How many of you buy Pounds and Euro months before your cruise?

[Hootsie]

I'm thinking of doing this (like $100 a payday) just to offset some costs (we are bringing our three teen daughters so you can imagine how much we could spend in port).

 

Is it a bad idea?? I mean, we don't really know how much lower our dollar could go but with my luck I'll get a better deal if we just wait.

 

Do any of you do this???

[cberge]

I'm thinking of doing this (like $100 a payday) just to offset some costs (we are bringing our three teen daughters so you can imagine how much we could spend in port).

 

Is it a bad idea?? I mean, we don't really know how much lower our dollar could go but with my luck I'll get a better deal if we just wait.

 

Do any of you do this???

 

I am not sure what your question is,but if you do not want to exchange money here in the US before you leave then hit the ATM's when you arrive and take some out each day for your expenses as you will get a better rate and no fees per se like you would at the bank etc.Any large (or medium even)purchase put on CC as that will help too.No one knows where the dollar will end up sad to say.

[Hootsie]

Sorry if I didn't make sense. I guess I'm asking if I should actually exchange money now for our cruise in late May. Basically exchange a little every payday (because I won't even miss it that way). OR is it just best to wait and exchange it on our trip. It would be an easier decision if we knew what the dollar was going to continue to do. If it keeps tanking, I'd love to just exchange for pounds/euro now. But, none of us can see into the future. :-)

[Gonzo70]

I think it is a good bet that the dollar will go down versus the Euro in the next few months with all the talks of a possible recession and further interest rate cuts very likely.

[Twickenham]

We've exchanged money weeks/months in advance of a trip. It's a matter of watching what the money markets are doing and trying to buy at the most advantageous rate. I agree that the dollar is probably not going to rebound a lot in the next few months, and even so, exchanging a little each week will even out your plus/minus ratio, i.e. if it's really down one week and then up another, it'll all even out in the end...:)

Of course, you don't have to actually exchange the money. Just put it aside for your vacation. I also did that one year, and it was amazing how the money accumulated without me noticing that much!

[DonLou]

This sounds like a currency hedging issue.

 

What you are proposing sounds pretty good because you'll dollar average your currency purchases. You won't end up with the best rate but then again you won't end up with the worst one either - just an in between rate.

 

Personally, I get an equivalent $100 starter pack of pounds and euro and then use my credit card or the ATMs once I'm there. Trying to forecast the exchange rate gives me a headache.

[cberge]

Sorry if I didn't make sense. I guess I'm asking if I should actually exchange money now for our cruise in late May. Basically exchange a little every payday (because I won't even miss it that way). OR is it just best to wait and exchange it on our trip. It would be an easier decision if we knew what the dollar was going to continue to do. If it keeps tanking, I'd love to just exchange for pounds/euro now. But, none of us can see into the future. :-)

 

 

No..do not exchange a little at a time..you will be paying fee upon fee for exchanging every week and that does not make sense..putting some away and exchanging it later is ok..it's not going to be a win situation anyway..I still stick to what I posted in the first place.Just go and have fun,enjoy and never mind what the exchange rate is as it will drive one nutz.I think I got this right:rolleyes:

[Globaliser]

No..do not exchange a little at a time..you will be paying fee upon fee for exchanging every week and that does not make sense..putting some away and exchanging it later is ok..

I second this advice. Changing a little money at a time is just a waste of money, even though saving a little money every pay day is a good discipline!

 

Trying to second guess what the exchange rate will be in the future is a gamble on the biggest casino on earth. None of us have any idea what is going to happen.

[jeanlyon]

The other thing to do is use your credit card instead, as you will get a much better inter-bank rate instead of paying commission to a money exchange agent or bank.

[MavisMarie]

I usually take quite a bit of foreign currency with me because I don't like fretting over whether I'll find an ATM or not. I save all of my leftovers until the next trip. We're taking a transatlantic in April and I've enough Euro for the trip-- leftover from the last trip. I also have a good headstart on the Pounds I'll need for the UK.

That said, you should try to watch the rates this coming week. They are going down right now and once the U.S.market opens in the morning, they will probably go down even more. The european markets are making a response to the market plunge here last Thursday and Friday. (tied in with a possible recession) This would be a good week to consider buying....I'll wait until the end of the week and see what's happening. It will cost you a lot of extra money to purchase currency multiple times. If you want to buy, get what you want during ONE purchase. Each purchase has fees, so you don't want to pay more than one time.

Other things to consider: If you run out of money, there is an exchange option at the purser's desk on the ship. As was mentioned by posters above, use your credit card for large purchases. If you plan to use the ATM, make sure you have a 4-digit security code. Take more than one card with you in case something happens with one of the cards ...like getting eaten up by the machine or rejected.

