[NA] buying euros (won't be using ATMs)

Let'sgoflying!

Let'sgoflying!

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What is the best way to buy some cash? Landing in Munich, need a couple grand USD converted (not a big atm user).

As a prelude to actual investigation I asked our fave AI bot, what u think about this advice?IMG_9650.jpeg
 
I just pull cash from a bank ATM(s) since they usually don’t vary from the official exchange rate.

Wait a minute; you want to exchange dollars for EUR? Why not see if your local bank can get them for you before you leave?
 
I altered the title to emphasize the text in the post about ATM use; thanks
 
I know you said you’re not a big ATM user but that really is the easiest/best exchange rate. You’ll get ripped off at the currency exchange and even exchanging through your bank at home won’t get you a better rate than taking out of an ATM in Europe.
 
Sounds shady. Least costly will be a bank ATM with a card that doesn't charge any international fees. I use my Schwab ATM card for that. If you have time, similarly low cost will be getting from your bank at home. Otherwise you just have to go to the money changers and pay their fees.
 
Lindberg said:
Sounds shady. Least costly will be a bank ATM with a card that doesn't charge any international fees. I use my Schwab ATM card for that. If you have time, similarly low cost will be getting from your bank at home. Otherwise you just have to go to the money changers and pay their fees.
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and even if you don't get the currency from the bank on the front end of the trip, your local bank can exchange any leftovers when you get back.
 
Absent ATM use, yeah, you'll need to bring a cashloaf with you and book it into one of those Travelex stalls. Assuming TSA doesn't charge the cash with a crime on the departure end first.

I've had mixed success trying to get foreign currency from Chase bank. Your local bank might do better. I think I was quoted "2-3 weeks" lead which was not compatible with my intended timeline. They could get Euros and Sterling. Other more odd currencies they wouldn't even consider trying.
 
If you're going to exchange money at some currency exchange place, make sure you ask what their commission is. Got burned on that in Prague. On top of the exchange rate, they charged separate commission, it was 10% or so.
 
Let'sgoflying! said:
need a couple grand USD converted
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Can we ask why?

If it’s to pay for meals, travel, etc by cash, I’d highly recommend using a credit card that waives international fees instead.

If it’s for a big transaction, like buying a gyroplane, have you looked at wiring the money?

Getting several grand via an ATM probably wouldn’t work anyway.
 
Llewtrah381 said:
Can we ask why?

If it’s to pay for meals, travel, etc by cash, I’d highly recommend using a credit card that waives international fees instead.

If it’s for a big transaction, like buying a gyroplane, have you looked at wiring the money?

Getting several grand via an ATM probably wouldn’t work anyway.
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Germany is oddly not great to travel through without cash. Plenty of places won't take cards. Learned that one the hard way :D
 
If you are talking thousands, either ATM over a couple of days or a bank. A currency exchange place will be the worst possible.
I can't imagine a need for thousands that can't be solved some other way though.
 
Even with international fees, pulling foreign currency out of an ATM ends up cheaper than going to a currency exchange. I think the break even point is around $100 or so.
Your best non-ATM option might be trying a bank, but now you have to deal with the language barrier and such.
 
We had Euros ready at our bank in 3 days. Took a couple grand with us. Used it for cab rides, small merchants, certain shops.
 
I use a credit card everywhere possible. If I have to have some of the local currency for bus fare or some other reason, I'll take a cash withdrawal at a bank ATM. Most of the larger known banks have ATMs that are part of one of the internationally recognized ATM alliances.

In Germany, Deutsche Bank is a member of the Global ATM Alliance. You may pay a small convenience fee. But, if you need a couple of thousand $USD changed to Euros, its still gonna be way cheaper than a money exchange.
 
Changing money at our local (CLT) airport has gotten egregious. It used to be that you'd pay a modest fee for the convenience, but several years ago I went to trade in about $50 AUS I had left from a previous trip on Euros for the upcoming trip. They wanted nearly $25US for the conversion. I said screw it and stuck my AusBucks back into the wallet. Hitting MUC, I just drew out some Euros from the ATM.

Oddly, a few days into the trip I found I had more Euros than I started with. And where's my $10 AU bill? I must have given the Aussie currency to some shop in Lyon and they gave me change for 20 Euros (about the right size and color). Oops. Worked out in my favor, but I feel sorry for whatever shopkeeper I gave that to.

Now I just stuff the left over Euros or Pounds in my passport wallet for the next trip. Tides me over until I can get to an ATM, but yes, I pretty much use credit cards for everything short of getting into public toilets.
 
schmookeeg said:
Germany is oddly not great to travel through without cash. Plenty of places won't take cards. Learned that one the hard way :D
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We traveled last spring. Amsterdam was nearly cash-free. Some shops had signs saying they didn’t accept cash. Yeah, Germany was almost the opposite. A local guy said Germans just don’t trust cards and the ability of the government to track their purchases.
 
