Is it better to to exchange your US Currency to Euros in the US or in Europe?

Question

I am asking regarding exchange rates.

Here in the US, I will be charged $1.75(US) per Euro (plus a $7 Fee), whereas the current exchange rate is $1.57 (US) per Euro.

Answer 1

In dozens of trips I have never worried about exchanging money. When you land you can almost always find an ATM and withdraw money in the local currency and save those exporbitant exchange fees.

  Just use credit cards in the airport until you get cash.

Answer 2

When I went to Italy last summer, what I did was I made sure I had 100 euro on me (which I exchanged here in the US) and then I used the ATM's to get the rest of my money, banks will usually give you a good rate (you should ask your bank). A friend of mine exchanged money at a bank in Italy, and the thing is that there's no guarantee that every bank has the same exchange rate (just like here) so the $1.57 is really an estimate.

If you do decide to go through ATM's watch out for camera's above them. I heard a while back about a scam like that where people's card and PIN numbers were stolen. Just make sure to always cover the number pad with your other hand when entering in your pin. I never had any problems.

Also get a money pouch that tucks under your pants where you can keep your passport, your card and your money. It's safer than the ones that go around your neck because if somebody is reaching for the front of your pants ... you'll know, the other kind can be easily cut off and you might not even notice.

Answer 3

It's best not to exchange currency, as the round-trip charges are in the range  of 15-50% of the amount. Instead, withdraw local currency from ATM's and try to pay for everything with credit cards. ATM's and credit cards charge either 1% or 3% for foreign currency transactions, depending on your bank (e.g, Citibank 3%, WaMu 1%, etc.). Before leaving the country, inform your bank or credit card issuer of your itinerary, so that they would not regards overseas activity as suspicious.

Answer 4

Do it here... but at the airport. A $7 fee is way to much and 1.75 is too high. International airports have good competitive rates and low fees.

Another option is to withdraw money from an ATM over there. US banks will usually charge you a small amount and give you a decent exchange rate. Call them before leaving.

Answer 5

For peace of mind I would exchange your money in the US, preferably in the airport. The fee is a total rip-off but it beats having to worry about it after an 8 hour flight!

Answer 6

Shop around for a bank with lower fees if you need to change all of your money before leaving home.

A better option is to leave most of the money in your account and withdraw it is needed via ATMs.

Notify your bank you plan to use the card in Europe, and also ask if they have any partner banks in Europe. You may be able to use the ATMs of partner banks for a reduced fee.

only use ATMs that belong to a real bank.  The kind in hotel lobbies, restaurants, & shops tend to charge high fees.