Princess' Foreign Currency Exchange Machines

[lidorose]

Princess sent me an email about my upcoming cruise that included some tips including "And for your convenience foreign currency exchange machines and ATMs are available onboard for your use." Has anyone ever used these exchange machines? What kind of exchange rate do they give?

[Pam in CA]

Awful exchange rates. Haven't checked recently but they're always been far worse than an ATM in the airport, on the pier or at a bank. Yes, they're convenient but only as a last resort.

[lidorose]

That was my suspicion. Thanks!

[scmexico]

I find it very convenient for small amounts ($20) in countries with their own currency. It beats trying to find a place to exchange just to buy a drink or something. Although you probably don't need the foreign currency for small purchases since almost all places that cruise ships dock take USD.

[Pam in CA]

I find it very convenient for small amounts ($20) in countries with their own currency. It beats trying to find a place to exchange just to buy a drink or something. Although you probably don't need the foreign currency for small purchases since almost all places that cruise ships dock take USD.

Unless you're really off the beaten path, I rarely exchange money except for GBP in the UK and Euros for the rest of Europe. If I'm on a land tour where I'm going to be staying for several days (China, Russia, etc.), I'll get local currency but I've never used anything but US$ in the Western Hemisphere.

[mikefang]

On the Grand Princess, April 14, 2012, using the onboard currency exchange machine to purchase some pounds:

 

Note accepted USD $20

Rate 0.5884

Banknotes GBP 5.00

BANK FEES USD 4.50

Change USD 7.00

 

ATMs are handy in the Azores, Scotland, Ireland, England and France. Credit cards were easily used but I recommend having some local currency just in case. For instance, we took a tour in Falmouth to a smuggling/fishing village where some folks on our tour could not use their credit card because it did not have a 'chip' in it and USD were not accepted.

 

Mike

[nho9504]

On the Grand Princess, April 14, 2012, using the onboard currency exchange machine to purchase some pounds:

 

Note accepted USD $20

Rate 0.5884

Banknotes GBP 5.00

BANK FEES USD 4.50

Change USD 7.00

 

ATMs are handy in the Azores, Scotland, Ireland, England and France. Credit cards were easily used but I recommend having some local currency just in case. For instance, we took a tour in Falmouth to a smuggling/fishing village where some folks on our tour could not use their credit card because it did not have a 'chip' in it and USD were not accepted.

 

Mike

 

They love you - paying $4.50 fee to get 5 GBP for $8.50. Not only the rate sucks, but the fee is horrendous for small exchange. What a money-printing little machine that is, only when someone uses it of course.

[DrivesLikeMario]

Wow - that fee has gone up since late 2010. It used to be $3.75 which was bad enough! :eek:

[caribill]

From the rates posted on one of these machines last year. The numbers refer to exchange rates that existed then,

 

There was an onboard currency exchange machine that could be used to obtain Euros. This is not an ATM machine. You insert the currency you have (for example US$) to get the Euros.

1 Euro onboard costs $1.56. Also there is a service charge of $3.50 per transaction.

Rate I received buying Euros at an ATM on shore using Credit Union ATM card: $1.44, about the exchange rate at that time. (My CU charges no fees). Thus, buying 300 Euros onboard would have cost me $39.50 more than it did at an ATM machine on shore.

By the way, Princess will buy back those $1.56 Euros paying you $1.33 for each one. Again, there is a service charge of $3.50 per transaction.

[scmexico]

I find it very convenient for small amounts ($20) in countries with their own currency. It beats trying to find a place to exchange just to buy a drink or something. Although you probably don't need the foreign currency for small purchases since almost all places that cruise ships dock take USD.

 

I used the onboard machines on an Australian/Asia cruise. We were using a different currency every other day. We were able to use USD most places but it was easier with currency d'jour in some places. I used the local currency mostly for small purchases and drinks.

[Roses2]

One should only use the on board exchange machines if there is no other choice.

 

We just came off an Asian cruise and had absolutely no problem exchanging money at ATMs or currency exchanges in any country visited with far better rates than the on board machines. In Europe there are so many ATMs, you stumble over them.

 

Major hard currencies still are welcomed at most lesser developed countries.

 

There are many credit cards that do not charge for ATM use and others that do not charge foreign transaction fees.

 

It is difficult to understand why anyone would use the on board machines.

[cruisemom42]

I find it very convenient for small amounts ($20) in countries with their own currency. It beats trying to find a place to exchange just to buy a drink or something. Although you probably don't need the foreign currency for small purchases since almost all places that cruise ships dock take USD.

 

Not all places take USD. And if they do, you're probably getting a pretty unfavorable exchange rate. Places that generally do NOT accept US dollars include local public transportation (bus, train, funicular, etc); state-run sites and museums, etc.

 

Why not just take the equivalent of $20 out of a local ATM? (No exchange needed; ATMs are virtually everywhere.)

[catlady1]

Actually when I have used the machines on the ship I tend to take more money. I usually will exchange $200 US. The fee is per transaction. The less you take the higher the % the fee represents. Sometimes you have a tour bus picking you up early in the AM and you don't have time to look around for an ATM.

