OK, world travelers - tell me about exchanging dollars for euros.

Mesquite

I am not (at least, not yet) a world traveler. Been to Canada, been to Turkey (on business), even dipped a toe in Mexico. However, this summer the misses and I are heading over to Italy and Greece to see what they have as braggin' rights. (We aren't getting any younger, and I refuse to participate in this current economic meltdown.) So, we will need euros. Do I buy a few hundred bucks worth here in the States to have some on hand when we land and then ATM the rest as needed while in Europe? Buy them all now, or in the summer (any guess as to what typically happens to the seasonal exchange rates)? Any advise you can offer up will be appreciated.

ProofCollection

I always get all of my foreign currency at the airport ATM.

Ciccio

I would get some before leaving and then ATM when you get there.
Most of the places accept dollars and credit cards as well.
Though, bear in mind that we (italians) prefer cash and it's not common paying for just a coffee with a credit card.

Don't know anything about the seasonal exchange because I have a peculiar way to convert my dollars in euros: I pay for my relatives' airline tickets with my CC and they put euros in my wife's account when they get back home .

If you have any question, please ask!

CaptHenway

Wouldn't hurt to call a few B&M's near you and ask if they have any Euro currency you can buy before you leave. You might get it at the excha nge rate (available at www.kitco.com) or even a percent or two less. You pay for it with U.S. cash, of course, not a credit card.

Ask if they have any Euro coin to sell at a small discount. You don't want w lot, but with the smallest bill at 5 Euro ($7+,) you need some tip money for your pocket.

TD

ProofCollection

<< <i>I would get some before leaving and then ATM when you get there.
Most of the places accept dollars and credit cards as well.
Though, bear in mind that we (italians) prefer cash and it's not common paying for just a coffee with a credit card.

Don't know anything about the seasonal exchange because I have a peculiar way to convert my dollars in euros: I pay for my relatives' airline tickets with my CC and they put euros in my wife's account when they get back home .

If you have any question, please ask! >>



What's the advantage of getting Euros before you land? My thought, although I haven't verified it, is that the ATM conversion rate + fees will be better than the rate + fees at a bank or exchange booth. Doing it both before you go and at the ATM doubles your fees. Plus, it's one less thing to worry about and/or lose before you get there.

Also, it's tough to find places that accept AMEX, stick with Visa/MC. Even then a friend who recently went reported problems at some places due to differences between our credit cards and European credit cards and how they swipe.

Also... tips aren't expected as much in Europe.

Ciccio

<< <i>
Ask if they have any Euro coin to sell at a small discount. You don't want w lot, but with the smallest bill at 5 Euro ($7+,) you need some tip money for your pocket.
>>



We love americans...because they do tip!

Ciccio

<< <i>What's the advantage of getting Euros before you land? My thought, although I haven't verified it, is that the ATM conversion rate + fees will be better than the rate + fees at a bank or exchange booth. Doing it both before you go and at the ATM doubles your fees. Plus, it's one less thing to worry about and/or lose before you get there.

Also, it's tough to find places that accept AMEX, stick with Visa/MC. Even then a friend who recently went reported problems at some places due to differences between our credit cards and European credit cards and how they swipe.

Also... tips aren't expected as much in Europe. >>



I always like to have some local currency on hand, but it's just me.

True that AmEx is less common and than there are some differences with the way they swipe (I found more problem on the other way around though - italian credit cards used in the US)

ProofCollection

<< <i>I always like to have some local currency on hand, but it's just me. >>



Same here, but I don't need it until I land... Make sure you get it at the airport though, you don't want to hunt down an ATM later.

RGJohn

<< <i>...... So, we will need euros. Do I buy a few hundred bucks worth here in the States to have some on hand when we land and then ATM the rest as needed while in Europe? Buy them all now, or in the summer (any guess as to what typically happens to the seasonal exchange rates)? Any advise you can offer up will be appreciated. >>


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Good golly yes you do! Think of it in terms of: 'I'm going to Mars... do I need to bring oxygen or other necessities to sustain life?'
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As for foreign ATM's: I'm entirely confident that they'll bill you ( long after your return) at the MOST favorable rates. And there will be no 'extra' charges. Nor will anybody even attempt to steal or otherwise compromise your billing info. Confidence is us by golly so no need to have any apprehension or even common sense. After all you can easily spend the remainder of your life having the fraudulent charges undone at no expense or trouble whatsoever. Google it.

mrearlygold

Once I was standing in line at an HSBC in Saigon and observed a couple of euro-types having a real problem exchaning euros for VND. I finally got pissed off and waved a stack of US $100's in the air and the person who was giving the euro types a hard time walked over to me, directed me to a window, went behind the window and exchanged my dollars for VND.

I assume she then went back to helping the euro-boys, I don't know.

