Foreign Currency exchange
09-16-2008, 11:44 AM
#1
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Foreign Currency exchange
I am going to Germany for vacation in a couple weeks and I'm wondering what's the cheapest way to exchange my lovely greenbacks for some Euros. I looked at the AMEX site but can't really decipher what their fees are. Am I better off just doing it at the airport over there (Frankfurt) or here (Dulles)? Also how do debit and credit cards work over there? I assume there are some fees for using those cards internationally, but I couldn't find much for either one. Yes I'm a 
to international travel, other than 
so any advice would help!
to international travel, other than so any advice would help!
09-16-2008, 12:53 PM
#2
is learning to moonwalk i
Do not exchange money at the airport if you can avoid it - the exchange rate is usually pretty bad.
Your credit/debi/atm cards will also charge you a fee if you use them overseas, but unless you plan on bringing a ton of cash or travelers checks, it may be unavoidable.
I'd try to find an exchange place close to you to exchange at least enough for incidentals for the first day or two. Then find places in Germany to exchange more. It seems that other countries have way more exchange places around than I've ever seen in the US.
Your credit/debi/atm cards will also charge you a fee if you use them overseas, but unless you plan on bringing a ton of cash or travelers checks, it may be unavoidable.
I'd try to find an exchange place close to you to exchange at least enough for incidentals for the first day or two. Then find places in Germany to exchange more. It seems that other countries have way more exchange places around than I've ever seen in the US.
09-16-2008, 01:08 PM
#3
Team Owner
Some CCs charge 3% for currency conversion. We usually just use the ATM. Even 3% fee for using the ATM is better than some of the markup at the currency exchange kiosks.
09-16-2008, 01:10 PM
#4
Outnumbered at home
I live oversea's. The best way is through your ATM debit card. the rates you get are the bank rates and no atm fees for using the atm. Check w/ your bank but most international fees are just 1%
09-16-2008, 01:21 PM
#5
The sizzle in the Steak
You can always go to your bank and exchange your US dollars for Euros at the daily rate, plus a fee. Not all banks do this, but alot do.
09-16-2008, 01:25 PM
#6
Drifting
09-16-2008, 04:11 PM
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Sounds good so far, thx everyone. Basically I'm trying to minimize fees while balancing risk, convenience, etc.
I'm going to make a few calls to my bank and credit card companies to see what their rates are.
I'm going to make a few calls to my bank and credit card companies to see what their rates are.
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09-17-2008, 04:01 PM
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I made a couple calls and it looks like ATM is the way to go. My local AMEX travel center said (for up to $400 of U.S. currency) they charge a flat $4 fee and their rate for Euros today is $1.53 per Euro. So I looked on xe.com and today's rate is $1.43 so that looks like a pretty steep markup.
My bank (M&T) charges a flat $5 fee per ATM withdrawal with a $500 withdrawal limit per day. But I didn't think to ask if/how much they mark up the exchange rate
My bank (M&T) charges a flat $5 fee per ATM withdrawal with a $500 withdrawal limit per day. But I didn't think to ask if/how much they mark up the exchange rate
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