Mike

[cruis247g]

We have a credit card with no foreign transaction fees, but our bank charges a fee for all foreign ATM transactions. Does anyone have a recommendation for a bank that does not charge these? (This is in addition to the regular ATM fee, so we end up with a lot of fees.). Thanks!

[nho9504]

We have a credit card with no foreign transaction fees, but our bank charges a fee for all foreign ATM transactions. Does anyone have a recommendation for a bank that does not charge these? (This is in addition to the regular ATM fee, so we end up with a lot of fees.). Thanks!

 

Capital One. If you are comfortable with online banking as they only have branches in DC, New Jersey and New York, plus Texas.

 

I do online banking with them for years. Their CCs dont have forex fee and the ATM cards dont have withdrawal fee.

 

Other financial institutions I use - Charles Schwab brokerage which also has its own bank, Schwab bank does not have ATM withdrawal fee and if the machine you use charge fee, Schwab reimburse the fee on a monthly basis without limit.

 

Fidelity brokerage also has a check card with the brokerage account - no ATM withdrawal fee, if the machine used has a fee, it reimburses immediately after each transaction.

 

USAA (the banking products no longer require you to have any military connection) ATM card does not charge a fee.

 

BofA has a global network in several countries including France, Germany, Spain, Italy, Canada, Australia and New Zealand - each country has a member bank that if you use the member bank's ATM, there is no withdrawal fee. The problem is, you have to find the member bank's machines versus the above-mentioned you can take local currency out from ANY ATM and no fee.

[nho9504]

One should only use the on board exchange machines if there is no other choice.

 

We just came off an Asian cruise and had absolutely no problem exchanging money at ATMs or currency exchanges in any country visited with far better rates than the on board machines. In Europe there are so many ATMs, you stumble over them.

 

Major hard currencies still are welcomed at most lesser developed countries.

 

There are many credit cards that do not charge for ATM use and others that do not charge foreign transaction fees.

 

It is difficult to understand why anyone would use the on board machines.

 

You DONT want to use your CC to get cash from ATM - it would be considered as Cash Advance and you would be access 1) Cash withdrawal fee (not ATM fee), AND, finance charge from the minute you take the cash, not only on the cash taken out, but also on each and every purchase you make with that card, from the date of the transaction.

 

Credit cards all have interest on charges put on the card - they are ACCRUED, not charge you yet but they are there behind the scene. If you pay your statement in full before or by the payment due date, those accrued interests would be waived - so you never see them. However, by virtue of your using it at the ATM to take cash, you VOID that condition - because now you no longer has a pay in full condition - you essentially BORROW money from your credit card issuer - therefore ALL the Accrued interest on the charges made immediately become chargeable, plus any future purchase you make on the card BEFORE the Cash Advance and all finance charge are paid off.

 

DONT ever use your CC at ATM - that should be a VERY LAST RESORT in an emergency situation.

 

Always ONLY use your Check card (or Debit Card or ATM card - however they are called by your banks). There are some subtle differences among all 3 - but those are off topic on this board. As long as the card is directly link to your checking account that any usage would immediately debit your bank account, you are fine to use it at the ATM - you are getting your OWN money, not borrowing - provided of course you have money in your bank account(s) and not doing an overdraft withdrawal!

[Roses2]

Yes, it is a debit card issued by a local bank that we use for ATM withdrawals. It waives all ATM fees.

 

We have two credit cards that waive foreign transaction fees.

 

It works well for us

[paddingtonbear]

Yes, it is a debit card issued by a local bank that we use for ATM withdrawals. It waives all ATM fees.

 

 

It works well for us

 

Yes we even have a Debit card in Australia now that waives all foreign ATM fees and foreign exchange fees and gives an excellent exchange rate without entry and exit fees.

Australia is gradually mixing it with the big boys :rolleyes:

[chasetf]

,,,,,,,,,,Always ONLY use your Check card (or Debit Card or ATM card - however they are called by your banks). There are some subtle differences among all 3 - but those are off topic on this board. As long as the card is directly link to your checking account that any usage would immediately debit your bank account, you are fine to use it at the ATM - you are getting your OWN money, not borrowing - provided of course you have money in your bank account(s) and not doing an overdraft withdrawal!

My CU Debit card is what I always use. The first time I used it in a foreign ATM I went on line that evening to see what rate I was getting. I noticed the withdrawal came out of my checking and I had assumed it would be my savings account.

 

Good thing I checked... because I then transferred funds to my checking to cover the rest of the trip. :)

[chipmaster]

As others noted they are there, give horrible rates and on our cruise were broken half the time and often had lines of 5-10 deep on port days. So I guess somepeople still used them. Expect go get 40-50 cents to the dollar after all the fees if you are exchanging a small amount.

 

Princess sent me an email about my upcoming cruise that included some tips including "And for your convenience foreign currency exchange machines and ATMs are available onboard for your use." Has anyone ever used these exchange machines? What kind of exchange rate do they give?