What was your experience with currency exchange for your Baltic Cruise?

[TheGenie]

If you can remember the currency exchange rate or fees for getting cash in the Baltic ports, or on-board ship, in airports, or ahead of time - Could you post them here?

 

For example, currency ordered online through FXDelivery is about 8% above the interbank exchange rate with a $200 minimum order (try: http://www.oanda.com/currency/traveler-cash)

 

 

I've also read that airport exchanges or airport ATMs are also not very favorable either (try http://www.us.travelex.com/US/Home/), but have not found the rates or fees posted to most of their websites :mad:

 

 

And I've read the ship's exchanges are also "cash cows" for the cruise lines (but what do they actually charge?).

 

I read an interesting article here: http://www.washingtonpost.com/wp-dyn/content/article/2010/05/13/AR2010051305134.html?referrer=emailarticle

 

Which makes me ask - Where did you get your foreign cash, when, and what did it cost you?

 

My intention is to carry and use the least amount foreign cash possible (using my credit card with known fees), but in some circumstances you must have local currency - ahead of time.

 

Thanks!

[MATHA531]

One thing is nonsense and anybody who writes it does not have a clue. It doesn't matter where an ATM is found; you get the same rate of exchange no matter where the ATM is provided it is a bank ATM (which most in airports are). Some privately owned ATM's have found ways around the rules of the shared teller networks namely they are not allowed to charge a fee on out of country debit or ATM cards....but the ATM does not have anything to do with the exchange rate. None. Zero.

[TheGenie]

One thing is nonsense and anybody who writes it does not have a clue. It doesn't matter where an ATM is found; you get the same rate of exchange no matter where the ATM is provided it is a bank ATM (which most in airports are). Some privately owned ATM's have found ways around the rules of the shared teller networks namely they are not allowed to charge a fee on out of country debit or ATM cards....but the ATM does not have anything to do with the exchange rate. None. Zero.

 

Did I misunderstand???...If I withdraw, say, 300 Danish Krone at an ATM in Copenhagen airport, then 1/2 hour later withdraw another 300 Danish Krone at an ATM in downtown Copenhagen using my bank issued checking/debit card (with the Visa logo) I'll end up being charged the same amount for the transaction in $USD ?

 

If so, then this debunks what I've read (or think I've read) and it makes no difference where or which ATM I withdraw the cash from?

 

My strategy is to use my credit card as much as possible (keeping a watchful eye on the Dynamic Currency Conversion you warned about) and only use the ATM to get what I think is the minimal amount of local currency to get by with (like Euros for the #16 bus ticket from LHC into Helsinki). I will also bring some $ USD (small bills, like $1s and $5s) too, just in case...

 

Thanks!

[MATHA531]

Did I misunderstand???...If I withdraw, say, 300 Danish Krone at an ATM in Copenhagen airport, then 1/2 hour later withdraw another 300 Danish Krone at an ATM in downtown Copenhagen using my bank issued checking/debit card (with the Visa logo) I'll end up being charged the same amount for the transaction in $USD ?

 

If so, then this debunks what I've read (or think I've read) and it makes no difference where or which ATM I withdraw the cash from?

 

My strategy is to use my credit card as much as possible (keeping a watchful eye on the Dynamic Currency Conversion you warned about) and only use the ATM to get what I think is the minimal amount of local currency to get by with (like Euros for the #16 bus ticket from LHC into Helsinki). I will also bring some $ USD (small bills, like $1s and $5s) too, just in case...

 

Thanks!

 

You might not get exactly the same amount but it won't be because one withdrawal was at the airport and the other in town if using ATM's. International currency exchange rates are constantly changing and a half hour later the rate between the currency of your withdrawal instrument (debit or ATM card) might be slightly different but it won't be because the rate is better at the downtown machine...it just might be in that half hour the rate changed (by a fraction of a cent) and one withdrawal might be slightly more or slightly less. But the ATM operator has nothing to do with the exchange rate....this is handled by the international shared teller network either cirrus (owned by mastercard( or plus (owned by visa) and mastercard or visa currency exchange rules are used (basically the internet rate + 1%...your bank may or may not take a further piece of the action, some do and some don't. Your bank may or may not charge a fee on top of that. Some do and some don't. But...as long as it is not a private machine (and most in public spaces such as airports or in bank branches are not), the international shared teller networks do not allow the owner of the machine to surcharge such a withdrawal. That's what make ATM withdrawals the best way to do it usually.

