Question on Euros

[SpacemanSpiff]

A guide on YouTube (sorry, I don't have the link) does a great summary of the ATM fees and how the exchange rates work.  He stresses to use your own banks' exchange rate, and to watch out for fees... one ATM example collected almost 50% between fees and poor rates, and he explained how to minimize the damage.

I recall that he also strongly recommends using ATM at actual banks, not those in tourist zones.

 

I'm not sure how available it is anymore, but I got a Schwab Bank debit card a number of years ago expressly for travel.  It covered any of the foreign ATM fees ("foreign" meaning not Schwab's), and because it's a debit card, it's easy to use in Europe.  Like others have said here, it's easy to hit an airport ATM after clearing customs, and off you go!  It also doesn't charge a currency translation fee (my personal bank charges 3% for the privilege).  Down side is  you have to plan ahead to put funds into it.

Edited April 28, 2022 by SpacemanSpiff

[CruiseMH]

On 4/27/2022 at 4:47 AM, complawyer said:

most international airports have money exchange counters where you can trade dollars for almost any foreign currency you want .

You can be sure that you will get the worst possible exchange rate at these counters. 😉

The exchange rate at the local bank(e.g. in the US) or in many cases even the transaction fees of the credit cards are better/lower then exchanging currencies at these airport desks.

[Trimone]

I agree with above, I would never buy currency at a airport, in the U.K. the post office nearly always has the cheapest rates.

£1.00 = €1.1395

£1.00 = $1.1974 

[julig22]

1 hour ago, SpacemanSpiff said:

I'm not sure how available it is anymore, but I got a Schwab Bank debit card a number of years ago expressly for travel.  It covered any of the foreign ATM fees ("foreign" meaning not Schwab's), and because it's a debit card, it's easy to use in Europe.  Like others have said here, it's easy to hit an airport ATM after clearing customs, and off you go!  It also doesn't charge a currency translation fee (my personal bank charges 3% for the privilege).  Down side is  you have to plan ahead to put funds into it.

Definitely still available and it is what I use and recommend.  A debit card doesn't have the protection a credit card has, so I don't recommend using your regular bank debit card for travel. 

My Schwab card isn't attached to any other financial account so if lost or subject to fraudulent activity, the most that can happen is that I lose the money in the account. But yes, I do have to make sure I preload it  - but I've not been in a situation as of yet where my credit card wouldn't work for larger purchases, so only use it to get local currency.  Otherwise, I use my NCL points card - no foreign fees and points toward upgrades.

[juju2454]

When we went to Europe, I had taken out a Charles Schwab account and Debit card.  There is no charge for the account, nor are there charges(fees)   for using it at any ATM or purchase anywhere in the world.    I got Pounds in England and Euros anywhere I needed them as many times as I wanted with no fees on my part.  Best card for any trips.  Even charges on ship are not passed on to me,( using ship ATM)  It was easy to open, I've had it for about 4 years now and still have never had them charge me a fee.  You can take a little out as you wish( of course according to the ATM limits) or a much as you want ( again within ATM limits and your balance of course)  and never a charge.  We also used some of our Euros to give as tips on the ship as they can convert or spend them as they wish and get more than an American dollar tip.   We saved some too because we do plan on going back.    But ATM's are easy to find and always close to the piers,  Banks aren't much further, because they know it will be a worth while endeavor.  YMMV.  

 

[phillygwm]

9 hours ago, Sue Do-Over said:

A guide on YouTube (sorry, I don't have the link) does a great summary of the ATM fees and how the exchange rates work.  He stresses to use your own banks' exchange rate, and to watch out for fees... one ATM example collected almost 50% between fees and poor rates, and he explained how to minimize the damage.

I recall that he also strongly recommends using ATM at actual banks, not those in tourist zones.

 

I just returned from Prague and Berlin.  Prg. is my new favorite city.  I can't recommend the Honest Guides of Prague highly enough.  Really great ideas.

[MagnoliaBlossom]

I do not have and never will have a debit card due to lack of safety vs using a credit card.  Too any horror stories from friends who have had problems - but that’s just me.

 

when I was on AAA site yesterday they were offering a reloadable debit card up to $500 I place of their exchange services.

 

I suppose if shops do not take credit cards or cash we will just look elsewhere.  No biggy.

 

 

 

[SpacemanSpiff]

56 minutes ago, MagnoliaBlossom said:

I suppose if shops do not take credit cards or cash we will just look elsewhere.  No biggy.

 

 

I am working off of old memories, but maybe the issue isn't that they don't take credit cards, but that it's done differently?  I recall that most card transactions, be it debit or credit, were "chip-and-pin" instead of "chip-and-signature" -- not only did you have to insert the card into the chip reader, but you had to enter the PIN related to that card, which is different from how it's done here in the States.  And unless you have an elephantine memory (or change all of your card PINs to the same number), that's a tad difficult.

 

This was about 8 years ago when the US was just waking up to the security provided by the chip (and the US-based cards didn't want to update their cards, networks, etc. to save money, even though they were losing money to fraud).

[Nclcruise1415]

Thank you everyone for responding. Very helpful and appreciated!