currency exchange

[Lonedaddy]

Is there a currency exchange on board for USD to euros while sailing in europe?  If so, is it a reasonable rate or like most hotels ridiculous.

 

Thanks.

[Pcardad]

Regent typically carries USD, Euros and Pounds Sterling.

[PhD-iva]

To get the best fx exchange rate, use an ATM machine (at a bank). Big banks probably have the best rates.

Edited March 17, 2022 by PhD-iva
Edit

[Timeflies]

From memory (2019) its not a particularly good rate but not a lot of difference from Bureaux de Change.  No charges for commissions or exchange either. 

 

However, you can buy currency onboard.  This is charged to your suite account and then you pay that off by your stored credit card.  That way, depending on your credit card provider, you can get a very good rate with zero associated charges.  From memory I think you are allowed to withdraw up to $400 per cruise segment.

[ronrick1943]

When using an ATM, make sure it;’s a bank ATM.  But if you’re not using many the ship it’s good.

[Pcardad]

Ask your local bank for a quote to buy the currency before you leave - I get the best pricing there.

[cwn]

2 hours ago, Pcardad said:

Ask your local bank for a quote to buy the currency before you leave - I get the best pricing there.

This is what we have been doing for the last 15 years. We get a little  or a lot ( if I know there will be interesting street markets where you can’t use a cc) of the different currencies that we will encounter then change the unused monies back when we get home. We have found there is never a bank ATM when we have needed it and have wasted lots of site seeing time looking for money. We live in a small town so we drive to Houston for an outing to do the Currency buying. Has made for many hassle free trips once we starting doing this.

[fdnycruiser]

Just stay away from the Euro Net ATMs.  They look like a bank ATM, but are not. I learned the hard way. 

[mooretraveling]

24 minutes ago, cwn said:

This is what we have been doing for the last 15 years. We get a little  or a lot ( if I know there will be interesting street markets where you can’t use a cc) of the different currencies that we will encounter then change the unused monies back when we get home. We have found there is never a bank ATM when we have needed it and have wasted lots of site seeing time looking for money. We live in a small town so we drive to Houston for an outing to do the Currency buying. Has made for many hassle free trips once we starting doing this.

If you don’t mind me asking, which bank do you do your currency exchange at? We live in a small town in TX too and I was thinking we’d have to drive to Houston to do ours. Our cruise is in October and we’ve never had to exchange currency. 

[Pcardad]

I suspect many (most) of you have private banking services. If yo do, you will get a preferential rate and they will ship the currency to you overnight.

[ronrick1943]

2 hours ago, mooretraveling said:

If you don’t mind me asking, which bank do you do your currency exchange at? We live in a small town in TX too and I was thinking we’d have to drive to Houston to do ours. Our cruise is in October and we’ve never had to exchange currency. 

Not sure about Texas, but in California we buy at Wells Fargo Bank with a good rate of exchange and what you don’t use you bring back and get the same exchequer rate to return.

[UUNetBill]

+1 on pre-purchasing any currency you need before you travel.  Cheaper and easier.

[-Lew-]

2 hours ago, UUNetBill said:

+1 on pre-purchasing any currency you need before you travel.  Cheaper and easier.

 

I respect your preference of obtaining foreign currency prior to traveling, but I don't understand how the process can be cheaper and easier.  I find banks usually add a fee or apply an unreasonable exchange rate to any currency transaction.

 

When we travel to Europe we have a few hundred euros saved from a previous trip for any immediate expenses...airport transfers, etc.  We then use our Schwab debit cards to obtain cash from ATMs with no foreign transaction fee and reimbursement for ATM fees.  Obtaining cash locally is convenient and safer since we don't have to have a lot of cash on hand.

[azjoy]

9 minutes ago, -Lew- said:

 

I respect your preference of obtaining foreign currency prior to traveling, but I don't understand how the process can be cheaper and easier.  I find banks usually add a fee or apply an unreasonable exchange rate to any currency transaction.

 

When we travel to Europe we have a few hundred euros saved from a previous trip for any immediate expenses...airport transfers, etc.  We then use our Schwab debit cards to obtain cash from ATMs with no foreign transaction fee and reimbursement for ATM fees.  Obtaining cash locally is convenient and safer since we don't have to have a lot of cash on hand.

And Schwab reimburses ATM fees.  We've been doing this for years. 

 

For security purposes, we keep the Schwab checking account separate from our regular checking account and deposit funds before we travel.  If someone "skims" the ATM card, they only have access to that money and not our regular checking account.  