 

Again, from what I've read and based on my last (2004) trip to Scandanavia, many merchants take euro, some price things both in local currency and in euro and even return change in euro..(example you buy something which has a price listed in Danish currency and in euro, let's say €12.50 and you give the cashier a €20 bank note...you will get back €7.50 (a €5 bank note, a €2 coin and 50 euro cents)...in other places only the Danish price will be listed...using whatever exchange rate the merchant decides to use, he or she will convert the amount you give them in euro to Danish currency and return Danish currency as change. Of course the rate might be good or it might stink. However, my experience was few take US or UK currency, they might and do the same thing but I wouldn't count on it. As you said, the best way to avoid any of this nonsense is with a credit card (and make sure no DCC).

[Adventures ahead]

The exception may be the ATM on the ship. I believe they charge more. This may be a 'private' ATM situation? Haven't heard of ATMs being referred to like that - 'private' vs 'public'.

 

If your bank is going to charge you a $5.00 international fee every time you want a 'few dollars' from an international ATM, you're probably better off getting some currency before you leave home.

[MATHA531]

The exception may be the ATM on the ship. I believe they charge more. This may be a 'private' ATM situation? Haven't heard of ATMs being referred to like that - 'private' vs 'public'.

 

If your bank is going to charge you a $5.00 international fee every time you want a 'few dollars' from an international ATM, you're probably better off getting some currency before you leave home.

 

...or changing banks; at least opening up an account with a bank that provides an ATM card (I am not a big fan of debit cards...if they get compromised and somebody uses them for big purchases they can wipe out your checking account uickly...while yes eventually you will get your money back, in the interim all your checks and automatic deductions turn to rubber and what's the benefit of having a purchase immediately taken out of your checking account with a debit card when you can get up to 60 days of a free ride with a credit card)....and has no minimum balance. .Charles Schwab Bank comes to mind...I keep an account with them and keep $1.01 in it except just before I leave on a trip when I transfer whatever I want into the account and use their ATM card (it actually is a debit card but I never use the debit feature)...no fee for withdrawals (as noted when if you're a USA cardholder and you use a public ATM in Europe, you only pay what your bank wants to gouge you with, the European bank is not allowed to charge you) and with this bank, if you use a USA ATM, they re-imburse the fee the bank who owns the machines charges you. At the end of the trip, I move the money back to my regular checking account from which I make all my payments and leave $1.01 for the next trip.......I wouldn't pay one red cent to any bank that charges me any fee whatsoever for accessing my money, period.

[cruisemom42]

I travel internationally somewhat frequently and my own observations bear out what Matha says regarding ATMs. If people say the exchange rates are different at different ATMs, it is likely because of fluctuation in the exchange rate itself. (Do stick with bank ATMs, though!)

 

Living in the US, it's hard to get a good rate of exchange, however hard you try. Banks either charge a fee or have a poor exchange rate. I haven't looked at Baltic currencies in a few years, but I am looking at euros right now. I've seen bank rates vary anywhere from 7 to 15 cents on the dollar.

 

Shipboard exchanges are generally even worse: someone just posted on a Live thread from a Princess mediterranean cruise that the exchange "machine" on Princess was more than 20 cents variance from the current exchange rate -- plus there is a fee on top of that.

 

If you are really seeking only a small amount of currency for several different ports, (under $50 worth of each currency), you are probably going to get the best deal by finding a bank who'll do the exchange at a less than 10% markup. (You'll have to figure the percentages yourself using the currencies involved and compare to the posted rate at the time of your purchase).

 

If you're talking about exchange $100 or more worth of money, the ATM will probably still come out ahead. A word of warning though: all this assumes you use a DEBIT card to get cash. Never use a CREDIT card, which charges a much higher rate of interest for withdrawing cash (considered a "cash advance").

 

There are a couple of banks that offer an account that allows you to use a debit card with no fees overseas. If this is a one-off trip for you, it's not worth sweating it. In the scheme of things is a $20 to $50 expense that much given the cost of the entire cruise?

[LHT28]

...or changing banks; at least opening up an account with a bank that provides an ATM card (I am not a big fan of debit cards...if they get compromised and somebody uses them for big purchases they can wipe out your checking account uickly....

