Where's The Best Place To Convert Dollars Into Euros?

[arwalden]

Should I wait until I arrive in Germany and convert them at the airport? At our hotel? At a bank? --- Or should I convert them before we leave by visiting the Travelex booth at BWI?

[GOPisEvil]

1. I would do as much shopping as possible via credit card.

Credit cards will give you the best exchange rate.

I would say that a bank would give you the best exchange rate in country.

[arwalden]

3. That Sounds Wise...

... I'll still need walking-cash for cabs, tips and small shops/vendors that might not take credit cards.

[GOPisEvil]

5. Use ATMs in country.

That will get you a good rate.

[imenja]

17. also the easiest

no hassling with traveler's checks and money changers. You'll need some euros to tide you over until you find an ATM. I'd buy what you need for pocket money at a bank before you leave. Airports generally have bad exchange rates.

Also, every ATM machine isn't likely to work with your card. When I was in Brazil there were only certain ones I could use, but I'm can't remember how I determined which they were. I used my visa check card, not a credit card. It was so much easier than previous trips were I've spent a long time in bank lines.

[BurtWorm]

21. We've never had a problem using ATMs in Europe.

England, France and Spain, particularly. I doubt Germany would present a problem either.

[Donkeyboy75]

10. True, but be careful.

Some credit card companies know people think this way, and have started charging commissions for foreign currency transactions. These can be as high as 2%

[KurtNYC]

22. Mine just started with that

[Sanity Claws]

2. Use ATMs

You get the best exchange rates at the ATMs in Europe. Try to use your credit card as much as possible too since you won't get stuck with conversion charges.
At least that was the conventional wisdom the last time I went to Europe a few years ago.

[lisa58]

4. Your best bet...

is wait until you get to Germany and withdraw money from an ATM. It will be given to you in Euros and although there is a charge for the withdrawal it does not carry the same charge as the money exchange. Also, credit cards are accepted everywhere and they keep track of the exchange as you go.

Enjoy!

[Schema Thing]

6. The airport is probably as good as any.

Credit cards are easy (and don't leave you with change you'll never use at the end of your trip), but check your card's terms. Many cards are now charging a fee over and above the conversion for foreign transactions.

It's a painful exchange these days, no matter where you do it.

[imenja]

18. but airports typically have worse rates

than a bank downtown.

[Dave Reynolds]

7. Send me your dollars,

I'll print up some Euros for ya cheap.:evilgrin:

[arwalden]

8. I'll Send You Some Via Email... Okay?

[Dave Reynolds]

9. Otay!

:think:

[Sgent]

11. Most all credit cards

charge between 1-3%, the minimum is 1%. If you have multiple cards, you may want to call around and ask the CC companies how much they charge.

Even at 1-3%, its still a better deal than the exchange rate you get at a hotel/change station, etc.

The ATM, is the best bet for cash. Make sure you have a 4 digit, numerical PIN, as many european machines can't use alpha characters or anything over 4 digits.

[tinfoilinfor2005]

12. Just got back from London and Paris and learned a little about that

First of all, call your bank and find out whether your ATM card is compatible and then tell them the dates and places you will be traveling to avoid any glitches. Do this also with your credit cards. Be warned that Visa and Master Card may still cut off your priveleges even though you have notified them, because their computers automatically red flag out of country purchases. So be prepared to have to call them to remind them that you are traveling. This happened to me and at least three other people in my travel group. No problem with American Express, but not all businesses take AmEx.
I waited until I arrived to exchange because my bank charged quite a bit to do it here. I was told that the best place was at a bank, but I tried my ATM card and didn't have any problem. Some of the others in my group used the American Express exchange stations which were all over the place. I also heard that the airport gave a good exchange, but Heathrow was very busy and and my schedule was confusing, so I didn't even attempt it there.

[yewberry]

13. Yeah, the ATM

Two cautions:

I took my AmEx to the UK and not my VISA. Duh...was fine in fairly urban areas, but not widely accepted in the boonies.

Don't let your card get bent. You'll have to go to a bank every time you need some cash.

[InvisibleTouch]

14. You can go into any bank in Germany...

...and exchange dollars for euros. Or so has been my experience. And the exchange rate is a little better than what the airport gives you.

The opposite, sadly, is not true - I can't trade left-over travel euros for dollars here, in any bank anywhere in the city. I'd have to drive all the way out to the airport. So be sure you trade all your euros back into dollars at the airport when you arrive, or you'll be stuck with the euros until your next trip.

[Biology]

15. bank

I've been to 11 countries, and Europe several times. I've found that I get the best exchange at banks, as long as I shop around a bit for the best exchange rate. Motels are the worst for exchange rates, and most airports are pretty bad too. Many credit card companies, in the last year, now have a "hidden" charge for exchanges (shows up later on your credit card statement) as they've gotten wise.

I like to hold onto my euros. Big fees for exchanging them back to dollars. I wait and take them on my next trip, and usually they have appreciated in value.

[LynzM]

16. Avoid airports

They usually have pretty bad rates (though the rate hurts right now, no matter what). ATMs are decent, or check a bank or two and see what you can get there.

[Kellanved]

19. As has been posted before: ATMs

Any card with one (or more) of these logos should work with all German ATMs (German ATMs accept nearly anything that's credit card sized and features a magnetic stripe, but the fees vary) :

http://www.payments-in-germany.de/atms.htm

And do not use your credit card, but your bank customer card. ATMs will give you the best course at the lowest charge, if you use the right ones. It is really a high-stakes decision


Depending on your American bank, there might be German banks which will not put an extra charge on your transaction.
AFAIK, Fleet and Bank of America costumers can use Deutsche Bank ATMs without charge; Citibank will probably not charge their American costumers either.
Ask your bank, whatever or not they do have an agreement with a German bank, and if they do, which one(s).

[amazona]

20. ATMs are everywhere and they are best

It costs more to change cash dollars into euros, I don't know why, but it does.

So bring a DEBIT card with a four number pin.

Credit card is OK as a back-up.

On Edit -- yeah, one of my debit cards was Cirrus -type Mastercard and it worked great in Germany!

[Rambis]

23. Keep in mind

If you have a limit on how much you can take out ie 300 pounds for example... If you do that on Friday you will not be able to take out 300 more until Monday somebody in my office who goes all the time tells me that. Use the credit card whenever possible because you will pay the local pubs and B&B's in cash.

Interesting article

Free access to cash machines should be available to all consumers, banks and operators are being told.

The Treasury Select Committee is highlighting its concerns over the effect on communities and public policy if people are forced to pay to use increasing numbers of cash machines.


Consumers are currently being charged £140m each year to access money at ATMs.


http://www.sky.com/skynews/article/0,,30000-1176539,00.html

Have fun!