Bank conversion fee

[WinniWoman]

So we went to our bank today to order $300 in Euros for our trip to Italy. Cost was $362.40 PLUS a $15 fee!!

$200 euro of that will be for the tour guide and the rest just to have for tips at the airports for my wheelchair and a few incidentals like a gelato or whatever while we are away.

They said they couldn’t give us coins which I wanted because I heard you need them for toilets. So I ended up getting a few more paper 5’s.

I’m hoping not to need more cash than that and not having to bother with an atm machine.

Anyway, just my rant but that seems like an incredibly high exchange rate.

 

[tombanjo]

1st rule - use cash machine in airport.
2nd rule, then buy pack of gum and exchange large bill for change.

 

[elaine]

300Euros=335 USD current exchange rate, plus a 10% bank mark up rate and shipping charge. Fairly normal. Not much you can do if you need Euros ahead of time. We got dinged at a bank ATM in a small town in France-$20 between exchange/bank fees for 100 Euros!

 

[WinniWoman]

1st rule - use cash machine in airport.
2nd rule, then buy pack of gum and exchange large bill for change.

Some people had told me the machines at the airports were rip offs and to try to use only atms inside banks.

 

[VacationForever]

Some people had told me the machines at the airports were rip offs and to try to use only atms inside banks.

Look for the real bank ATMs. The airport ATMs are ripoffs. There are even ATMs that sit outside some establishment that look like bank ATMs but they usually have a disclaimer about how they charge you a fee to use them. Avoid those.

 

[elaine]

Some people had told me the machines at the airports were rip offs and to try to use only atms inside banks.

Correct. An ATM at a bank (inside or outside) is best bet. Although my 20% was at a "real" bank--it was a small regional bank that obviously didn't participate with a banking network as most banks would. Also, to purchase food/hotel/souvenirs, via credit card always selection your total to be in the country's currency. Do not selection to "covert to USD currency," as one typically gets an unfavorable exchange rate.

 

[JeffC]

TD Bank tellers have euros, I paid $7.50 for the transaction fee and got an exchange rate of 1.17. Go to any cafe and order a coffee for 1-2 euros and they‘ll let you use the bathroom. Pay with a twenty and ask for change in coins if available.

 

[ScoopKona]

I use Foreign Money Exchange in Las Vegas. Their business model is "buy foreign currency from tourists in Las Vegas -- sell it as fast (and cheap) as possible to locals to be rid of it." I'll fly through Las Vegas just to change a lot of money. (Since I go often, I'll buy enough for several trips at a time for the economy of scale.)

Casinos used to give even more attractive exchange rates to employees. But they killed that relatively unknown perk when employees started exchanging as a profitable side hustle.

I also have a credit card with no transaction fees. So I use that everywhere I can, and only pull out cash when necessary.

 

[bizaro86]

I got a considerably better rate than that and paid a lower fee using ATMs in Italy. They were everywhere. I ended up using quite a lot of cash (faster at restaurants) and typically ATM fees were 3EUR, with the exchange conducted by my bank at competitive rates.

 

[ScoopKona]

I got a considerably better rate than that and paid a lower fee using ATMs in Italy. They were everywhere. I ended up using quite a lot of cash (faster at restaurants) and typically ATM fees were 3EUR, with the exchange conducted by my bank at competitive rates.

I won't have an ATM card. That causes confusion at my bank once in awhile. But they figure it out.

Any ATM problems are "guilty until proven innocent" -- the account holder must prove the error to the bank. Considering all the ridiculous charges I've had removed from my credit card in Europe -- including more than $10K in medical textbooks -- I'm not using an ATM card there. No way, no how.

Too much risk. Zero reward.

 

[WaikikiFirst]

I won't have an ATM card. That causes confusion at my bank once in awhile. But they figure it out.

Exactly.

ATM problems are "guilty until proven innocent"

Yup

Too much risk. Zero reward.

I suppose some people have lifestyles that give it minor reward but I can't see it

 

[WaikikiFirst]

$300 in Euros

$300 in Euros or 300 Euros?

 

[WaikikiFirst]

My pre-Euro story: I was in Turin on biz, as a summer intern between yrs in B School. 30+ yrs ago. Scheduled to go to Paris in a few days. I get urgent call saying I have to fly to Paris in the morning. I have lira but forget to get francs on teh way to the airport. "I'll do it in Paris." I fly to Paris in the am. Guess what? France, so BANK STRIKE. If there weren't a strike of some kind you could be anywhere else I guess. None of the machines at the airport giving francs. None of the FX places even opened. Now what?
At the airport. No francs. Don't even have a hotel res for the night. Can't even pay for a cab. Early in Paris. Nobody in the office yet, in the USA.
Ask a cab driver if he'll take me to a hotel that will exchange for me so I can pay him and also get on with life. He says "Certainment!" Takes me to the George V, which is a bit nicer than my hotel in Turin. Get it done. Merveilleux, except I know the nightly rate at the George V will raise a few eyebrows. I call them later to get marching orders for this emergency and tell them where I am. Take a short scolding from the President about being at the George V. All I can say is:
"I had lira. No francs. Bank strike. Whaddya want from me? Why don't these people use a COMMON CURRENCY????"

and about the only thing besides the francs & the bill that impressed me about the George V was the size of the closet. It was half the size of my room in Turin.

