a question about exchanging currency

[fizzgig]

my sister is taking off for europe in a few days and she told me today that she was just going to exchange some money at the airport before she took off. i told her that it would be better to just use an atm when she arrives because she'd get a better rate.

am i right on this one?

eta: i'm heading out now, so tia

[Haole Girl]

1. I don't know about using an ATM instead

Last time my husband and I went to Europe we waited until we got into town and used a local bank branch (but we also had free transportation to his Aunts house!). Sorry I can't help you more.

[bicentennial_baby]

2. What I did:

If she can, get a certain amount of the foreign currency at a local bank to tide her over the first few days (I got 100 Euro for my first couple days in Paris). Then, use local ATMs, BUT, find out if her bank has any international agreements. For example, I have Bank of America, and they have an agreement with BNP Paribas in France, so I didn't have to pay any ATM fees while I was in Paris for a month, which saved me a bunch.

:hi:

[harmonicon]

5. yeah, good idea

In general, I think ATMs are the way to go anyway. Your bank in the US is likely to be the one charging more than the bank where the ATM is will.

[fizzgig]

7. good to know

i will let her know to check on that. thanks :hi:

[siligut]

3. You are right.

It has been my experience that using the ATM is a better deal. Airport exchange rates actually seem to be the worst. Have her pick up a few extra Euros too, an investment of sorts.

[crimsonblue]

4. You can also get prepaid credit cards in Euros...

My sister did that before she did a semester abroad in Vienna (A simple digging around on Visa or MC's website should bring something up). Now, she used more then that and ended up having to take student loans, but that's another matter. lol

The standard of travel has been, and remains, traveler's checks. Many banks issue them (for very small fee or none at all).

[RainDog]

6. when I was in germany last year

no one wanted traveler's checks - and they were in euros.

now most everyone uses an atm to get currency overseas. it's much, much easier.

[crimsonblue]

9. good to know.

[spindrifter]

8. Some banks are raising their

interest rates for exchanges made overseas--at least with debit cards. Check with your bank. Also, she should tell the bank she is going to be in such-and-such location. I recently had two incidents--same day-- of credit card fraud. One was a purchase in Hong Kong. The other was a purchase in Spain. The fraud unit from my bank was on the phone right away checking to see if those were authorized charges, which they were not. What you don't want is for the bank fraud people to freeze the card when you are legitimately using it overseas.

[bicentennial_baby]

10. Absolutely tell your bank where you're going

and, some countries, at least a few years ago, only accept 4 digit PINs at ATMs, so I changed mine before I left. And, I never changed it back, b/c it's so convenient!

[Rabrrrrrr]

11. No, she should use the ATMs

BUT - tell her to ask her bank first if there is an outrageous ATM charge. Most banks don't, but one never knows with banks - she might have some local bumfuck bank that will totally fuck her for using her card outside the country.