Getting Euros inside a bank

[lightsleeper]

Just wondering if anyone has experience getting Euros inside a bank, not at an atm

Need about 1000 Euros...I know I can make several trips to an atm but would like to get entire amount inside and make only one withdrawal. Also, was not speaking Italian an issue?

[Hlitner]

Just wondering if anyone has experience getting Euros inside a bank, not at an atm

Need about 1000 Euros...I know I can make several trips to an atm but would like to get entire amount inside and make only one withdrawal. Also, was not speaking Italian an issue?

 

In Europe, most banks have stopped handling currency sales/conversions for everyone except their own customers. In fact, you will often see signs on bank windows saying they do not convert currency. There are still plenty of private currency kiosks/offices around major cities and airports but they do not give you the best rates. The new normal in Europe is to get cash from ATMs. To deal with the daily withdrawal limits, many frequent travelers have more then one ATM Card (each linked to a different account).

 

You can also buy Euros in the USA/Canada from some banks and also online. Wells Fargo Bank is one often mentioned as an option. Just keep in mind that your best currency rate will be from European ATMs, and using other methods will cost you additional money. However, with only 1000€ the extra cost will not be too bad (perhaps $20-$40).

 

Just one other warning! Travelers Checks are essentially obsolete and difficult to impossible to cash anywhere (except on some cruise ships). Had to laugh when during a recent trip to France we saw a man try to pay for his restaurant bill with an American Express Travelers Check. The waiter looked at the TC and asked "what is this?" Most of the younger generation have never seen a TC or even have a clue as to what it is.

 

Hank

Edited July 11, 2016 by Hlitner

[maryann ns]

ATMs do not give clear reasons when refusing a transaction. Generally it is because you have exceeding their limit (not the limit imposed by your bank on your card.) Just keep trying for a smaller amount. If what they give you is not enough then make a second withdrawal right away. They generally will allow that.

 

Whatever you do have at lease one back up card from another financial institution. On a recent trip the bank for one of my cards made a computer error which invalidated my card. Thank goodness my DH and I had others.

[LondonTowner]

A 1000 Euros seems to be a lot of cash. Most places these days accept cards.. Just get a card which doesn't make any charges for foreign transactions.

[bennybear]

Also if at all possible use a machine inside a bank, and switch language to English. Sometimes machines will cancel the transaction. But last year one aborted a transaction in the middle and our bank thought we had received the money. It took months to sort out. If that happens to you, take a photo of the ATM screen to help later.

[wheezedr]

Just wondering if anyone has experience getting Euros inside a bank, not at an atm

Need about 1000 Euros...I know I can make several trips to an atm but would like to get entire amount inside and make only one withdrawal. Also, was not speaking Italian an issue?

 

Depending on your bank limit, getting 1000€ may be hard as that is more than $1000 which is the upper limit on all my cards and I suspect many others. Most foreign banks will offer you a language choice at the beginning although some seem to recognize the card and auto default to English.

Would always carry multiple debit cards as for unknown reasons one or another may not work. Besides banks check your brokerage accounts as Schwab has a card on which they cover all fees.

[lightsleeper]

The 1000 Euros are for several private tours set up that do not accept credit cards.

Our brokerage debit card allows us to get up to $2500 per day "From a Teller"

I know all about ATM limits.

This is the experience I was asking about

[cruisemom42]

You may have considerable difficulty finding a bank to assist you in such a transaction (e.g., via a teller).

 

You don't say where in Italy you will be, but in most heavily touristed areas, understanding English shouldn't be an obstacle.

[LondonTowner]

If you are in a major city, you may be able to pre arrange collection of the Euros. If you explain the situation to the tour company, can't you pay with a card? Sounds a bit like tax evasion to me.

[LondonTowner]

I meant pre arrange collection from a bank.

[Wendy The Wanderer]

I would then talk to my "brokerage firm" and ask them how to do this in Europe.

 

The last time I was obliged to pay out 1000 euros for private tours, I brought most of it with me, just so I wouldn't have to haunt the ATM's daily.

[Hlitner]

The 1000 Euros are for several private tours set up that do not accept credit cards.

