Exchanging Money for Europe

DH & I are leaving soon for a trip to Europe and we planned to exchange money in JFK before leaving. DH's brother yesterday kept saying things like dont exchange too much money, but dont exchange like $100 because it's a waste. We planned to exchange what we wanted to bring as spending money and then change it back when we got home.

Is this a bad idea? He didnt explain his reasons for saying it and I never heard anyone say this before.

Re: Exchanging Money for Europe

I think there are usually fees for this and the fee is probably much higher at the airport as opposed to other places. I did exchange money at a bank once I was in Europe. But honestly, DH and I just used the ATMs while we were away in Italy. It was much easier than carrying a lot of cash around IMO.

Message edited 9/7/2010 1:18:44 PM.

Re: Exchanging Money for Europe

they used to say that credit cards and atms's were the best exchange rate - but now there are alot more fees - i know capital one is supposed to have minimal fees overseas

i would contact your back and see what fees there are

i know bank of america has tons of extra fees - i think there is $5 fee for using an atm

Re: Exchanging Money for Europe

Check the airports that you are flying into -- and the general area of the hotel. See if you can find rates and compare.

You might wind up paying less fees and getting more money if you just wait to exchange there.

I exchanged some money at my bank in the city before we went to London-- since many branches in NYC have Euros and GBP.

Then when we were there, I found an exchange bureau that was very reasonable, compared to the airports.

Re: Exchanging Money for Europe

Our credit cards all had 3% fees

We changed a cple hundred when we got to airport in Italy and then did ATM's and CC.

Either way you get hit with a fee but ATM & CC seemed like the lowest fee to us..HTH.

Oh also call your bank and tell them you are traveling, this way your ATM card is approved for foreign withdrawals.

Re: Exchanging Money for Europe

I always exchange at least $100 in cash to Euros before I travel. I go to the Amex desk at Macy's in Herald Sq. where they have good rates and low commission. Then I transfer the balance of what we need at a bank overseas - do not use a bureau de change at the airports, they give the worst rates. Also, do not try to transfer $100 notes. We had real difficulties exchanging $100 bills because of recent forgeries.

Re: Exchanging Money for Europe

I would just hit the ATM when you arrive. I've never exchanged money before leaving on any trip over seas.

Re: Exchanging Money for Europe

Thank you everyone. So we're going to go with the majority and hit an ATM in the airport since it seems like the best option. DH also realized he had an old credit card in his wallet that only charges 1% on all of the transactions combined, so we have that to use too. So I think we're all set.

Re: Exchanging Money for Europe

I am leaving for europe this week. I ordered Euros through citibank and they had them at my branch the next day, it was ony like $2. Exchange rate was fine and this way I had pocket money for a cab as soon as we arrive. I didn't want to hunt for an ATM as soon as we arrived. For most purchases I always use my credit card. But I will say I started noticing some of my cards impose now a foreign transaction fee which kind of offsets the better exchange rate.

Re: Exchanging Money for Europe

I would exchange some money at a bank before you leave, about $100 worth. It's good just to have that money just in case. Then I would take money out from an ATM. You still get charged fees, but not as much as other sources I find.