as fore/exchange and inter-change in Italy , for example ARE negotiable depending on how many dollars you wish to exchange - not thousands - but - for example $500 versus $100. I have used the exchange stations for years and years and they treat you right - The ATM's very seldom come close and , quite frankly I'm surprised at the comments because in the old days it was even better as the US dollars were hot properties throughout Europe. You will also be given a card by the exchange station to verify you as a past customer which further improves your exchange. Bottom line - check the ATM and then check the exchange bureaus -
Oh - and to respond to Nancy's rather RUDE statement - Greg travels and lives in Europe 4 months a year - every year!!!

Greg

Currently, the best rates you can get are with a debit card at an ATM.

Scam Warning: something called The Network (MC, Visa, Plus, Cirrus, et al) reimburses the ATM owner over there and bills your bank, in US$ or in Euro, and adds 1% for the transaction. Small banks, without a foreign currency operation, pay the Network in dollars and pass the 1% on to you. Mayor banks, like Chase, US Bank, etc, pay the Network in Euro, and then charge you 3% for the transaction, which includes currency exchange. Avoid major banks! Find a local bank that will only charge you the 1% (plus maybe a couple dollars for out-of-system ATM, same as in the US).

If you think you will ever go back, bring back some Euro (I always bring back €200) so you will have cash when you arrive, without having to depend on machines. If you want a few Euro before you go, Wells Fargo has the best rates I have found.

Contrary to Greg's advice, I have never seen an exchange bureau where the rates were lower that what you would receive using a debit card at an ATM. Common advice is to exchange maybe a hundred or so dollars in the US so that you have some pocket money when you land but then use a debit card for all of your local currency needs. And check carefully with the card issuer concerning their fees. Most credit unions do not add additional fees. Many banks will. And it has been reported that Capital One has a saving/cash account that does not add fees along with Schwab if you have a brokerage account with them. Just do some pre-planning and checking.

Lisa,

As the others have said, using ATM's is by far the best method and will provide the most favourable exchange rate. I normally take €100 or so for "travel funds" to pay for expenses until I can get to an ATM.

I'd suggest taking at least two ATM cards on different accounts, in case there's a "problem" with one card. I had problems with one of my cards on my trip this year, so was really glad to have packed a "backup" card.

Note that your travel funds usually must be in a chequing account with a four-number PIN. Finally, be sure to wear a Money Belt!

Happy travels!

As the others have recommended, use ATMs. Make sure you have a four digit PIN. Make sure your bank knows you'll be in Europe. Have a backup card just in case. But don't take huge wads of American cash with you to exchange in Europe.

Greg must not have traveled in awhile -- it's been ages since US dollars were "hot properties" in Europe. Absolutely, ATMs are the way to go. If it makes you more comfortable to have a little euro cash in hand when you land, exchange a little at the airport before you leave (more convenient than having to order it in advance, and with bank fees, probably no more expensive, particularly for a small amount). There is no need to take a risk carrying a lot of cash, and you won't find an exchange anywhere that beats the ATM exchange rate, especially if your bank charges no foreign ATM fee.

I don't see Nancy's rude statement. Was it deleted?

None of my statements have been deleted or edited.

Cheryl: That's because Greg edited his Dec. 8 post after he had read Nancy's Dec. 9 post, which wasn't at all rude, actually.

Whoa, stop, wait a darn minute! How the heck can you check the exchange rate on an ATM? You just stick your card in, press buttons for 100 pounds/yen/francs/pesatas,lira, etc -- and out comes your money. The only way I think you could figure it out would be to save the scrap of paper and look at you bank statement a couple of months later. What gives?

The ATMs in Switzerland always tell you the exchange rate on the screen before dispensing the money. It's probably some kind of local requirement.

"Greg must not have travelled in a while" seemed a bit rude to me and also off topic , which the Webmaster has asked us all to stay on!! Taking cheap shots at other poster's isn't exactly on topic
and for someone to butt in and put their two cents worth in is also off topic.

