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Euros for dollars


By Patrick   Follow   Sat, 25 Feb 2012, 1:14am PST   1,238 views   10 comments
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Anyone have some euros they want to trade for dollars?

I'm going to Europe in the summer and don't want to pay exchange fees.

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clambo   Sat, 25 Feb 2012, 2:26am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 1

Just bring your ATM card. You'll get the good rate.

bob2356   Sat, 25 Feb 2012, 7:04am PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 2

You are assuming the exchange rates will be stable until then. You could win or lose.

Unsolicited and probably unnecessary advice follows:

Capital One visa/mc used to charge 0% foreign use fee, eating the 1% fee. Pretty good deal if you really want to save on fees. Does your bank have Euro branches? If so you might be able to take out from a branch ATM (euro ATM's almost all use 4 digit numeric pins, get your's changed if it isn't) for just the normal transaction fee. Bankrate.com lists international transaction fees for credit cards. Check it out. Check with your bank about ALL fees on international transactions. Lately lots of banks have loaded up with obscure international fees that you really have to hunt down deep in the fine print to find.

Don't let anyone do DCC (direct currency conversion). Many merchants offer to convert the price to dollars before the charge. The fees are pretty high for this and you won't see them until you get your credit card bill.

It's a really good idea to let your atm bank and credit card bank know you will be traveling overseas. Otherwise you might find yourself frozen because of unusual spending patterns. Really a pain in the ass at midnight checking into a hotel.

Patrick   Sat, 25 Feb 2012, 10:24am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 3

Good advice!

It's those obscure international fees that bother me. I know for a fact the banks are complete assholes about all of this, having been in Europe last year with my ATM card and credit cards.

I'd rather carry cash, or mail it to a relative ahead of my arrival.

So I'm still interested in any paper Euros people have! Where can I find a supply of Europeans travelling to the US?

APOCALYPSEFUCKisShostikovitch   Sat, 25 Feb 2012, 11:35am PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 4

You wont get the good rate.

Your bank will fuck you.

You used to get the good rate.

Now the bank settles the transaction under the exchange rate during that day it occurred that benefits the bank. You get get fucked.

I know an old geek who left the sector because all of the technical projects really centered around the question of 'how hard can we fuck the customer and how much can we make it bleed before we are arrested'

Die bankster fucks, Die!

drBu   Sun, 26 Feb 2012, 10:35am PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 5

Patrick -

I use Schwab bank and get eurocash by ATM. Schwab is reasonable with exchange rate and this is probably the easiest and cheapest way how to get cash there.

Patrick   Mon, 27 Feb 2012, 12:01pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 6

Thanks! I will check out Schwab bank. Didn't even know I could get an ATM card from them.

American in Japan   Mon, 27 Feb 2012, 8:54pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 7

Good advice. Which credit cards charge that overseas use fee?

FortWayne   Tue, 28 Feb 2012, 5:33am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 8

As you know you won't be able to use your card everywhere, much of Europe is cash only.

And just some advice, avoid middle aged women who walk around carrying rosemary. You'll see them, they'll try to give you the plant if they think you are a tourist. They are pickpockets, my wife's aunt lost her wallet to a group of these.

Best of luck on your trip.

justme   Tue, 28 Feb 2012, 7:16am PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 9

bob2356 says

Capital One visa/mc used to charge 0% foreign use fee, eating the 1% fee.

With Capital One you do have to pay the 1% fee imposed by VISA/MC. I *think* they still do not charge anything beyond that, but I'm not 100% sure.

Here is a web resource for cards with "no fee" (may still have VISA/MC 1% fee?)

http://www.smartcreditchoices.com/educationcenter/article54.php

Ameritrade has great VISA debit cards with only 1% FX cost. They work well in ATMs and Ameritrade will eat the ATM fee(*). Has worked well for me. I think Vanguard has something similar, worth looking into.

(*) There may be some catch about a minimum account size, I dunno.

bob2356   Tue, 28 Feb 2012, 12:31pm PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 10

justme says

With Capital One you do have to pay the 1% fee imposed by VISA/MC. I *think* they still do not charge anything beyond that, but I'm not 100% sure.

They actually used to eat the 1% last time I had Capital One in 2007, they may not do that any more.

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