# Suggestions for exchanging USD to EURO



## bailey (Sep 12, 2010)

We will be flying to Crete from LAX.  We have a stopover in London then Manchester.  We arrive in Heraklion @ 10:30 pm.  Rental car company is asking for cash.  

Wondering if we should exchange money here in the States prior to leaving?

How easy is it to exchange in Crete?    Thanks.


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## siesta (Sep 12, 2010)

most of the time credit cards (or atm/debit cards at the atms if you have a good bank) will give you the best rate depending on "what's in your wallet" (sorry capital one don't sue me please).  Every credit card company has different fees (or sometimes no fees) for using your card internationally, so you'd have to check with your company specifically.  If you plan on going abroad often, it pays to shop for a card with low or no fees. So that would be my initial focus, making sure my card is the "one" to have overseas, or getting a card that is... just for this trip.  

Since you need a little cash on hand (and quite frankly I never leave anywhere without cash just in case), what I would do is contact your local bank.  Most likely they will have to order the currency as they don't have it sitting around, so don't be last minute.  Get twice in cash what the car rental is asking you, just to have some extra on your person.  Other than that use that plastic.

whatever people tell you, the airports and the little money changing kiosks in tourists areas are the worst rates you'll get.

edit: for clarification I'm not recommending you to use credit card in the atm machine, its either credit card everywhere its accepted (which with crete I'm not quite sure how prevalent that will be) *OR* atm/debit card in atms (most likely best option)


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## Carolinian (Sep 12, 2010)

Most local banks whack you pretty hard on exchange rates.  There are a few exceptions, so you might ask around.

A car rental company asking for cash is not something I have ever run into.  I always use one of my platinum cards for its insurance coverage on the rental that applies in most countries (Ireland is one exception to that coverage that comes to mind.)  That would be a big red flag to me in using that car rental company.  You might compare rental prices with www.economycarrentals.com .

Airport exchange counters also typically offer awful rates.  A few exceptions are Zurich, Mexico City, and Chisinau.

Exchange houses in every country that uses the € these days seems to offer awful rates, often coupled with high commissions.  In non-€ countries in Europe, you can often get good rates from these businesses, however.  London has some exchange houses with good rates and no commission and many countries in eastern Europe do.  In fact, in the country in which I work, I can often do a $ to local currency to € double conversion for less than 1% total exchange loss.  Greece, however, is a € using country, so you are out of luck there.

One other thing to note is that ALL Greek banks charge a fee to use their ATM.  It not like, say, the UK where many banks do NOT access a local ATM use fee for their machines.  When I go to Greece, I usually try to take all the € I need with me.  There is one guidebook series, Let's Go, if memory serves, that lists the banks with the lowest ATM use fees in Greece.  It is good to know how each bank works it, as at some it is a percentage and at others it is a flat fee, no matter what the transaction amount is.

You can also buy € denominated travellers checks at AAA, which if you are a member carry no fee.  You need to check the exchange rate, though.  Back when AAA sold travellers checks in Deutsch Marks, francs, and Guilders, I sometimes bought them if it looked like the exchange rates for those currencies were headed upward and I had trips coming up.  In those days, the exchange rate was good, and they had no fee for a AAA member.  I tried only once since they came out with the € denominated TC's and the exchange rate they quoted was awful.  I have since talked to someone who said they bought such TC's more recently and at a decent exchange rate.  If that interests you, check the exchange rate.

As to ATM cards overseas, many large banks now charge a 2% junk fee on top of the 1% fee they pass on from Visa or Mastercard, for a total of 3%.  Get an account at the online CapOne bank, and they charge you 0%.  Most banks also charge a second fee for overseas ATM use that may be several dollars per use.  CapOne does not.  Another option is a credit union ATM card, which will probably pass on the 1% fee but not add the addtional 2% junk fee, and will also charge less for each ATM machine use - 50 or 75 cents.

If you need a small amount of cash in the airport, I have found that virually all airport shops in Europe will accept $ for a purchase and give you change in local currency.  Often the rate is not stellar, but is sometimes better than the exchange houses at the airport, and most importantly they don't sock you for a minimum commission, which can be rather high.  Buy a newspaper or a soft drink, for example.  McDonalds in the airport is often a good bet for that.  Indeed I remember years ago that the best place to exchange money in Luxembourg was McDonalds, which took dollars and gave you Luxembourg francs in change at a decent rate and without the high commissions charged by both of the banks in the city that did currency exchange.  If I must have some local currency, when I was travelling from North Carolina, I found that the rates at airport shops generally beat the rates of banks in eastern North Carolina, so I waited until I arrived to pick up local currency.  Indeed, if you are in a place where the exchange houses in the city have decent rates like London or most of eastern Europe, then you can generally get a ticket into the city on a train or bus with a credit card at the airport and then change money once you get into the city.  I have done that many a time in London.


