Euro Exchange Rate : Ouch!

[prescottbob]

Ahoy 'Cruise Junkies' !

 

Went down yesterday to 'kneel at the altar' of Bank of America to order some Euros for the upcoming 5/7 sailing of the Prinsendam. Since we plan to stay in Italy for ten days following the cruise (renting an apartrment in Rome for 3 nights and then doing farmhouses and B&B's that all require cash) I thought I'd save a trip on disembarkation and have 500 Euros on hand to start. Current market price for Euros is $1.36/Euro. B of A will be kind enough to sell you some for $1.43 and buy them back, if necessary, for $1.29 (a 7 cent spread either way). This doesn't include their $7 'processing fee' for those purchasing less than 1000 Euros. We plan on using ATM's for further cash during our stay. I also plan on taking the 'old reliables'; a Visa and Amex in case the ATM eats my debit card. Has anyone had any problems with Italian ATM's? Good health to one and all!

 

Bon Voyage!

[Krazy Kruizers]

Have heard about the euro exchange rate lately -- bad.

 

Have a great cruise on the Prinsendam and write a review when you get home.

[ab0si]

I have used ATMs on every continent (well, haven't found one in Antartica yet) as well as islands all over the world with no serious problems. Every once in awhile the system will be down or a machine will be out of cash.

 

As for Italy...I've used ATMs from the Alps to Sicily and every where in-between. Please remember to let the issuing bank know you will be overseas (ditto for your Amex and Visa) so that they don't block the transaction.

 

If you want to make sure there are no problems, take some cash (your local currency) with you. You will have no problem exchanging it and will get a better rate than BoA is offereing you.

 

Paul

[jhannah]

I've used our debit card at ATMs in Italy, and haven't had a problem.

 

It's not just the Euro that's affected by the decline in the USD. The British Pound hit $2 this week!

[jtl513]

Has anyone had any problems with Italian ATM's?

I took 100€ from an ATM in Rome and it gave me two 50€ notes which I then had a hard time using for petty purchases. :(

[sfocruiser]

Ahoy 'Cruise Junkies' !

 

We plan on using ATM's for further cash during our stay. I also plan on taking the 'old reliables'; a Visa and Amex in case the ATM eats my debit card. Has anyone had any problems with Italian ATM's? Good health to one and all!

 

Bon Voyage!

 

When in Italy last fall my wife's BofA ATM was denied. After a long and painful phone call they said it was a fraud alert because of the foreign transaction. I would call all my ATM and Credit Card companies you plan on using and let them know your travelling overseas and for what period. Takes about 30 minutes and saves a boat-load of hassel

[prescottbob]

I've already notified Amex last weekend but B of A won't put a fraud alert on your card until 48 hours prior to your departure. Go figure....

 

Bon Voyage. Bob

[BruceMuzz]

Think about all the Europeans and Asians working on cruise ships. We get paid in US Dollars. We all take a huge hit every month when we send our salaries home and have to convert the weak dollar to our stronger currencies.

[gratefulguy]

Another strategy is to get your bank to issue an additional ATM/Debit card (might have to be a different number) so if one gets "eaten" by a machine, you have a spare. Since I travel solo, it's one way to lessen the chance of being somewhere with no way to get local currency.

Happy Cruising

[sail7seas]

What a good idea. I didn't know banks would do that???

 

[Atomica]

Another strategy is to get your bank to issue an additional ATM/Debit card (might have to be a different number) so if one gets "eaten" by a machine, you have a spare. Since I travel solo, it's one way to lessen the chance of being somewhere with no way to get local currency.

Happy Cruising

 

I can believe it - My parents were in France last year, and the bank machine they used in Paris ate their Visa card - literally. They put it in by accident, and it sucked it right into the machine, which apparently is supposed to be some sort of anti-fraud mechanism, but doesn't exactly work that way. No one can actually open the machine to retrieve the card; apparently you have to go through the company that owns the machine to try to get your card back. Their tour guide tried on their behalf, but even then, the bank said nothing could be done for two weeks. I think eventually the card got mailed back to Canada to them, but well after they'd returned.

 

Bottom line: have more than one card available, and travel with your bank's phone number!

[Cqis]

Thanks all. You answered some questions that i was going to ask on the thread. This is my first European Cruise. have been on eight others. Exchanging money is a little scary for me. I won't be doing too much shopping with thise rates.

 

Cely

[Jade13]

Ahoy 'Cruise Junkies' !

