Buying Euros

[jcatral14]

I was surprised my local BofA had them on hand. What I wasn't prepared for was the exchange rate of 1 Euro to 1.40 USD :mad: Wasn't it just 1.30 a week ago? Do they generally go up during certain times ie Christmas or summer? :dunno:

[crazybelgian]

Don't ever buy Euro's beforehand, just use an ATM when you're there. Visa, Mastercard,... usually guarantee the best exchange rate and there are virtually no extra fees...

[Asteroid]

Don't ever buy Euro's beforehand, just use an ATM when you're there. Visa, Mastercard,... usually guarantee the best exchange rate and there are virtually no extra fees...

Well, depending on which bank issued your Visa or MC, typically there will be a 2 to 3% tacked on for exchange fee. This fee used to be itemized in my statements but it no longer is. Your experience may vary.

[killerdeck]

The dollar has gone down quite a bit in the last month vs many currencies. Unfortunately, I dont see an end to this devaluation, which means more expensive Euro deliveries to come for all of us.

[letsin2b8]

are you talking of debit visa/mastercards?

[JSpira]

I was surprised my local BofA had them on hand. What I wasn't prepared for was the exchange rate of 1 Euro to 1.40 USD :mad: Wasn't it just 1.30 a week ago? Do they generally go up during certain times ie Christmas or summer? :dunno:
It´s slightly under 1,33 right now.

Best to withdraw from ATM in Europe (machines are in the airport).

Ask your bank if there are FX fees on this.

Do NOT under any circumstances change money at a hotel unless you are in dire straits. It will make the BofA rate look generous.

[jcatral14]

It´s slightly under 1,33 right now.

Best to withdraw from ATM in Europe (machines are in the airport).

Ask your bank if there are FX fees on this.

Do NOT under any circumstances change money at a hotel unless you are in dire straits. It will make the BofA rate look generous.

Hi J,
I just took out a token amount. At least enough for food and paying Peter's fee. I'll get more from the ATM if need be. I intend to pay using my CC whenever possible so that should minimize my ATM trips :)

I just realized, this time next week I'll be at the delivery center :D

[JSpira]

Hi J,
I just took out a token amount. At least enough for food and paying Peter's fee. I'll get more from the ATM if need be. I intend to pay using my CC whenever possible so that should minimize my ATM trips :)

I just realized, this time next week I'll be at the delivery center :D

Great, isn´t it!

[E92]

Also...call your bank before you leave & let them know you'll be using your ATM card in Europe otherwise they'll put a security hold on it & you can't use it there.
And get your bank's collect call phone # (non-800 number) in case you need to call them from Europe.

[emdreiSMG]

No matter how you get them or what you pay, you'll be glad to have a few hundred Euros in pocket before you arrive. Just so you don't have to F with it when you arrive. Some places will ONLY take cash.

[dkotanto]

Capitalone and BMW Visa do not have any conversion fees. I use them both when I go overseas.

[seccsc]

Capitalone and BMW Visa do not have any conversion fees. I use them both when I go overseas.
We intially thought Capitalone didn't have conversion fees but when we contacted them they told us 2%. I would call Capitalone just to make sure.

[blueguydotcom]

Well, depending on which bank issued your Visa or MC, typically there will be a 2 to 3% tacked on for exchange fee. This fee used to be itemized in my statements but it no longer is. Your experience may vary.

Two things -
1. find out the banks that partner with your own.
2. Use your BANK ATM card to extract money. You don't pay any percentage fees. You pay for using an "out of network" ATM which is usually $2-5. Thus get a lot at once. Last time I hit germany I snagged 500 euros and paid a piddly fee to BofA that was the same as if I took cash from a Wells Fargo ATM in the USA.

[be-em-veh-808]

There's a small Deutsche Bank ATM machine @ the luggage pick up area in the Lufthansa terminal (Terminal 2?) @ MUC. This is before you get to the customs. It is about 50 - 80 meters to the right of the big BMW grill (if you are facing the grill).

If you use your BofA ATM card on Deutsche Bank ATMs that are located in Germany, there's no fees of any kind. I withdrew 300 Euro when I arrived @ MUC on Nov 2.

I've since received my bank statement and there's no fees charged related to that transaction. Plus, I had received an excellent exchange rate --- 1 Euro : $1.27.

I highly recommend using the ATMs there, buying ahead of time.

As a pre-caution, I also called BofA customer service to let them know that I was going to be travelling to Germany and would be using my ATM card there. They configured their systems to not block my transactions in Germany.

