euro exchange rate forecast

[Emma1]

We will be doing mostly private co excursions and since we are 5, they will run at least 550 euro for about 5 ports. And these companies want cash which is why I raised my original question. We have a Chase Visa debit card that would be what we would use. Has anyone used this card? Chase in Ny said they exchange $into euro with no fee - but I believe the exchange rate is slightly higher (ex 1.45 vs 1.39).

[cruisemom42]

I wouldn't buy smaller quantities over and over because my bank passes on the Fed ex charge for getting them ($7.50) for each transaction. I paid $1.49 last year so when it was around $1.29 I ordered what I wanted in small denominations. (My bank has two choices: large denomination or small).

 

I intend to save some back for incidentals on the day post cruise but will spend the majority of them toward my Sail & Sign account last day.

 

I'm surprised, doesn't Carnival allow you to settle your shipboard account in dollars?

[Earl Rosebery]

We will be doing mostly private co excursions and since we are 5, they will run at least 550 euro for about 5 ports. And these companies want cash which is why I raised my original question. We have a Chase Visa debit card that would be what we would use. Has anyone used this card? Chase in Ny said they exchange $into euro with no fee - but I believe the exchange rate is slightly higher (ex 1.45 vs 1.39).

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

 

This is an excellent but somewhat complex discussion of the various cards available and what they charge.

 

The important thing to remember is that there is always a cost. Enen if a company says there are no fees, there will be a spread between buying and selling euros. This spread covers the banks cost and profit. The worst spreads are at money exchanges in airports. Only use them to get rid of small amounts of leftover money. Visa credit cards are terrible because the money is a cash advance and attracts heavy interest from day 1. Visa and other debit cards may be OK but Chase appears to charge 3%. I.E. if you obtain 2000 Euros you would pay them 60 euros or about $80. (The cost of a good meal with wine) This may be reasonable given the alternatives. Guessing the exchange rate 6 months from now is just a guess. When I buy US dollars in Canada, i can get the spread down to about 1% but have to buy more dollars which may then go down in value so it's a bit of a mug's game unless you are in the business. Those dealing in huge amounts can hedge their bets but there is a cost to that as well. Don't fret too much. Buy some Euros now, some in 4 months and the rest after you get there. Have a great cruise.

[cccruisin]

I have used Bank of America reciprocal ATM machines many places - Australia, the Baltic, Spain and have always had very favorable rates and no fees. Check with your bank before you leave.

[joandian]

We've noticed the Chase fees on foreign credit card purchases and debit withdrawals. I think we paid over $100 in exchange fees on our last trip in Europe. They add up quickly. We usually take $US with us when we travel so we generally don't use an ATM. We sometimes exchange at Guest relations if we need another currency and the rate isn't too bad in a pinch.

 

Will be looking at buying some Euros before our next trip.

 

I'll add a warning to be very careful if using a debit card to withdraw money. My husband used our Debit card only once on our last trip to Europe and the machine had a scanner attached. Nearly $5000 was withdrawn from our account before we noticed a few days later when we arrived home. We did manage to get it back, but not a good thing to happen. :mad:

 

Jo

[hubofhockey]

If you have a PayPal account, it is easy to get the PayPal Mastercard Debit card. $1 per ATM transaction and 1% fee on transactions for translation rate. You get the detail that day to your paypal account and can move money back and forth from your checking account to PayPal. It was a lot easier than opening up an account with another bank for the sole purpose of a trip to Europe.

 

That chart linked above is a good one. I posted that link this Spring and it got me from using my bank's (Citizen's) ATM card, which had a 3% foregin translation charge.

[GlendaleCruiser]

I'm surprised, doesn't Carnival allow you to settle your shipboard account in dollars?

 

 

Of course they do.

 

But whatever Euro I have left over will cost me another transaction fee at my bank to cash in. Might as well knock my S&S down a bit if it looks like I won't need it. Any amounts left after that I will use at the hotel for dinner, etc since the hotel is prepaid.