 

Went down yesterday to 'kneel at the altar' of Bank of America to order some Euros for the upcoming 5/7 sailing of the Prinsendam. Since we plan to stay in Italy for ten days following the cruise (renting an apartrment in Rome for 3 nights and then doing farmhouses and B&B's that all require cash) I thought I'd save a trip on disembarkation and have 500 Euros on hand to start. Current market price for Euros is $1.36/Euro. B of A will be kind enough to sell you some for $1.43 and buy them back, if necessary, for $1.29 (a 7 cent spread either way). This doesn't include their $7 'processing fee' for those purchasing less than 1000 Euros. We plan on using ATM's for further cash during our stay. I also plan on taking the 'old reliables'; a Visa and Amex in case the ATM eats my debit card. Has anyone had any problems with Italian ATM's? Good health to one and all!

 

Bon Voyage!

 

 

 

We went to Bank of America and brought all cash to cover our private excursions and also paid our Rome hotel in cash as there was a 10% discount. Once on the ship it all went into the safe. I wouldn't buy less than 1,000 if it would save you a $7.00 processing fee...

 

Btw, since B of A does not have banks in Italy etc., there would have been a $5.00 transaction fee each time it was used, so it was so much easier to bring cash (but I can understand the concern traveling around Italy after the cruise. My Dh was not concerned because he is Italian, Martial arts expert who specialty is sparring :) )

[patval]

I found last year when I went to Ireland a trick to get Euro's at market price without any fees or what I call overhead.

 

Go to http://www.xe.com this website shows you the market rate of exchange then what I do is go to http://www.ebay.com find Euro's and I put in my highest bid at a little over the market rate because all the exchange houses and banks still charge you more then the market rate plus fee's then when I win I sometimes have to educate people on shipping cost because some charge 5 or 10 for shipping which is crazy no insurance and its a bank note weights .25 ounces at most.

 

 

I saved a ton doing this instead of the paying a bank or exchange house crazy prices.

Paul

[jhannah]

I'd never thought of going on ebay for currencies! Thanks for that, Paul.

 

Next best plan is to find a foreign currency exchange in your town or near you. I have always done that just to have some cash on hand to use after landing. I then replenish with ATMs and, as I said earlier, have never had a problem. (Italy, England, Gibraltar, etc.)

[prescottbob]

Ahoy!

Well we've been back for several weeks from the 22 day Prisendam transatlantic and 10 day Italy land tour (needless to say, it was great!). We took $750 USD cash, 750 euros and $750 traveler's checks as emergency backup. Packing an ATM debit card, Amex and a Visa cards were a given. A few observations post cruise:

 

1. ATM's worked great everywhere using the debit card although we were limited in drawing out more then 250 euros per day (approx. $400USD).

2. USD came in handy for tips, etc. but don't use the currency exchange shops in airports and various ports unless you like to negotiate rates and have a calculator with you. I'd advise avoiding and use the ATM's and bring back the cash to redeposit to your account.

3. We never used the traveler's checks so we brought them back and redeposited. However, I can say that several people we spoke with while aboard and my son- in-law who traveled with us on the land tour found it virtually impossible to exchange them unless they waited in line at a major bank. Since we were doing a countryside rental car tour while in Italy after 3 days in Rome my son-in-law spent hours in various banks trying to get euros to no avail. Not worth the time. Lesson: stick with the ATM card.

4. I paid cash (euros) for room's and usually got the 10% discount (rooms ran 50-65 euros at various bed and breakfast inns).

5. I used the Amex for a seven day rental car (a big, bad Jag!) which with all the various taxes, etc. cost 300 euros/week. Burned up about 150 euros in diesel.

6. In so far as the ATM fees goes, I had talked with our local BofA bank manager prior to our trip and she agreed at that time to credit any processing/transaction fees that might be charged against our account. When I returned home I downloaded a statement and found $73 in processing/transaction fees debited against our account. I went down to the bank and she revesed all the fees.

7. I make it a habit to unload all the foreign currency I can prior to departing the country. In this case I had approx. 8-9 euros left at the airport and spent it on sandwiches, gum, etc. for the flight home. However, after arriving home my wife found approx. 300 euros in her purse that she had set aside and forgot about. Took it down to BofA and got $1.27 return exchange rate credited. Oh well...

8. And yes, there were not bargains anywhere that we visited (we did get some saffron in Casablanca that was 'dirt' cheap though).

9. Rating exchange rates I would give Amex the top prize with less of a spread then BofA. However, both were better then the exchange rates found aboard ship, the local banks and, of course, the privately owned money merchant shops.

