Preparing for tours' cash payments in Euros

[AnnetteSC]

We booked three tours in Italy and one in Greece for our upcoming (June 12) Mediterranean cruise. All request payment in cash (Euros) at time of tour.

Since it will be a lot of money, I want to make sure we get the best exchange rate.

Where do you buy your Euros before going to Europe? Thank you!

[FunInTheSun9]

Best to do the exchange in Europe. I opened a Schwab High Interest Yield Checking account solely for this purpose. It comes with a Visa Debit card that charges no transaction fees, refunds any ATM fees (though I understand there aren't any in Italy), and uses the inter bank exchange rate - so they are not making up for the loss of fees by giving a poor exchange rate. Any real (not TravelEx) ATM will work with the card. The debit card has both a chip and a magnetic strip - so it works anywhere. Best deal available to exchange USD to Euros. Will use on our upcoming Med cruise out of Civitavecchia (Rome).

[easyboy]

When I know the fixed payable amounts, I do currency exchange at my local bank, plus loose bills for tips and other minor expense.

 

 

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[euro cruiser]

Be sure to check that you will be able to withdraw as much as you'll need, some banks have limits that may not be high enough if you have several high priced tours.

 

While it's true that most consumers get better rates by withdrawing from an ATM, if your bank does not charge a fee to sell you Euros the difference between getting them ahead of time or waiting for the ATM isn't going to be all that much in most cases. If it will make you feel more comfortable to have it done ahead of time, check with each bank you deal with to see what fees they charge and the amount of lead time required for the transaction.

 

For example, Wells Fargo only adds a fee to mail the bills to you, if you go to one of the branches that deals with foreign transactions there is no fee. Of course that's great for those of us who live in major cities but not possible for many others.

[maryann ns]

It would help if we knew what country you live in.

 

ATMs work great. They often have a 250Euro limit but you can make several withdrawals at a time. Do some research with your banks and credit unions comparing fees. It is best if you can find a card with no fee for international withdrawals.

[wheezedr]

I would second FunintheSun9 in that I always get my euros in Europe. It is safer than carrying large amounts of cash with you, as well as the fact that you will get the best exchange that way. I always carry a couple of debit cards, but like him, my best bet is the Schwab as it has no fees. Also remember that if your limit is $500 that is fewer euros.

[AnnetteSC]

It would help if we knew what country you live in.

 

ATMs work great. They often have a 250Euro limit but you can make several withdrawals at a time. Do some research with your banks and credit unions comparing fees. It is best if you can find a card with no fee for international withdrawals.

 

I'm from CT, US (it says next to my user name but I understand not everyone knows that CT is the abbreviation for Connecticut).

 

I have a CC with no international exchange fees but I wanted to get a little cash (Euros) before leaving for minor things when we arrive. I guess, I can get the big amount when we get to Italy.

Thanks everyone!

[4cats4me]

I bought euros at My bank at a main branch, pre-ordered a portion in smaller denominations as well. I brought a ton of euros with me as we had multiple private tours planned, all payable in cash. I didn't want to waste time exchanging at ATM,s since I had no idea how accessible ATMs would be at our various ports, and didn't want to spend time looking for ATMs

 

 

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[irvington]

Thanks for all this info since I've been stewing about exactly this problem, with tours and other incidentals that are payable in cash. Inspired by this, I went into the Wells Fargo branch closest to my office, where I mostly bank. Turns out that they have an international exchange desk with Euros always on hand, so I think I will go closer to my departure day and get a supply. They only charge if you need it to be mailed. I had previously thought I would go to an ATM en route but worried I wouldn't have the time or it would be a travelex type. I forgot to ask about the exchange rate and perhaps it isn't as good as Schwab's.

 

Using their ATMs is definitely not as good. They will charge $5/withdrawal and whatever the local ATM charge is. I do have a Schwab account though not sure it is as premium as the ones mentioned? We never use the cash card associated with it, so I'm debating if I have time to get an ATM card from them and if I should use it.

[b_cruise]

i bought most my euros before I went at the bank (3 different ones- if u are canadian BOM was the worst exchange). Also, I bought some at various banks, not airports wherever I was to pay italytoursharing.com I would get some before hand and some there, depending upon your needs.

I actually just read an article mentioning airports have been taken over by some "higher exchange" rate company. I wish I could post the link, but I would only get money from banks there, and also before I go.

[4cats4me]

Thanks for all this info since I've been stewing about exactly this problem, with tours and other incidentals that are payable in cash. Inspired by this, I went into the Wells Fargo branch closest to my office, where I mostly bank. Turns out that they have an international exchange desk with Euros always on hand, so I think I will go closer to my departure day and get a supply. They only charge if you need it to be mailed. I had previously thought I would go to an ATM en route but worried I wouldn't have the time or it would be a travelex type. I forgot to ask about the exchange rate and perhaps it isn't as good as Schwab's.

 

Using their ATMs is definitely not as good. They will charge $5/withdrawal and whatever the local ATM charge is. I do have a Schwab account though not sure it is as premium as the ones mentioned? We never use the cash card associated with it, so I'm debating if I have time to get an ATM card from them and if I should use it.

 

 

 

We dealt with Wells Fargo, and yes, they have euros in hand in larger denominations. We wanted smaller denominations, so we had to pre-order some of the euros.

