How to get the best exchange rate- USD to euros?

[six toe rings]

I've heard a lot of different things about this. When I went to Ireland with my family, we exchange all of our US dollars to euros at the Dublin airport. Is this the best way?

Are there surcharges to use mastercard & visa?

If anyone has tips on how to get the correct currency for the best rate that'd be awesome.

[SGRHewitt]

I could never find a definite answer. But using the exchange bureaus at the Airports are not the cheapest way to do it. Using an ATM seemed to be the best way for me. And when you're at reputable venues, just use your debit card.

HSBC/NatWest and such don't charge fees themselves in the UK it seems. So you're mostly just getting the current exchange rate plus whatever your bank charges.

[omisan]

ATM for sure - almost each bank will give you the day's wholesale rate. The only penalty you pay is the non-network ATM charge, and sometimes an extra one for foreign ATM use. This is up to your bank. (Many credit unions and upstart banks waive all these fees, which is cool...)

Exchanging at the airport is one of the worst places to do it - the exchange counters usually offer the worst exchange rates, and though they don't charge a "commission" at many of them, they get it some way or another.

Another option in some countries is to go to the post office to get a really good exchange rate, but I'm not sure about Ireland.

Today's a really lousy day - dollar's at a record low against the euro at $1.499. *sigh*

[MeTurk]

Originally Posted by omisan

Another option in some countries is to go to the post office to get a really good exchange rate, but I'm not sure about Ireland.

Yup post offices don't charge you anything. I read as well that using your credit card at an atm gets a hefty charge, use the original ATM card to extract the money.

Other than that I'd assume banks would be the best place to exchange money.

[joe7f]

Originally Posted by SGRHewitt

I could never find a definite answer. But using the exchange bureaus at the Airports are not the cheapest way to do it.

The one exception I found was at Narita Airport (Tokyo). I think they subtracted a yen or two from the wholesale rate. The exchange was so friendly, I thought about getting some Euros from them...now I wish I did, back then it was about 1.25 USD per Euro

--Joey

[SGRHewitt]

Yeah, it's sad how good of an investment it would've been to just buy some currency. And its not going to get any better if they lower interest rates more and inflation rises. I could see the Euro easily sitting at 1.55 by June. On it's way to 1.60.

But what can you do, invest wisely(non-American firms), and start getting paid in Euros lol!

[joe7f]

Maybe the other way around. Invest in companies that sell American products to Europeans (where they would be cheaper than homegrown products )

--Joey

[MeTurk]

Originally Posted by joe7f

Maybe the other way around. Invest in companies that sell American products to Europeans (where they would be cheaper than homegrown products )

--Joey

It's a right pain in the arse exporting to the US these days with the state the dollars in everything we send over seems horribly expensive.

On the upside buying from America is dirt cheap. For those that can splash the cash, shopping trips to New York are common place because they can buy all their designer stuff there for half the price we'd pay here.

[omisan]

On the upside buying from America is dirt cheap. For those that can splash the cash, shopping trips to New York are common place because they can buy all their designer stuff there for half the price we'd pay here.

Heh.. they've been running a story about that on BBC World all week. And all I can do is sit in my Parisian hotel room, eating an apple for dinner, and cry.

Can't wait 'til I'm "official" and being paid in Euros. Then trips home will really be something to look forward to!

[MeTurk]

Originally Posted by omisan

Heh.. they've been running a story about that on BBC World all week. And all I can do is sit in my Parisian hotel room, eating an apple for dinner, and cry.

Can't wait 'til I'm "official" and being paid in Euros. Then trips home will really be something to look forward to!

Oh how the tables have turned.

I remember when I was a kid and Ireland was poor, we'd all come rushing when the American cousins came home. They'd have clothes and all sort of new fangled gadgets for us and they'd be giving out what seemed like whopping big pills of cash.

The downturn that's in the Irish economy right now though we'll probably be back there again soon.

[Dig]

I went to my bank and converted money for no charge.

[BelfastFlyer]

daily visa exchange rate can be found here

http://corporate.visa.com/pd/consume...r_ex_rates.jsp

mastercard don't put it on their website

[mollymore]

I'm canadian but I get paid in USD and been holding onto some of that currency since we hit parity. I wonder if it'll make more sense to try to turn some of my USD into Euros or whether it will work out better to take a loss converting it to Canadian then to Euros. it's too depressing to focus on, I'll need someone at the credit union to help me.

Molly

[xanthuos]

Usually, withdrawing money from a bank ATM (rather than the freestanding ones on the street or in bars) will give you the best exchange rates. As another benefit, then you don't have to carry much cash on you.

Check with your bank to see if they charge a non-network ATM fee, or if they have any partner banks oversees that it would be free to withdraw money from.

[no brakes]

Originally Posted by six toe rings

I've heard a lot of different things about this. When I went to Ireland with my family, we exchange all of our US dollars to euros at the Dublin airport. Is this the best way?

dosnt really matters, since the exchanges rates usd->eur pretty much the same everywhere. you would probably get more out of your money if you buy some ipods un the usa and then try to sell them in europe

[madison4]

Originally Posted by Dig

I went to my bank and converted money for no charge.

do you mean you got your exchange at your bank in the U.S.?