As I told you privately, Greg, I assumed you must not have traveled recently because your advice (carrying large sums of cash to Europe and exchanging it there) seems very outdated. There is nothing rude about that statement, nor is it off-topic, since it refers directly to something you said in a previous post. The remainder of my post is complete on-topic. Since you are so concerned with people remaining on the topic perhaps you should re-edit your comment to remove the part where you accuse me of being rude (talk about taking cheap shots at other posters!).

Oh, golly, Greg, who butted in and put in their two cents' worth? Gee whillikers, I sure hope it wasn't li'l ol' me cuz I know that gets your knickers in a knot.

Greg, feel free to chime in here. I'm hanging in the wind. How does one "check the ATM" as you suggested?

As for knowing the rate your bank charges at an ATM (Ed) you can find out before you leave home. I have a high balance account with Wells Fargo that does not charge any percentage or fees for foreign ATM usage. I doubt that Greg could negotiate 0% and no fees from an exchange bureau. I also have an account with a local bank, which doesn't have a foreign currency operation. They pass on the 1% network fee and add a few $$ for using a non-system ATM. Before I fired them, Chase charged me a 3% currency exchange fee. These rates were probably given to you when you opened your account (buried in a brochure filled with "mouse print") but they might have changed without notice. They can also retrieve the current rates for you from their "Intranet" if you press them. Make sure they give you a printed copy, because if they tell you, they'll give you a low-ball "guess".

I have never had any fees added by the European bank. I don't think the "Network" allows it.

Lee, I think Ed was referring to the going exchange rate on any given day, not the fees.

I understand the banking business; mine charge no fees, as well. Just thought I'd been missing something near an atm or on the screen that showed what the going rate of the day was (like the buy/sell signs at the cambios.

Had to look over my shoulder to see if Nancy had snuck into my house. Writing my post, hit enter, and there was herself in almost my same words. Woman, stay away from my wife, I don't need her reading my mind.

I've never seen a posting near the ATMs giving the exchange rate. I've also never received a printed statement of the transaction. But I know with a "no fee" account, I will get the actual Interbank rate at any ATM, and that's the best I can do. That is, of course, unless the rate has jumped substantially since that morning and the exchange desks haven't caught it yet, so they are giving better than Interbank rates.

Oh no, not the USD to Euro debate again.

Most banks will convert at the Visa or Mastercard rate plus fees. Want to know what the current interbank exchange rate is? Try this link.

http://usa.visa.com/personal/using_visa/consumer_ex_rates_us.jsp

I don't think there was anything rude about Nancy's post.

This is rude -- "Greg is a complete idiot."

This is tactful -- "Greg must not have traveled in a while." Just a nice way of saying Greg's advice seems out of date.

Euro to dollar at $1.43!

Woo!

Use ATM machines for most of your cash.

Carry a little American cash just in case the ATM machines are down / broken / cannot find one (becomming less and less of an issue).

Carry a little Euro cash from the U.S. to make the first day easier. And.... save some coins, or get some from another traveler, to have on you the first day. Depending on your destination, you may need a coin-vended ticket... or maybe a coin op bathroom... before you get to an ATM and break a bill.

I do something most do not. As I'm a 'no debt' person, I buy $200 to $400 worth of Euros at my local bank any time the exchange rates get 'decent'. I always have a couple grand of Euros in my safety deposit box... so I tend to carry more cash than most -- but that is a personal preference, and not advice that most can accept comfortably.

Instead of carrying a little US cash, carry some extra Euro from the ATM (same amount of money, same risk, it's just in Euro). Converting US cash would be expensive, if even possible.

I usually try to hit the ATM when I have a few hundred Euro left, just so if the ATM doesn't work, I'll have a few days before it's a crisis.

One place you really need euros early is if renting a car in France. The stinking toll roads will suck you dry in heartbeat before you have a chance to get off and find an atm in the first town.

But, Ed, why do you travel on the toll roads? Almost always you can avoid them and see more of interest, and pass through small towns, perhaps discovering a lovely little restaurant just when it is time for lunch.

Lee -- You are right. Your advice is better than what I said.

I keep a couple hundred Euro on me, then hit an ATM. I do still carry a few hundred American on me... but I guess at this point that's more my security blanket than an actual 'good' backup plan.