I'm wondering if I should cash dollars to euros before leaving home

[cruisemom42]

Great advise to use ATM machines to get Euros.....I usually get a few $ of a currancey at the airport pior to leaving to filimilarize myself with the units.

 

Without getting flamed ....do the atms have an option for english?? (everything here is in spanish and now french) I will be in Spain in Sept..

 

Yes, most machines have an English option.

[Jfultz81]

If you get an ATM card from Capital One through their Money Market Account, they do not charge any ATM withdrawl fees! We had no problem withdrawing from ATMs in Barcelona, Villefranche, Rome, etc. In the Barcelona airport, there were at least 8 all lined up next to each other. Very easy to use and we were charged less than the xe.com exchange rate that day! I wouldn't do it any other way now!

[iancal]

We usually land with 500E. After that it is strictly ATM with the largest allowable withdrawal by the institution. Not sure if you have a foreign exchange outlet where you live (but NOT the airport ones-their rates are scandalous) but we have found them to give a much better rate than the bank. We actually have 2 nearby so we breeze by and get a quote from both. The one we use charges exchange (at a much more favorable rate than our bank) and a $5. service fee. When we exchanged for 500E in late Aug. the foreign exchange was about $60. less that what the bank was going to charge and it was more convenient to boot. And they were same day quotes so no substantial fluctuation in daily rates. We came back with a 500Kuna note from Croatia. The foreign exchange office that we use gave us a much better rate than we were quoted in Rome Termini station or in some of the Rome currency store front operations. Go figure.

[iancal]

We never came across an ATM that did not have multiple languages. They have little flags beside so you can easily discern what language to pick (usually the union jack flag). Someone told us that the ATM's in Italy had a max regulated by gov't. I do not think that we were able to get more than 350E out of any, and some would only give us 250E. I think that the post office atms were the best for getting 350E at a time. As I recall, in France we were able to get 500E. in one go. This may sound like a lot but we paid for most lodging in cash and stayed in most places for anywhere from 2-4 days hence the final bill added up. But, on a 300E bill, we would typically get a discount of 15-30E for using cash.

[cusyl]

The Euros that we had left from our cruise were accepted as payment towards the balance on our sign and sail card on the ship.

[agabbymama]

Just another point of view. My debit card tied to my bank account stayed home. I wanted no chance of theft or problems.

 

I went on-line to AMEX and ordered EUR at two different times, so had about 1700 EURO on me when I left home. Plus I took $1000 US currency. I actually got my best exchange rate at a bank in Corfu to exchange that US currency as I ran out of EURO.

 

I then applied for a Capital One credit card because others on this board had said they didn't charge the exchange rate that other cards charge.

 

It worked out well, I had EUR when we landed, then used the credit card for hotels, tours and large purchases.

 

As a traveler from the olden days of traveler's checks, I have found you are going to pay fees no matter how you do it. International travel is not convenient for the exchange of small amounts of money. IF you are going to be buying in bulk, it might be different, but the small amounts that travelers use, you pay a hefty service fee whether you buy them here or there, through an ATM or Exchange Kiosk, or on a credit card.

 

There used to be a money exchange here in the US that didn't charge you to purchase (1987) but they charged you to turn that back into US dollars. They are no longer in business, and everyplace I have found does now charge a fee to do the exchange.

 

You have to decide what is convenient and best for you.

[KirkNC]

OK so it is best to use the ATM's to get euros. Two additional questions.

 

1. What about in Turkey which uses Turkish Lira. Do you get those via ATms also, and

2. What do you do with any left over euros (or Turkish Lira)?

 

Thanks, this has been an informative thread as we are making our first foray into Europe in July.

[lambs2]

OK so it is best to use the ATM's to get euros. Two additional questions.

 

1. What about in Turkey which uses Turkish Lira. Do you get those via ATms also, and

2. What do you do with any left over euros (or Turkish Lira)?

 

Thanks, this has been an informative thread as we are making our first foray into Europe in July.

 

Just returned from 28 days in Europe. 21 were on B2B cruises. Got all our €'s, Morocccon dirhams, Egyptian pounds, and Turkish lira via ATM machines. We planned ahead and used the more exotic currencies up. Had some left-overs €'s, but since we have a transatlantic planned for April we will be using those again very soon.

[CintiPam]

OK so it is best to use the ATM's to get euros. Two additional questions.

 

1. What about in Turkey which uses Turkish Lira. Do you get those via ATms also, and

2. What do you do with any left over euros (or Turkish Lira)?

 

Thanks, this has been an informative thread as we are making our first foray into Europe in July.

 

1. Yes. Istanbul is full of ATM machines, all of which "speak" English.

2. We tried to get only what we planned to use while in Turkey (five days total, four in Istanbul and one in Kusadasi), so we did not have any leftover YTL (now TL). Euros that are left I try to use at my departure European airport, but if nothing attracts my eye there, I use them on my next trip.

[chubbypiggy]

ok, I'm not going to judge or anything, just explain how we do things when we travel, which is quite often. Take from it what you will. We take no cash with us when we leave the country. WHen we land, we use the ATM in the airport and get enough cash to last us a while. ATMs offer the best exchange rates and you don't have to hassle with anything. We try to limit the number of times though that we use an ATM abroad, so we take out a lot and store it in the safe in our room usually. Never had a problem ever from Canada to SE Asia and have always minimized exchange fees and hassle.

 

I will be going to Venice in November, and I am thinking of not exchanging euros ahead of time in U.S. My plan is to find an ATM upon my arrival at the Venice Marco Polo airport (hopefully not too hard to find one there), get just a small amount of euros there, and after I arrive at Venice's city center, I will find an ATM and get more euros. Years ago, I remember a friend telling me she thinks you get a lower exchange rate from airport ATMs than outside (for example, in the city) ATMs. Anyone knows if that is a true statement?

[chubbypiggy]

I just want to confirm that I understood correctly what I saw on this thread regarding Capital One.

 

If you open a Capital One money market account, and get an ATM card, you can withdraw cash from oversea (for example, Italy, Turkey...) ATMs, and there will not be any ATM service fee or foreign conversion fee?

 

If you have a Capital One credit card, you can use that credit card oversea and there is no foreign conversion fee? I know most charge card companies charge a 3% foreign conversion fee. I logon to Capital One's website today, and I noticed there are many choices of charge card accounts, which type of account offers the "no foreign conversion fee"?

 

Thank you.:)

[WesW]

Captial one Credit card does not charge a foreign transaction fee, they absorb it as a means of attracting customers (they got me, I used our Captital One card on our TA last December in Funchal--no fees, and in Italy in Sept, again no fees)..below is a list of the major credit cards and fees charged:

 

Credit Card Issuer Fee For Foreign Currency Transactions

Capital One 0%

Discover 0% - Not Generally Accepted Overseas

Wachovia 1%

Washington Mutual 1%

American Express 2% - Not Generally Accepted Overseas

Bank of America 3%

Chase 3%

Citibank (Citi Card) 3%

HSBC 3%

U.S. Bank 3%

Wells Fargo 3%

 

 

Don't know about the Capital One money market account and ATM card...what I do is get a Debit Card from my bank, only use it when overseas to get Euros at any ATM (usually when we land at overseas airport) and pay no fees from the bank but do have to pay an ATM use fee--as does everyone else.

[CintiPam]

I will be going to Venice in November, and I am thinking of not exchanging euros ahead of time in U.S. My plan is to find an ATM upon my arrival at the Venice Marco Polo airport (hopefully not too hard to find one there), get just a small amount of euros there, and after I arrive at Venice's city center, I will find an ATM and get more euros. Years ago, I remember a friend telling me she thinks you get a lower exchange rate from airport ATMs than outside (for example, in the city) ATMs. Anyone knows if that is a true statement?

 

Never heard this; we always obtain our Euros upon arrival at the airport of our first European stop.

[CintiPam]

Captial one Credit card does not charge a foreign transaction fee, they absorb it as a means of attracting customers (they got me, I used our Captital One card on our TA last December in Funchal--no fees, and in Italy in Sept, again no fees)..below is a list of the major credit cards and fees charged:

 

Credit Card Issuer Fee For Foreign Currency Transactions

Capital One 0%

Discover 0% - Not Generally Accepted Overseas

Wachovia 1%

Washington Mutual 1%

American Express 2% - Not Generally Accepted Overseas

Bank of America 3%

Chase 3%

Citibank (Citi Card) 3%

HSBC 3%

U.S. Bank 3%

Wells Fargo 3%

 

 

 

We just received a notice last month from Amex that the fee has been raised to 2.7%. I only use my Capitol One credit card abroad.

[whogo]

Years ago, I remember a friend telling me she thinks you get a lower exchange rate from airport ATMs than outside (for example, in the city) ATMs. Anyone knows if that is a true statement?

The airport warning is against the ripoff exchange bureaus, not the ATM's. Airport ATM's offer the same excellent exchange rates as other ATM's. Avoid the private ATM's in bars, convenience stores, and gas stations that will add on a fee, otherwise, European ATM's do not have fees. Your own bank may charge a transaction fee and a currency exchange fee.

 

We usually land with 500E. After that it is strictly ATM with the largest allowable withdrawal by the institution. Not sure if you have a foreign exchange outlet where you live (but NOT the airport ones-their rates are scandalous) but we have found them to give a much better rate than the bank. We actually have 2 nearby so we breeze by and get a quote from both. The one we use charges exchange (at a much more favorable rate than our bank) and a $5. service fee. When we exchanged for 500E in late Aug. the foreign exchange was about $60. less that what the bank was going to charge and it was more convenient to boot.

 

I could not save $60 on a €500 purchase from my bank if I wanted to. Wells Fargo, a leader in fees, would have charged me less than $52 to buy €500 in August.

 

Warning! Math ahead! Wells Fargo charges about 5.5% for foreign currency plus an $8 delivery fee. The worst interbank exchange rate in August was $1.5700/€ according to http://www.oanda.com/convert/fxhistory .

 

$1.5700/€ X €500 X 5.5% + $8 = $51.175 (less than $52)

[HAPILIN]

Today I went to my bank and bought 400 euros and it cost me $550 us dollars!! I need euros to pay for a tour in Rome and that will take almost half, the rest I figure will use in Barcelona and/or Rome. When I get back it will cost me $7.50 to change any euros back to us dollars.

[Donyb]

Your bank must be charging a hefty fee to exchange money. If you go to gocurrency.com today the exchange rate for 400 Euros is about $511.

 

I've been reading this thread with interest. We, too, were introduced to the Capital One card 3 years ago and have always used it for foreign purchases. Just this week we used it to make a deposit on an apartment in Barcelona for our post cruise stay. The payment just posted to our credit card and I went to gocurrency and the difference was about $8 in their favor. I thought that was pretty good.

 

I am interested in this Capital One money market account with no ATM fee. We've always used our debit card from our local bank and the rate has been next to nothing to get money from foreign ATM's. But "nothing" is better than "next to nothing":p.

[nlt46]

If you keep a balance of $1,000, there is never an ATM charge with Capitol One. Also, if your bank balance is low, and you need cash, you can use your ATM card for a loan. I've never done this; I just thought it sounded interesting. Nancy

Also the daily amount limit of the ATM with Capitol One is $2,500. My husband thinks this is too high a limit, but that is what they set. I'm sure that I could lower it if I wanted.

[Jfultz81]

With the MMA there is no minimum balance. I believe the daily limit is a $500-$600, so we also had the Paypal Business Debit, which only had a 1% charge. Somewhere I've posted a huge explanation of all of this, but I can't find it at the moment! I'll link to it when I find it.

[chubbypiggy]

I do have a Capital One MMA (Costco) account with over $1000 balance. I opened my account on-line, and I don't remember ever receiving an ATM card. I need to call them and request the card so I can use it for my upcoming S.A. and Med. cruise.

 

Those of you that have used Captial One's ATM card to withdraw cash oversea, do you know if your exchange rate was good?

 

Thanks.

[Jfultz81]

The exchange rate was better than the daily rate on xe.com!

[whogo]

Your bank must be charging a hefty fee to exchange money. If you go to gocurrency.com today the exchange rate for 400 Euros is about $511.

 

I realize you are just looking at exchange rates, Donyb, but www.gocurrency.com would charge $566.82 for $511 worth of euros, an 11% markup! gocurrency directs you to the My Travel Wallet page by Travelex. They sell at $1.37955363/€ and have a $15 overnight delivery charge. Credit card purchases are treated as cash advances. Get your interbank currency exchange quotes at www.oanda.com and buy your euros someplace cheaper.

 

Many other web pages, some from financial institutions, direct you to a My Travel Wallet page to buy currency. Tread carefully any time you see the Travelex name.

[CintiPam]

Today I went to my bank and bought 400 euros and it cost me $550 us dollars!! I need euros to pay for a tour in Rome and that will take almost half, the rest I figure will use in Barcelona and/or Rome. When I get back it will cost me $7.50 to change any euros back to us dollars.

 

Why are you posting about how you wasted your money? Every airport in Europe has ATM machines, all cities have ATM machines, certainly there are hundreds in both Barcelona and Rome. All of these machines "speak" English; if you and your spouse both have ATM cards, you can get plenty of money wherever and whenever you want in Europe. Your bank can adjust your daily withdrawal limits to whatever you want.

 

Peace of mind, I guess, is priceless.

 

Enjoy your cruise!

[jdblakeslee]

My post probably will not answer your immediate question for this trip, but here's what we do each time we travel to Europe. We don't spend all our euros before we leave! We bring home an average of 600 euros every time we come back to the US and stash it away in our money belt! When we have friends who are traveling abroad, we give them 20 euros or so in a card so they can share a glass of wine "on us". Usually we have plenty left over to start our next Europe trip...works like a charm. We've been doing this for 15 years now...

 

Jennifer

[Donyb]

I've never tried to buy currency with gocurrency.com. I just use that as a benchmark when I am trying to get an idea of what currency is trading at for the day. I'm not familiar with surcharges on that site and I have found that whatever they are quoting, is pretty much what we are paying in other ways. Hence, our deposit on Capital One came through pretty close to what was being quoted on gocurrency.

 

To whogo...I will look at the site you mentioned.

 

I also have a currency table on my Windows screen that fluctuates constantly. I don't know who the server is on that but I use that figure all the time to get ideas of costs of services.

 

I think I'll continue to use foreign ATM's with my debit card for ready cash (although I am going to look into a Capital One MMA) and Capital One credit card for purchases. It's been working and why fix something that ain't broke!! LOL