When I travel to Germany in September, what is the bst way to buy Euros?

Question

I'm interested in security, economy, and accessibility. Would appreciate an answer that discusses use of VISA and American Express cards for shopping and for Euro purchase.

Answer 1

Talk to your normal bank and use an ATM card. discuss fees in advance. My bank does not charge if I use ATMs from Deutsche Bank. I saved about 7% total and avoided many fees by simply using an ATM. Never use Visa, you get charged 3% fee as a start, plust they charge interest immediately.

Answer 2

If you've got he 'Cirrus' or 'Plus' logo on the back of your ATM/Debit card then you can easily wait to get to Germany to withdraw cash Euros from an ATM machine. That way, you get the intra-bank transfer rate which is lower than exchange services would charge, and then possibly an ATM charge from your bank.

Best to do it at the (German) airport, as there will definitely be an ATM there. In the smaller side villages and such, finding ATM machines would be harder, but being prepared and having a credit card as backup will take care of that.

It wouldn't hurt to exchange 100 USD for EUR before you go, for 'just in case'

Answer 3

There are not many Banks here that use atms. The best is: Before you leave the american airport, take some cash, that'll you'll think will last for your travel and then just exchange it. That saves you way more trouble.

Answer 4

I disagree with both posters above.  The best way to get euros is to use your bank's Visa/debit card at the atm.  The money is withdrawn from the checking account.  You will be charged the daily exchange rate posted on www.xe.com or the newspaper for that particular day.

Any VISA card charges a minimum of a 1% conversion fee.  Some banks have partner banks, such as Deutsche Bank, and you won't get charged any surcharges at the atm - e.g. access fee, out-of-network fees......But you will get charged that 1% conversion fee no matter what.  

There are some credit cards that charge anywhere from 1%-3% conversion fees.  Visa is usually 1% and American Express charges 2% for doing nothing.

Do not bring a hoard of cash (USD) with you to exchange.  You will get a horrible exchange rate.  The prepaid cards offered by visa and Am Ex are a poor investment as well.

Use your credit card for major purchases - souvenirs, restaurants.... and your bank's visa/atm debit card to get euros.  It's the best way to take advantage of the exchange rate.  Make sure you have a 4 digit pin and notify your bank and credit card companies before you go.