We have an account strictly for use when travelling (different bank from all my main accounts)

I only keep a small amount ($2000) in it so if my card gets compromised I only lose that amount

[Giantfan13]

Before we went last year, we investigated several of the companies that offer to exchange money at the 'going' rate. Most charge some sort of fee for doing this. If this is the way you want to go, we found American Express to have a decent package.

that said, we ended up using Chase bank. I have several accounts with them, one for business and others for personal use. They exchanged our money for NO additional charges with whatever the current rate was. We were spending a week in London also, so we exchanged for Pounds, Euros, Danish and Swedish Krona's. It took one day to get the currency, and again, with NO charge to me. We also exchanged any leftover money, back to US dollars with Chase, again for no charge. (they only do paper money, no coins)

 

As for the ATM's, we opened an account with Fidelity as they have a feature of no ATM charges at any foreign banks. We did use the ATM's several times to replenish some of the money we had spent.

 

As has been said many times already, try and charge as much as you can. Get the CapitalOne credit card as they has NO foreign transaction fee, that basically every other card has (3%). And when using the ATM, do not take out money off your charge card. This is a loan and not a debit. Get a debit card and use that at ATM's.

 

Cheers

 

Len

[potomacgator]

Before we went last year, we investigated several of the companies that offer to exchange money at the 'going' rate. Most charge some sort of fee for doing this. If this is the way you want to go, we found American Express to have a decent package.

that said, we ended up using Chase bank. I have several accounts with them, one for business and others for personal use. They exchanged our money for NO additional charges with whatever the current rate was. We were spending a week in London also, so we exchanged for Pounds, Euros, Danish and Swedish Krona's. It took one day to get the currency, and again, with NO charge to me. We also exchanged any leftover money, back to US dollars with Chase, again for no charge. (they only do paper money, no coins)

 

As for the ATM's, we opened an account with Fidelity as they have a feature of no ATM charges at any foreign banks. We did use the ATM's several times to replenish some of the money we had spent.

 

As has been said many times already, try and charge as much as you can. Get the CapitalOne credit card as they has NO foreign transaction fee, that basically every other card has (3%). And when using the ATM, do not take out money off your charge card. This is a loan and not a debit. Get a debit card and use that at ATM's.

 

Cheers

 

Len

However, there may be some qustion in regard to the to the lack of a conversion fee while charging with a Capital One card. the Flyerguide.com wiki site has an article on the fees on the use of credit and debit cards in foreign countries which has a schedule of fees charged by various banks on debit cards, ATM cards and credit cards. About a month ago, the Captital One credit card entry was edited from 0% conversion fee to 0% conversion fee, but they add 3.5 % to the conversion rate to make an effective conversion fee of 3.5%. Here is the link:

 

http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

 

I just called Capital One, and advised the agent of this schedule edit and the agent said Capital One has no conversion fee and Capital One does not add to the conversion rate used by Visa. I suggested that an official from Capital One change the schedule if it is wrong.

 

Has anyone seen any evidence that Capital One is adding 3.5% to the normal conversion rate on foreign charges?

[MATHA531]

However, there may be some qustion in regard to the to the lack of a conversion fee while charging with a Capital One card. the Flyerguide.com wiki site has an article on the fees on the use of credit and debit cards in foreign countries which has a schedule of fees charged by various banks on debit cards, ATM cards and credit cards. About a month ago, the Captital One credit card entry was edited from 0% conversion fee to 0% conversion fee, but they add 3.5 % to the conversion rate to make an effective conversion fee of 3.5%. Here is the link:

 

http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

 

I just called Capital One, and advised the agent of this schedule edit and the agent said Capital One has no conversion fee and Capital One does not add to the conversion rate used by Visa. I suggested that an official from Capital One change the schedule if it is wrong.

 

Has anyone seen any evidence that Capital One is adding 3.5% to the normal conversion rate on foreign charges?

 

I have received nothing from Capital One indicating a change in terms for its foreign currency fees as required by law. This is Capital One's only real good selling point and I am sure the bean counters there have done very detailed studies and found that this is a big enough selling point to justify eating even the 1% visa foreign exchange fee. If they ever began imposing the near criminal 3% foreign exchange fee (well 2% of it is nearly criminal, 1% is passing along the visa fee and to me the 1% is justified as visa does the exchange and does assume foreign exchange risks' the banks do not. They amount has been converted before reacing the banks. The 2% is GREED and unjustified), I am sure their research shows they would lose hundreds of thousands of accounts. Not worth it to them obviously.

