Okay you warned me and I got suckered. My bank was supposed to only charge me $17 for my Euro and the published rate, which I saw at 1.36 WRONG they charged me $1.44 I want to challenge them on this,
Where did you get the Euros? A bank in the US can charge up to 10% more than the Interbank rate for exchanges, as I found out yesterday. I only got a small amount - just in case I needed some before I could exchange money in Europe. I expected maybe a 5% surcharge, in addition to the transfer fee, but it was much more. The person at the local branch who assisted me had no idea what the surcharge would actually be. I was prepared for an expensive exchange, but I didn't expect it to be that much.
I went to Wachovia yesterday to find out about getting some Euros before we go, and 1.44 was the rate I was given. I hadn't had a chance to check it until I saw your post, and it seems they're adding a 7% exchange rate. My husband and I were going to discuss changing money, and I was thinking we were getting a good rate without the 1% exchange fee if we got our money through an ATM. Anyone abroad right now that can tell us what they're getting by going through an ATM? Or is it possible for you to figure that out (I guess you can check your checking account online to see what they're charging you, right?)? And I was even wondering if it would be better to buy British pounds with our extra euros...but there's math involved...and I always get so befuddled!
The ATM is going to give you a rate very close to the interbank rate which is close to what you see on the currency exchange sites like XE.COM maybe slightly better. subtracting the 1% fee means you loose a little over 1 cent so today you should get 1.38. You also have to account for fees your bank may charge. RR
Tara, thats what irks me, they charged an additional fee, and didnt say so, I asked when I picked it up why the high rate and they said oh thats whats the rate is at this time. Which is flat out wrong. I would have just used my ATM card. So I am going to see if they will re-imburse me
Originally posted by llee: Tara, thats what irks me, they charged an additional fee, and didnt say so, I asked when I picked it up why the high rate and they said oh thats whats the rate is at this time. Which is flat out wrong. I would have just used my ATM card. So I am going to see if they will re-imburse me Laurie
Good luck (sincerely, not sarcastically )Unfortunately, you'll probably have them pointing at the fine print of some document that they didn't show you previously.
--Tara
Posts: 137 | Location: Lilburn, GA | Registered: 29 July 2006
Laure, did your bank expressly advise you that it would sell you euro at the 1.36 usd rate? How and when did this switcheroo occur? I hope you did not change a lot of money.
If again I am pointing out a buy-low-sell-high point, please ignore me.
Usually a bank publishes two exchange rates for a foreign currency, a selling rate and a buying rate. For a US bank in the US, it will always buy euro (or any other foreign currency) at a higher rate, and sell euro at a lower rate. The rate difference can amount to about 10%. Since both rates are called the US-euro (or whatever currency) exchange rate, could you have confused the two? (Or could the bank have not made the two transaction rates clear?)
In general, yes, exchange only a minimum before you leave, just enough for your basic expenses for the first couple of days until you can get to an ATM or a bank in your destination.
It is better to change as much of your travelling money as possible only when you are at your destination country(ies), in order to get the best rate. But I thought I had advised so on Laurie's earlier thread (or had read that that was what the majority was advising, which i agreed with; I don't quite remember any more).
I had done the opposite, change euro to dollar at an inferior rate in a bureau de change here in Paris - because I saw the first column on the wall-board and thought that was the rate i was getting. As soon as I realized I had made the mistake, I asked to cancel the transaction. The bureau person refused, citing the fact that I had already signed the receipt. I had only myself to blame as I did not take 2 seconds more to read the second column. Also I should have known better, that the bank's selling rate for a foreign currency would always be inferior.
Americana, you did post on another thread when I said I could get Euro for no other charge but the $17. I should have known better
I am uneducated on this manner and I feel it wasnt handled properly on the bank end. I asked the bank what they charged and they said $17.00 plus the going rate. And I said what is that and they said what ever its priced at that day.
I went back back a few days later and they said the same thing. No mention they have their own published rate.
