Euro questions - 1st timer

[ActiveTraveler]

I am going to start adding Euros to a card that is like a mastercard but gives you a better exchange rate. You can get it in many differant currencies and has a lot of benefits if it gets lost or stolen, plu syou can get two cards one for you and one for your spouse. google it I think it is the travelex cash passport

 

Are you suggesting it is better not to use my MasterCard? I thought if I tell Capital One and my bank I am traveling outside the U.S. I can still have the same security I do here and it will buy anything where accepted, just in euros instead of dollars.

One more question about euros: How many U.S. cents and dollars is one worth? What do I get when I convert a dollar for a euro?

[Susan-M]

What do I get when I convert a dollar for a euro?

 

See the link in post #23, or google, "currency exchange".

[yarramar]

Are you suggesting it is better not to use my MasterCard? I thought if I tell Capital One and my bank I am traveling outside the U.S. I can still have the same security I do here and it will buy anything where accepted, just in euros instead of dollars.

 

One more question about euros: How many U.S. cents and dollars is one worth? What do I get when I convert a dollar for a euro?

 

Andrea

You can and should take your mastercard with you as you will have the same security as you do at home. When you purchase something in euros it will be converted into US dollars plus a small service fee and will show up on your statement. Some cards do not charge you a conversion fee so you should check this with your bank.

 

The rate of conversion cannot be determined until the actual time of purchase as the rates change hourly much the same as shares traded on the stock exchange. The value of the euro to the US$ is determined by many factors which no one can predict in advance.

[Earl Rosebery]

Are you suggesting it is better not to use my MasterCard? I thought if I tell Capital One and my bank I am traveling outside the U.S. I can still have the same security I do here and it will buy anything where accepted, just in euros instead of dollars.

One more question about euros: How many U.S. cents and dollars is one worth? What do I get when I convert a dollar for a euro?

 

If you take a CASH advance with mastercard or Visa, you will pay exorbitant interest from the day of the cash advance. Purchases are OK. Interest only charged if you don't pay your balance in full.

 

If you use your bank access card (the one you normally use at an ATM to get cash) you will be fine provided there is enough cash in your checking or savings account. The preloaded card would be OK if you don't mind lending them your money until you spend it. To use your bank card, ask your bank, tell them where you will be and have a 4 digit PIN.

 

As of today, you would get 0.8 Euro for 1 US Dollar less a conversion fee that adds to the bank's income. These fees are perfectly normal. E.G. The bank buys a gazillion euros and gets 0.8 Euro for each dollar. When they sell them to you, you only get about .785 euros for each dollar. the difference covers the bank's costs and profits. The fees vary considerably. The best ere usually at ATMs; The worst at exchange booths (high cost to run). Cash at your bank is in between in cost to you.

 

The amount you will be charged for your euro purchases and cash advances changes from day to day and even hour to hour. Compared to the cost of your trip, don't be too worried about small variations in the fees charged.

[ronnie64]

Soo... Where would ya'll suggest trying to convert back to US dollars any Euros that weren't spent?

[Susan-M]

Soo... Where would ya'll suggest trying to convert back to US dollars any Euros that weren't spent?

 

A currency exchange will do it for you, but the rate will be poor. Better to save them for the next trip...it's a good reason to go back again soon.:)

[yarramar]

Soo... Where would ya'll suggest trying to convert back to US dollars any Euros that weren't spent?

 

We always buy last minute gifts at the airport - after all its only play money!

[TanyaE]

Soo... Where would ya'll suggest trying to convert back to US dollars any Euros that weren't spent?

 

It is worth noting that you should try to get rid of your coins.

 

Money changers do not buy or sell foreign coin.

 

What that means is that outside of Europe, money changers will not accept Euro coins. They will change your Euro bills to US bills and coin (domestic currency) and the Euro coins become expensive paperweights and decorations.

 

In Europe they will provide dollars, but any partial dollars cannot be changed since they don't stock US coin.

[zekekelso]

Soo... Where would ya'll suggest trying to convert back to US dollars any Euros that weren't spent?

