The WSJ is listing the euro at 1.54 but my bank is giving me 1.64 how do I get the 1.54?
Thelma
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Comments
- the listed rate is always the middle rate. Every financial institution will have a +/- for their buy sell of a currency. nobody actually gets the middle rate for exchangeing.
- the best and safest way to travel europe is with credit card - your bank will give the middle rate plus their take, if you need to bring cash, bring travelers checks. If you need to change cash most european banks take USD.
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You will almost always get the best rates at an ATM, so make sure you bring a card - preferably two of them for more flexibility.
Just about the worst is to use the money exchanges in the airports - avoid those!
Good luck.
I agree with the others, use your credit card as much as possible. Airports are bad, but worse are hotels. More and more, with the acceptance of credit/debit cards and the fact you can use ATM’s, traveler’s checks are less advised, because the places that accept them give the worst exchange rates.
Also, you could look into buying cash at a bank before you go. They often charge a lower fee or a flat fee. Fees (even those levied on credit/debit cards) can add up in a bunch of separate tranasactions, so a one-time fee can offset that.
Prepay hotel and events as much as possible before you go also. If you are going to London, you can purchase Metro and Theater tickets here before you go.
The others offer great advice, but here are my two cents’:
(1) Exchange some money at your bank before you leave.
(2) YES, avoid exchanging at the airports. Worst. Rates. Ever.
(3) Avoid traveler’s checks. The rates aren’t as favorable as one would think.
(4) Be mindful of using your credit card. You are charged for whatever the exchange rate is on the day the credit card company PROCESSES the charge. For example, I went to Wagamama in London on a Friday night. My total bill was, like, around 35 pounds or something. I was expecting to only pay about 70 bucks or something, but when I got my credit card bill, it was more like 90. I called the credit card company and they said that it’s whenever the charge is processed, that’s the exchange rate I was charged. Just be careful; credit cards are useful, but you should check the rates the day after you’ve used it, so you’re not terribly surprised.
(5) ATM cards are great to use, but for both your ATM card AND your credit cards, TELL YOUR BANK WHEN YOU’RE LEAVING AND WHERE. I tell this to everyone. With identity theft a rather common problem nowadays, you should always tell your bank and your credit card company when you were leaving. When I went to Scotland last November, I remembered to tell my credit card companies but I forgot my bank. When I ran out of cash and tried to use my ATM card, my bank LOCKED me from using my card. It took me four days to get them to unlock my card and I was forced to use my credit cards (which I’m still paying for). Save yourself the headache; tell them in advance.
(6) Find out from your bank what their sister banks are in the country you are going to. When using the ATMs from that sister bank, the fees can sometimes be lower.
Have a great trip!
