Exchange rates at European banks tend to be quite good. Many banks will not charge a transaction fee for the service (though some will). Note that the hours of operation for banks in Europe can be different than they are abroad. Banking holidays will also vary from country to country. If possible, check when the bank is open online before making your trip.
Fees at banks in the English-speaking world can vary from place to place and based on whether or not you have an account. Anecdotally, American banks are said to have less-favorable dollar-to-euro exchange rates than their European counterparts. [2] X Research source
Even some post offices in the English-speaking world will have small banks or exchange bureaus available to exchange your currency. This is by no means guaranteed, however, so check online or via phone before visiting if possible.
You may want to avoid this option if you have other choices available. While airport exchanges are are convenient, according to some sources, they often have some of the least-favorable exchange rates. [4] X Research source Note that airports that don’t receive a great deal of international traffic (like smaller regional airports) may not have their own exchanges.
At major transportation hubs (airports, train stations, etc. ) Near tourist destinations/landmarks Near hotels, resorts, etc. Near commercial areas (markets, malls, etc. ) If you haven’t left for Europe yet, try using Travelex’s store locator here to find a currency exchange near you. [5] X Research source
With ATMs, the fees you incur can vary greatly depending on the bank you use. Some banks may charge a “foreign transaction” fee in addition to the standard ATM fee, which can make using ATMs expensive. Thus, it is usually cheapest to make a few big withdrawals, rather than many small ones. [6] X Research source If you intend to use ATMs in Europe, notify your bank in your home country before leaving. If not, your bank may interpret the financial transactions in Europe as fraudulent activity or identity theft.
With this option, you can usually choose to have the Euros delivered to your home. Some sites even offer free shipping on orders over a certain value. You usually may also pick your order up at a currency exchange location.
To contact Travelex via phone, call 516-300-1622. [8] X Research source
If time is short, you may be able to pick the Euros up in person shortly after placing your order.
Your best bet to avoid these sorts of costs may be to visit a bank that you are a member of. However, even in these cases, there may be minor fees for changing your currency.
It’s best to buy Euros when your home country’s currency is relatively strong compared to the Euro. This means that each unit of currency you spend will get you more Euros for your trip. On the other hand, for the opposite reason, it’s not favorable to buy Euros when your currency is weak compared to the Euro. Visit xe. com for an up-to-speed look at the exchange rates between the world’s most important currencies. [9] X Research source
The U. S. Commodity Futures Trading Commission additionally warns against so-called “forex” (foreign exchange) investment opportunities. In these schemes, unwitting investors are tricked into buying large amounts of foreign currency with promises of “high returns coupled with low risks. “[10] X Research source In reality, the scam artists steal the money — and often get away with it, because it is difficult for police to pursue criminals across national borders.
