# Best way to Get Euro's in US



## dms1709 (Apr 28, 2009)

We are traveling to Rome in May and upon arrival I need to take care of our apartment in cash.  So it looks like I will need to get Euro's here in US to take care of the bill.  Can anyone recommend the best way to get Euro's?  I do have a Capital One credit card for when we are there for funds there, but after a long flight with three small boys, I don't want to have to find a ATM to get that much cash at 7:30 a.m. in the morning.  Thanks

Donna


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## Passepartout (Apr 28, 2009)

Go to your bank. There will be a transaction fee and they will probably have to order the currency which will take a day or two.  Less expensive would be an ATM there, but you know what your limitations are. I know how disorienting early arrival from an overnight flight can be.

You also say you will be using a credit card for cash while there. I'd recommend a debit card instead. The cc will charge you the card's interest rate from day 1 as a cash advance. A debit card is just a withdrawal. 

Enjoy Italy! It's wonderful!

Jim Ricks


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## falmouth3 (Apr 28, 2009)

Speaking about getting cash there, your ATM card could be used there.  But make sure your pin would work there (4 digits is typical), and if you have letters memorized, make the switch in your mind to the corresponding numbers since many ATM buttons in Europe don't have letters on them.

Sue


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## Jimster (Apr 28, 2009)

*ATM*

Yes, use a debit card.  I would recommend that you have one like I have from my credit union.  It has no fee.  It also is only for European transactions and it has no overdraft protection.  If you use your own debit card tied to your account and it has overdraft protection, technically they can drain your account dry and then the overdraft will take some from savings and they could eventually drain that too.  Of course, you are liable to know your card is missing and stop that, but it is possible.  Also remember you probably have a daily limit on your ATM- thus if you need a large amount of cash to pay for your apartment, it may not be enough.  You can go to your bank and get Euros but depending on what bank you use, it can be expensive.  There are on line services that will do this for you too and most of them are cheaper than the typical bank.  I live near Chicago and I can simply walk into one of the big banks like the Northern Trust and exchange the money at no charge but that may not be your situation.  Finally, I would tell you to contact the bank that has your ATM and tell them where and when you will be in Europe.  Sometimes that will help make the transaction go smoother.  Also it may alert you to potential problems ie my credit union said my debit card would work everywhere except Romania which unfortunately or fortunately was going to be part of my destination.  At least I knew it wouldn't work in Romania and so I go more cash than usual in Munich before continuing on to Bucharest.


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## Carolinian (Apr 28, 2009)

Jimster said:


> Yes, use a debit card.  I would recommend that you have one like I have from my credit union.  It has no fee.  It also is only for European transactions and it has no overdraft protection.  If you use your own debit card tied to your account and it has overdraft protection, technically they can drain your account dry and then the overdraft will take some from savings and they could eventually drain that too.  Of course, you are liable to know your card is missing and stop that, but it is possible.  Also remember you probably have a daily limit on your ATM- thus if you need a large amount of cash to pay for your apartment, it may not be enough.  You can go to your bank and get Euros but depending on what bank you use, it can be expensive.  There are on line services that will do this for you too and most of them are cheaper than the typical bank.  I live near Chicago and I can simply walk into one of the big banks like the Northern Trust and exchange the money at no charge but that may not be your situation.  Finally, I would tell you to contact the bank that has your ATM and tell them where and when you will be in Europe.  Sometimes that will help make the transaction go smoother.  Also it may alert you to potential problems ie my credit union said my debit card would work everywhere except Romania which unfortunately or fortunately was going to be part of my destination.  At least I knew it wouldn't work in Romania and so I go more cash than usual in Munich before continuing on to Bucharest.



One of my CU's has the same assinine rule for Romania but the other does not.  It is from a different CU.  Greece has much more in the way of card problems than Romania, but it is Romania that they pick on.


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## tim (Apr 29, 2009)

I found the Wells Fargo online banking site to have decent exchange rates and only a $8 shipping fee to buy Euros.  After much searching, it was the best deal for me as I recently bought some Euros.  And, it comes by Fed express overnight shipping right to your house.


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## DanM (May 1, 2009)

falmouth3 said:


> make sure your pin would work there (4 digits is typical), and if you have letters memorized, make the switch in your mind to the corresponding numbers since many ATM buttons in Europe don't have letters on them.
> 
> Sue



When I got my first PIN, the bank officer told me to pick numbers or letters. I typed in a name, and they told me to look at the screen to confirm that it was correct. I was surprised to see numbers instead of letters. Didn't it know what I meant?

Now I remember both.


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## Rmelnyk (Jun 14, 2009)

I used my Schwab debt card...no fees what ever.
Roman


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## Jimster (Jun 15, 2009)

*euros*

You dont have a bank in your area that has Euros?  I would think you would have several banks that have them on hand.  I can get them at the Northern Trust with no fee simply by walking in the door and asking for them.


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## gresmi (Dec 5, 2009)

You will love Rome. Cash is typical for an apt.  Get some Euros here. Spare yourself the hassle. Credit cards are useful on the trip, but get some Euros before you go, not only for the apt.
You'll probably be getting off the plane in the a.m.  My advice if you have a good central location apt like we did is to drop your luggage and go immediately to the Vatican. You'll have your breath gone soon and will forget any jet lag. You can sleep later. PS- Forget the restaurants and food around the Vatican. It stinks. Mom & Pops near Piaza Novana and around Campo di Fiori are great.

Enjoy!



dms1709 said:


> We are traveling to Rome in May and upon arrival I need to take care of our apartment in cash.  So it looks like I will need to get Euro's here in US to take care of the bill.  Can anyone recommend the best way to get Euro's?  I do have a Capital One credit card for when we are there for funds there, but after a long flight with three small boys, I don't want to have to find a ATM to get that much cash at 7:30 a.m. in the morning.  Thanks
> 
> Donna


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## Carolinian (Dec 5, 2009)

Currency exchange has two types of fees, a ''commission'' and a differiential between buying and selling rates.  Some in the exchange business charge both and some only the differential.  Just because they do not charge a commission does not mean they are not charging a fee.  In fact, a large differential may amount to a higher fee than a combination of both differential and commission somewhere else.  The Termini train station in Rome, for example, in the days of the lira had numerous exchange booth, and a couple had big ''no commission'' signs, but both of them had horrible differentials that meant a larger fee than other nearby booths that did charge a commission.

To know if you are getting a good rate, check the mid-market interbank rate at www.xe.com and compare the rate of exchange you are offered.  Where I work, I can usually do a double conversion of dollars to local currency to euros for a total exchange loss of about one half of one percent.  In other nearby countries, it may be 1-2%.  I can find conversions around 2% a few places in the UK, but in most of western Europe it is closer to 5%.  Banks in the US that I have priced have often been over 5%.  Airport exchange booths are usually the worst, with a few notable exceptions like Zurich, Mexico City, and Chisinau.  To figure exchange loss, you need to look at the difference between the rate you pay and the mid-market interbank rate PLUS any commission.




Jimster said:


> You dont have a bank in your area that has Euros?  I would think you would have several banks that have them on hand.  I can get them at the Northern Trust with no fee simply by walking in the door and asking for them.


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