[-Lew-]

20 minutes ago, azjoy said:

For security purposes, we keep the Schwab checking account separate from our regular checking account and deposit funds before we travel.  If someone "skims" the ATM card, they only have access to that money and not our regular checking account.

 

Schwab will protect you from unauthozed use.  Also, I have security settings to text and email me whenever the card is used for a transaction of more than zero dollars.

[cwn]

To each his own……but we have taken different currencies with us since 2004 when we docked in Osaka and spent an hour walking  around in the rain trying to find a working ATM so we could get some local currency. We find after all these years it is no more costly. We get enough to get taxis, something to eat, or to pay for a private tour for a day or so. Ships and hotels have safes so no problem walking around with a lot of cash.

Also depends on the countries you are going to. Europe mostly uses one currency where as Asia uses many.

[-Lew-]

49 minutes ago, cwn said:

To each his own……but we have taken different currencies with us since 2004 when we docked in Osaka and spent an hour walking  around in the rain trying to find a working ATM so we could get some local currency

 

Absolutely...  However, times change and Google Maps now shows no less than four ATMs within 300 meters of the Tempozan Passenger Terminal.

[PaulMCO]

Get the best rate use an ATM, however you may get a $5 charge on both ends of the transaction so for a small purchase of $100 that is a10% fee which is no better than you will get from the crooked airport money changer or the ship.  It really does depend how much you will need.  This happens regularly in Spain for me when on business.  When I go to Austria only get socked by my own bank.

 

If you bank with Wells Fargo, they do have a decent rate. 

[ronrick1943]

Another thought, getting what you think you may use before leaving (making you ready for anything you can’t charge) then when your ready to go home donate what you have to a local charity.

[-Lew-]

55 minutes ago, PaulMCO said:

Get the best rate use an ATM, however you may get a $5 charge on both ends of the transaction so for a small purchase of $100 that is a10% fee which is no better than you will get from the crooked airport money changer or the ship.

 

It might make sense for you to check out debit cards that do not charge foreign transaction fees and reimburse for ATM fees.  Schwab is just one...there are others.

[cwn]

2 hours ago, -Lew- said:

 

Absolutely...  However, times change and Google Maps now shows no less than four ATMs within 300 meters of the Tempozan Passenger Terminal.

Yes there were four within a block of the terminal back then and none of them were working.  So we carry cash with us. Never had a problem since.

[mj_holiday]

On a cruise we usually don’t spend that much cash that rates impact it. Every way to exchange has some type of drawback. Local bank in the US - need to coordinate ahead; ATM - no small bills; money changer -excess fees and in some countries counterfeit. 
For a cruise I will get what little currency we need at the airport and at the end of the cruise exchange back to dollars when back in the US.   Yes fees will add up, to me it is worth the convenience.  

[Pcardad]

15 hours ago, -Lew- said:

 

I respect your preference of obtaining foreign currency prior to traveling, but I don't understand how the process can be cheaper and easier.  I find banks usually add a fee or apply an unreasonable exchange rate to any currency transaction.

 

When we travel to Europe we have a few hundred euros saved from a previous trip for any immediate expenses...airport transfers, etc.  We then use our Schwab debit cards to obtain cash from ATMs with no foreign transaction fee and reimbursement for ATM fees.  Obtaining cash locally is convenient and safer since we don't have to have a lot of cash on hand.

It is cheaper because your bank (especially your private bank) will give you a better rate AND will mail the currency to your home. Carrying a debit card with you is about as dangerous a thing you can do in banking as the protection laws for you are nothing compared to the laws for you with Visa/Mastercard/Amex. Bring some cash and 2 credit cards - 1 to carry and 1 to leave on the ship as backup. 

[-Lew-]

4 hours ago, Pcardad said:

It is cheaper because your bank (especially your private bank) will give you a better rate AND will mail the currency to your home. Carrying a debit card with you is about as dangerous a thing you can do in banking as the protection laws for you are nothing compared to the laws for you with Visa/Mastercard/Amex. Bring some cash and 2 credit cards - 1 to carry and 1 to leave on the ship as backup. 

 

I've never had an issue with the exchange rate used for conversion of my foreign ATM withdrawals to US funds when using my Schwab debit card.

 

What you say is true about protection laws regarding debit vs credit cards...unless a financial institution wishes to accept further liability and makes that clear to its clients as Schwab does.

 

[Pcardad]

I have found that JP Morgan and US Trust give the best rates on buying currency - better than what I can get through my Charles Schwab account. But lets be honest, the difference is small and probably beneath the consideration of many vs. the ease of using an ATM in a foreign country.