I am thinking about getting some Euro travelers checks here and am trying to compare the exchange rates between my bank (apprx.1.3 a few days ago) and those in Europe. I do really want to have to go to the ATM everyday for $400 withdrawal. I know it veries somewhat over there as it does here, but any ideas on how to find out how many basis points are generally charged in Europe?
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Try www.xe.com for current exchange rates.
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Why would you have to use an ATM every day for a $400 withdrawal? Some things in France can be expensive, but not that expensive!
Travellers cheques are not now widely accepted in Europe. You can change them at banks but you may be charged commission.
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The reason I would need to go to the ATM everyday, is that I am feeding 4 adults (some will be put on cc) and I have private sightseeing guides almost everyday that want to be paid in euro currency. Banks are closed for the 1st two days I am in Paris and Rome so travelers checks won%26#39;t help there.
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Credit cards and ATMs remain the best deals for spending money in Europe.
www.oanda.com will give you the rate of exchange and also enable you to print a little %26quot;cheat sheet%26quot; for when you travel and want to figure out the amt. in dollars in a hurry.
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Where does the %26quot;$400%26quot; come from? If you need to be able to access more cash have your daily limit raised at your bank before you go. I always do this in case I need a larger than anticipated chunk of cash while away.
ATMs will often be limited to 300 or 400 euros for one withdrawal... simply put the card back in and withdraw a second amount. That has always worked for me.
Travellers checks are just not as common as they were years ago. Don%26#39;t bother with them.
Rob
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The official exchange rate is the same anywhere in the world: currency exchange is a global business. You can get it from Google: try %26quot;1 usd in eur%26quot;. What varies is the margin that banks and change bureaus charge to make their profit.
Travellers cheques are dead: you would have to go to a bank to change them. Use a credit card for large purchses and a debit card to withdraw from ATMs for day-to-day cash. These will give a better rate than exchanging cash.
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You might get a bigger response if you post this question on the Paris forum, as many people go straight to that and would not see posts on the France forum.
I don%26#39;t know if you%26#39;ve totally made up your mind about it, but you might like to ask on the Paris forum about the benefit and cost effectiveness of using a private guide nearly every day. It really is an easy city to get about in and you can get much pleasure from doing it yourself with a guidebook, as well as saving a great deal of cash.
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I have been carrying the same $1,000USD in travelers checks for nearly 20 years - they%26#39;re almost impossible to cash - most banks won%26#39;t take them and nobody will accept them for goods or services - but they make a nice emergency stash - just in case. I know if I need to cash them I won%26#39;t get more than $750 USD equivalent - and that only if I%26#39;m very lucky - but - if I have real emergency that will be alright.
The official exchange rate is established each trading day - yes, currencies are traded just like stocks and commodities, and the rate depends entirely on supply and demand as well as general confidence in a particular currency. The rate is the closing rate for the day - Monday through Friday - holidays excepted. That is the reason the rate changes day by day.
Generally the rate for the big international ATM networks is the Interbank rate - the official rate plus 1%. The European bank that operates the ATM makes no charge for its use - any charges you find are made by your own bank.
I stop into my bank before I travel and raise my daily limit to the equivalent of about €1,500 - none of my banks limits my transaction numbers - if they did, I would find a new bank. I also have had no problems making more than one transaction at any particular ATM - I do it all the time when I%26#39;m overseas.
By the way - when you withdraw funds in most of Europe you%26#39;re withdrawing Euros rather than dollars so that €400 withdrawal will show up as about $500 on your bank statement.
If you%26#39;re going to Turkey you may come across ATMs that will give you the option for Euros, New Turkish Lira, or US Dollars - but that%26#39;s the only place I%26#39;ve come across lately where that sort of thing still happens.
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and just before you do come over, please make sure that you call your bank and tell them yo will be using the cards abroad and be specific aboutthe coutnries you want to use them in.
It does sound like that you will be going over the daily limit for cash withdrawals so ask your bank to increase this as well.
Hope a great trip
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