[mason]

Short answer is No, Euro doesn't go up because Christmas is approaching. It is all about foreign exchange market. Dollar has gone down quite a bit. Thus, the rate changes everyday. I generally don't recommend simply walking into a bank for a fx transactions. Americans don't generally do fx transactions at the local branches, hence, banks charge arm and leg. The best way is as our friend stated, go to the ATM machine for a whitdraw and use credit card as much as you can. Generally, Capital One doesn't charge the convertion fees, some have suggested otherwise. Whether to notifying your bank of your travel plan is up to you. If you do international travel a lot, you probably don't have to do that. I never tell my bank and I never get a security hold. Once in a while, they might call me to confirm some transactions.

[crazybelgian]

No matter how you get them or what you pay, you'll be glad to have a few hundred Euros in pocket before you arrive. Just so you don't have to F with it when you arrive. Some places will ONLY take cash.

I beg to differ, most places accept cards in Europe (checks have been phased out years and years ago and debit cards took over). Also, pickpocketing (or whatever it's called) is a major problem in Europe, so the more cash you have the more you can lose. At least credit cards can be replaced and any charges disputed with a police report.
I had my wallet stolen from the (front!) pocket of my pants at the Brussels airport and didn't realize it until I needed to pay to get my car out of the parking structure.

[chrischeung]

The dollar has gone down quite a bit in the last month vs many currencies. Unfortunately, I dont see an end to this devaluation, which means more expensive Euro deliveries to come for all of us.

Well, it can't keep going down, and the Euro up, otherwise the folks in Europe will all be unemployed, since their exports are too expensive for the US. But I agree, that in recent years, there has been a trend towards a weaker dollar, regardless of the US official policy stance on a strong dollar.

Flip side of the coin, is that we get a lower level of unemployment, which allows us to buy more imports. Plus, the Chinese RMB, where we get a lot of our durable goods, is pegged to the US dollar - so that is a constant, at least in the short term. It all ends up being a bit of a wash - we make more, steadily, but pay more for some items like Bimmers and travel.

What can one do about it? If you are convinced that the dollar will weaken, definitely invest internationally, or in ventures that are focussed internationally. Also, get that Bimmer now - prices should go up if the dollar weakens, and other things remain constant at BMW.

[Contact Patch]

An Euro has gone from $1.26 in mid-October when we did our ED to just under $1.33. The $1.40 rate has been "padded" by the banks. Just use ATM to get cash while there or use credit cards at places where accept them. We found out, after seeing the statements, that AMEX has better rate than M/C. AMEX padded about 2% while M/C padded 3%.

[blueguydotcom]

There's a small Deutsche Bank ATM machine @ the luggage pick up area in the Lufthansa terminal (Terminal 2?) @ MUC. This is before you get to the customs. It is about 50 - 80 meters to the right of the big BMW grill (if you are facing the grill).

If you use your BofA ATM card on Deutsche Bank ATMs that are located in Germany, there's no fees of any kind. I withdrew 300 Euro when I arrived @ MUC on Nov 2.

I've since received my bank statement and there's no fees charged related to that transaction. Plus, I had received an excellent exchange rate --- 1 Euro : $1.27.

I highly recommend using the ATMs there, buying ahead of time.

As a pre-caution, I also called BofA customer service to let them know that I was going to be travelling to Germany and would be using my ATM card there. They configured their systems to not block my transactions in Germany.

I used that one! :) And flew on luftcrapsa too. :(

[emdreiSMG]

[QUOTE=crazybelgian;2059507]I beg to differ, most places accept cards in Europe (checks have been phased out years and years ago and debit cards took over). Also, pickpocketing (or whatever it's called) is a major problem in Europe, so the more cash you have the more you can lose. At least credit cards can be replaced and any charges disputed with a police report.
I had my wallet stolen from the (front!) pocket of my pants at the Brussels airport and didn't realize it until I needed to pay to get my car out of the parking structure.[/QUOTE

Yeah, but There ARE ABSOLUTELY places that DON"T take them, then you have a problem...Augustiner bar 3 blocks west of LeMeridien doesn't take credit. In Zurich (banking center of western world), I was at a Lowenbrau bar/rest. right in the heart of the Right bank. Bill comes and guess what??? They don't take plastic there either.

If you are prudent, you can minimize the chances of getting pickpocketed. Of course it's always a risk, but why take all of your Euros out with you everyday anyhow?
You are truly crazy if you think that everyplace you might happen into takes credit cards, IME.