[SORTIE]

what is the most cost-effective way to convert U.S. currency into Euros?

 

[MakoMike]

Depends on how much you want to convert.

 

[Roccus7]

If you're going to Europe and want cash...

Use your ATM card...

 

[Tizod]

Agreed.

Convert a small amount for when you get off the plane and are desperate for some water after being on a plane for 10 hours. Or maybe a taxi.

I will do this at the airport before I leave (unless I have some left from my last trip).

Once you get their, use your ATM card. You get a better rate.

Call your credit card companies too and find out if they have any additional fees for overseas transactions...some do.

 

[gebby]

always found the travelex booth when u got in to heathrow or wherever gave you the best rate.

 

[MakoMike]

AFor small amounts the exchange window at you country of destination, will give you the best rate. For large amounts talk to the forex desk at one of the big NY commercial banks. American Express usually gives you a pretty good rate on credit card purchases.

 

[SORTIE]

pocket money for a week in France...hopefully < USD500

plan to use cards whenever possible, but I understand some banks charge forex processing fees on top of an inflated exchange rate when you use their cards

This post edited by SORTIE 03:37 PM 08/20/2008

 

[MakoMike]

SORTIE wrote:
pocket money for a week in France...hopefully < USD500

plan to use cards whenever possible, but I understand some banks charge forex processing fees on top of an inflated exchange rate when you use their cards

For that kind of money you're better off going to the Forex booth at Orly or Charles DeGaulle. Check with you banks if they add on other charges. Amex does not and gives you a decent exchange rate.

 

[SORTIE]

I can't believe that you'd get any kind of 'deal' at the airport

isn't there a bank in Manhattan that would do this at a better rate?

 

[MakoMike]

SORTIE wrote:
I can't believe that you'd get any kind of 'deal' at the airport

isn't there a bank in Manhattan that would do this at a better rate?

Don't believe me? The best rate for selling U.S. dollars in small amounts is usually at the destination airport or banks. The hotels will rip you off. Most of the forex stations in the airports are owned by local banks and will give you a decent rate, but don't expect the rate you see in the Wall Street Journal. You want to sell a couple of $million, then you might get the WSJ rates.

Local NY banks will probably give you a less favorable rates and charge you fees on top of it. When I get back from a trip I usually have less than $100 in local currency and I just hold onto it for next time, changing it back into $ in NY isn't worth the price they charge.

 

[Roccus7]

Skip:

For that kind of "pocket money" you're best off with the ATM machines, especially if you factor in the hassle of getting traveler's checks and then cashing them in at the airport, which IS the best place in Europe to cash them.

I go to Europe pretty frequently so I just always make sure I return with at least 150 Euro when I get back so I have cab fare and spending money for my next trip, and the $ has been taking a constant hammering so I make out on the deal...

 

[bluto1899]

I'm a Bank Manager, and without a doubt, the airports have the best exchange rates. The banks will rip you off, as will hotels. Use Debit/Credit Cards as much as possible for purchases, and be careful when using ATMs, as less reputable banks can rip you off, as they can essentially charge you whatever exchange rate they please. Also, European Banks don't recognize savings accounts linked to ATM Cards, so make sure you have any money you plan on using in your checking. Finally, it can't hurt to call your credit & debit card banks to let them know you'll be traveling to Europe. Often, when they see purchases that are out of the ordinary on your account, such as those made in a foreign country. They will try to contact you to verify the purchases, but if they can not reach you, they will shut down your card. If they know you'll be there, it could save you some trouble.

 

[SORTIE]

bluto1899 wrote:
I'm a Bank Manager, and without a doubt, the airports have the best exchange ratesfascinating. do you think we'll get a better deal at JFK or in Nice, France? (I think I know the answer to that question

)

thanks Bluto

 

[mvsusaf]

Spending in Europe

I go to Europe often and the Capital One credit card has not yet added the 3% conversion fees. I put everything I can on that and use an ATM so as to have Euros in my pocket.