Every time we go to Europe, I just order cash in appropriate currencies from my bank (Wells Fargo). Zero conversion fee and zero fee for the service. Usually takes a day or two to get it, depending on the currency. With that said, I now have undetermined amounts of Czech Koruna, British Pounds, Euros, and even some Malaysian Ringgit laying around because I rarely find a way to use it when in-country. I *think* you can take up to $5k in cash without having to declare it at customs? Definitely double-check that number yourself.
 
Matthew said:
We traveled last spring. Amsterdam was nearly cash-free. Some shops had signs saying they didn’t accept cash. Yeah, Germany was almost the opposite. A local guy said Germans just don’t trust cards and the ability of the government to track their purchases.
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That's interesting and good to know. We've only spent time in Cologne and using card was the default method for everything. We haven't had the chance to visit any smaller German towns yet, though. Even the street vendors at the Christmas markets in Prague and Salzburg accepted cards.
 
Last trip to Italy, just about everyone took apple pay or credit card tap. Very little cash needed.
 
CJones said:
That's interesting and good to know. We've only spent time in Cologne and using card was the default method for everything. We haven't had the chance to visit any smaller German towns yet, though. Even the street vendors at the Christmas markets in Prague and Salzburg accepted cards.
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I checked at my local bank about getting Euros prior to travel. They had a minimum that was higher than I wanted or needed, so I skipped that. Our transportation from the Amsterdam airport to the hotel was prepaid, but it was customary to tip the driver a few dollars. I apologized that I didn’t have any Euros. He said it’s no problem, happens all the time and that he waits until he has a nice stash and then goes to his bank.

The hotel desk directed us to a grocery store that had a no-fee ATM and I got some cash. I wanted smaller denominations, so I bought some snacks, paid cash, and got change. The hotel desk also gave us coins, we called those “bathroom tokens”. Always keep a pocketful of coins. On the last day or two we paid cash for everything, even lunch at the airport before our flight. I came back with 5 Euros. Our bank wouldn’t exchange anything less than like 300 Euros, so I knew I had to spend it all down.
 
Matthew said:
On the last day or two we paid cash for everything, even lunch at the airport before our flight. I came back with 5 Euros. Our bank wouldn’t exchange anything less than like 300 Euros, so I knew I had to spend it all down.
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That was our intention too, but then I kept thinking "But what if we get to the point we NEEEEEEED the cash" and never pulled the trigger. ha.
 
EdFred said:
We had Euros ready at our bank in 3 days. Took a couple grand with us. Used it for cab rides, small merchants, certain shops.
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Our bank gave us similar service, we got Euros and Swiss francs. Germans and Swiss favored cash, and I'm not sure German cab drivers accepted cards. On the other side of the coin, I never even saw any Icelandic krona while we were there.
 
Germany and Czech was the places I used Euros. Technically the Czechs have their own currency, but they freely take Euros.
 
Amex tells me they charge 5%, or $10 for ATM use.
Twice I have gone to use an ATM while abroad (not necessarily Amex) and couldnt get cash. I think after a half dozen calls (driving back to nearest wifi ie hotel) we were able to get it to work. Yes, each time they wanted a text or email code to get it to work after that…. and I had no internet access at the machine.
Plus, you may have to find an atm in their network to avoid higher fees.
Not so enamored with the ATM thing.
 
Let'sgoflying! said:
Amex tells me they charge 5%, or $10 for ATM use.
Twice I have gone to use an ATM while abroad (not necessarily Amex) and couldnt get cash. I think after a half dozen calls we were able to get it to work. Yes, each time they wanted a text or email code to get it to work after that…. and I had no internet access at the time.
Plus, you may have to find an atm in their network to avoid higher fees.
Not so enamored with the ATM thing.
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Don't use your credit card to get a cash advance, use a debit or ATM card. If you're using an AMEX debit card, you just need a different bank, since AMEX does charge foreign transaction fees. Plenty of banks charge $0. Schwab's platinum debit card lets you use any ATM in the world for no fee, and even refunds other bank's fees. Chase does the same for some customers. Others probably do too.
 
Let'sgoflying! said:
Amex tells me they charge 5%, or $10 for ATM use.
Twice I have gone to use an ATM while abroad (not necessarily Amex) and couldnt get cash. I think after a half dozen calls (driving back to nearest wifi ie hotel) we were able to get it to work. Yes, each time they wanted a text or email code to get it to work after that…. and I had no internet access at the machine.
Plus, you may have to find an atm in their network to avoid higher fees.
Not so enamored with the ATM thing.
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Why not get the Euros before leaving?
 
