Currency Conversion - US Dollars to Euros

[mchin]

Looking for options to convert US dollars into Euros for our Western Mediterranean cruise.  Has anyone used the service at BCN?  Ease of use?  Service fees?  etc.

 

Thanks in advance!

[MeHeartCruising]

3 hours ago, mchin said:

Looking for options to convert US dollars into Euros for our Western Mediterranean cruise.  Has anyone used the service at BCN?  Ease of use?  Service fees?  etc.

 

Thanks in advance!

Generally, currency conversion done at airports is one of the more expensive options.  
 

How much do you need?  Nowadays, the best method of getting local currency is to simply use local ATMs upon arrival for cash and credit cards for most purchases.  But if you need a large amount to pay for an excursion, then maybe you need to convert somewhere. 

[John Bull]

Other than ships' customer services, airports are possibly the worst places for exchange rates 😮.

I do like to have a little local jingle in my pockets before I arrive, but where I get them depends on any minimums as well as the rates.

I think that (all? / most?) taxis at BCN accept cards, hopefully someone else can confirm.

 

Best exchange rates are by using your debit card at bank ATMs at the destination, though you need to check which banks are partners with your card provider to avoid or minimise fees. And be careful to select your card issuer's rate & not the ATM's rate (you can select the English language on the ATM). If you don't want to use your debit card for security reasons, credit cards provide the same excellent exchange rates but their high interest is charged from the moment you draw the cash, so you need to totally clear your account soonest rather than waiting for your monthly direct debit payment to do it for you .

 

But don't exchange too much cash - in Europe, Mastercard & Visa cards are accepted very widely (AmEx & Diners not so much), and at a far better exchange rate than any exchange bureau. And no minimums - so even for just a beer or a coffee.

When you present your card, most outlets give you the choice of being charged in your currency or local currency. Always - but always - select local currency. This means that the conversion wil be done by your card provider (at, or close to, the wholesale exchange rate) rather than by the outlet (at whatever exchange rate they want). Debitting your card in local currency also makes it easy to ensure you're not over-charged, because the figure on the POS card-reader will be the same as on the check.

Same applies to paying your ship-board account. If your home currency isn't the same as ship's currency - for instance if your ship is Italian, or you're a Canadian or Brit on an American ship - you'll be asked if you'd like to be charged in your home currency "for your convenience" 🙄. Decline that kind offer, get charged in ship's currency & let your card issuer do the conversion at their much better rate.

 

Finally, ForEx fees for most cards are around 3% to 5%, but some are fee-free.

If your card/s don't provide fee-free foreign transactions, get one that does - your fellow-Anericans or that nice Mr Google can suggest cards that have no ForEx fees. 

The downside of cards with no ForEx fees is that they don't always give the same freebies as other cards, like cashback. So to get the best of both worlds, we have one card (with no ForEx fees) that we use solely for foreign travel. It has the added advantage that we know what we've spent on foreign travel, because all those costs are on one card.

 

It's a complicated business, but if you can get your head round it you'll save a lot of bucks. 

 

JB 🙂  

 

Edited December 24, 2021 by John Bull

[Host Jazzbeau]

Americans have some options that CC members from other countries don't seem able to use.

(1)  Debit cards are what you want to use for ATMs in Europe.  Schwab gives one with no ForEx fees and no ATM fees.  You need to establish a checking account at Schwab – which is also a good idea to have as a 'travel' account with a small balance so if you get hacked your risk is small.  Then just look for a bank logo on the ATM [never use Travelex] to make sure you get a good conversion rate.

(2)  Credit cards with no ForEx and Cash Back are not hard to find in the US.  If you are a Costco member, their Visa card is the best for travel:  3% cash back.  Many Amex cards have no ForEx, even the entry-level with no Annual Fee [e.g. Amex Hilton Honors, Delta Blue] – their points can be redeemed for cash.  Also Discover.

[mchell810]

I simply go to my bank and request euros; they have it ready in a couple of days.  Many people will say you don't get a good exchange rate from the bank but I find it to be very good.  Since I never need more than a couple hundred dollars I am willing to lose a few cents on the dollar for the convenience, especially knowing I can get straight into a taxi at the airport without searching for an ATM (or waiting in line to use said ATM as I saw others doing.) 

[mchin]

Thank you all for the feedback!  I checked with our bank (use a credit union); unfortunately, the credit union does not provide currency exchange as one of their services.  Also checked with AAA, but they are in the process of replacing the third-party vender who provides this service and not sure when they will offer currency exchange again.  