Our brokerage debit card allows us to get up to $2500 per day "From a Teller"

I know all about ATM limits.

This is the experience I was asking about

 

If your card has a Visa or MC logo (even on a debit card) you might be able to get a European bank to give you a "cash advance" against the card....but this means you will be hit with extra fees. But you cannot count on this working. There are arrangements that can usually be made with the larger commercial bank accounts (like Citi) to use a corresponding European bank (done by prior arrangment). But you mention a brokerage card...and this probably is not an option. We have run into similar situations in Europe (we do many extended European driving vacations) and ultimately obtained 3 different ATM cards...each drawn on a different bank and account. So even with a $500 daily withdrawal limit, we could hit each card each day.

 

But your situation is different since you want to rely on a single card (we would never do this). Although it does go against our own favorite practice, in your case you really should consider Wells Fargo (unless you know a better bank for foreign cash). They will sell you Euros for about a 3-5% premium....but at least you will not have to worry about getting the cash. Otherwise, use your ATM in Europe and get the max every day (hopefully you have enough days to get all you need). Most cruise ships will also exchange US Dollars to Euros (but not at a great rate). As we said earlier, even if you had to pay 4% (which we think is outrageous) this would only cost you $40 on a $1000 transaction.

 

Hank

[lightsleeper]

Thank you all for your replies

I have two debit cards (Visa) which I will be taking besides the "brokerage" card which is also a debit card

Since most of you think I will run into a problem, I will purchase the Euros prior to leaving the states and use ATMS as required

[Hlitner]

Thank you all for your replies

I have two debit cards (Visa) which I will be taking besides the "brokerage" card which is also a debit card

Since most of you think I will run into a problem, I will purchase the Euros prior to leaving the states and use ATMS as required

 

One other very important tip. Notify each of your issuing banks/brokerage house of your travel itinerary (before you leave home). This normally stops any security issues that occur when you use your card outside of normal usage patterns (i.e. overseas).

 

Hank

[littlelulu01]

Our local credit union does not charge a transaction or conversion fee but has a max 250 euro/day from checking account. We have two checking accounts. I label one debit card as backup with a sharpie and keep that separate just in case something happens to the one I carry and I need to shut down the account.

 

So cost wise: today daughter took out 250 euro and bank debited $277 from checking account. Some bank machines, like yesterday at Amsterdam train station said broken. There was another atm that said, no transaction fee. She started to use it and it had an exchange rate of 1.24 vs the going rate of 1.11. She waited till she got to the airport and took 250 out at 1.11.

 

It's not that hard to get euro once there for much less than anywhere in the states but like previous poster said, make sure you let your bank know beforehand so they won't deny the transaction for suspected fraud. I would not use a credit card to get cash because my bank would treat as a cash advance and charge fees.

 

1000 euro is enough that many exchange companies will wave the fee. But to get euro beforehand it is still going to cost more and it pays to check. My credit union charges more than my local Travelex branch. My local bank branch is about as interested in exchange of currency as the banks in Italy. Offered as a courtesy service for their customers but not without a markup for the hassle factor.

Edited July 12, 2016 by littlelulu01

[Hlitner]

As the previous post hints, not all ATMs are alike :). We recommend only using ATMs owned by major banks where you will get something close to the official exchange rate (which is always changing). There are other ATMs that are either privately owned or owned by some large travel companies (like Travelex) that will not give you a favorable exchange rate and may also impose extra fees (not charged by European banks).

 

Hank

[Karennella]

Of course it depends where you live, but we are able to buy euros in Sydney at a better rate than we would get in Europe. So we prefer to take a fairly large amount with us. Last time we did have to get some money out of an ATM and found one which had lower fees for our card. It did not have an English option but we speak Italian so we managed.

[lisiamc]

Of course it depends where you live, but we are able to buy euros in Sydney at a better rate than we would get in Europe. So we prefer to take a fairly large amount with us. Last time we did have to get some money out of an ATM and found one which had lower fees for our card. It did not have an English option but we speak Italian so we managed.

 

In Italy, the ATM should not charge you a fee if it's a bank ATM, and not a private one. The fee would have come from your own bank.