Currency Exchange?

[Jokerman]

I am going to France on the 19th of December and am wondering what the best way to exchange dollars for Euros is? I want a way that will keep the fees to a minimum. Thanks for any help.

 

[Gus]

I bank with Wells Fargo and they have a nice stash of Euros at a small percent at my local branch (along with pounds, pesos, etc.... But when I arrive in Europe I hit an atm and get euros for a very nominal fee. I never use the currency exchange booths at airports or go for hotel exchange rates.

 

[jgold47]

Originally Posted by Jokerman

I am going to France on the 19th of December and am wondering what the best way to exchange dollars for Euros is? I want a way that will keep the fees to a minimum. Thanks for any help.

When I went, I went to a ATM in both paris and london. Used my ATM card, withdrew cash. I think the bank charged me a minimum fee, but I got the better exchange rate (actual bank rate, not the one the currency exchange guys set). Worked out well if your taking a lot of money. I took 100 out of each, and was not upset with the conversion. YMMV.

 

[dragon8]

If you have a HSBC account you can exchange with no fees.

 

[calispec]

See if your bank is a member of the Global ATM Alliance.

http://en.wikipedia.org/wiki/Global_ATM_Alliance

 

[HomerJ]

TM, I paid $5 + 3% with Chase recently. Other banks seemed cheaper. My credit card was 3% I think. Maybe helpful. Don't forget to contact your bank to tell them about your travel.

 

[zhouyu]

generally if your bank has branches in said country... there shouldn't be any fees or % when pulling out money from the ATM... at least its true for Citibank and HSBC...

 

[Quatsch]

Originally Posted by calispec

See if your bank is a member of the Global ATM Alliance.

http://en.wikipedia.org/wiki/Global_ATM_Alliance


When I moved to Germany two years ago, I created a checking account with Bank of America before I left and moved most of my money there for this very reason. Well, the rate may or may not have been good, I can't recall, but the worst thing was the $5 (maybe $7) atm fee to use a Deutsche Bank atm at all, which I was totally unaware of. Over the course of my 6-month stay I think I paid well over $100 in atm fees. My 5-branch hometown bank actually did far better for me than Bank of America.

 

[ter1413]

TM

 

[why]

Many banks have programs that allow people to buy currency at a good price with no fees and sell any excess currency back at the rate it was bought at. Many banks offer associate discount programs as well, so if you know a bank employee you can get a preferential rate. I would never use an ATM or currency counter for deliverable currencies.

 

[Jokerman]

I have two bank accounts one with RBC Centura and Bank of America. I talked to someone at RBC Centura and he told me I should not exchange with them because they have outrageous fee's. It sounds like the ATM is the way to go.

 

[why]

Originally Posted by Jokerman

I have two bank accounts one with RBC Centura and Bank of America. I talked to someone at RBC Centura and he told me I should not exchange with them because they have outrageous fee's. It sounds like the ATM is the way to go.
There shouldn't really be any fees unless the amount of currency bought is very small. I know Bank of America employees get a very good deal when buying foreign currency -- almost the interbank rate. Being able to sell back excess currency at the same rate it was purchased at is a big bonus as well, especially when buying Euros.

 

[paco_deluca]

use an ATM while there. or you can order euros from your bank and have them delivered to your home.