 

My original thought was to have several hundred US dollars worth of Euro with us for tipping, small transactions, like coffee and snacks, taxi, etc., and use credit card for major dining and purchases.  We are Costco executive members with Visa, so that may be the best route and use that at ATM as needed for additional cash.

[MeHeartCruising]

You would not normally want to use a CREDIT CARD at an ATM, if that’s what you meant.   That would result in an expensive “cash advance” transaction on the card.  You want to use your regular bank account debit card at the ATM, which will withdraw the cash from the linked checking or savings account.  Your debit card may be labeled as a Visa or Mastercard, but you want to use it as a debit transaction at the ATM. 
 

I would get the cash for “for tipping, small transactions, like coffee and snacks, taxi, etc.” from the ATM. 

Edited December 24, 2021 by MeHeartCruising

[mskaufman]

I used credit cards for almost everything, even ice cream cones.  That said, I've always needed some cash.  I've used my home bank to exchange a small amount of cash for me (less than $50) and then ATMs if I need more.  With what a trip costs, a buck or two difference in exchange rates is in the noise.

[Host Jazzbeau]

Your Costco Visa Credit Card is the best way to pay for almost everything in Europe.  It has no Foreign Transaction Fees, gives a very good exchange rate [be sure to make the charge in local currency and let Citi do the dollar conversion on the card] and gives you back 3% on 'travel' purchases and 1% back on everything else.  You will need very little cash in Europe [and that mainly 50 cent pieces for public toilets].

[JoePDX]

I always use an ATM at my first stop in Europe (usually an airport) to get out a 100 or so Euros as my starting pocket  money.   Then I just replenish as I need along the way with additional ATM stops.    I do have ATMs cards from two different credit unions in case one should not work (although that has never happened).

 

There is a new "trend" in Europe where the ATM (also credit card machines in stores) will offer to process the transaction in "local currency" or your "home currency".   Based on research I have done, you should ALWAYS choose the "local currency" option - the ATM operator can set what ever conversion rate for the "home currency" and it is always at their advantage.   Let your home bank or credit card do the conversion from Euros to Dollars.

 

Joe

Edited December 29, 2021 by JoePDX

[samavarcruiser]

On 12/23/2021 at 9:04 PM, mchin said:

Looking for options to convert US dollars into Euros for our Western Mediterranean cruise.  Has anyone used the service at BCN?  Ease of use?  Service fees?  etc.

 

Thanks in advance!

 

You better use your credit cards and het cash except of being charge commission on exchange!

 

 

[spunks]

Jazzbeau is exactly correct about setting up a Schwab account and using their debit card at ATM machines for local currency. Since you never know how much you need to take, why take any?...Just hit the first convenient ATM you see. You dont care about ATM charges as Schwab pays for all of them. Plus, they do not charge an exchange fee and you get the spot market price up to the second of exchange.

 

That said, always use your credit card to make purchases and to pay for hotels (even taxi's).....and ALWAYS IN THE LOCAL currency. Use the Schwab debit in the ATM. Your credit card will charge a high price for cash withdrawals. I feel much safer using an ATM on Las Ramblas than I would carrying a lot of cash. I have used ATM in Venice,Paris the Azores...everywhere.

 

Besides, if you are cruising the Baltic, not many countries use the Euro. Each has their own currency.

[trotzoll]

On 12/24/2021 at 9:54 AM, John Bull said:

Other than ships' customer services, airports are possibly the worst places for exchange rates 😮.

I do like to have a little local jingle in my pockets before I arrive, but where I get them depends on any minimums as well as the rates.

I think that (all? / most?) taxis at BCN accept cards, hopefully someone else can confirm.

 

Best exchange rates are by using your debit card at bank ATMs at the destination, though you need to check which banks are partners with your card provider to avoid or minimise fees. And be careful to select your card issuer's rate & not the ATM's rate (you can select the English language on the ATM). If you don't want to use your debit card for security reasons, credit cards provide the same excellent exchange rates but their high interest is charged from the moment you draw the cash, so you need to totally clear your account soonest rather than waiting for your monthly direct debit payment to do it for you .

 

But don't exchange too much cash - in Europe, Mastercard & Visa cards are accepted very widely (AmEx & Diners not so much), and at a far better exchange rate than any exchange bureau. And no minimums - so even for just a beer or a coffee.

