Best Exchange Rate Location?

[Lisa7]

Is it better to exchange currency in the US or when getting to Europe? I've also heard it isn't so bad to just get money out of the ATM's while there. You will be charged an international fee I'm assuming but thinking it would it be less than the fee they charge for doing it at the airports or local shops? Thanks so much guys!

[Deleted]

ATM always for me. There are just so many sneaky fees when you go to money exchange places.

[gtkim]

We usually use ATMs. However, if we want to have cash on us when we get there we get it from the American Express travel office. They have good exchange rates.

[sillygoosegirl]

ATMs. Even after whatever foreign transaction fee, it's still the best deal.

It's nice to exchange a little bit of money before you go, just so you have some until you get to your first ATM. But I don't worry much about where... since I'm not changing much that way.

[jordylee]

I usually bring a small amount ($25 or so) to change at the airport/bus terminal when I get there to have a little cash in hand, then use ATMs for the rest. Check your bank though, as some international fees can be outrageous. We use capital one, an they have no foreign transaction fees at all.


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[GilliC]

Oct 3, 2012 7:55:54 GMT -5 jordylee said:

Check your bank though, as some international fees can be outrageous. We use capital one, an they have no foreign transaction fees at all.

Definitely check your bank fees ahead of time and plan accordingly. For example, if your bank is going to charge you $5 every time you use an ATM, keep it in mind and take large amounts at once to minimize the overhead. If you do use a currency exchange, a lot of them offer better rates for traveler's cheques than for cash.

I tend to use card as often as possible to minimize the cash exchange and signed up for a Capital One card specifically because they wouldn't charge a foreign transaction fee. (The fees have gotten a little ridiculous, and now a lot of cards will charge the transaction fee based on the purchase location rather than the currency. So even if a place like an airport duty free shop can charge you in your own currency, the credit card will still skim a percentage. )

[M]

ATM. Wells Fargo charged us $5 for each withdrawal and I think the conversion was maybe 3% if that. But we charge everything to our CitiCard when overseas if possible because they only charge like 1-2% fee. I can't remember exactly how much.

[knitty]

I always have some local currency with me when I arrive, in case ATMs don't take my card, or if the ATMs are closed (yes, ATMs are not 24/7 all over the world). It also means you can buy something to get change for a phone call if you need to.

[gt7301b]

ATM - I belong to a credit union that reimburses all bank ATM fees. I use my Capital One card for large purchases. You may want to get a card with chip and pin as a lot of stores now require a pin.