[GlendaleCruiser]

I have used Bank of America reciprocal ATM machines many places - Australia, the Baltic, Spain and have always had very favorable rates and no fees. Check with your bank before you leave.

That's where I bank and they sold me Euro without ever suggesting that I use the card I got from them.:confused:

[UKBayern]

Yesterday, it was anounced that Greece has much more debt than thought. In fact, they have so much debt that the monthly interest is higher than the monthly national income. Everybody in the Euro-zone is now worried that the Euro will become unstable because of this news and the exchange rate will come crashing down. Nobody knows though. The fact that the USA is thinking about printing additional dollar bills will swing the exchange rate in the other direction.

 

Due to amount of North American cruise tourists being pickpocketed in European cities like Barcelona and Rome, I would advise against bringing large amounts of cash in any currency. Pay for large purchases, your hotel, etc with your creditcard and use ATMs.

[cruisemom42]

Of course they do.

 

But whatever Euro I have left over will cost me another transaction fee at my bank to cash in. Might as well knock my S&S down a bit if it looks like I won't need it. Any amounts left after that I will use at the hotel for dinner, etc since the hotel is prepaid.

 

Ahh, I get it. I misunderstood your post. Sounded like you were getting the euros just to pay your account.

[hubofhockey]

Of course they do.

 

But whatever Euro I have left over will cost me another transaction fee at my bank to cash in. Might as well knock my S&S down a bit if it looks like I won't need it. Any amounts left after that I will use at the hotel for dinner, etc since the hotel is prepaid.

 

I hope Carnival offers a favorable foreign currency translation rate. The cruise lines certainly don't do this when you try to exchange dollars into euros on board. I don't know why they would do this on euros to dollars.

[browneyes7]

Looking at different websites it seems that the forecast is that the euro value is going back up. Is anyone exchangind dollars now for next year? We have a med cruise booked for July 2011 and I am wondering if I should start exchanging money now - it's expensive as it is and if the rate goes back up - it won't leave us much spending money. Any thoughts?

 

Months ago, the euro dropped to 1.19 for one day. My husband and I have been kicking ourselves for not buying a bunch when it was that low. At the time we didn't have a Europe cruise booked. We do now! If it drops anywhere near that again.....we will buy them!!

[hubofhockey]

Months ago, the euro dropped to 1.19 for one day. My husband and I have been kicking ourselves for not buying a bunch when it was that low. At the time we didn't have a Europe cruise booked. We do now! If it drops anywhere near that again.....we will buy them!!

 

First, you wouldn't have paid 1.19 if you bought them at a bank in the US. Second, it's gambling and no different than buying commodities on an exchange. I don't understand why people bother with this. If you bought at 1.19, how would you know that it wouldn't be closer to 1.00 when you cruised? It's just like this thread. OP posted that they wanted to lock it in because the price was going up and thought it would go up much more. Well, it was close to 1.48 at that time and it's now close to 1.33. Makes no sense to buy when you don't have a cruise booked. We have one booked for next summer. I'll get €100 before I go (If I have to pay $140 or $125, it won't make a big difference) and the rest from ATMs once in Europe.

[TLCOhio]

We've seen lots and lots of down, up, down, etc., on the euro's value. In July 2008 when cruising in the Baltics, the euro was right near $1.60 and the pound near $2.00. In early June of this year, the euro had dropped below $1.20. Then recently, the euro went up to around $1.40 and now back to $1.336 in just a few weeks. Given all of the various up and down factors with BOTH the dollar and euro, it's hard to guess and predict these futures. For most cruises, you are going to have massive amounts in currency needs. Given all of the extra and/or hidden charges, fees, etc., it might not be worth trying to bet/spend that much trying to hedge against ALL of these future uncertainties. I would focus more of my time and energies on the shore options, histories in these various areas, etc.

