Travelling to Europe next week, is it cheaper to exchange the USD for EUROs in America or in Europe?

Question

Travelling to Europe next week, is it cheaper to exchange the USD for EUROs in America or in Europe?

Answer 1

It's cheaper and much easier to just use an ATM in the country you're in.  It will be dispensed in the local currency.

Answer 2

I went to Europe last summer, and I exchanged some money in the U.S. through Bank of America, just so if there was a problem, I had money on hand. But I found the best way was to get an ATM card and draw out the money in Euros right in Europe. Since you are drawing the $ right out of the bank, the USD to Euro exchange rates are virtually nonexistent. Call your bank to see if they offer that service

Answer 3

It is almost always better to change at the destination.  They will charge fees regardless of where you exchange.

The best rate of all is at ATM's.  Just put your card in and get local currency out at the middle rate plus whatever fee your bank charges.  This is usually less than the fee from money changers.  If you are at a bank like Citibank there is no fee at all if using one of their ATMs in the foreign country.

Answer 4

I would recommend that you use ATM's once you arrive at your destination, as it will generally give you the best rate with the least fees.

However, if you feel you must have some money on hand right away, I would recommend exchanging it at your bank in the US.  You can often work out a better rate / fee with your local branch; certainly better than exchanging at the airport, which you should definitely avoid.