Ignatzmice Forums

Login  |  Register  |  Advanced Search  |  Help  |  RLD FAQ  |  Archives 1999-2004
Post new topic  Board index » Miscellaneous » General Discussion / Off-Topic  Page 1 of 1
 [ 8 posts ] 
  Previous topic :: Next topic
Analysis of buying Euros methods
Posted: 2012-04-24, 9:41 pm

br1965Supporting Member
Supporting Member
Posts: 479
Reply to topic  Reply with quote 
Okay... not a really deep dive into the analysis, but here goes. This is more directed to my experiences with my US based credit cards and debit cards, so I don't know how it would relate to the Brit's on the forum.

We have all discussed numerous times on the forum that the cheapest way is to go to the ATM and take your money out - and that still holds true.

With my upcoming trip I have to have more cash in hand when I land than I can take out of the ATM. We are not staying in a motel, but renting directly from the owner and they want to be paid upfront in cash.

For the purposes of using the ATM I am assuming that I will get the interbank rate. Don't remember how far off it really was on my last trip, but it was pretty darn close. My bank charged me a $2 fee for using a non-network ATM machine and 2% foreign transaction fee.

For today's analysis used the following values:
ATM fee: $2 plus 2%
ATM rate: 1.32 (from XE)

Buy euros from my bank
fee: $20 (shipping overnight ... could be less)
rate: 1.3945

buy through my travel agency
fee: waived
rate: 1.3996

Travelex
fee: none
rate: 1.4365

-----

So to get €1000 it would cost:
ATM: 1352.40 (requires three transactions of €350 a day for three days)
Bank: 1414.50
Travel Agency: 1399
Travelex: 1436.50

----

All the rates/fees are from today April 24th, 2012.

One interesting thing I found is that Travelex offers a Passport Card that is preloaded with Euros, there are no ATM fees (unless the ATM you are using charges it), it has the chip-n-pin technology so you can use it at Kiosks and such. Of course Travelex has horrible exchange rates and the card costs $10 the first time you get it.

_________________
e.
-----------
If you ain't Dutch you ain't much.
Re: Analysis of buying Euros methods
Posted: 2012-04-24, 10:34 pm

balou1999_75962
Posts: 240
Location: Mokum
Reply to topic  Reply with quote 
Wells Fargo also offers foreign currency here in the states. I have found them to offer the best rates if you need Euros in advance. https://www.wellsfargo.com/foreignexchange/

Peace
Re: Analysis of buying Euros methods
Posted: 2012-04-25, 3:06 am

br1965Supporting Member
Supporting Member
Posts: 479
Reply to topic  Reply with quote 
Wells Fargo's rates for today is 1.3864 and they will not let you buy more than $3000 per day. So for today's rates that is a max of €2155.00.

...

Many banks have currency exchanges... I looked at several of the big ones in the Metro area. All had similar exchange rates/fees.

_________________
e.
-----------
If you ain't Dutch you ain't much.
Re: Analysis of buying Euros methods
Posted: 2012-04-25, 7:07 pm

willred27
Posts: 104
Location: New Orleans, LA
Reply to topic  Reply with quote 
I normally go the ATM each day but changed my mind and plan to buy euros directly from the bank before my next trip in September.

I think it will be easier just to pop in the bank once a month (thus minimizing the $20 overnight fee due to smaller amounts and no timeliness issue) and stash in a safe instead of the hassle of hitting ATM's for the maximum debit card withdrawal ($500 per day). Plus all the time spent each evening (while supposedly relaxing on vacation) balancing the foreign exchange fees, foreign transaction fees, etc. is just a pain.

My worry is where to safely carry a large amount of euros while traveling? Definitely don't want to pull out a big wad and put into the plastic bin going through security!
Re: Analysis of buying Euros methods
Posted: 2012-04-26, 1:13 am

deadheadSupporting Member
Supporting Member
Posts: 469
Location: West Coast
Reply to topic  Reply with quote 
I would recommend a shirt with hidden pocket.

http://www.scottevest.com/v3_store/subi ... irts.shtml

I have the t-shirt. My passport just fits in the top zippered pocket and I feel very secure about not losing it (I have yet to forget my shirt anywhere, particularly since I general go in the early spring or fall).

Not cheap but it will last you for years.
Re: Analysis of buying Euros methods
Posted: 2012-04-26, 2:05 am

balou1999_75962
Posts: 240
Location: Mokum
Reply to topic  Reply with quote 
When travelling with cash I simply stash it in my backpack. Once I clear security I go to the restroom and place it on my person. I have one of those money belts that have been quite handy.
Analysis of buying Euros methods
Posted: 2012-04-26, 3:21 am

smuler Power Kat
Posts: 2216
Location: Big Apple Land
Reply to topic  Reply with quote 
My emergency cash is buried so deep inside my backpack, it would take you 5 minutes to find it.

TSA has never questioned me..it's there , for their scanners to see..

I stay at places now, where I am not too concerned about my security of property

Deadhead- that's a nice shirt

I gotta check it out

Reasonably durable ?



Best Regards

Smuler

_________________
" Savoir Faire is Everywhere "
Re: Analysis of buying Euros methods
Posted: 2012-04-26, 4:26 am

deadheadSupporting Member
Supporting Member
Posts: 469
Location: West Coast
Reply to topic  Reply with quote 
All I bought was the t-shirt. Since I only wear it in Europe, it doesn't get much wear and tear (once a year unfortunately) but yes, I would say their stuff is well made.
Display posts from previous:  Sort by  
Post new topic  Board index » Miscellaneous » General Discussion / Off-Topic  Page 1 of 1
 [ 8 posts ] 


Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum