Exchanging Money

[txrandom]

I'm going to France/Germany and then to Britain for about a month. Should I transfer my USD to Euros and USD to Pounds in the US (Texas specifically) or when I fly into Paris (CDG Airport)? I'm asking this purely from a transaction fee standpoint that is added onto the "exchange" rate.

Also, do most places in Paris or London accept Visa? Do you think it would be better off to exchange less cash and use my credit card more often instead? The foreign currency exchange fee is 3% on my Visa and Amex. Is Amex even accepted anywhere overseas?

 

[Viper0329]

Use your debit card when you get to Europe. It's the cheapest way with the best rates. Also, nearly everyone excepts Visa. But that 3% will add up...fast. Amex is pretty rare. Just use your debit card and take out 2 or 300 euros at a time.

<--American living in Europe

 

[blackdogdeek]

i think in the past i've just charged what i could on my visa/mc/amex and then used my atm card to withdraw the local currency when necessary.

i don't know if this is financially the best way, but it is definitely the most convenient.

 

[zinfamous]

Originally posted by: Viper0329
Use your debit card when you get to Europe. It's the cheapest way with the best rates. Also, nearly everyone excepts Visa. But that 3% will add up...fast. Amex is pretty rare. Just use your debit card and take out 2 or 300 euros at a time.

<--American living in Europe

FTMFW. use debit card, all the time.

 

[E equals MC2]

Originally posted by: txrandom
I'm going to France/Germany and then to Britain for about a month. Should I transfer my USD to Euros and USD to Pounds in the US (Texas specifically) or when I fly into Paris (CDG Airport)? I'm asking this purely from a transaction fee standpoint that is added onto the "exchange" rate.

Also, do most places in Paris or London accept Visa? Do you think it would be better off to exchange less cash and use my credit card more often instead? The foreign currency exchange fee is 3% on my Visa and Amex. Is Amex even accepted anywhere overseas?

Visa & Mastercard has been accepted globally for many many decades. How do you think all these mega businesses and travelers operate?

I was in UK, Germany, & Holland two years back. I used my Chase Visa with no problems. The statement nicely shows Euro amount then translated into USD with 2% conversion fee.

The conversion fee is nothing since when you have to convert your cash in airport or anywhere, they charge similiar amount anyway.

 

[Injury]

Doubtful on the Amex. As far as the cash vs. card goes, you need to find out how much of a hit you will take on getting cash. You'll only want to get as much cash as you'll need as changing money back over to USD means you'll be paying more fees on money you already paid fees on.

I don't think it'll make too much difference where you change your money over, but if your personal bank can give you a better rate than the booth at the airport, you should get the money before you even go to the airport. You might actually find that using an ATM when you are over there could have less fees.

Bottom line, it's all dependent on what the fees are from where you decide to go, but you're probably going to get screwed a bit no matter where you do it.

 

[txrandom]

Thanks for the information. I have a debit card with Wells Fargo, but haven't use it in quite a while. I just checked the fee and it's a flat $5 for ATMs and 3% for purchases overseas. Looks like I'll need to change my PIN number as well. The program is already giving us a $20 Euro stipend a day for food, so hopefully I won't need to buy too much overseas. For purchases I'll use my Visa credit card, same transaction fee but better protection and some rewards.

 

[Pabster]

Capital One has no foreign exchange fees. Get yourself a good card there and use it. (It's the only thing Cap1 is good for.)

 

[ElFenix]

Originally posted by: Pabster
Capital One has no foreign exchange fees. Get yourself a good card there and use it. (It's the only thing Cap1 is good for.)

yeah do that. $5/3% is highway robbery

 

[sswingle]

We just used our cards when in Jamaica. It was funny to spend $900 and then see $13 charged to the card.

 

[ViviTheMage]

VISA for everything imo...we pulled out a couple hundred when we were there....via ATMs.

 

[IHateMyJob2004]

My Providian credit card only charges a 1% conversion fee. Providian is now Wamu.

Having just been in England, the best thing you can do is use a credit card.

Also, when it comes to hotels and such, be sure that you are charged in pounds or Euros. If you are charged in dollars, they will give you a crappy conversion rate and charge an extra few percent for the conversion. A total rip off!

 

[ColdFusion718]

Originally posted by: txrandom
I'm going to France/Germany and then to Britain for about a month. Should I transfer my USD to Euros and USD to Pounds in the US (Texas specifically) or when I fly into Paris (CDG Airport)? I'm asking this purely from a transaction fee standpoint that is added onto the "exchange" rate.

Also, do most places in Paris or London accept Visa? Do you think it would be better off to exchange less cash and use my credit card more often instead? The foreign currency exchange fee is 3% on my Visa and Amex. Is Amex even accepted anywhere overseas?

Get a CapitalOne Visa card and notify them of the dates you will be out of the country. They will absorb the 1% fee for you. I've done this when I went to Sydney in February.

PM me if you have more questions about it.

Edit: Didn't see what Papster wrote. But you must notify them and give them the dates of when you'll be overseas.

For cash withdrawals, I used my Washington Mutual bank account/debit card and I only paid 1% for the fees.