When you present your card, most outlets give you the choice of being charged in your currency or local currency. Always - but always - select local currency. This means that the conversion wil be done by your card provider (at, or close to, the wholesale exchange rate) rather than by the outlet (at whatever exchange rate they want). Debitting your card in local currency also makes it easy to ensure you're not over-charged, because the figure on the POS card-reader will be the same as on the check.

Same applies to paying your ship-board account. If your home currency isn't the same as ship's currency - for instance if your ship is Italian, or you're a Canadian or Brit on an American ship - you'll be asked if you'd like to be charged in your home currency "for your convenience" 🙄. Decline that kind offer, get charged in ship's currency & let your card issuer do the conversion at their much better rate.

 

Finally, ForEx fees for most cards are around 3% to 5%, but some are fee-free.

If your card/s don't provide fee-free foreign transactions, get one that does - your fellow-Anericans or that nice Mr Google can suggest cards that have no ForEx fees. 

The downside of cards with no ForEx fees is that they don't always give the same freebies as other cards, like cashback. So to get the best of both worlds, we have one card (with no ForEx fees) that we use solely for foreign travel. It has the added advantage that we know what we've spent on foreign travel, because all those costs are on one card.

 

It's a complicated business, but if you can get your head round it you'll save a lot of bucks. 

 

JB 🙂  

 

This is so helpful! Thank you!

[Hlitner]

As one who frequently travels and Europe (and elsewhere) I would echo the other posts that using ATMs is generally the best way to obtain cash at the most favorable rates.  ATMs also work 24/7 where other changing places generally have limited hours.  

 

But I want to mention two other issues for fellow North Americans.  Most (not all) financial institutions still want to be notified (in advance) of travel plans.  In some cases if you fail to notify your ATM issuing bank or credit card companies of your travel plans your use of those cards might be severely limited or even cut-off!  One relatively recent change is that some major travel cards (i.e. AMEX and Chase Sapphire) no longer want to be notified of travel plans.  But you need to check on your own card's requirements and do it before you leave home.

 

The other issue (a personal pet peeve) I want to mention is what I consider a complete legal "con" called Dynamic Currency Conversion (DCC).  This is used for both ATM/Debit cards and credit cards and I think it is akin to legalized stealing.  You may be offered (on an ATM screen or when you use a charge card) a localized exchange rate (sometimes you will be asked if you want your transaction done in US Dollars)!  The correct answer is NO!  I repeat....say NO.  Otherwise your transaction will get an exchange rate imposed by the bank or merchant that can sometimes be 7-10% below the normal exchange rate!   The way to handle transactions (with ATMs and Credit Cards) is to insist they be processed in the local currency!  The International banking system will later convert your transaction (before it is posted to your bank or credit card system) using more favorable wholesale rates of exchange.

 

For those curious to know more about this legalized theft you can just Google "Dynamic Currency Conversion" and you will find lots of good info.

 

Hank

[cruisetilidrop]

On 12/23/2021 at 6:30 PM, MeHeartCruising said:

Generally, currency conversion done at airports is one of the more expensive options.  
 

How much do you need?  Nowadays, the best method of getting local currency is to simply use local ATMs upon arrival for cash and credit cards for most purchases.  But if you need a large amount to pay for an excursion, then maybe you need to convert somewhere. 

Is there an ATM at the Barcelona airport or only the exchange booth? Thank you.

[samavarcruiser]

ATM's are allover in Europe, don't worry.

[marazul]

On 3/30/2022 at 5:44 PM, cruisetilidrop said:

Is there an ATM at the Barcelona airport or only the exchange booth? Thank you.

There are many ATMs at the airport. Use the ones owned by a bank (banco), not an exchange company to get the best rates. 

Outside the airports you will see bank ATMs almost exclusively.   And, yes, they are all over.  We prefer to use those that are in the lobby or outside wall of a bank.

Edited April 9, 2022 by marazul

[Harters]

On 4/9/2022 at 2:05 PM, marazul said:

Outside the airports you will see bank ATMs almost exclusively.

That will much depend on where you are in the country. I am just back from a couple of weeks in Tenerife and most ATMs that you come across on the street are exchange companies - like Euronet (literally highway robbery - a high usage charge and poor exchange rates) . Bear in mind that even bank ATMs in Spain generally have a fixed usage charge which can vary from around €1 to around €6. Also, as already mentioned, if your card is a non Euro zone one, you will be asked if you want to be debited in Euros or your home currency. ALWAYS choose Euros, which will be charged at the agree interbank rate and not some rate dreamed up by the ATM operator (bank or not).