Purchasing Euros

[heidik]

Last Sept. when I cruised the Med. I purchased my euros from my local bank before my cruise. Is it relatively the same rate/fees if I were to purchase euros on board the ship?

[Rickey 88]

Unfortunately, the purser aboard ship will charge more to convert your money to Euros than any bank. Actually, you're better off to do your conversion after you arrive in Europe, as the rate is even better that most U.S. locations.

[wripro]

The best and cheapest way to get euros is from an ATM. You will get the best rate of exchange that way.

[lais]

We use the ATM's all over Europe. Our bank does not charge a service fee for this (Wells Fargo) and we have found it is the best way. Just have to make sure you use an ATM linked to the major banks not the privately owned ones.

[ebobh]

we also have used Wells Fargo exchange services for our last few trips abroad. You'd have to go online to find one of their locations that do it in person, but they are in most metro areas serviced by WFB. They don't charge a fee, and I just monitor the exchange rate for a few weeks and do it at the bottom (I hope...) a few weeks before sailing. Right now, the exchange rate from the USD is in flux, with some forecasts that it will drop to 1.20/1.00 (about 1.33/1.00 right now) by the late fall due to the dithering over Greece, etc.

 

I enjoy not having to find an ATM, take a chance on getting phished, fighting for any foreign fees, etc. Other folks have success using ATM's, and it works most of the time in most places. When living in the UK, I used ATM's exclusively to exchange to Pounds Sterling. We still carry at least one card with a 4-digit pin when abroad in case we do need to use an ATM or purchase via a debit card.

 

Regards, Bob H

[Andromeda93]

FYI - Citibank also offers a foreign exchange service, for certain popular currencies. It is free for some if not all accounts. The exchange rate was close to - but not as quite as low as - ATM rates, but certainly better than ship rates. Shipment to a local branch for pickup was free.

 

I used their service in fall 2011 to buy euros; enough to cover a prearranged transfer to our lodging in Italy, dinner the first night and a bit extra for emergencies. We then used ATMs there and in other countries we visited to replenish our supply of local cash. We've never had a problem using ATMs in Europe/UK, although as others point out, be sure your ATM card is on a popular network.

 

The reason we started buying some foreign currency ahead of time was less concern about foreign ATM security, than wanting to be sure we had cash in case an airport ATM wasn't filled or operable.

 

Landing in a large European airport on a Sunday means cash machines may be empty or offline, as they may not be serviced on the weekends. There's also the airline or weather delay issue - once my DH's plane was diverted from the Turin airport after circling for hours due to fog; he landed at 2 a.m. on a Sunday in Milan. Everything was closed of course, and the ATM in the airport was empty. He had to go into an airport hotel to get cash to pay the taxi driver, who fortunately was understanding and didn't think he was trying to dodge the fare.

 

Unless you're using the cruise line's air and they are transferring you straight to the ship, I'd take at least a small amt of local currency.

[Mura]

Which is another reason not to immediately change in everything you have as you are going home!

 

Now, I admit that we've been traveling frequently enough in recent years that we usually have euros and pounds on hand, and usually the stash we have is sufficient for a cab to the hotel, etc.

 

But it's also true that coming over with no cash in your pocket and counting on the airport ATM may be trusting too much. So far we haven't had a problem, but that's probably ONLY because we DID have cash in our pocket! (Which admittedly is easier in the day of the euro than it was when every country had its own currency.)

 

Mura

[Andromeda93]

We usually also end up with some 'leftover' euros, pounds, etc after a trip in Europe. I always think of it as a good reason to go back soon. :)

 

FYI - Travelex sells some of the more obscure foreign currencies if you need any; you can order online and have them shipped to a home or office. We did this with new Turkish lira last fall, which Citibank didn't sell. At that time I also priced the Travelex exchange rate for euros and pounds against Citibank's; the bank was very slightly cheaper, but it wasn't a huge difference.

[Hawaiidan]

Yes it you do not have any foreign currency... get about $75 worth tops

 

most banks will charge you anout 10% above the rate Wells Fargo is the hightes I have encountered. My local Hawaiian bank dore it for 3%

 

The atm's are everywhere and the best way to go.

 

Remember to spend all your change because you will not be able to convert it back..only bills. Remember too that when you convert it back you may also be charged up to 10% to do so. That dear folks can add up to an overall 20% that you never considered

 

In all europe in every corner and in the far east, I always use my credit card.. mine has no foreign transaction fees.. so check yours. I will average spending 99% of my expenses on the card. 1% or less is cash

Cash in no longer king, nor are travelers checks!

 

Be smart go plastic its safer, cheaper and you get a better rate.:cool:

[RetiredFL]

We always keep leftover euros in a bag in the safe for the next trip. They are becoming universal enough that we can always spend them, even in the Caribbean.

[DOJO466]

We always keep leftover euros in a bag in the safe for the next trip. They are becoming universal enough that we can always spend them, even in the Caribbean.

yes especially when they charge $12 euro for a drink :oin St Barts's

[Emperor Norton]

The best and cheapest way to get euros is from an ATM. You will get the best rate of exchange that way.

 

This is the best advice you'll get. However, unless things have changed recently be sure that your ATM PIN is 4 digits. European ATMs only support up a 4 digit PIN code.

[wristband]

Another enthusiastic vote for ATMS. So obvious - cheaper to use & far better exchange rate than the ship or your local bank, plus available everywhere and easy to use.

 

BOA has an arrangment with several European banks = $0 transaction fees on both ends (BOA or the local bank's ATM) = sizeable savings. Check the BOA web site for affiliates.

[Marebear]

Please don't forget to call your credit card companies and your bank to tell them what countries you will visit and the dates you will be there. They will stop any charges on your cards if this isn't done as a precaution against fraud.

[slotraveler1]

Get a Capitol One Money Market Account and put enough in it to cover the money you'll need on the trip. Ask for an ATM associated with the account. You can use the card at any Cirrus ATM. Capitol One has no fees. Their exchange rate is the same as all US Banks.