When I picked them up they did tell me to bring any back because they would charge me to return them.
they are a small local bank so I may get somethign out of it.
I made the same mistake on my first trip. Before I had this place as a source of good info. I thought it would be wise to arrive with some Euros in hand, not realizing the availability of ATMs in airports, etc.
It's likely that what they were saying was they were going to charge you "their" current rate, not "the" current rate.
I think I paid at least a 10% surcharge. Well, live and learn.
I have been watching all of the posts on the Euro, as we will be leaving for Italy in 2 months. The place we have rented requires a E400 security deposit upon arrival, and we were hoping to have the cash in hand so to speak, before leaving Pa. Have used my ATM card in Europe before, and it was very simple but this time, thought we'd save some time, and bring them with us. Guess not! I will be using an ATM as soon as we get into Italy, as our flight lands in Zurich, and I can't get the Euros needed there. Yesterday, I saw several different quotes on line ranging from $1.44-$1.49. Thats crazy, the ATM is the way to go!
Also I must say that the pictures of Villa Casale are beautiful, and had I known of Slow Travel earlier, I would have booked your lovely home for our trip. I did however, send the web site to my son, as he is looking in Italy for a place as a base for his honeymoon.
I haven't bought money before leaving the country in years, so I wonder what the reasoning is behind it. (Seriously, don't want to be standing there, saying, D'oh! when I find out the hard way.) For my trip to Italy last year, I had a long layover in Heathrow. I simply used a credit card for the meal I ate, coffee, etc. It appears to me that credit card use is even more common in Europe than the US, if possible. Once I arrived in Italy, there was an ATM right by the baggage area. I had a cab waiting for me, and I bet anything if that ATM had been broken, the driver would have taken me to an ATM so he was paid. Or do they take credit cards too? I vaguely thought so.
It just seems as though sometimes we hang onto old travel habits. I see folks in International Travel News complaining every issue about how much trouble they have cashing travelers' checks, and all I can think is, who's still using those things?
Yes, the ATMs are the way to go if you can get them to give you a large enough chunk of money to pay for your apartment/lodging on arrival. There have been more than one thread in the italy board where people called their banks ahead of time, got their limits raised, etc and then when they got to Italy, the ATM would still only allow them to take out 250 euros a day and going to another ATM did not help. I paid my landlord with the euros I brought in order to get a discount for cash. I took out 200 euros a day for 3 days and then none of the ATMs in Sorrento would allow me to take out anymore money. The ATM message said to call my bank. When I got back, i called my bank about this and they told me that there was no hold on my card, and there was no reason that it shoudl have stopped working. Eventually, I got more money by getting a cash advance on my American express. The wisest thing you can do is to not depend on any one source of cash and bring what euros you are goign to need immediately with you. I have needed to pay for apartments on arrival and that was the ONLY time that I ever even saw the landlord. In Italy there are a lot of places that don't take credit cards. I try to use them as much as possible though.
Posts: 3781 | Location: St Paul, MN | Registered: 10 February 2006
Thanks Andrew, we were going to stop in Lugano on our way to Lake Como, so after checking the ATM at the airport, I will also check in Lugano. Dragon Pat, didn't realize that the ATM's have a limit imposed by the bank/service center on daily withdrawls. We had no problem in Rome withdrawing more than 250 Euros daily, but each ATM is different. So, I now will buy enough Euros at home for the security deposit, and tap the ATM's for the daily necessities.
Whether this is a good idea depends on how often you go to Europe, but what I always do is bring home so Euros from one trip to be ready for the first thing at the next. I hope this gets me the best exchange rate although of course it could change -- I do save the fees. Also, I don't have the initial hassle of hunting for an ATM if it turns out inconvenient. (I lose the interest on the money if it were in the bank, but save the hassles and fees.)
Topic Closed
they charged me $1.44 I want to challenge them on this, 
)Unfortunately, you'll probably have them pointing at the fine print of some document that they didn't show you previously. 