Regarding ATM cards, Capital One is a good card, as you won't pay foreign transaction fees per withdrawals.

 

 

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[cruisemom42]

I actually just read an article mentioning airports have been taken over by some "higher exchange" rate company. I wish I could post the link, but I would only get money from banks there, and also before I go.

 

You're probably talking about Travelex. They apparently have cut some deal with airports and in some places they seem to be the only ATM available. (Usually there are other, but you often have to really look for them.)

 

Travelex is the same company that runs the rip-off currency exchange booths in airports. Do NOT use them unless you are desperate -- and only exchange as little as you can get away with.

[luvtheships]

I bought euros at My bank at a main branch, pre-ordered a portion in smaller denominations as well. I brought a ton of euros with me as we had multiple private tours planned, all payable in cash. I didn't want to waste time exchanging at ATM,s since I had no idea how accessible ATMs would be at our various ports, and didn't want to spend time looking for ATMs

 

 

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This is the only way I will travel.

 

I do not use ATMs in Europe unless absolutely needed nor do I care what others on this board say about it as I know what's practical in my case

 

It is more than worth it to me to take the euro from home and I willing absorb the costs and risk related to this method.

 

Fortunately our next trip is land based and I've pre purchased all the timed admission tix I need in euro and my bank has a good exchange on credit cards. I've also pre purchased my 2nd class reserved seats on trenitalia at an incredibly low price.

 

For the group and walking tours I'm taking I purchased through Viator because their prices are equal to what the actual tour provider is charging and I fully know that Viator is not a tour agency but just a reseller. Since the prices of my tours were equal or better than the actual tour provider it was a no brainer

 

I am taking the same tour through the same tour company to Normandy as any other tourist in Paris is taking. Only I paid though Viator in dollars.

 

So for the upcoming 2 week trip I'm actually taking only 2000 e from home or perhaps 2500 e for the 3 of us Also I will have several city head taxes to pay and I thought somewhere I read it must be in cash. If it's in cash that's rather interesting to say the least..but that's just my pragmatic brain at work

 

Hotels are never prepaid so I'm paying by credit card at check out and if I have excess euro at last hotel checkout I will apply some or all of it to the bill and will inquire about a reduction for cash payment

 

I have euro for all of my transfers which will require cash and for taxis/restaurants etc (I wont use a card in any restaurant if they have to actually walk away with it). Again from vast travel experience this arises.

 

And of course euro for incidentals

 

I will also have a separate travel checking acct ATM card with me and that account will have only $1000 in it because I know the dangers of the account being over funded and possibly hacked and the full amount disappearing. If I need to fund more to it while abroad I do it via my online banking.

 

Of course I will have 2 travel only credit cards with me as well.

 

The key thing is to not use regular daily accounts but to use travel specific accounts

As you want your monthly bills account out of harms way as well as your grocery gas and other daily item credit cards out of the way as well

 

In conclusion and before others here dispute my methods....

 

I fully condone you taking the euro with you from home

 

 

 

 

 

 

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[nansi]

If your home bank has an international affiliate bank, use their ATM's and you won't be charged a fee. Bank of America is partnered with BNL in Italy. We've done this all over the world, including China, Peru, OZ, NZ etc. Just find out which bank they partner with before you go and stick to those bank ATM's.

[AnnetteSC]

I just found out that, for us in the US, foreign currency can be purchased at AAA offices.

[cruisemom42]

I just found out that, for us in the US, foreign currency can be purchased at AAA offices.

 

AAA charges no 'fee', but their markup is terrible.

 

I've traveled overseas for work and pleasure for years and years and have kept good records on exchange rates. The following is my own estimation of what gets the best bang for your buck.**

 

Best: ATM machines in country, used with card that charges no withdrawal fee and no foreign conversion fee.

 

Next best: A few people have special relationships with a bank or similar institution. If you do and can leverage it to get currency at close to par exchange and no fee, that is probably second best.

 

Third: ATM in country, even with exchanges and fees beats most other (marked up) exchange rates. The more you're looking to withdraw in total, the more attractive this option is. Especially if you make arrangement with your bank in advance to allow a larger than normal withdrawal at a time (to beat the withdrawal fees).

 

Fourth: Most US bank exchange rates, without (better) or with (less good) shipping fees. Get them locally if you can.

 

Fifth: In country banks. But this is hardly ever worth it for the hassle involved. A lot of banks in Europe (at least in the countries I'm familiar with) do not even offer this service anymore.

 

Sixth: I'll just lump everything else you should NOT use here. Airport or local moneychangers, Travelex machines, AAA, Hotel or ship desk exchanges.

 

** Note: this is US-centric. I understand our Canadian friends have money exchanges where they can exchange their dollars for euros with hardly any markup.

[AnnetteSC]

Thank you, crusemom42. You are an amazing source of information! :)

[4cats4me]

Sixth: I'll just lump everything else you should NOT use here. "Airport or local moneychangers, Travelex machines, AAA, Hotel or ship desk exchanges. "

 

Amen to that. The exchange rates were laughable and atrocious when we noticed what they were asking at Travelex in Heathrow.

AAA had horrible rates, too.

Our own bank had pretty good rates, surprisingly, just a tad higher than what it would have cost us had we withdrawn in Europe.

 

 

 

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[irvington]

Thanks, Cruisemom42! Really great information.