euro currency exchange rate help

[lrcruising]

I saw that the exchange rate today was 1.19 but when I called our bank the best they could do was 1.258. Can I actually get todays closing rate anywhere or does every location tack on hidden charges? Any help would be appreciated.

[cruisemom42]

If you are in the US, the short answer is no, you cannot get the quoted rate from any bank or money exchange. They all either charge a fee, do a hefty markup, or both.

 

If you're in Europe and you use your debit card at an ATM, you will get the posted official currency exchange rate. However, some cards tack on a withdrawal fee (generally around $5) and/or a conversion fee of 1-3%.

 

Good luck. Search around and get the best rate you can. Be happy the exchange rate is so much lower than it was 1-2 years ago.

[euro cruiser]

Individual buyers will not get the rate you see quoted in the paper for large institutional buyers. I usually figure on about 5% higher than that rate and I'm in the ballpark of what I'll pay.

[Fblack]

When I was in Eurpoe last year I found that my Visa debit card with no ATM fees from Fidelity was the cheapest way to get Euros. Fidelity reimburses you for ATM fees. You do pay a 1% foreign transaction fee. Works on any Visa, Plus, or Star network ATM.

[ActiveTraveler]

Where did you read $1.19? My local newspaper reported it currently is $1.23 just a few days ago. The same article stated the euro will continue to fall and may even drop to a dollar.

[CathyCruises]

Exactly--it's been dropping! Got all the way to $1.18 and change today, then closed back at $1.19+. But no way will you get that rate unless you are buying huge amounts! Your newspaper was right a few days ago. . .

[Susan-M]

Where did you read $1.19? My local newspaper reported it currently is $1.23 just a few days ago.

 

For a quick, current reference: http://finance.yahoo.com/currency-converter/?u#from=USD;to=EUR;amt=1

[chipmaster]

Good GOD 1.19 or 1.258 both damm good compared to what I got two years ago.

 

IMHO unless you are talking thousand and thousand of euros don't worry just use your ATM and be happy at the European mess giving you good rate. You do know that the lower it is bodes horrible forecast for what the dollar will do in a few short years with our deficit spending :eek:

 

I saw that the exchange rate today was 1.19 but when I called our bank the best they could do was 1.258. Can I actually get todays closing rate anywhere or does every location tack on hidden charges? Any help would be appreciated.

[ActiveTraveler]

Susan, thanks for the link. Now if only it was easy to understand why the dollar-to-euro exchange rate changes so frequently when both are always the same number of cents.

Just wondering, does anybody ever wish there was a global currency?

[slidergirl]

It's all traded, just like stocks.

You are lucky that the exchange rate is so low. Don't sweat the couple of cents up and down - it'll drive you crazy. At this point, I wouldn't even think about the conversion rate - it's so close now. Think of those extra pennies as saving your sanity. Just enjoy your vacation!!

[Earl Rosebery]

Susan, thanks for the link. Now if only it was easy to understand why the dollar-to-euro exchange rate changes so frequently when both are always the same number of cents.

Just wondering, does anybody ever wish there was a global currency?

 

The exchange rate changes frequently simply because of supply and demand. A global currency would never work. Some countries suffer from hyperinflation (their currency becomes worth less and less) Others are reasonably stable. The European Union has one currency and it is causing great problems. The closest thing to a global currency is the US dollar.

[yarramar]

Susan, thanks for the link. Now if only it was easy to understand why the dollar-to-euro exchange rate changes so frequently when both are always the same number of cents.

 

Just wondering, does anybody ever wish there was a global currency?

 

There is a global currency - gold, but it still fluctuates like all others

[6rugrats]

Susan, thanks for the link. Now if only it was easy to understand why the dollar-to-euro exchange rate changes so frequently when both are always the same number of cents.

 

Just wondering, does anybody ever wish there was a global currency?

 

The fact that there are 100 cents in a dollar and in a Euro has nothing to do with the value of the currency. Much too complicated to get into exchange rate flucuations on a chat board; if you are really interested, you can get a good book that will explain it, or simply google and start reading.

 

No one would want a global currency, and there's no way it would work. Another topic for research.