10. While aboard ship and visting ports I'd only take with me $30 USD, 100 euros and the ATM card for meals and souvenirs and keep the rest in the cabin safe. Everything worked out great. Other then having my wallet 'lifted' on a Lisbon metro bus (but that's another story). Which reminds me, make sure your spouse has different account numbers on his/her cards in the event something 'happens' so when cancelling accounts there won't be any mixup and you'll still be able to withdraw cash, etc. using your spouse's card. I was sure glad that we've always insisted on seperate account numbers over the years (Amex usually does this automatically but you might check). In retrospect, it was certainly worth the effort after the, so-called, 'Lisbon incident'.

 

In any event, HAVE A GREAT CRUISE!

 

Bon Voyage and Good Health!

Bob:)

[serendipity1499]

Ahoy!

6. In so far as the ATM fees goes, I had talked with our local BofA bank manager prior to our trip and she agreed at that time to credit any processing/transaction fees that might be charged against our account. When I returned home I downloaded a statement and found $73 in processing/transaction fees debited against our account. I went down to the bank and she revesed all the fees.

7. I make it a habit to unload all the foreign currency I can prior to departing the country. In this case I had approx. 8-9 euros left at the airport and spent it on sandwiches, gum, etc. for the flight home. However, after arriving home my wife found approx. 300 euros in her purse that she had set aside and forgot about. Took it down to BofA and got $1.27 return exchange rate credited. Oh well...

10. While aboard ship and visting ports I'd only take with me $30 USD, 100 euros and the ATM card for meals and souvenirs and keep the rest in the cabin safe. Everything worked out great. Other then having my wallet 'lifted' on a Lisbon metro bus (but that's another story). Which reminds me, make sure your spouse has different account numbers on his/her cards in the event something 'happens' so when cancelling accounts there won't be any mixup and you'll still be able to withdraw cash, etc. using your spouse's card. I was sure glad that we've always insisted on seperate account numbers over the years (Amex usually does this automatically but you might check). In retrospect, it was certainly worth the effort after the, so-called, 'Lisbon incident'.

Bob:)

 

All of your pointers are excellent! If you do not have separate account numbers on your cards, it can be a hassle to change them depending on your bank...In lieu of separate Credit or Debit cards with different account Numbers from your banks, here is another solution..

 

DH has what was once called an "A.T. & T." credit card with my name on it....I have what was once called a "Shell" credit card with his name on it...In addition we each have a two different Capital One Credit Card accounts which we applied for several months ago...We will use the Capital One Cards for purchases out of the country since they do not charge a Conversion fee for foreign currencies..

 

DH only takes his "A.t.& T." & Capital One cards...I only take my Shell & my Capital One card...In effect we now have 4 different credit card accounts which can be used, but always leave two in the ships safe while out on tour...

 

In addition we have two different Bank accounts with both our names which we can use for ATM withdrawals..We each take different debit cards from different banks for local currency withdrawals....

 

We've always notified our Credit card companies & banks of our itineraries...Also be sure to carry photocopies of all your cards with both the U.S. phone number & the foreign phone numbers to reach the issuers in case of problems...

 

Thanks Bob for these excellent pointers & hope you enjoyed your Prinsendam Cruise on our favorite HAL ship!..:) Betty

 

P.S...sorry to hear about your wallet being lifted in Lisbon..:(

[hartjanet]

Can't you get by using credit cards almost exclusively pretty much anywhere a major cruise ship stops?

[prescottbob]

Ahoy Hartjanet!

 

The short answer is, yes, you can use them in shops, restaurants and various 'tourist traps' that accept major credit cards (I hope you won't take this wrongly, I'm not a snob what-so-ever). However, the cash advance fees/exchange rates/processing fees might be slightly higher (they were when I last checked a few years ago) depending on the card your using (give them a call to check it out yourself for overseas charges). It's a lot easier to deal with your local bank manager (IMO) then dealing with the toll free '800' people when the charges come in following the cruise. The ATM's will 'spit out' the local currency with little trouble. Be sure to take only what you need or you could be stuck with a lot of 'funny money' when you get home.

Further, if your dealing with 'street vendors', eating at sidewalk cafes or using local transportation 'cash is king'.

In any event, HAVE A GREAT CRUISE! Be well and enjoy.

 

Bon Voyage and Good Health,

Bob:)

[Peggy Sue]

We spent two weeks in Italy last summer ... Although we had notifed our bank in advance (B of A) we ran into problems the first time we tried to withdraw cash and had to call the US to clear up the problem..they had our account locked for fraud. Took 20 minutes on the phone to correct the problem ... B of A did reverse all the $5. fees when we returned home. Very easy to use the ATM's once our cards were working!

