Many (especially in the east) are privately owned and charge incredible fees, not to mention the possibility of having your account information in the hands of a non-secured third party.Banking Best Products Best Savings Accounts Best Checking Accounts Best CD Rates Best Money Market Accounts Best Business Checking Accounts Best Student Checking Accounts Calculate Checking Accounts 101 Emergency Savings Calculator Compare CD Rates Checking Accounts Personal Loans Best Products Best Personal Loans Best Debt Consolidation Loans Best Home Improvement Loans Best Medical Expenses Loans Calculators & Guides Personal Loans Calculator Guide to Personal Loans Guide to Refinancing Student Loans How to Consolidate Credit Card Debt Popular Reviews Upstart Payoff Sofi Lending Club Investing Best Products Where to Invest Money Best Brokerages Best Robo Advisors Read & Learn Investing 101 How to Buy First Stock How to Invest in Mutual Funds How to Pick a Financial Advisor How Much to Save for Retirement Popular Reviews Betterment Merill Edge Wealthfront Insurance Best Products Best Auto Insurance Best Home Insurance Best Life Insurance Best Health Insurance Read & Learn Figure Out How Much Auto Coverage You Need Collision vs. The worst thing you can do is assume that all ATM's are linked to a reputable financial institution. In Spain, Banco Popular has been the best. In France, for instance, the post office ATM's have been the best for my experience. Once you have your domestic account in place, then it's time to see which European financial institutions have the best fees and rate of exchange. It's all about identifying which one's not going to make you bend over the most often.ĭo your homework and find out which ATM is going to stick it to you a bit less. Believe me, there are no free lunches when dealing with financial institutions. For instance, the exchange rate may be $1.30 to 1 euro, but the sell rate is $1.39 while the buy rate is $1.15. It's usually at least 1% of transaction amount with a minimum fee of $25.Īlso, there's a difference between "exchange" rate, "buy" rate, and "sell" rate. I've never heard of a bank not charging a transaction fee for currency conversion. That's pretty close, do what feels best for you. So, if you get cash from an ATM over there, you'll pay about 3½% vs 5% for cash over here. This is exactly what happens with Well Fargo's rate vs Interbank. I suspect they started in the morning with an interbank rate slightly lower than that day's average and applied 5% to it, and the interbank rate went up slightly during the day. I looked up yesterday's average interbank rate on, and Chase's rate for cash was just under 5% over. If you do a good job of that (moneybelt, neckwallet), then you are not going to lose the cash.Īs for the cost of getting cash over there, from ATMs, there are many small banks, credit unions, etc, that charge 1% plus a few $$ for ATM withdrawals (my bank in Denver charges 1% + $2, about 1½% overall). It just emphasizes, you have to protect those things. ![]() Justice, if you didn't carry much money, relying on your card, and you got pickpocketed, and they got your card, that might be potentially worse, with no money and no way to get more. It may cost more but it is worth the peace of mind. Is it worth at most a few hundred dollars to take the chance at losing even more money and ruining your trip, probably not. I would have gotten more myself but I figured that if it costs me say an extra $100 for my trip if the exchange rate goes up I can live with that, but if I was to get say 3000 euros for my whole trip and got pick pocketed and lost all my money my whole trip would be ruined. You may not get a better total exchange rate in Europe, including all the fees imposed by Chase, if the rate goes up at all before you leave, but how much money do you really want to carry around. ![]() I did not get all the money I will need from chase for my whole trip, enough for my first 7 to 10 days or so. It is going to cost you about 3.5% to 4% including all fees when you get Euros from an ATM in Europe. Chase charges about 5 extra cents to buy Euros from them. ![]() I also bank with Chase and did the same thing about 2 weeks ago, my rate was just under $1.35 per Euro when the real exchange rate was around $1.30.
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