Buying Euros on board ship

[bbkarls]

What are the advantages or disadvantages of buying Euros on cruise ship rather than ATM in Italian ports? Thanks

[Gonzo70]

The ship generally has a much higher mark up than the ATM's at port. No advantage I can see aside from as a fallback plan if for some reason your ATM card is rejected at port.

[paul929207]

Last summer, I took the Princess exchange rate for US$ to Euros and back and calculate that with the $3.50 transaction fee, if you convert $100 to Euros and then converted the result back to USD$ you would have $77. The rates are very bad

[jotabecu]

What are the advantages or disadvantages of buying Euros on cruise ship rather than ATM in Italian ports? Thanks

 

 

 

You are going to be paying an outrageous commission (in favor of the bank or the shipping company), please exchange them on an ATM in port

[daisy-mae]

You are going to be paying an outrageous commission (in favor of the bank or the shipping company), please exchange them on an ATM in port

 

Better yet, buy them from your bank before you leave home, and keep any extra Euros in the cabin safe.

[eandj]

No, don't buy them in the states. Except for a very few if you will need for cabs, you can get all you need at atms. If you have a Capital One account tied to a money market, you will avoid any fees at the atms. DON"T buy on the ship, hotels, airports, U.S banks etc. if you want to get a fair exchange rate.

[cruisemom42]

I agree the exchange rates onboard most ships are outrageous.

 

However, another disadvantage no one has mentioned is that the ships generally have long lines to access their purser's desk. ATMs -- not so much. And they truly are available everywhere, especially in Italy.

[daisy-mae]

No, don't buy them in the states. Except for a very few if you will need for cabs, you can get all you need at atms. If you have a Capital One account tied to a money market, you will avoid any fees at the atms. DON"T buy on the ship, hotels, airports, U.S banks etc. if you want to get a fair exchange rate.

Do you mean that a foreign bank's ATM will not charge a service fee? I can't believe that they will allow the use of their network to process a transaction for a US bank or CC provider absolutely free of charge.

[cruisemom42]

Do you mean that a foreign bank's ATM will not charge a service fee? I can't believe that they will allow the use of their network to process a transaction for a US bank or CC provider absolutely free of charge.

 

Most foreign banks do not charge fees for usage. It's the American banks that get you coming and going. I've done a lot of traveling in Europe and other areas outside the US -- believe me, it's the truth.

[chipmaster]

Advantage: Convenience sort of, I was aware of only one exchange station. Even though there was only one there was never a line.

 

Disadvantage: The exchange rate and fees. It was no wonder that there was no line ;)

 

As others have said ATM has the best exchange even after whatever fee your bank charges.... To minimize cost / fees, I'd pull out your daily limit out of the ATM. This works as long as you don't need thousands of euros or something.

 

Enjoy

 

What are the advantages or disadvantages of buying Euros on cruise ship rather than ATM in Italian ports? Thanks

[hubofhockey]

Do airport ATMs in Europe (specifically Dublin and Venice) have any hidden charges? Wonder if we are not better off bringing some euros from US just for first day cab fare.

[daisy-mae]

... Wonder if we are not better off bringing some euros from US just for first day cab fare.

Best to have at least a day's worth of the local currency when visiting a foreign country; what if there is a power outage and the ATM's stop working?

[cruisemom42]

Do airport ATMs in Europe (specifically Dublin and Venice) have any hidden charges? Wonder if we are not better off bringing some euros from US just for first day cab fare.

 

They do not have any hidden charges, at least not if they are a regulation bank ATM. I have used ATMs the world over. The rate you pay to get euros (or whatever the local currency is) at an ATM is the going rate of exchange at whatever timepoint the transaction is calculated to have taken place (plus fees, see below). You cannot get that rate of exchange at any bank, hotel, or money exchange I've ever used.

 

Yes, banks have begun charging fees associated with withdrawals. These "fees" are usually assessed by your own bank, not the foreign ATM. Banks generally charge a combintion of a withdrawal fee (per transaction, frequently $5) PLUS a "foreign conversion fee" of 1-3%.

 

If you are only getting enough currency for say, a taxi fare, admission to a museum, and a lunch (e.g., a day in port), I suppose it doesn't make much difference where you do your exchanging.

 

However, if you -- like many CCers -- are getting enough euro to pay for expensive private tours, several days' worth of sightseeing before and/or after your cruise, meals, etc, it's a lot more economical to use ATMs. I've done the calculations on my own, and so have others. By the way, banks may say they are not charging you any fee to exchange money for you. Truth is, they may not charge you a "fee", but compare the rate of exchange they are giving you with the official daily exchange rate. In most cases, they're making plenty. (This is particularly true of banks and money exchanges in the US; Canada seems to have some places for money exchange that give you a fairly decent rate....)

 

P.S. If you really travel a lot, or are planning on spending a lot of time abroad, consider getting one of the accounts that offer a debit card with NO fees per transaction; there are a few available if you research it.

[eandj]

Yes, to the above.

When I mentioned that Capital One has an account that doesn't charge fees, I should have said...currency transaction fees in Europe. At one bank in Italy I was charged 2 euro for that bank's atm fee. However I did not pay a currency exchange fee of 3% associated with the bank. And I got the exact exchange rate, not one that was artificially set.

 

Be careful too if using a credit card in Italy. What many retailers are doing is offering to do the conversion for you, rather than sending it thru in euro to your bank. The store then will take the 3-4% off the top. Using a Cap One credit card again avoids those currency fees, so it would be stupid to let the retailer talk you into doing the exchange.

 

We only carry a Cap One debit and a Cap One charge card when traveling out of the country.

 

I buy 150 euro in the states before we leave so I'm not in a pinch if we have delays or need immediate transportation or tip money. Sort of forced to do it.;)

[paul929207]

Best to have at least a day's worth of the local currency when visiting a foreign country; what if there is a power outage and the ATM's stop working?

Stop shopping.

[daisy-mae]

Stop shopping.

 

:)

 

And stop eating, drinking, taking a taxi or bus. In some countries (like France) it might also mean stop using the bathroom, since there is usually a charge for that.

[cruisemom42]

Best to have at least a day's worth of the local currency when visiting a foreign country; what if there is a power outage and the ATM's stop working?

 

Well, I suppose it could happen, but in 28 trips outside the US, I have never experienced a power outage of more than a few minutes' duration.

 

One could also worry about earthquakes, volcanoes, and solar flares, I suppose....:rolleyes:

[daisy-mae]

I guess my point was: "why take a chance on landing in a foreign country and not having any of their currency on hand?"

 

 

You know, when in Rome.... (or Paris, London, Amsterdam...)