There are pluses and minuses for just about every method from what I gather, what do you find is the most cost effective from both a fee and exchange rate perspective?
Travelers checks?
Convert USD to Euros in the US (if so, where is best?)
Convert USD to Euros in France (if so, where is best?)
Use a credit card for most purchases
Debit card
Debit card at ATMs for cash
Bueller, Bueller?
Deleted by Author
When I was in Italy I only used my ATM/Debit card to get cash from machines and paid in cash. I think I did one CC transaction while I was there.
Did not bring travelers checks, USD, or exchange USD for Euro before traveling. Just hit the first ATM at the airport and went from there.
One neat little surprise was that most ATM PINS in Europe are only 4 digits. Make sure you have a 4 digit PIN on your card before you get over, unless this has changed since 2007.
I never change currency. There are ATMs all over Europe - I have never had a problem.
I look online at the map of the airport of my arrival, locate the ATM in arrivals and get enough local cash to get me through day 1 - including any need for taxi fares, etc.
Good suggestion above to notify your credit card company and bank that you will be using cards overseas.
Get a credit card from Capital One or another bank that doesn’t charge a conversion fee. For whatever you can’t use that for, take cash out from ATMs.
Great tips - especially on alerting the CC and bank about use of the cards overseas.
Also, the pin #, I actually changed mine today from 6 to 4 digits.
Interesting re: Capital One not charging conversion fees, I was planning on using my no hassle miles card for most transactions there.
I recall Bank of America charging me a % of withdrawals at ATMs in Montreal last time I went, though I didnt try to negotiate a lower (or no fee) in advance.
settle down your FX forward contracts from a few months ago ![[tease.gif]](/uploads/db3686/original/2X/c/c5b32b76bebaa359b0452ae247b61189ffe5fa7e.gif "tease"){kind=small}
I’ve generally had really good luck simply using my debit card at an ATM in places like train stations, banks, etc…
Things have changed over the years. It used to be a clear winner to ATM cash and sometimes charge CC for merchandise as there were minimal to no fees. However, banks & CC companies got wise to this as a potential fee/income source. I used to just get on the plane with dollars and an ATM card and hit an ATM machine immediately upon landing.
Today, you have to be creative to save money on the exchange. So much so, that I don’t find it really worthwhile. I just went ahead and exchanged a good amount before my last trip to Europe to avoid some of the hassles of ATM limits over there. I probably paid an extra $25-30 in fees, but in the grand scheme of the cost of a very expensive trip, this was minimal and I didn’t waste my time worrying my pretty little head over chasing a saved dollar here and there.
The bottom line is that it used to be a no brainer. Now, for most options, the difference isn’t as noticeable unless you just enjoy the game of getting the absolute best deal.
Chris
The gap does seem to have narrowed over time. We took a two week trip to Italy in October and every hotel we stayed in asked if we wanted to pay in dollars or euros and showed the exchange rates for both right on the preliminary bill they gave us before checking out. I saved every one and used my credit card to pay for every hotel and sure enough when we got home and I checked the cleared charges on my credit card bill they matched the preliminary bills to the “cent” in every case. No gap whatsoever on those charges.
On a recent trip to France, BA charged 3% on top of meager exchange rate.
My Visa debit card from my Brokerage account…no conversion fees and I got the official exchange rate. I took cash using the 4 digit pin from large banks and at CDG after leaving customs. Paid almost everything with this card.
I did the ATm method in Israel and spent about $45 in fees! But like Chris said, for the ease of this method and comparing to the cost of the trip - who cares.
Just don’t go to the ATM and take out $20 - if you use it, get a decent amount of money so you don’t get charged everytime.
Just stuff the extra cash in your tighty whities…you could use the padding anyway 
Travellers checks are horrific.
ATM in europe is the way to go.
Last year we travelled around, while camiber stations offered 1.68-1.70, my ATM was 1.53 with a 5 dollar charge. Travellers checks are accepted in fleetingly small locations often exacting a large penalty. AMEX has closed many of their travel bureaus, save for the one in Rome (Spanish Steps).
In short: ATM.
ATM as well here but be sure to check the fees on credit card as well.
Be sure to grab as much per shot as you need to minimize the amt of fees per transaction. Can also ask bank to up your daily ATM limit. And as always best to call bank and card companies and let them know you’ll be out of the country. No fun to have them turned off due to odd looking charges as viewed by fraud depts. Have fun!
I guess it seems to depend on where you bank. I generally try to avoid debit, because my bank charges 3-5% on top of the already terrible fx rate they give me. I use my credit card as much as possible, since they only charge the spot rate, no excess.
It totally depends on your bank and the fees they charge.
VISA charges me a fixed fee (say $2) + some % on my cash advances, and a lower fixed fee + % if I pay with my CC. Having compared the fees, as long as I manage to get $800 every time I go to the ATM (might have to try several), anything below $150 that I’d pay with my CC would cost me more in fees than cash. You have to see where it breaks even according to your bank’s fees.
Sometimes if you do a long trip it can even be worth opening a new account with a bank that has very good offers on fees. I know that e.g. some English banks were giving away CCs with no ATM fees.
Ask your bank… my old bank had a “no fees account” but charged a $25 monthly fee.
i used it for a month while in Europe, then moved back to to a free account.
carry a little it of US cash (maybe 2-300) for ‘super emergencies’. but don’t use them… changing money is the worst rate.
carry 2 atm cards (i.e. make ur account joint with wife, and carry both), incase u lose one.
put one in wallet, and one hidden somewhere
atm is far and away the best way to get cash
I always use an ATM for cash. I also keep a few Euros for my next visit so I don’t have to find a machine when I get off the plane. At least enough for a car and a meal.
Or you can open a French account, not too difficult.
My carte bleu also has visa abilities. I suggest it for frequent euro users
Peter, Just send all your USD to me. ![[wow.gif]](/uploads/db3686/original/2X/7/7d450e9830889c8943b674446a21b7254cad657e.gif "wow"){kind=small}