EdFred said:
Why not get the Euros before leaving?
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I did purchase pounds sterling online once; the whole process had me on edge wondering who would swipe it between the bank and my door. Delivery has become way more sketch here since then, so I'm not likely to try that again.
You remember the boonies that I live in, Ed. These counties border on Mexico and the banks here don't even have pesos for sale, they would give me a bug-eyed, jaw-dropped, small-town stare that comes with not being the slightest bit traveled if I asked for Francs or Euros.
 
Let'sgoflying! said:
I did purchase pounds sterling online once; the whole process had me on edge wondering who would swipe it between the bank and my door. Delivery has become way more sketch here since then, so I'm not likely to try that again.
You remember the boonies that I live in, Ed. These counties border on Mexico and the banks here don't even have pesos for sale, they would give me a bug-eyed, jaw-dropped, small-town stare that comes with not being the slightest bit traveled if I asked for Francs or Euros.
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If they FDIC they just order it from wherever they need to and you pick them up in a few days.
 
I have found that bank ATM fees are less than transaction fees from organizations.

Check with your bank before you go and be sure to include how they compute their conversion rate. One person on our team found out they were converting at nearly 5% under the daily rate.
 
Also to consider if withdrawing Euros from ATM

… given the choice between the ATM machine offering a conversion rate (convert to dollars now) or withdrawing Euros and allow your home bank to do the conversion, it’s (significantly) better with your bank’s conversion rate.
i.e. withdraw euros without conversion at ATM withdrawal.
 
MikeNY said:
i.e. withdraw euros without conversion at ATM withdrawal.
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Agree. And the same for credit card charges. In many places, they’ll offer the choice between doing it in euros or dollars when processing the charge. Always do euros. On a card that waives international fees.
 
There are plenty of ATMs in Germany... problem solved. If you need a gigantic wad of Euros as soon as you get off the plane, you travel differently than I do. :lol:

I still have some Italian Lira and French Francs. I meant to bring them on our last trip, as I think banks in France can still exchange the francs for euros.
 
I think one large part of the discussion I am leaving out is, if we travel near any bank it’s going to be in a tiny town. My vacation photos have zero images of cities or cultural icons! Trees, water, hills - yes.
So, yes - I do better with a wad of cash as I step off the airplane. As noted, some of us have different goals and enjoyments during vacation.
Just to explain another side of my atm aversion.
 
I have a number of different national currencies in plastic bags. Left over from various trips over the decades. Some are used fairly frequently. Euros, Mexican pesos, Canadian coins and paper, etc. Watch out for British Pounds. They change their currency now and then and the stores won't accept the "old" ones. When you have to go to a bank and you're simply changing planes at the airport, this can be a problem.
 
Let'sgoflying! said:
I think one large part of the discussion I am leaving out is, if we travel near any bank it’s going to be in a tiny town. My vacation photos have zero images of cities or cultural icons! Trees, water, hills - yes.
So, yes - I do better with a wad of cash as I step off the airplane. As noted, some of us have different goals and enjoyments during vacation.
Just to explain another side of my atm aversion.
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I've never been in a major airport that doesn't have an ATM. But if you refuse to use an ATM and have to have to cash when you leave the airport, your choices are get it from your bank, or take dollars and pay the crazy fees at the currency exchange.
 
Let'sgoflying! said:
I think one large part of the discussion I am leaving out is, if we travel near any bank it’s going to be in a tiny town. My vacation photos have zero images of cities or cultural icons! Trees, water, hills - yes.
So, yes - I do better with a wad of cash as I step off the airplane. As noted, some of us have different goals and enjoyments during vacation.
Just to explain another side of my atm aversion.
Click to expand...

That makes sense on needing the cash. I'm curious to hear where you're going now. When we were in Salzburg, we ate at a small Italian restaurant where the old guy running it spoke only Italian or German - no English. Luckily me and my two boys knew just enough Spanish to roughly translate Italian to get some AMAZING food. My dad talks being in Germany a few years ago for work. He took the rental car and drove through the country side (as he usually did when he had to stay over the weekend) and ended up stopping at a small mom-and-pop restaurant where NOBODY spoke English. Eventually, a lady came out from the kitchen and took him back to the kitchen so he could point to what he wanted. Those are my kinds of places - sounds like what you're looking for, too. ha

RE: Apprehension about using your local bank. I'm pretty sure I have had it handled two ways - once where I had it delivered to my door and once where I went to the local branch to pick it up (can't remember if it was my choice or if maybe the dollar amount was high enough they wanted to verify my ID or something). All that to say - you can probably have it wait for you at a local branch if you are worried about porch (or delivery driver) pirates.
 
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