[starskyfan]

However, there may be some qustion in regard to the to the lack of a conversion fee while charging with a Capital One card. the Flyerguide.com wiki site has an article on the fees on the use of credit and debit cards in foreign countries which has a schedule of fees charged by various banks on debit cards, ATM cards and credit cards. About a month ago, the Captital One credit card entry was edited from 0% conversion fee to 0% conversion fee, but they add 3.5 % to the conversion rate to make an effective conversion fee of 3.5%. Here is the link:

 

http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

 

I just called Capital One, and advised the agent of this schedule edit and the agent said Capital One has no conversion fee and Capital One does not add to the conversion rate used by Visa. I suggested that an official from Capital One change the schedule if it is wrong.

 

Has anyone seen any evidence that Capital One is adding 3.5% to the normal conversion rate on foreign charges?

 

I recently ordered the Stockholm and Copenhagen cards online with my Capital One card and got the going rate. Definitely no extra charges on it. Brenda

[greyhound101]

I have not seen any mention of the following: On several websites I researched, for instance about Copenhagen it cautioned that many small shops and restaurants add a 3% fee to all bills paid with credit cards. Essentially covering their cost to the credit card company. So be aware of this possibility in the Baltic. I have also read that there are many shops and restaurants that accept no credit cards and you need to therefore be prepared to pay with local currency.

[Giantfan13]

Guys and gals, I can only speak from experience from last year, but we charged as much as we could, from a few dollars to a couple of major purchases and we were never, ever, ever charged anything except what the item costs. No CC fees, no transaction fees, no shop fees, and every shop we visited took credit cards. If people are spinning stories about things, that's fine, but, for the most part, those are the facts. Sure there is always an exception along the way, but they are few and very far between.

If you use a CapitalOne credit card, you will not be assessed any additional fees, no matter where you shop.

 

Cheers

 

Len

[chrismo1]

Probably because you mostly visited places where tourists come. In Denmark, all supermarkets that take credit cards add on 3% on foreign cards. Gas stations do as well. Hotels, many restaurants and smaller shops usually don't. They are all allowed to, though.

[greyhound101]

To Len and Other non-believers:

 

The following is from http://www.visitcopenhagen.com the official tourism site for Copenhagen:

 

"Major credit cards are widely accepted at hotels, stores, cafes and restaurants. Some places might charge a fee when accepting foreign credit cards as payment."

 

From the website: http://www.saint-petersburg-hotels-accommodation.com

 

"You should check in shops whether they have any additional charges if you pay with a credit card."

 

I am not saying not to use a credit card, I am saying to be judicious and ask if the establishment charges a fee.

[modem9]

We just returned from the Baltic yesterday. We used our ATM Debit card to obtain Kroon and Rubles as well and Pounds and Euro's. The exchange rate by the bank ATM was better than the local vendors offered, especially in Russia. Overall, we found it easier to bargain using the local currency which is the listed price on the items. The exchange rate on our credit card purchases was similar, the bank rate in effect at the time of the conversion, but of course there was the additional foreign transaction fee. Again, for us, that made using cash the best option.

[drowelf]

We just returned from the Baltic yesterday. We used our ATM Debit card to obtain Kroon and Rubles as well and Pounds and Euro's. The exchange rate by the bank ATM was better than the local vendors offered, especially in Russia. Overall, we found it easier to bargain using the local currency which is the listed price on the items. The exchange rate on our credit card purchases was similar, the bank rate in effect at the time of the conversion, but of course there was the additional foreign transaction fee. Again, for us, that made using cash the best option.

 

ATM withdrawal (Major banks only) via ATM/Debit cards definitely the way to go for getting local Cash. You get the interbank exchange rate with possibly a small fee added by your home US bank. Do not use your Credit Card, as that is considered a Cash Advance and will incur both transaction fees and probably a higher interest rate.

 

The only time I've used currency exchange at airports/cities is when I was working in England during 90's and was required to have a physical proof of the exchange rate for expense reports.

 

Here is a good story to go along with it. Back in the mid 90's my wife and I are on our honeymoon in England/Europe. We started off in England and went to Holland/France/Belguim over a several week period. At this time I always had 2 different ATM cards, one each of the major networks (Cirrus/Plus) as not all bank ATMs worked with both. We are about halfway through our trip, when one of the cards stops working. Did not worry about it the first couple of times, as it a positive response system. It had to get authorization from US Bank to dispense money. So we switched to the other account. Well card did not work for the rest of the trip. Get home and card still does not work. Go into the branch and ask whats going on. After about 30 minutes of research they return to tell me that my account was disabled due to potential Fraud. Their system could not figure out how I was getting say 323.43 out of one of their ATMs, so it just had to be Fraudulent. I said I was not getting strange amounts from a US ATM, I was withdrawing 200 GBP out of an English ATM. Their stupid automated fraud system did not see that a Foreign Currency Transaction had taken place.