 

THANKS! Enjoy! Terry in Ohio

 

For lots of interesting details, great visuals, etc., from our July 1-16 Norway Coast/Fjords/Arctic Circle cruise experience from Copenhagen on the Silver Cloud, check out this posting. Don’t be shy and feel free to ask any questions of interest. This posting is now over 24,725 views. Appreciate those who have “tuned in”.

http://www.boards.cruisecritic.com/showthread.php?t=1227923

[Captain Canuck]

with the fed monitizing the debt and the government spending like drunken sailors I expect inflation to hit 1000000 percent...euro will be a little better ..so say $1000 to the euro in a few years..so go now

[browneyes7]

First, you wouldn't have paid 1.19 if you bought them at a bank in the US. Second, it's gambling and no different than buying commodities on an exchange. I don't understand why people bother with this. If you bought at 1.19, how would you know that it wouldn't be closer to 1.00 when you cruised? It's just like this thread. OP posted that they wanted to lock it in because the price was going up and thought it would go up much more. Well, it was close to 1.48 at that time and it's now close to 1.33. Makes no sense to buy when you don't have a cruise booked. We have one booked for next summer. I'll get €100 before I go (If I have to pay $140 or $125, it won't make a big difference) and the rest from ATMs once in Europe.

 

Yes, you are correct that we would have to pay more than the 1.19. The bank always charges more than the going rate, but it would still have been less than the 1.33 it is right now. We prefer to have at least some euros when we go so we don't have to worry about having to immediately buy euros when we get there. Also, I've never seen the euro lower than 1.19. (We took our first Europe cruise in 2007. Before that....I never paid any attention to what the euro was selling for.)

[maryann ns]

You can save far more money by making some sensible economies on your cruise. Here are some examples: Do your homework and go on your own in ports or take private tours; take the train to or from Civitavecchia; take less luggage and wash out your own undies and shirts; stay in budget hotels or B&Bs before and/or after the cruise. Doing even one of these would likely save you more money than trying to get the best deal on currency exchange.

 

All that being said, I am watching the Canadian dollar closely as my final payment time draws near and I must pay in US$!!!

[GlendaleCruiser]

Because all euros you can purchase in the US will come with a healthy markup, either in the form of fees or in the exchange rate given (always compare what a bank offers with the "official" daily exchange rate, which is easy to locate using Google).

 

I use this site:

 

http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=USD

 

It pretty much came close to what my bank charged me, which was the rate plus about 2 cents per dollar. I then had to pay the fed-ex fee to have them sent from the place they order them from.

[TLCOhio]

You can save far more money by making some sensible economies on your cruise. Here are some examples: Do your homework and go on your own in ports or take private tours; take the train to or from Civitavecchia; take less luggage and wash out your own undies and shirts; stay in budget hotels or B&Bs before and/or after the cruise. Doing even one of these would likely save you more money than trying to get the best deal on currency exchange. All that being said, I am watching the Canadian dollar closely as my final payment time draws near and I must pay in US$!!!

 

YES! Good and wise advice from Maryann. It is true that you want to have a little euro handy for minor items, etc. I have twenty euro and five pound bills in my wallet, now. Ready to go when the opportunities comes up. Hoping for summer of 2011 in France, Italy, Croatian Coast, etc.

 

THANKS! Enjoy! Terry in Ohio

 

For lots of interesting details, great visuals, etc., from our July 1-16 Norway Coast/Fjords/Arctic Circle cruise experience from Copenhagen on the Silver Cloud, check out this posting. Don’t be shy and feel free to ask any questions of interest. This posting is now over 24,800 views. Appreciate those who have “tuned in”.

http://www.boards.cruisecritic.com/showthread.php?t=1227923

[D&N LUV 2 TRAVEL]

You could have also added by paying your cruise in US $ versus Cdn $ you save considerable. My recent example was for this coming Feb when I got prices in both Cdn & US and Princess wanted 14% more for Cdn at the time and you could have bought US with commissions at the time for 7%. And we are better yet today with our stronger $.

 

You can save far more money by making some sensible economies on your cruise. Here are some examples: Do your homework and go on your own in ports or take private tours; take the train to or from Civitavecchia; take less luggage and wash out your own undies and shirts; stay in budget hotels or B&Bs before and/or after the cruise. Doing even one of these would likely save you more money than trying to get the best deal on currency exchange.