[chipmaster]

Technically it isn't supply demand but the in the end you could call it that. There are much more fundamental underpinnings driving the exchange rate but it is those that drive people to desire own it that drive a stronger or weaker valuation.

 

The exchange rate changes frequently simply because of supply and demand. A global currency would never work. Some countries suffer from hyperinflation (their currency becomes worth less and less) Others are reasonably stable. The European Union has one currency and it is causing great problems. The closest thing to a global currency is the US dollar.

[numbersix]

There is a global currency - gold, but it still fluctuates like all others

 

Hear, hear!!! Someone who understands!!!

 

And yes...it fluctuates, but given that it fluctuates versus fiat currencies, I like the odds!

 

Paper currencies are controlled by politicians, and politicians are, well...politicians! The Euro, being totally a political construct, has to be one of the worst! There hasn't been a fiat currency in the history of the world that hasn't gone, effectively, to zero.

 

 

Kevin

[olwagner]

Over the long term (read: about a decade), the Big Mac index (don't laugh) works quite well, and it is currently predicting an exchange rate of 1.06 Dollars per euro, so chances are that the value of the Euro will continue to fall (unless inflation differential quicks in, but that's another story).

 

Over shorter periods, your guess is as good as mine and - assuming the exchange rate follows a random walk (and no, that's not a term used to descibe a drunk guy - don't laugh) - if your cruise is to take place in less than a decade, it would be fair to assume that the exchange rate then will be the same as it is now. Again, that does not mean that it will be but since we can not predict where it will be - or even in which direction it will move over short periods -, that is our best guess.

[TLCOhio]

Just wondering, does anybody ever wish there was a global currency?

 

The exchange rate changes frequently simply because of supply and demand. A global currency would never work. Some countries suffer from hyperinflation (their currency becomes worth less and less) Others are reasonably stable. The European Union has one currency and it is causing great problems. The closest thing to a global currency is the US dollar.

 

Earl has offered an excellent summary. There is more to share on "WHY", but that might get too political for these boards. Within the euro zones, the pressures are huge. Most of the experts are predicting within the next five years that the euro will be gone as countries such as German do not want to keep subsidizing other nations that are not producing as much economically and/or running up bigger deficits than allowed under their Europe rules. Many countries such as England and Denmark said "NO" to joining the euro plan for these reasons. To try to do one world currency of equal value would be "MISSION: Impossible!".

 

From the Washington Post last Wednesday, they have this headline: "Smaller euro nations trail Germany's 'locomotive' " with these highlights: "The nation's $200 billion annual trade surplus has been blamed as one cause of the current crisis -- Germany is cast as an industrial powerhouse drawing wealth from economically weaker nations like Greece with which it shares a currency. But conversations with economists and business people and an analysis of trade statistics paint a more complex picture of trade patterns that predate the euro by decades, and they show a German business culture organized around selling outside its borders." There are lots of interesting economic insights in this article about Germany and Europe.

 

Full story:

http://www.washingtonpost.com/wp-dyn/content/article/2010/06/01/AR2010060103890.html

 

THANKS! Enjoy! Terry in Ohio

[financialgrl]

Just got back from Europe (Grand Med cruise on the Ruby). I am someone who loves planning the trip as much fun as doing it. Over a year ago when I first booked the trip rates for euro and pound were high 1.45 for euro and $1.65 for the pound (stopped in UK on way home). Just got back and my rates on the Visa were more in the range of what's listed here - the 1.20s for euro and it was $1.48 ish in some cases in the UK. Actual money from the ATM was the same (plus the added 1% conversion fee).

 

All these posts on pickpockets - don't waste buying money ahead of time - they can't steal what you don't have on your person yet. One thing you need to be mindful of tho - when you use the ATM to w/draw money, most banks place that daily limit you can w/draw which is fine. BUT, remember that there is a 5-6 hour time difference so when you try to w/draw more money, many times the 24 hours hasn't passed yet when you are thinking in terms of Europe time vs US time so you get rejected. Try back a few hours later and the transaction will go thru. Caught me twice on my trip - just so ya know!