Euros transactions

[hz80408]

(I'm not sure what to title this post)

We generally use our credit card wherever we can when traveling intenationally (0% foreign fees and rewards points)

In the spring were in Europe and needed cash for apartment rentals. We took money out of the atm and were hit with $100 in fees (through Chase, charges 3% and $5 for ever withdrawl).

For Ireland in 1.5 months, we contemplated getting euros in the US since it's so low right now (1.24 according to xe.com). I went into Chase on Monday and was told their current sale rate for euros is 1.57 and that xe.com is based on wholesale price.

The chase banker claimed that even when I go to Ireland and use my chase card, I'll be charged at Chase's rate; which is a lie based on every international trip I've ever made (I was charged similar to xe's rate).

I guess the point of this post is:
1-Please confirm the Chase rep was a doof.
2-Is there anywhere you rec getting euros in USA? At this point since it's getting close, maybe we're just best off with atm route once there.

[kangaroo11]

My mom bought euros at Wells Fargo for $1.294, when the exchange rate was $1.22 last Saturday. $100 in ATM fees is absolutely insane to me, unless you were there a few months.

[osumelissa]

This is why I have a Capital One card and pretty much only use it when we go overseas. No transaction fees!

I have used my Chase card overseas, but I dont' remember what the rate was and have never taken money out of an ATM with it.

[hz80408]

Aug 16, 2012 16:26:45 GMT -5 kangaroo11 said:

My mom bought euros at Wells Fargo for $1.294, when the exchange rate was $1.22 last Saturday. $100 in ATM fees is absolutely insane to me, unless you were there a few months.

I know, it was frustrating! We were there 16 days. This trip is shorter, but I'm determined to elminate fees for using cash. I'm going to check out Wells Fargo. Thanks for the rec.

[gtkim]

Do you have an American Express card? We do foreign exchange at the Amex travel offices in advance of any trip, and they have good rates.

[hz80408]

Aug 17, 2012 9:03:28 GMT -5 gtkim said:

Do you have an American Express card? We do foreign exchange at the Amex travel offices in advance of any trip, and they have good rates.

Dang, nope. Just Chase visas

[marytini]

I am bummed we don't have a Capital One card either. And I hate to sign up for another card just for this reason. I have 2 CCs and like to keep it that way. Both have 3% transaction fees, as does my ATM card, I called the bank the other day. I might check in to ordering the foreign currency directly from my bank though and see if that is better. Add that to my list.

[hz80408]

We don't have any FT fees with our credit card (Chase Sapphire), it's just when we need cash that we're penalized and I'm trying to minimize...

[marytini]

I just looked online with my bank, and they use Travelex for foreign money. Looks like their rate for 1 euro is $1.34. Plus there is a $10 delivery fee. Hmmm, wonder if it is worth it to buy it in advance?

[M]

My American Airlines MasterCard does exchange rate plus 3%. I hardly use any cash over seas so I get it from the ATM and Wells Fargo charges $5 for each withdrawal plus a 3% exchange fee.

I use to work at a bank and they charged $15 for shipping which took ~10 days to come in plus something like 10% higher than the current spot price.

[gt7301b]

I use my ATM card with my local credit union to get cash and a Capital One card for credit card purchases.

If there is time I would get a Capital One card and use that where possible. I would also see if you could get a pin as well. I always get cash when I get to the location, no fees, no problems.

[hz80408]

Thanks for feedback. We're not interesting in getting another credit card since we already have one with 0% transaction fees; just trying to figure out our best option for getting cash.

[uscuba2]

I think you are confused on the exchange rate. as it is not low for the US to Euro. one euro as of to day gets you 1.24 is USD. One dollars buys you .80 euro cents. that is not a good exchange rate. your best bet is to hold and wait. your best option is for getting Euros is what I did last week. I have charles schwab checking ( i also have chase) but chuck does not have transaction fees or atms regardless so I was using my Schwab checking to get cash out at the banks rates instead of the buy/sell rates of places like Travelex. Travelex charges fees to sell to you but buys at market.

[hz80408]

Thanks scuba. I'm not familiar with Travelex; sorry for the confusion with the euro/US rates. am aware that the value of the euro is higher than USD.