If there is any chance you will travel again, and it's not a financial burden, just hold onto it. It's always handy on the next trip to have a few bits of currency to spend before you get a chance to his the ATM. Or if you have a short trip and just need to buy a few things. (I've got an upcoming 4 hour layover in Dublin; it wouldn't be worth buying Euros just to buy snacks in the airport, so it's nice to have a stash from prior trips.)

Small coins / bills also make fun gives for kids.

[jocap]

We always buy last minute gifts at the airport - after all its only play money!

Love that! Unfortunately, the feeling that a foreign currency is only play money means that some people are not as careful with it as they would be with their own currency- just looking at different notes and coins doesn't seem to click in their brains the same way! (I've been guilty of it myself). :eek:

Jo.

[UKBayern]

I read some posts mentioning taking a 1000 euro or more in cash. :eek:

Don't be silly, no European would carry those amounts of cash around! It has "rob me" written all over you. Now I can guess why so many Americans come on this board and complain about being pickpockted somewhere in Europe. Maybe thieves know Americans walk around with a lot of cash?? And yes, hotel/ship safes are handy, but you first have to get all that cash there and in the mean time you are walking around with it.

 

There are ATM's on the corner of every street, and in a lot of touristy places Visa and Mastercard are accepted for larger purchases. Yes, using an ATM might cost a little bit more, but you have the security of being able to block the bank/credit-card should anything happen, whereas cash is gone when lost or stolen, and there is no insurance company that is going to cover those amounts of cash.

 

Because of the convenience of ATMs traveller cheques are definitely a thing of the past in Europe. Major banks might still take them, but at a fee, maybe even making an ATM cheaper.

 

On our last Med cruise RCCL purser desk had an absolutely lousy exchange rate for $-€ conversions.

[Cat54]

We are leaving June 6 for a cruise out of Barcelona. We also needed a large amount of euros to pay for excursions. I purchased the euros through a local bank and paid 1.29 for 1 euro. A good rate and I don't have to worry about the ATM when I get there. Everything else will be on credit cards. Have a great trip:cool:

[Edward50]

Please add me to the list that will not use traveller checks in Europe. We just got back from Italy and brought some American Express with us. We tried to cash them at 20 large financial institutions (not kidding). 15 would not even accept them. 4 charged around 5% to cash. Only 1 did not charge a fee but we were limited to 200 euro per day. Even the American Express office in Rome charges a fee to cash their own checks!!

[Susan-M]

Edward50, We've stopped bringing TC's as well. On our cruise 5 years ago we brought € TC's and exchanged them for € cash on board the ship @ no fee (Celebrity). Now we just use ATM's and find that they are reliable, but there is a limit/transaction (200 or 250 €) so occasionally there is a need to do two transactions in a row.

 

Did you have to wait in line at the AE office? A friend told me that the line up at the Florence one was an hour ... luckily they were there on a land vacation with a bit of time to spare.

[Susan-M]

We are leaving June 6 for a cruise out of Barcelona. We also needed a large amount of euros to pay for excursions. I purchased the euros through a local bank and paid 1.29 for 1 euro. A good rate and I don't have to worry about the ATM when I get there. Everything else will be on credit cards. Have a great trip:cool:

 

I prefer using ATM's and getting cash as we need it because we don't want to carry a bundle of cash with us 24/7 and we're not always comfortable leaving it in a safe in a hotel room or ship's cabin.

[jainnys]

I purchased 250Euros last week (friday) from Chase bank. If you have an account there is no fees. the rate I got was 1.31 which was better then the rate BoA was providing the same day and ~10cents better then the Travellex kiosks.

[TLCOhio]

I prefer using ATM's and getting cash as we need it because we don't want to carry a bundle of cash with us 24/7 and we're not always comfortable leaving it in a safe in a hotel room or ship's cabin.

 

Agree that we have found using the ATM's to work well and be affordable, especially you are using a debit card for cash. Didn't realize that things have gotten so bad and challenging with Travelers Checks.

 

THANKS! Enjoy! Terry in Ohio

[Susan-M]

Hi Terry,

Yes, we use debit cards for ATM's (and also bring a small amount of € cash from home for our first day or two.)

[Edward50]

I purchased 250Euros last week (friday) from Chase bank. If you have an account there is no fees. the rate I got was 1.31 which was better then the rate BoA was providing the same day and ~10cents better then the Travellex kiosks.