That was in late 2000. No idea what it's like today but what I do know is that in Vnam it's either dollars or Gold. Nothing else in the monitary realm matters much. And the dollars better be like new or new.

Mesquite

Thanks for the input guys. Ciccio, maybe we'll see you in Venice or Bologna this summer!

CaptHenway

Just remember that the expression "Cabdrivers never have change" does not apply only to NYC.....

Ciccio

<< <i>Thanks for the input guys. Ciccio, maybe we'll see you in Venice or Bologna this summer! >>



I wish I could! You don't have enough vacation days here in the US.
I hope to spend at least one week in Tuscany in July.

If you need any info, feel free to PM me.

I am sure you will enjoy your trip!

Justacommeman

Bring $100 Euro's before you leave the States. ( some ATM's do not take all cards). That way if the ATM doesn't you can cab it to one that does. Also bring extra US Dollars to exchange for the very same purpose. Dollars you can convert at a currency exchange or a hotel in extreme cases. Obviously hotel exchange rates are bad.

The balance I always use ATM's as they offer the best possible exchange rate.

Just be careful as ATM fraud is a little worse in some parts in Europe ( guard your pin as you type). Also, keep all of your receipts from your ATM transactions. I've had problems in London and Amsterdam recently. Both ended up ok but at the time it was drama filled. One ate my card ( London) and still deducted cash from my account and did not dispense any money. The other incident said I was over my daily limit ( I hadn't used it yet!) and denied access to funds I'm glad I had other currencies on me to convert to Euros. Also for security reasons make sure you set a daily limit with your financial instituition on ATM withdrawls before you go. I was saved by the limit protection in London as when the ATM in London ate my card ( it was actually stuck in the slot and was trying to discharge it but it kept going back in forth) it was deducting from my checking account on anybody that was using a Lloyd's Bank ATM for withdrawls at the time. I was actually on the phone with my bank stopping my card when that ATM machine was jammed and rebooting with my card stuck in the slot. My US teller told me that she could see the charges happening on my card at different ATM's all over London until it hit my daily limit. It was unpleasant. It did get resolved after I file the paperwork at my bank when I got home and another few days wait. Please note that I've been to Europe probably ten times a year for the past twenty five years and these are the only two bad experiences outside ATM's just not accepting my card at all that I've had so don't let me scare you. Just giving you a heads up on why I would take $100 euro's with me and extra US cash as well.

I just remember one other incident in Florence Italy. I tried to get 150 euros out of one ATM. It said transaction denied. So I used another across the street. No problem cash was released. However, when I later balanced my checking account the 150 euros was deducted from BOTH Italian banks! I filed a claim with my US bank and I did get my money back. This is why I encourage you to save all your receipts even ones that are denied. So three bad experiences grand total. A small percentage, but.............better safe then sorry.

MJ

1Mike1

Take $300 to $500 in US dollars and $200 in Euros. Use credit cards in the ATM to get more Euros if you need it, otherwise use a credit card to pay for your stuff. If you're in the large cities it should not be a problem to use credit cards. The small towns outside the large cities you will probably have to rely more on cash. If you decide to take some US dollars with you, there may be some people on the streets offering to do an exchange at a favorable rate for you - keep walking. You may want to have telephone numbers handy if you have a finacial emergency and need someone from the states to help you out of your bind. I remember one fella who lost his wallet on the train while heading to Budapest with his family. I felt for them in their situation and wondered what I would do in a situation like that. I soon learned to split my cards up two or three ways and developed a nervous habit of checking my pockets about every 15 minutes.

wpr102

Every airport has a currency exchange place, and I've always gotten Euros there.

Only once did I have a problem in Barcelona, where the line was 2 hours... it was because they combined lines for currency exchange and tax refunds.

Any decent hotel you are staying at should be able to do an exchange as well.

It should not be much of an issue unless you are trying to convert a whole bunch, in which case you might want to search around for a good exchange rate.

jdimmick

One of my customers is a physician on a cruise ship, he gets tours up and down both sides of the atlantic. Often times, i will accumulate euro's, pounds etc, that come into the shop via world coins, and sell it to him at half pirce, basically we split the dough when he exchanges when he is on call /duty.

By the way, you should see what the joker makes for doing a 3-4 week tour of duty, try approching 6 figures for 4 weeks of work!!

secondrepublic

I travel to Europe about once a year and have done so for 20+ years. My suggestion is to take a couple hundred US dollars along with your ATM card. No need to exchange money here in the U.S. unless you can do so essentially free of charge (like through a coin dealer that has extra Euros sitting around, like Capt suggested). You'll pay out the nose in fees to exchange dollars for euros at most places here in the U.S.

Once you get to the airport "over there," you should have no trouble taking money out at the ATM. In the event you run into some snag, you'll have the US dollars in cash you can fall back on to exchange.