I was considering trying to get euros in advance of our trip bc in the spring when we were in Europe the exchange rate was in the 130's and obviously now it's less; but it doesn't really seem worth it at this point. I am so mad at myself; we had $200 euros left in April that I sold to Chase in US thinking we wouldn't need them again anytime soon; and now that would have been the perfect amount of cash to have with us on this trip!

[uscuba2]

well, if you still think you need some. we have some left from our trip to germany that we need to convert (like 75 euros in paper and 30 in coin) and are looking to covert back.

[hz80408]

Aug 22, 2012 8:19:10 GMT -5 uscuba2 said:

well, if you still think you need some. we have some left from our trip to germany that we need to convert (like 75 euros in paper and 30 in coin) and are looking to covert back.

Sweet, I'll PM you!

[travelingturtle]

uscuba: I'm confused by what you're saying about the exchange rate. What do you think a good exchange rate is? It was only a few months ago (maybe 6 months or so) where a Euro cost closer to $1.50 and now it's closer to $1.20. I don't think it's been under $1.20 in a long time.

[hz80408]

Aug 22, 2012 11:51:17 GMT -5 travelingturtle said:

uscuba: I'm confused by what you're saying about the exchange rate. What do you think a good exchange rate is? It was only a few months ago (maybe 6 months or so) where a Euro cost closer to $1.50 and now it's closer to $1.20. I don't think it's been under $1.20 in a long time.

I agree; I think the euro is really low right now, which is why I was considering getting cash here before going.

When we were in Europe in Mar/Apr it was $1.31 to $1.35; April 2011 it was $1.45 to $1.50.

[uscuba2]

Aug 22, 2012 11:51:17 GMT -5 travelingturtle said:

uscuba: I'm confused by what you're saying about the exchange rate. What do you think a good exchange rate is? It was only a few months ago (maybe 6 months or so) where a Euro cost closer to $1.50 and now it's closer to $1.20. I don't think it's been under $1.20 in a long time.

good exchange rate would be one to one or better. Exp when I was in in Zurich the 100 euros got me 140 Swiss Francs. A 100 usd got get me 95 Swiss Francs.

[marytini]

Aug 22, 2012 17:12:03 GMT -5 uscuba2 said:

Aug 22, 2012 11:51:17 GMT -5 travelingturtle said:

uscuba: I'm confused by what you're saying about the exchange rate. What do you think a good exchange rate is? It was only a few months ago (maybe 6 months or so) where a Euro cost closer to $1.50 and now it's closer to $1.20. I don't think it's been under $1.20 in a long time.

good exchange rate would be one to one or better. Exp when I was in in Zurich the 100 euros got me 140 Swiss Francs. A 100 usd got get me 95 Swiss Francs.

Sure, 1:1 would be great. But compared to what OP paid in the spring, the exchange rate now has improved, and is therefore "good." In fact I believe it is the lowest(or close to) it has been in a long time. It's all relative. If we all waited until the exchange rate was 1:1 to travel, we'd be waiting an awful long time.

[travelingturtle]

Aug 22, 2012 17:12:03 GMT -5 uscuba2 said:

good exchange rate would be one to one or better. Exp when I was in in Zurich the 100 euros got me 140 Swiss Francs. A 100 usd got get me 95 Swiss Francs.

Well, I don't think it's really been one to one since the Euro was introduced. In the past 5 years it hasn't been under 1.20 USD for 1 EUR, and the highest was close to 1.6, so I think she'd get a decent deal now since it's relatively low. Not saying it won't go down, but it'll be a while before it went to 1 to 1.

[hz80408]

For example, the LV purse I had my parents buy me in April 2011 in Paris would now be $97 cheaper if I were to purchase today in Paris with the current euro-USD exchange rate; therefore, exchange rate is better now!

[M]

I trade Euro on the futures market and foresee it getting even lower in the future (like closer to 1:1 by next fall). In the near future (next month or two) it won't go up enough for you to need to worry about exchange rate and purchasing Euros from a bank. You're still better off going to the ATM once to get all the cash that you think you'll need and using your credit card anywhere that will take it.

[hz80408]

Thanks M6; and interesting to know about next fall...