 

Gotta luv computers.

 

Cheers,

[Beyond the Sunrise]

I have received nothing from Capital One indicating a change in terms for its foreign currency fees as required by law. This is Capital One's only real good selling point and I am sure the bean counters there have done very detailed studies and found that this is a big enough selling point to justify eating even the 1% visa foreign exchange fee. If they ever began imposing the near criminal 3% foreign exchange fee (well 2% of it is nearly criminal, 1% is passing along the visa fee and to me the 1% is justified as visa does the exchange and does assume foreign exchange risks' the banks do not. They amount has been converted before reacing the banks. The 2% is GREED and unjustified), I am sure their research shows they would lose hundreds of thousands of accounts. Not worth it to them obviously.

 

In my online research there are a lot of complaints about capital one holding payments until they can charge a late fee. Have any of you encountered that? I have delayed getting a capital one card for travel due to that research. Thanks kindly

[MATHA531]

In my online research there are a lot of complaints about capital one holding payments until they can charge a late fee. Have any of you encountered that? I have delayed getting a capital one card for travel due to that research. Thanks kindly

 

I make my payments electronically through a bill paying service...it is credited the very same day it is debited from my bill paying account....sending a paper check? Phooey? A 20th century anachronism! Haven't written a check to pay a bill in a decade...either it's an automatic payment via credit card or through my brokerage account's bill paying service...you name it...utilities, phones, mobile phones, cable tv, credit card payments...electronically is the only way to go (along with direct deposit!)

[TLCOhio]

ATM withdrawal (Major banks only) via ATM/Debit cards definitely the way to go for getting local Cash. You get the interbank exchange rate with possibly a small fee added by your home US bank. Do not use your Credit Card, as that is considered a Cash Advance and will incur both transaction fees and probably a higher interest rate.

 

Agree with Eric and Janna that the credit cards do work well in the confusing currency environment of the Baltics. Lots of countries and many different local currencies for the Baltics! Our late July 2008 experience sailing from Dover to Stockholm, visiting Russia, Copenhagen, Tallinn, etc., was that we got no local currency, other than the pounds we got and had for our five days in southern England prior to boarding our ship and some euros that we used in Tallinn and Stockholm. If you're using ship tours or have other arrangements, you are less likely to need that local currency. Credit cards work with cabs in Stockholm, in most shops, etc. If you are needing money for local bus fare or light snacks on the streets, it could be different. But we didn't get local currency for Oslo, Copenhagen, Russia, etc. It can be done fairly easily.

 

Below are some of our remaining pounds and euros that we will be taking with us for our late June trip through London, boarding our ship in Copenhagen for Norway, etc. Clearly, we'll use the ATM to get Norwegian Krone to use during our many stops along the western coast in that country. As of late this afternoon today from the Wall Street Journal, the euro is at $1.2171, the pound at $1.4377. One dollar gets us 6.1106 Denmark Krone and 6.5764 Norwegian Krone. THANKS! Enjoy! Terry in Ohio

 

[Doughboy139]

i went to my bank here in the States and asked them what the exchange rate was for each country that I'd be visiting and what the fee would be for getting the foriegn currency.....I was told that the fee is $20.00 and that I should order all the different currencies at once to take advantage of the $20. fee

[CintiPam]

In my online research there are a lot of complaints about capital one holding payments until they can charge a late fee. Have any of you encountered that? I have delayed getting a capital one card for travel due to that research. Thanks kindly

 

We never have encountered this problem in the five years since we obtained our Capitol One MasterCard primarily for use for charges during our foreign travels.

[bayjoens]

Just an fyi about the Capitol One cc and Money Market accounts... We recently experienced quite a bit of confusion in our travel group because we were receiving different answers from Capitol One about conversion fees and ATM fees for using non-Bank-One ATMs. It turns out that Capitol One Direct (online services only) do not charge any fees for currency conversion on their cc's nor do they charge non-CO ATM fees. HOWEVER, if you open your account through a Capitol One branch office or physical bank, the rules can be totally different and they may charge fees. So while a couple of us were calling and talking to CO reps for CO Direct, others were calling their local branches and getting different answers.

[thesyguy]

If you are a Bank of America customer they offer currency exchange right on their website. They take the money from whichever account you choose and send the money to you by mail if it is less than $1000. More than $1000 they send it to the local branch you choose. There you jus have to sign for it. They do not charge any fee and the exchange rate was reasonable.