 

We use our AMEX and VISA anywhere they were accepted. We did several tours with private operators and they all required cash payment in euros ..that's where we used the bulk of our euros.

 

Loved Italy ..have a great time!

 

Peggy

[chasetf]

Ahoy 'Cruise Junkies' !

 

Went down yesterday to 'kneel at the altar' of Bank of America to order some Euros for the upcoming 5/7 sailing of the Prinsendam. Since we plan to stay in Italy for ten days following the cruise (renting an apartrment in Rome for 3 nights and then doing farmhouses and B&B's that all require cash) I thought I'd save a trip on disembarkation and have 500 Euros on hand to start. Current market price for Euros is $1.36/Euro. B of A will be kind enough to sell you some for $1.43 and buy them back, if necessary, for $1.29 (a 7 cent spread either way). This doesn't include their $7 'processing fee' for those purchasing less than 1000 Euros. We plan on using ATM's for further cash during our stay. I also plan on taking the 'old reliables'; a Visa and Amex in case the ATM eats my debit card. Has anyone had any problems with Italian ATM's? Good health to one and all!

 

Bon Voyage!

Forget the BofA deal. ATM's are the only way to go. We have never had any problem throughout the Med / Europe / British Isles / Australia / NZ and elsewhere finding a ATM. Be sure of what your bank will give you (mine does the current rate plus 1%). Avoid the money changers at the airport and the machines on the ship also.... they will give you the BofA deal. Walk past them and you should be able to find an ATM in the airport.

[Jade13]

Note that the ship rate last week (Bank of America Rate) was 1.45 US to euro.

[Jade13]

In addition we each have a two different Capital One Credit Card accounts which we applied for several months ago...We will use the Capital One Cards for purchases out of the country since they do not charge a Conversion fee for foreign currencies..:(

 

Bank of America told me Cap One makes it up in the exchange rate or built in fee. I don't know if that's true but I have a Cap One Visa and did not take it, opting for my US Airways Bank of America Visa (Service is great). Everyone wants cash, so I ony charged one purchase and actually had enough cash to pay.

[travelinjones]

Just to add a few tidbits based on our travels in Europe this summer.

1. The ATM limit we found to be based on the ATM machine. Our Account allows a withdrawal of $500 or €360 but some ATMs only allowed for €250 while others gave us the max. So it’s important to withdrawal the larger amount shop around. The PostBank ATMs in Italy always gave us the max. It also pays to get the maximum amount as the ATM fee is the same for €360 or €20.

2. We had a similar experience with the ATM transaction fees, but our BofA account person was not nearly as accommodating. So for this trip we switched to a Money Market account with an ATM card. No ATM fees by the bank (you still get fees from the ATM machine) and we are getting 4.9% interest. We figured that between the waived ATM fees and the interest accrued we are ahead $200.

3. For credit cards in the past we got charged a hefty 3% "foreign transaction fee" by BofA. So just for foreign travel we got a Capital One card. Zero foreign transaction fees, no annual fee for the card, and 1% cash back. We have easily saved a few hundred bucks on this trip alone

4. As PeggySue mentioned we also had a problem with account locking last year. For this trip we called and notified our banks of our itinerary and time period abroad. So far we have had no problems. (but we have not been using BofA overseas so there still might be an issue with them)

5. We have found that for shops and larger restaurants credit cards are accepted. Smaller shops and cafes may not take cards. Also prescottbob mentioned that he got a discount when using cash. It has been rare, but we found in some instances that we got charged a higher amount when using a credit card. For a larger purchase it might be wise to ask if there is either a charge for a card or a discount for using cash.

6. Before we left we went to the bank and got $100 in ones. this has proved perfect for room service tips etc. I also “hid” $20 and €20 when ashore. It’s Always good to have an emergency reserve.

Hope this helps and have a great cruise.

[ekerr19]

Peggy - You should never have a problem. We have a card from almost every financial institution out there for credit, but as far as cash goes, we usually order Euros from our bank here - Wells Fargo - before we leave, usually $500 worth.

 

If we need an ATM abroad, we use KeyBank because they do not charge us to use a foreign ATM. We have found cash works best in Europe - though we never pay in cash for anything in the U.S.

 

For credit card charges , we usually use our BofA card issued through AAA or our Navy Federal Credit Union MasterCard.