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I know that ATMs are by far the most economical way to obtain Euros, but I happen to have some cash that I want to convert to Euros for an. upcoming trip. Deposit that cash into your bank account or a new account you set up at a credit union while you're in the US. When you arrive at your first European airport, use a bank ATM (not Travelex).
Duluth 🛶. 03/27/23 04:58 AM. 7653 posts. The easiest and cheapest way is to use an ATM at the airport in Rome to get some Euros, although there is usually no need to get Euros before you leave. You can buy Euros in the US but you will pay a premium.
Independent ATMs may also try to confuse customers by presenting DCC in misleading terms. If an ATM offers to “lock in” or “guarantee” your conversion rate, choose “proceed without conversion.”. Other prompts might say “You can be charged in dollars: Press YES for dollars, NO for euros.”. Always choose the local currency in ...
If I take out 200 Euro today in an ATM, I am paying $276 +$5 + 3 percent of $276 which is $8. This equals $289. Chase used an exchange rate of 1 Euro = 1.45 dollars but didn't charge any other fees. Cost for 100 euro is $145 (2 dollars less than $147 so basically equal). Cost for 200 euro is $290 (1 dollar more than $289 so basically equal)
Euro Exchange at AAA. When we went to London/Paris in 2014, we exchanged money at bank ATMs in each country using our bank ATM card - no foreign transaction fee, but there was a flat fee each time we withdrew funds. Our local AAA offers Euro exchange at current exchange rate, no fees of any kind as long as you are exchanging $200+.
George is right. When you charge in local currency, the Visa interbank system will make the conversion to dollars. When you charge in dollars, the local merchant/vendor & perhaps his local bank will make the conversion - never in your favor and NEVER as good as the Visa rate. Mark, always Euros.
3522 posts. ATMs are everywhere in Italy even the smallest towns. You mention exchange of dollars for Euro. Don't do it! Get your Euro directly from bank run ATMs using only debit cards. You will get the absolutely best exchange rate that way, and if you are lucky enough to have a bank that doesn't charge foreign exchange fees for your debit ...
The price is usually based on a lousy exchange rate set by the merchant's bank — and even though you're paying in "dollars," your credit-card issuer may still levy its standard foreign-transaction fee. Circumstances: never. The DCC is a moneymaker for the payment machine manufacturer and the store or restaurant owner.
Rick Steves' Europe. 05/15/17 11:08 AM. 16895 posts. Ask your bank what rate and/or fees they apply to foreign transactions. Typical rates are 1 - 3% above the inter-bank exchange rate, instead of the 5% they're charging you for the cash exchange at home. Fees applied by private ATMs are always disclosed at the start.
NO! Your CDN Visa will convert your Euros spent at a rate 2.5% above that day's benchmark rate. If you go down the Dynamic Currency Conversion rabbit hole ( allowing a hotel, retail store or ATM to convert your purchase to CDN $$), then you are allowing them to charge whatever exchange rate they want.