Keep saving your money!! It's a great thing to come home from a trip without having to face too many bills. :) Have a wonderful cruise.

[Cruise Junky]

I'm thinking of doing this (like $100 a payday) just to offset some costs (we are bringing our three teen daughters so you can imagine how much we could spend in port).

 

Is it a bad idea?? I mean, we don't really know how much lower our dollar could go but with my luck I'll get a better deal if we just wait.

 

Do any of you do this???

 

I do this but only because I have a foreign exchange place right across the street from my office that has excellent rates and doesn't charge a fee. I get Euros every paycheque. I wouldn't recommend it if you have to order it from a bank or go to one of those rip off places. Just put the $100 in a special account until you go.

[Nickymjw1]

Check with your credit card company. They now have extra charges for using your card at stores etc in foreign currency, not just the exchange rates.

 

So getting money at an ATM and only paying fees once might be better than using it at all the stores when shopping...

[whogo]

I think it is a good bet that the dollar will go down versus the Euro in the next few months with all the talks of a possible recession and further interest rate cuts very likely.

Similar predictions were made on this forum in November when a pound cost $2.09. Instead of continuing its rise, the pound has dropped to $1.96. My only prediction, guaranteed to be accurate, is that the price of the pound will fluctuate.

[Flick]

Now thru the first of March would be a "good" time to buy foreign currency. Tourist season is over for most of Europe and the UK so their currencies are probably at their lowest point. Once tourist season starts up their currency will also rise due to demand. I have already bought 150 pounds and 150 Euros as "walking around money" but will use credit and ATM cards as needed also.

Of course this is just a guess like anyone else.......

[Len3]

We got lucky - our bank doesn't charge for the exchange from USD, so last November, we bought $2,000 in GBP for our trip to N. Europe/Baltics in July. We'll be in London for 5 days prior to cruise and 2 days post. We probably should have purchased more last year.

[whogo]

We got lucky - our bank doesn't charge for the exchange from USD, so last November, we bought $2,000 in GBP for our trip to N. Europe/Baltics in July. We'll be in London for 5 days prior to cruise and 2 days post. We probably should have purchased more last year.

"No fee" currency exchange means that the markup is hidden in the exchange rate. Let me know if there is there is a US bank that offers foreign currency at the interbank rate as shown on Oanda.com or XE.com.

[Hootsie]

I've heard AAA does currency exchange with lower rates for members. Anyone know the details?

[cberge]

I've heard AAA does currency exchange with lower rates for members. Anyone know the details?

 

 

DO NOT use AAA for currency exchange...they are VERY high!!! You are better off going to a currency exchange booth in any city before you use them.Now, I will tell you how I really feel:D :D :D

[Cruise Junky]

"No fee" currency exchange means that the markup is hidden in the exchange rate. Let me know if there is there is a US bank that offers foreign currency at the interbank rate as shown on Oanda.com or XE.com.

 

I wondered about this also with my place that doesn't charge a fee. From the official exchange rate on XE.com and for what I paid, I paid an extra $1.50 for 65 Euro (which is what I get as often as possible). Even my Bank charges 2 - 3 % on charges and withdrawals, so I don't think a point or two is going to kill me. The banks would have been even higher. Does anyone get the XE Rate?

[Hootsie]

DO NOT use AAA for currency exchange...they are VERY high!!! You are better off going to a currency exchange booth in any city before you use them.Now, I will tell you how I really feel:D :D :D

 

Seriously, I appreciate you telling me!

[whogo]

I've heard AAA does currency exchange with lower rates for members. Anyone know the details?

AAA gives 25% off Travelex's high cost currency exchange. Travelex online charges at least 8%. I bailed on a dummy purchase when they needed my personal information. Travelex treats credit card purchases as cash advances for which your credit card company will sock you with high fees and interest rates.

 

AAA offers an even worse deal on tip packs of foreign currency. I priced these at 15% over the interbank rate.

 

I wondered about this also with my place that doesn't charge a fee. From the official exchange rate on XE.com and for what I paid, I paid an extra $1.50 for 65 Euro (which is what I get as often as possible). Even my Bank charges 2 - 3 % on charges and withdrawals, so I don't think a point or two is going to kill me. The banks would have been even higher. Does anyone get the XE Rate?

That's a great deal in Vancouver, Cruise Junky, under 2%. I wish that someone would post similar good deals in the US, maybe a currency exchange shop in a large city. Wells Fargo and Bank of America charge about 5.5% over the interbank rate for foreign currency or foreign denomination traveler's checks.