Purchasing foreign currency on board ship

[mamkmm2]

At the risk of being redundant and annoying the question curmudgeons I really need some clarification. I did call Princess but two of the people I spoke to weren't sure of the answer and the third gave me an answer that, even with what little I know, I know was incorrect.

 

First, I've read several times that you can purchase foreign currency on board ship. We are taking some currency with us (British pounds and Euros) but we are looking for options "just in case."

 

My questions are:

 

1. Where are these purchases made?

 

2. Are the exchange rates okay or fairly lousy?

 

3. What is the medium of exchange? In other words do we need cash, a separate credit card from our cabin card, or does it get charged to our cabin account?

 

4. And how much notice do we need to give to make such a purchase?

 

Thanks for the clarification(s).

[cruisequeen4ever]

1) On the Royal and Regal, it's down on Deck 4 mid ship as you disembark.

2) They're probably bad bu well worth it to us for the security and convenience.

3) Machine- You insert US currency to exchange. If you need cash, there's an ATM next door to the machine.

To avoid repeatedly paying the hefty fees, I recommend taking out a solid chunk of change and storing it in your safe. Don't take our tooooo much, though, since they really don't you if you have to exchange back to US currency.

Have fun!!

 

 

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[srpilo]

Princess uses automated currency exchange machines..

 

They except USD and will exchange them for the currency of the current country/area the ship is visiting. (think a ATM type process).. After sailaway the reverse process is used where you can insert left over local currency and receive back USD. (no coins giving or accepted with either transaction)

Both type transactions garner a transaction fee, and a less than stellar exchange rate..

These machine are valuable in pinch where you absolutely have no local currency when getting off the ship, but obviously using a shore side ATM is your best strategy for acquiring local currency abroad once ashore.

 

Srpilo

[-Lew-]

 

At the risk of being redundant and annoying the question curmudgeons I really need some clarification. I did call Princess but two of the people I spoke to weren't sure of the answer and the third gave me an answer that, even with what little I know, I know was incorrect.

Your reason for asking your question here on CC is the perfect response to I don't get it...the title of another thread on this board!

 

The rates of exchange on Princess ships are likely the absolute worst you'll find anywhere. I suggest you use an ATM onshore for obtaining currency. There are debit cards that do not impose any additional fees at all, so you'll be getting the absolute most favorable rate of exchange.

 

[mamkmm2]

Thank you for the replies thus far. Very helpful and better than the website or customer service was able to provide.

 

I realize I now have another question since the exchange is via automated machines. What size USD will the machines accept? 100s, 50s, or only smaller bills.

 

Thanks again.

[GranJean]

On the Emerald Princess in September last year:

1) At the Customer Services desk or at the adjacent ATM

2) Really lousy

3) Cash at the Customer Services desk .,. credit card at ATM

4) None. I did notice that the ATM and the CS desk ran out of some denominations.

 

PS: We filled our currency needs from local exchanges at a better exchange rate than was offered at Airports or onboard. Thus the above notes are from observation and not actually participation

[-Lew-]

 

3) Cash at the Customer Services desk .,. credit card at ATM

If you use a credit card at an ATM onboard, you'll be charged interest on the withdrawal because it will be considered a cash advance. Better to use a debit card.

 

[mamkmm2]

Our large, national bank does not have any branches in the UK so not only is there a user's fee each time the card is used but there is a international fee as well. We have credit cards but the cash advanced feature is usurious. We found a local currency exchange company that gave better exchange rates than everyone else with only a small fee ... which through a coupon they will not charge us if we want to sell them any cash back after the trip.

 

I was just asking about onboard currency purchase as a back up plan. I guess I will wait to see what the rates are once we are on board to determine how good a back up plan it is. :rolleyes:

 

Emergencies always seem to happen and I'm the type that wants a back up plan for my back up plan. You can want Plan A but you might need a Plan B that in and of itself requires a Plan C. LOL! Remember Murphy's Law because it will definitely remember you.

[cruisequeen4ever]

Thank you for the replies thus far. Very helpful and better than the website or customer service was able to provide.

 

 

 

I realize I now have another question since the exchange is via automated machines. What size USD will the machines accept? 100s, 50s, or only smaller bills.

 

 

 

Thanks again.

 

 

$100s and $50s were accepted, and the max you can withdraw per transaction is $500.

 

 

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[mamkmm2]

$100s and $50s were accepted, and the max you can withdraw per transaction is $500.

 

 

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Thank you. Exactly what I wanted to hear. Had no desire to haul around a bunch of 20s.

[SadieN]

About left over currency--

Exchanges will only exchange paper currency, no coins.

 

About coinage, get a coin purse. We have several, divided by type.

 

Unused coins can be used for tips (especially good if the ship is staying in the area) or souvenirs. Sometimes our flights will collect any coins for charity.

 

 

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[smslms]

First off, do not ever expect to phone Princess and get a sensible answer to any question. Phone 4 times and get 4 different answers.

 

Second, if you want foreign currency your best bet is to buy it at home before you leave on your cruise.

 

The next best bet is to go ashore in a foreign port and use an ATM. Please don't listen to those who talk about the fees. Think! How much is it in comparison to the cost of your vacation?