 

[Krteczech]

We use Wells Fargo debit Card to withdraw any currency and get exchange fee reversed. You just need to check that your bank is on same system and ATM you are using elsewhere. Being in Europe for three weeks now and didn’t need cash yet. Finland and Estonia for two weeks and Czechia now.
BTW, if you want to tip for services, you can use dollar bills everywhere.

 

[WinniWoman]

$300 in Euros or 300 Euros?

300 euros

 

[WinniWoman]

We use Wells Fargo debit Card to withdraw any currency and get exchange fee reversed. You just need to check that your bank is on same system and ATM you are using elsewhere. Being in Europe for three weeks now and didn’t need cash yet. Finland and Estonia for two weeks and Czechia now.
BTW, if you want to tip for services, you can use dollar bills everywhere.

Really? I asked the tour company if I should use euros to tip the tour guide and she said yes. Their literature had said the recommended tip should be $x per day- US dollars. So I just figured I’d just consider it the same amount- close enough.

So I ordered $200 in euros instead of giving her or him $200 cash.

I also had heard taxis, etc would want euros not dollars for the fare and tips.

Our bank charges fees to withdraw at atms. I believe they use VISA atms but have to double check that. Our card is strictly an atm card. It is not a debit card.

We plan on using credit cards as much as possible. I can’t deal with this cash stuff. I rarely even use cash at home! lol!

 

[WinniWoman]

I won't have an ATM card. That causes confusion at my bank once in awhile. But they figure it out.

Any ATM problems are "guilty until proven innocent" -- the account holder must prove the error to the bank. Considering all the ridiculous charges I've had removed from my credit card in Europe -- including more than $10K in medical textbooks -- I'm not using an ATM card there. No way, no how.

Too much risk. Zero reward.

I actually never use my atm card but I feel like I have to bring it with me in case we need more cash. I really hate the idea of taking it actually.

 

[tombanjo]

Call bank, let them know you will be x country and put a $300 withdrawal limit on the card. Use a chip card with a pin.

 

[rickandcindy23]

I should have asked people here about Euros before we used the ATM at the Venice airport.

 

[clifffaith]

I actually never use my atm card but I feel like I have to bring it with me in case we need more cash. I really hate the idea of taking it actually.

Better get $20 each out of ATM at home to be sure your pin codes work if you never use it. We found one ATM card where code had been made inoperative since it was never used (probably Cliff’s since I was the one doing the banking and our bank debit/credit card is what you swipe for teller services). We found the bad pin code when we on purpose used the cards before a trip to test them. Just recently we found his pin didn’t work again and he had to go inside for poker money. He jokes I keep him around to pump gas and use the ATM because I do neither except under duress.

 

[Carolinian]

The best way to get euros is at bank ATM's using your debit card in Europe. You get the mid-market interbank rate. In some European countries that do not use the euro, you might do about as well at exchange booths away from the airport or train station. In Poland, I have seen "dynamic currency conversion" which is a ripoff on ATM machines of one major bank. If the ATM asks if you want the transaction sent to your bank in dollars, always push NO because that is dynamic currency conversion and will give you a bad rate. I have not seen that in any euro-using country yet, but it is a possiblity. I prefer using bank ATMs attached to a bank branch during banking hours.

Some airport shops will take dollars to buy something and give you change in local money. Doing that with a large bill, gives you a fair amount of local currency, but always ask the exchange rate. It the old days, the best place to change dollars for Luxembourg francs was at McDonalds. All the exchange booths and banks charged high fees, but McDonald's would take dollars and give change at the normal rate in Luxembourg francs. I would hand them a US $100 to buy a small coke.

 

[WinniWoman]

Better get $20 each out of ATM at home to be sure your pin codes work if you never use it. We found one ATM card where code had been made inoperative since it was never used (probably Cliff’s since I was the one doing the banking and our bank debit/credit card is what you swipe for teller services). We found the bad pin code when we on purpose used the cards before a trip to test them. Just recently we found his pin didn’t work again and he had to go inside for poker money. He jokes I keep him around to pump gas and use the ATM because I do neither except under duress.

Oh we have to use it when I go into the bank to withdraw money through the teller. Still have to swipe the card and put in the pin.

 

[WinniWoman]

Call bank, let them know you will be x country and put a $300 withdrawal limit on the card. Use a chip card with a pin.

That’s an interesting idea. Our atm card has a pin and I assume it’s a chip. I’m going to ask about that when I pick up the Euros.

 

[isisdave]

In airports, you can find ATMs both from major banks, and from third-party networks. Avoid the latter if you can, but on my last trip to the UK, most of them seem to be that kind. I can't remember which airport it was, probably Gatwick.

 

[ScoopKona]

That’s an interesting idea. Our atm card has a pin and I assume it’s a chip. I’m going to ask about that when I pick up the Euros.

I would leave the ATM card at home. Those things are more trouble than they're worth.

Why not just bring new, crisp $100 bills? Put them in your neck pouch along with the passport and credit card. If you don't need them, great. Spend the money at home. But if you DO need more Euros, it's not hard to find someone who will trade for dollars. I've made exchanges with other travelers and locals who were heading to the US soon -- we worked out what the rate should be and made the exchange. No fees at all that way.

There's also the strategy of bringing more Euros than you need. You can always gift them to a young relative going to Europe for the first time if you don't find a way to spend it.