The exchange rates are pretty much the same everywhere, but it's the
fees that will get you. ATMs have better rates than walking into a bank
or going to a dealer. You can look up ATM rates on the Internet ahead of
time.
There are at least two fees that you pay. One is to use the ATM, and the
second is for your credit card issuer to convert the currency. Your bank
may also charge you for using a foreign ATM. The best rates for credit
card currency conversion are through credit unions' Visa and MC, which
charge significantly less than commercial companies for their services.
If you have a commercial card like Citibank or Bank of America or HSBC,
you get a better rate at one of their foreign ATMs--sometimes. Get as
much cash as you are comfortable carrying, since each trip to the ATM
will cost you at least $5-7. Where are you going? Spain? The best rates
are at ATMs of banks from Pais Basco--Santander, Bilbao, etc. Greece?
Emporiki has been good to us. Portugal? The ATMs have an evil cartoon
clown mascot!
Some EU countries are not on the Euro--UK, Scandinavian countries, and
then there's Switzerland which isn't in the EU, but has the big banks.
Be sure you know the currency before you convert too much cash.
NEVER, NEVER, NEVER use a debit card while you travel. You risk losing
your entire bank account. Use credit and let the lender take the risk.
Don't buy Euros now. Whatever you save in currency fluctuation, you'll
lose big from the fees that banks here will charge you, i.e., much
higher fees than ATMs overseas.
Some shops and services will give you a cash discount to avoid credit
card fees and hassles, saving you up to 20%, or more when you haggle,
too. Many services will only take cash. We had to pay cash for an
apartment we rented for a few weeks last summer. Took three days to come
up with 900 euros, since the clown ATMs wouldn't give us more than 200
euros each day, and we had three different credit cards but, the clown
bank ATM wouldn't take my Chase MC.
Betty
We've always used bank cards at foreign ATM's to get the best rates. Our
experience is that you get better rates dealing directly with your own bank via
ATM's rather than going through a conversion agency. We also get cash just as
needed in country rather than taking it over from here so we don't end up with
too much left over. Hopefully, some more experienced travelers will weigh in
with their suggestions. FYI, remember that Britain still is on it's own
standard, if you end up going there.
Richard P.
Does anyone know if the best way to get spending cash in the EU while on
travel from the US is to use a bank card or charge card at an ATM as far as
rate of exchange, etc.??
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