 

Lastly, foreign currency is sometimes, but not always, available onboard. If available the exchange rate onboard will normally be the worst option available to you.

[caribill]

At the risk of being redundant and annoying the question curmudgeons I really need some clarification. I did call Princess but two of the people I spoke to weren't sure of the answer and the third gave me an answer that, even with what little I know, I know was incorrect.

 

First, I've read several times that you can purchase foreign currency on board ship. We are taking some currency with us (British pounds and Euros) but we are looking for options "just in case."

 

My questions are:

 

1. Where are these purchases made? They have currency exchange machines. These are not ATMs. You put cash in (a number of different currencies are accepted, but only one currency per transaction) and get cash out (only one currency offered).

 

2. Are the exchange rates okay or fairly lousy? Lousy does not begin to describe it. See the example I give at the end of this post.

 

3. What is the medium of exchange? In other words do we need cash, a separate credit card from our cabin card, or does it get charged to our cabin account? Cash is inserted. (A maximum of ten bills per transaction).

 

4. And how much notice do we need to give to make such a purchase? Zero notice. Just walk up to the machine when it is working.

 

Thanks for the clarification(s).

 

The following was before the Brexit vote, so the pound was worth more than. This was the experience in April on a cruise that was going to ports that used Euros and ports that used British pounds.

 

There are two machines, both on deck 6 near the center elevators. The one on the starboard side is for buying/selling British pounds. The one on the port side is for buying/selling Euros.

 

As has been posted previously, these are not ATM machines. You put currency in to get currency out. There is a limit of inserting ten bills per transaction. There is a service fee of $4.50 per transaction. It is obviously better to insert ten $20 bills than twenty $10 bills as the latter transaction would require paying two service fees.

 

The current interbank rate for selling British pounds is $1.45352 for one British pound.

 

The current interbank rate for selling Euros is $1.13204for one Euro.

 

ATM debit cards used on shore will usually have a foreign transaction charge of from 0% (CapitalOne, for example) to 3% (Bank of America, for example).

 

So if your financial institution charges the full 3% rate, one British pound would cost $1.4971 and one Euro would cost $1.1660.

 

The Princess currency exchange machines have the following rates today. (I do not know how often they may change.)

 

To purchase British pounds, you will pay $1.5454 for each pound. To sell British pounds back to Princess, the machine will give you $1.3217 for each pound, 14.47% less than you paid for them. Of course you will pay the $4.50 Princess transaction fee for both buying and selling the pounds. Compare this to what using your ATM card might cost.

 

To be noted is that the machine does not say you are paying $1.5454 for each pound. It shows the rate as $1 buys you .64708 of a pound. Unless you have a calculator with you or are a certified MENSA member, you will not know that .64708 translates to paying $1.5454 for a pound. Many people see the $1.3217 value and assume they are getting a great deal on purchasing pounds.

 

To purchase Euros, you will pay $1.2046 for each Euro. To sell Euros back to Princess, the machine will give you $1.0306 for each Euro, 14.44% less than you paid for them. Of course you will pay the $4.50 Princess transaction fee for both buying and selling the Euros. Compare this to what using your ATM card might cost.

 

To be noted is that the machine does not say you are paying $1.2046 for each Euro. It shows the rate as $1 buys you .83015 of a Euro. Unless you have a calculator with you or are a certified MENSA member, you will not know that .83015 translates to paying $1.2046 for a Euro. Many people see the $1.0306 value and assume they are getting a great deal on purchasing Euros.

 

Of course you can buy Euros with pounds or buy pounds with Euros. I did not look into those rates, but you should expect a loss of value of 14.44% plus the transaction fees.

 

The machines do not accept coins. I do not know if they dispense coins when you buy the currencies, but I suspect they do.

Edited July 10, 2016 by caribill

[BigGuy25]

We recently were on a TA from Ft Lauderdale to London and then on to Prague. So, we needed four currencies in all for the trip ... dollars, British pounds, euros and Czech crowns. At one point I was willing to take the ship's conversion hit to change my last euros to pounds ... but found out I'd be hit with a "double whammy!!" They wouldn't do a straight conversion. I'd first need to change the euros to US dollars ... and then change the dollars they gave me to British pounds. They'd both have the conversion fees attached. I said "no thanks!!"

[caribill]

We recently were on a TA from Ft Lauderdale to London and then on to Prague. So, we needed four currencies in all for the trip ... dollars, British pounds, euros and Czech crowns. At one point I was willing to take the ship's conversion hit to change my last euros to pounds ... but found out I'd be hit with a "double whammy!!" They wouldn't do a straight conversion. I'd first need to change the euros to US dollars ... and then change the dollars they gave me to British pounds. They'd both have the conversion fees attached. I said "no thanks!!"

 

Only way to do that at minimal cost is at a Czech bank.

 

Always make that conversion in the country you need a new currency for.

 

I once made the mistake of changing unneeded Swedish crowns into US $ while at an airport in Denmark at a currency exchange counter.

 

The way they did it was to first convert the Swedish crowns into Danish Crowns (buy low plus add a service change) and the convert the Danish crowns into US $ (sell high plus add a service charge). Lost about 20% of the value in less than a minute.

 

Odds are better in a Princess casino.