 

 

I also purchased Euros (cash and American Express travellers checks) and paid no fee for both and received a reasonable rate from my bank.

 

The problem with travellers checks is when you try to cash them in Europe. Most places will not accept them and even when they do they will charge you for cashing them. As I mentioned earlier, this includes the American Express office in Rome.

[ShipOFools]

I purchased $300 US buying 235 Euros from Bank of America local branch 3 hours ago. The rate I got was not great but acceptable at around 1.28 dollars to Euro. Today's best posted market rate closed at 1.22 and change. There is not a service charge and I pick them up on Friday. :) If I got them at market which I doubted I would the difference is around $10 the bank made on me.

[fshagan]

We're torn on this issue. We are looking at taking excursions in Rome, Livorno and Naples through RomeInLimo.com, and they don't accept credit cards. We have one ATM card each, drawing on the same bank, and if there's any kind of problem with that we are sunk. I have also read that ATMs in Europe generally only accept 4 digit pins, and will only take funds from the checking account and not the savings account associated with the card. And there are limits on how much can be withdrawn per transaction ... someone said 300 euro per transaction. Our bank charges $3 per ATM transaction out of the US, plus 1%. We are thinking of getting traveler's checks in euros for the excursion cost so we aren't carrying around 1200 euro in cash (RomeINLimo accepts traveler's checks). Otherwise, I don't think traveler's checks are convenient anymore.

 

Our credit card (Chase) charges 3% per transaction, plus a transaction fee if I'm not mistaken. I understand that Capital One does not charge a transaction fee, so we are re-activating a Capital One account to take with us. Our pre and post cruise hotel stays could rack up quite a few dollars at 3% per transaction. Pre-paying the hotel doesn't help, as the credit card will charge the 3% transaction fee if the hotel you're paying is using a card processor outside of the country.

[maryann ns]

Yes a Capital One CC makes sense for large purchases. And travellers cheques will work for your excursion. However you will want to be able to have some cash.

 

My husband and I do a fair bit of travelling and have found it wise to have more than one bank card and more than one credit card.

 

I have one bank account I just use for travel and make sure to put money into it before each trip. We cannot get the same Capital One deal in Canada, so for us it is cheaper to take out the maximum cash we can at ATMs. We have also found that I can go to an ATM and withdraw the maximum, and my husband can immediately draw the same amount again from our joint account.

[daryleann]

Agree about having each of us use cards to withdraw if we really need to. We have used ATMs fro East Asia to S America and it usually asks which account we want, checking or savings. It is really best to not have such large amounts with your person. We were mugged a couple times so it does happen.

With that also in mind, we take one different credit card that is left in safe at all times, 'just in case' and it is great insurance.

ATMs are always in airports, so while you are waiting for your luggage, other can go get money for taxi etc.

[GeorgiaPeach51]

Agree about having each of us use cards to withdraw if we really need to. We have used ATMs fro East Asia to S America and it usually asks which account we want, checking or savings. It is really best to not have such large amounts with your person. We were mugged a couple times so it does happen.

With that also in mind, we take one different credit card that is left in safe at all times, 'just in case' and it is great insurance.

ATMs are always in airports, so while you are waiting for your luggage, other can go get money for taxi etc.

 

Now, that's smart, to leave a credit card in the safe for "just in case"...so logical, but we didn't do it on our recent trip. Thanks for the tip! :)

[Cygneagile]

Please add me to the list that will not use traveller checks in Europe. We just got back from Italy and brought some American Express with us. We tried to cash them at 20 large financial institutions (not kidding). 15 would not even accept them. 4 charged around 5% to cash. Only 1 did not charge a fee but we were limited to 200 euro per day. Even the American Express office in Rome charges a fee to cash their own checks!!

 

We will be going to Europe in September and I will be purchasing 250.00 of travel cheques in EURO funds. The rest will be cash. This way I can pay off my Cruise account with cash. Using my VISA is very costly. They charge the going rate for the conversion then add 2.5% of the purchase for their administration fee. So as you can see it just a bit costly.

I prefer having the money with me. What does the ATM charge? What does your bank charge for the conversion ? and does your bank have an administration fee on top of that? Of course you may not see this until you get home.