 

All that being said, I am watching the Canadian dollar closely as my final payment time draws near and I must pay in US$!!!

[hubofhockey]

Yes, you are correct that we would have to pay more than the 1.19. The bank always charges more than the going rate, but it would still have been less than the 1.33 it is right now. We prefer to have at least some euros when we go so we don't have to worry about having to immediately buy euros when we get there. Also, I've never seen the euro lower than 1.19. (We took our first Europe cruise in 2007. Before that....I never paid any attention to what the euro was selling for.)

 

Are you suggesting that you knew it would bottom out at 1.19? Should you buy it at 1.32 now or are you going to wait until it hits a certain number this time around? :confused:

[RHefley228]

2000 and 2001 were the best recent times to travel in Europe, as the Euro was worth less than the dollar (until about mid-2002, as I recall); each credit card statement while we were there was a little gift. Predicting what's going to happen next is a game for experts (I'm not one), and even they may be flummoxed by upcoming political decisions that could have little to do with the economics of the situation. That being said, at least one European money manager is predicting a drop in the Euro to $1.20; see http://www.telegraph.co.uk/finance/currency/8164136/BlackRocks-Larry-Fink-predicts-euro-will-fall-to-1.20.html for details. The difficulty, of course, is that if you buy at $1.20 and it drops even further, you're really going to be unhappy.

[browneyes7]

Are you suggesting that you knew it would bottom out at 1.19? Should you buy it at 1.32 now or are you going to wait until it hits a certain number this time around? :confused:

 

No, I didn't know that it would go any lower than 1.19. I don't think anyone knows?? We bought some when they were around 1.25, but we had to pay about 1.31 for them at our bank. They later dropped to 1.19. At the time, we didn't have a Europe cruise booked, and I'm really upset we didn't buy some when they were 1.19. They only stayed that price for one day. We have enough euros to at least get us started on our May Europe cruise. :) If the euro drops again to 1.19.....I will buy them!

[CaroleLee]

Looking at different websites it seems that the forecast is that the euro value is going back up. Is anyone exchangind dollars now for next year? We have a med cruise booked for July 2011 and I am wondering if I should start exchanging money now - it's expensive as it is and if the rate goes back up - it won't leave us much spending money. Any thoughts?

 

This is a 2 edged sword. The rates quoted in the newspapers are the Bank rate. Consumers pay somewhat above this rate- If exchanging @ your bank check their rates & see if you qualify for any discount-Citigold ex.

 

If the rates go down you lose.

 

Part 2- You do want to have some euros when you land-taxi, a coffee etc. The exchange booths @ the airports are higher than the ATMs. ATMS are all over Europe. Important-check with your bank regarding fees& PIN# Also ATMS usually only allow withdrawal from Checking accts so be sure you deposit a hefty sum in checking before (a least a business day&check that the funds are available).

Hope this helps

Carole

[TLCOhio]

You do want to have some euros when you land-taxi, a coffee etc. The exchange booths @ the airports are higher than the ATMs. ATMS are all over Europe. Important-check with your bank regarding fees& PIN# Also ATMS usually only allow withdrawal from Checking accts so be sure you deposit a hefty sum in checking before (a least a business day&check that the funds are available). Hope this helps Carole

 

Carole is correct on needing some currency when you land and that it is super important to check in advance to see which banks charge what on your cards, withdrawls, etc. There are a wide range of policies that differ from bank to bank. AND, those policies are always changing. Just because your bank did it one way last year does not mean it will be the same for summer 2011. Check and compare, in advance!!!

 

THANKS! Enjoy! Terry in Ohio

 

For lots of interesting details, great visuals, etc., from our July 1-16 Norway Coast/Fjords/Arctic Circle cruise experience from Copenhagen on the Silver Cloud, check out this posting. Don’t be shy and feel free to ask any questions of interest. This posting is now over 25,500 views. Appreciate those who have “tuned in”.

http://www.boards.cruisecritic.com/showthread.php?t=1227923