Euro vs. Dollar

[greytstuff]

Okay, all you smart cruisers out there!!! Knowing the exchange rate (now about $1.37 to the euro) would we be better off in converting and paying in euros, using Amercan credit card, or what? I guess we could find out from the credit card co. what they charge to make the conversion when they bill you. AAA wants $7.00 per hundred to convert here. We will be in France a couple days prior to the Nov. Crossing, plus of course, the days in Spain ports. Should we do it now before the dollar devaluates even more? I'm not really up to speed on this subject.

[Iamboatman]

First of all, you need to keep the exchange rate in perspective. If you are not expecting any major purchases the difference is really pennies per dollar at best.

 

Second, most banks readily allow access to European ATMs, which are everywhere. (Some credit unions and smaller banks may not, so check.) That is by far your best bet. Get cash as you need it.

 

As far as credit card charges, while many places do not accept American Express, it generally does not charge a transaction fee per charge, while most Visa and MasterCards do..and that is in addition to the exchange rate. (Each Amex card may have different rules, so check.)

 

Don't use the airport or pre-departure services, as they really cost you. There will be an ATM conveniently available at the airport/cruise terminal upon arrival which will be a far better deal.

[jhp]

Maybe I am careless, but I never get local currency until I get to the airport when I am in Europe or Mexico. And then I use my debit card from my bank, which adds on a "foreign transaction fee" as do all cc's, for any charges you make, %depending on the card. Some are better than others, not worth it to me as difference may be 1% or so. Certainly better than buying foreign currency before you leave.

 

I wish if there were someone here who could tell us another way they would report!

[Dreps]

The only thing I would add is that it is sometimes convenient to have a small amount of local currency when you land because it is not always easy to find an ATM (even at major airports), and occasionally you can have trouble with some of them accepting your debit card. Other than that, as was said, ATMs are a good bet. If you don't want to carry around too much cash, then a Capital One credit card is good to have because it is practically the only credit card that does not charge a foreign transaction fee, and they don't hide it in the conversion rates. I am not a big fan of the card in general because I don't like the frequent flyer program, but we do use it for foreign purchases when traveling abroad.

[missouri_girl]

I always have about $50- $100 in local money just in case the ATM is down at the airport. This happened to us in Portugal a few years ago and we needed money for tolls immediately. I now just keep a few euros after each European trip to get me through the first day. Change is always great to have around also.

 

I would buy $50 worth of euros from AAA an then use ATM machines for the remainder of your trip. It safer than carrying a wad of money around, also.

 

Missouri

[Kane]

Just some factors you might consider:

 

I've had very good luck with AMEX ... more merchants accept it overseas than in the U.S. They do charge 2% conversion fee, but this is pretty competetive. Visa/MC charges an overall 1% and most bank cards add another 1-2% on top of that, making them more costly.

 

We always travel with both AMEX and Visa. Most Visa cards are issued through a local bank, who controls charge authorization. Even though we always inform them prior to travel, we still encounter instances where Visa charges are rejected for mysterious reasons.

 

Most of these mysterious rejections are associated with a request for a pin number. In the U.S., pin numbers are not required for credit cards but are for debit cards. It's my opinion that some of the systems may be geared for debit card use and don't know what to do with a credit card ... resulting in these rejections.

 

As for currency, we never buy Euros (or other currency) before we depart the U.S. There are always ATMs in airports. Absolute worst case would be to exchange currency at the airport if the ATM is down ... costly, but almost always less than exchanging in the U.S. prior to departure.

[Iamboatman]

As for currency, we never buy Euros (or other currency) before we depart the U.S. There are always ATMs in airports. Absolute worst case would be to exchange currency at the airport if the ATM is down ... costly, but almost always less than exchanging in the U.S. prior to departure.

 

Very good point.

[quest2best]

Capital One does not charge a conversion fee.

[greytstuff]

Thanks everyone for all your "words of wisdom". Gives me a good idea now what we should do.