I thought I had this all figured out, but I%26#39;m lost again.
Our plan is to have our vacation money in a separate checking account with it%26#39;s own ATM card, so if we lose the card all they can get is vacation money.
We know to take a few Euros with us, so we aren%26#39;t destitute on arrival.
We will have to pay our apartment in cash when we arrive (in Rome, 1st stop) so we%26#39;ll pretty much immediately need 640 Euro. But I keep reading that we get some kind of fees added if we exchange $$ to Euros at a bank and so an ATM is better.
Our bank told us they will not charge a fee to withdraw from an ATM in Europe, and if we get charged by the European bank, they will refund it to us. I didn%26#39;t actually ask them what rate they exchange at if we get Euros from them before we leave.
Now I keep seeing %26quot;the exchange rate your bank charges...%26quot;
Isn%26#39;t the exchange rate the exchange rate? Right now I see 1 Euro is $1.42902. If I were to exchange dollars for Euros right now, why would I get a different rate than this depending on where I go. Does Bank of America exchange at a different rate than Wells Fargo or whatever? I%26#39;m incredibly confused at the moment.
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With most banks, you receive 99-99.9% of the XE rate for ATM withdrawals.
Using an ATM is definitely the best way to acquire cash.
No one can use your ATM card without the PIN - if it%26#39;s an ATM-only card. If it%26#39;s a debit/ATM card, it can be used (if lost/stolen) without the PIN. I always travel with an ATM-only card.
If you need €640 immediately on arrival, make sure your daily ATM withdrawal limit is sufficient. Usually, you can raise/lower your daily limit with a phone call to your bank.
If you get Euros from your local bank before leaving home, the rate is typically 7-10% lower than using an ATM once in France. But, it%26#39;s worth it to most (such as myself) to land with enough cash to get a bottle of water, etc., on landing, and get yourself to wherever you%26#39;re staying, enjoy a nice lunch, before seeking out an ATM.
Note also, depending on your bank, if you land at 9AM Paris time, your bank could be offline for their overnight processing, whereupon you%26#39;d be unable to withdraw cash at an ATM at the airport anyway.
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Hi djk,
I use a debit/ATM card, but I did not know that it could be used without the pin. Could you explain how?
Thank you,
Slowpoke
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I don%26#39;t think a debit card can be used without a pin -- at least mine can%26#39;t (but we also keep a finite amount in our accessible account -- it doesn%26#39;t access all our accounts at the bank)
and if you have to have cash on arrival for an apartment, I would just get it exchanged at your bank in the US and carry it in your money belt -- most ATM accounts will not issue that much money in a day
it beats having to exchange dollars over there -- and is probably a better deal as well as easier -- use the ATM for your routine needs
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You will never receive the %26quot;interbank%26quot; rate which is the one published in the newspaper or on websites.
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%26lt;%26lt;I use a debit/ATM card, but I did not know that it could be used without the pin. Could you explain how?%26gt;%26gt;
When using a debit card in Paris, for purchases, it functions like a credit card. No pin is required for the transaction to be approved. So, if your card is lost/stolen, your balance can be quickly wiped out with purchases.
%26lt;%26lt;and if you have to have cash on arrival for an apartment, I would just get it exchanged at your bank in the US and carry it in your money belt -- most ATM accounts will not issue that much money in a day%26gt;%26gt;
It%26#39;s better to use an ATM in Europe than pay the 7-10% difference in exchange rate at your local bank!
Again, check your daily withdrawal limit and have it raised if necessary, so you can withdraw money for the apartment.
%26lt;%26lt;You will never receive the %26quot;interbank%26quot; rate which is the one published in the newspaper or on websites.
%26gt;%26gt;
I %26quot;tested%26quot; my debit card by using it to purchase tickets online (and print at home). The charge was €10.50 and my bank deducted $14.95 from my account, 1.4267%. The XE rate that day was 1.4141. So, I received 99.12% of the interbank rate.
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%26lt;%26lt;So, I received 99.12% of the interbank rate.%26gt;%26gt;
Most likely you did indeed receive the interbank or mid market rate. Cirrus or Pulse takes 1% of the transaction which would explain why you received 99%.
For those needing cash lump sums to pay for apartments or gites, I recommend one of the following exchange offices in Paris. They typically charge a 3% transaction fee which is what most people will pay for using their credit cards:
http://www.bureaudechange.fr/
http://www.ccopera.com/
http://www.fcochange.com/
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I would bring some Euros with you, enough for any emergencies. I don%26#39;t want to worry you but sometimes the magnetic strip on a debit / credit card gets damaged while going through security control and your card won%26#39;t work for withdrawing cash. This has happened to me once before, luckily I was with a friend. Since then I make sure I have some of my cards in my check in luggage, so if my debit card in my hand luggage gets damaged, I am not left without means.
%26quot;Note also, depending on your bank, if you land at 9AM Paris time, your bank could be offline for their overnight processing, whereupon you%26#39;d be unable to withdraw cash at an ATM at the airport anyway.%26quot;
is that really so?
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We have a limit of $500 per day on our debit/ATM card. However, my husband has a card and I have a card and they are from the same account but have different numbers on the cards. Therefore, we each can get $500 per day.
Also, our debit card can also be used like a credit card with no pin needed.
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Thanks everyone. We%26#39;re talking to our usual bank and also another, larger bank here where we live. Neither is an %26quot;international%26quot; bank, but given our options, we%26#39;re doing our best. We have time, but our travel fund is in an investment account and we%26#39;re cashing those stocks before the end of the month and moving them to a savings/checking account because 1) the 4th quarter stock market traditionally falls and we don%26#39;t want to lose any of it this late in the game and 2) we need to start paying for plane tickets, etc. and we%26#39;ve about maxed the credit card...se we need to pay them off with the travel money.
We%26#39;ll have to ask the banks what rates they exchange at now, to get some idea if one is pricier than the other.
We will each have a debit card, and we%26#39;ve been told our max withdrawal will be $800 per day, which is not enough in euros for that first day - unless it IS per person...we didn%26#39;t ask that. I have a little better feel for how this works now I think. Thank you!
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Remember that your $800 per day limit is in US dollars so the actual Euro amount will be lower. You can%26#39;t take out $800 euros and still be within your $800 US dollar limit.
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