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## bailey (Sep 12, 2010)

AAA charges a 5.5% fee for currency exchanges.  Free shipping for amounts over $1000.  So for $1000.00 USD I would get 739.51 Euro.  Traveler's Checks have a $9.95 fee.  

At Wells Fargo I would get 749.57 Euro.  Free shipping for over $1000 also.  

I'm going to call my credit union tomorrow and also check into Capital One.


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## Laurie (Sep 12, 2010)

*Travelers checks no more*

Many merchants in Europe don't accept travelers checks in any currency though, any longer, many don't even recognize them _as_ currency - we found out the hard way, after arriving with Euro travelers checks and assuming we were so well prepared. (And we were really *really* hungry!)


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## Carolinian (Sep 13, 2010)

It has been years since I used them, but that was only to lock in exchange rates at a time the dollar was going down steadily.  I was occaisionally able to find places that would take Deutsch Mark TC's, but never those in French francs or Dutch guilders.  As I had anticipated, that meant going to the local AAA office which would cash them with no commission (banks and exchange houses charge commission even when they are in local currency), but that still locked in my better rate on currency.

It also looks like AAA no longer gives a good exchange rate as they did in those days.  5.5% differential and/or commission is grossly excessive.  In the old days, for an AAA member they were no fee and at a good exchange rate.




Laurie said:


> Many merchants in Europe don't accept travelers checks in any currency though, any longer, many don't even recognize them _as_ currency - we found out the hard way, after arriving with Euro travelers checks and assuming we were so well prepared. (And we were really *really* hungry!)


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## radmoo (Sep 13, 2010)

We went to Paris 5 years ago and I thought I was so smart buying Euro traveler's checks at home.  WRONG!!! as mentioned in previous posts, NO ONE wanted them.  Luckily we were visiting friends who live in Paris and he took me to his bank where they let me cash all the checks for Euros.   Never again, we stick w/cred cards and ATM.  I used CapOne on our recent Baltic cruise and London visit, got my bill, no fee!!!! Yeah for Cap One.  
My question is - why would a car rental want cash??? I think I'd be quite leery of such a thing.  Or perhaps it's common in Greece, I don't know.


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## MichaelColey (Sep 13, 2010)

When we went to Italy last year and Italy and France earlier this year, ATM withdraws were the most economical way to go.  Credit cards were next best, usually about 2-3% more expensive.  I know there are a few cards with no exchange fees, but most have them.  We travel frugally enough that it wasn't worth worrying about.


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## bailey (Sep 13, 2010)

I called the credit union today.  They charge 1% fee on their visa check card and $3.00 per transaction on ATM's.  
Not sure all places take a visa check card....basically a debit card is what it is.  

Wells Fargo will exchange $$ for no fee.  Wouldn't give exchange rate over the phone.

As far as rental car company asking for cash..I've read that some people felt better giving cash, that way the company couldn't charge them for damages after they were long gone which I read sometimes happens??  I just looked into reserving through eurocar, but then read reviews that weren't too stellar.


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## Carolinian (Sep 14, 2010)

Use the debit card at ATM's to get cash.

You can get an online account with CapOne with a debit card with no foreign fees.




bailey said:


> I called the credit union today.  They charge 1% fee on their visa check card and $3.00 per transaction on ATM's.
> Not sure all places take a visa check card....basically a debit card is what it is.
> 
> Wells Fargo will exchange $$ for no fee.  Wouldn't give exchange rate over the phone.
> ...


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## pgnewarkboy (Sep 28, 2010)

*ATM worked great for me*

Just returned from Paris and got euros every day from local ATMs.  The rate was good and I paid NO FEES!   The key was finding a local bank at home that had few branches.  In order to market itself the bank provides NO FEE ATM use - no matter what bank charges the fees.   In France many banks do not charge fees for ATM use but some do.  My bank at home refunded the foreign ATM fees to my account.   I opened the account solely for the purpose of ATM use in foreign lands.

ATM's are everywhere these days.  I got off the plane at CDG in Paris and went directly to an ATM to get Euros for cab fares etc.  They were all over the airport and all over Paris.

The key is finding a small local bank with no ATM charges. I am sure my bank is not alone and must have grabbed the idea from other local banks around the nation.


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## siesta (Sep 28, 2010)

Carolinian said:


> Use the debit card at ATM's to get cash.
> 
> You can get an online account with CapOne with a debit card with no foreign fees.



+1 for this advice.


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## vaterp37 (Sep 29, 2010)

Ditto on the ATM advice.  We use BoA and they have some sort of alliance with European banks which they publish on their website.  If you use one of the banks "in-network" there are no fees with the going exchange rate.  If I recall correctly, some of branches that are "in network" include Santander, Barclays, BNP Paribas, Deutsche Bank, etc


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