Hi all. We are planning our first trip to France in 3 weeks. I%26#39;ve read, that credit cards charge a hefty transaction fees, so the best way to save money is to pay cash. How would you recommend to go about changing dollars for euros? Should we do it before the trip, while still in US? Should we do it in France upon arrival? All the advice will be greatly appreciated.
Thank you.
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%26lt;%26lt;%26lt;I%26#39;ve read, that credit cards charge a hefty transaction fees%26gt;%26gt;%26gt;
The validity of this statement depends entirely upon to which cards you refer. Some charge exorbitant fees, with others, there are no fees. Transactions with this second group are preferable to cash unless you can obtain cash at correct market rates without exchange fees or commissions.
What you should do before the trip is to contact your bank and find out exactly what you will be charged for using your credit card and ATM card. Keep in mind that Visa and MC charge 1% on charges made outside of the US. Add that to what your bank will charge you.
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The best rates are from an ATM.
However, call Capital One Visa / Mastercard. Someone told me that they do not charge any international fees. I have not called them yet, but plan to.
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This is one of the most confusing subjects on the forum.
There are some credit card companies that do not charge an additional % for international credit card charges. Capital One is the best known. Most other credit card companies charge up to 3 % additional for usuage. I use my Capital One card for international use and my normal card for domestic use.
For debit cards, the fees can also add up. Most banks charge either a % or a couple dollars each time you use it. I use one with my brokers accoutn, TD Amertrade. They do not charge any fees.
Ask around and you can find that you can keep any dees at a minimum.
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Banks are not, repeat NOT, philanthropic institutions. They will charge you for the use of their debit or credit cards wherever and whenever you use them. Sometimes you are not aware of a charge, sometimes it is obvious, but how else do they rack up millions and millions of profit?
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%26lt;%26lt;%26lt;but how else do they rack up millions and millions of profit?%26gt;%26gt;%26gt;
Referencing bank profits, the bulk come from those who carry month to month balances on their credit card accounts. Interest rates on credit card balances are exorbitant and so are the profits.
There are many banks which charge customers nothing for credit card use. In the US these banks include smaller institutions and credit unions. Capital One, adding no fees of their own, even absorbs the 1% Visa/MC fee.
My point is that it does make a difference and that every traveler should be keenly aware of what he is needlessly paying for credit card/ATM services.
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I just ordered 500 euro from my Bank this week Thursday. I checked online what the daily exchange rate was just to have an idea. I beleive it was at $1.578, my bank charged me $1.695 which doesn%26#39;t seem to horrible.
I may go back and get more before I leave as I belive my back charges 3% on overseas transactions
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%26lt;%26lt;I may go back and get more before I leave as I belive my back charges 3% on overseas transactions%26gt;%26gt;
Yes, but aren%26#39;t effectively paying almost 7.5% to get your euros from your local bank?
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^^^Very true, good thing some is good at math as I never thought of that. What exchange rate do you get at ATMs. I pre bought my initial 500 Euros thinking by the time I leave (May 13-27th) the rate would be higher and I would get a deal buying early
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I ordered 150 Euros from Wells Fargo Foreign Exchange Services for my trip to Paris in May. Wells Fargo had the best exchange rates that I found, and no conversion fee. They FedEx%26#39;d the currency to me next day for an $8.00 charge. This was much more convenient and less expensive than getting currency from my bank, which I did with GBP last year for my trip to London.
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Sorry--the website for Wells Fargo is https:/….
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