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      11-13-2012, 09:35 AM   #1
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Quick ED Question - Best place to exchange cash?

We're heading to Munich next week. I hadn't given much thought to it, but a friend was just over there and indicated cash is far more prevalent than plastic as you get away from the cities. Any recommendations for loading up on Euros? I know airport exchanges aren't usually the best, but they are convenient...
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      11-13-2012, 09:38 AM   #2
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See if your bank has a European partner, and use the ATM over there. AVOID the airport exchanges at all cost!
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      11-13-2012, 09:44 AM   #3
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From experience, you are better off just withdrawing money once you are there.
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      11-13-2012, 01:20 PM   #4
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Quote:
Originally Posted by marseille82 View Post
From experience, you are better off just withdrawing money once you are there.
2 suggestions for you

1) The cheapest way to get money in Europe is to withdraw money from their local ATM, use any card with a visa logo and you will have access. You only get charged the 1 time fee, instead of getting charged every time you buy something. That fee is much smaller than at the airport or at any currency exchange center

2) There are new credit cards with EMV Technology, basically a chip that will allow more usage of your credit card overseas. If your credit is good, I would advise in getting one before you go and calling your credit card company and telling them you will be traveling.
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      11-13-2012, 01:52 PM   #5
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Withdraw cash from the ATMs here. If they ask if you want the conversion or not select no- you will get a better rate. Exchange rate today is .76 to 1 Euro. It should stay right around there for the next few weeks. Enjoy Munich- it's a great city.
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      11-13-2012, 08:14 PM   #6
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Thanks for the feedback guys! I use a local credit union, so I'm pretty sure they don't have a European affiliate. I'm going to check with them to see if there's any issues using my card over there. One thing I did learn is that Capital One doesn't charge any foreign currency fees when using your card abroad. I'll be using it wherever I can.
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      11-13-2012, 08:25 PM   #7
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Visa/MC recently imposed huge foreign transaction fees. Beware! I highly recommend you use AMEX.

If you need to use an ATM, (real ATM, not debit card) look for a bank in Germany. Check exchange rates, as they can vary. Honestly, if you have AMEX try to charge as much as possible. AMEX gives competitive exchange rates and no addon fees.
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      11-13-2012, 08:39 PM   #8
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Quote:
Originally Posted by claykin View Post
Visa/MC recently imposed huge foreign transaction fees. Beware! I highly recommend you use AMEX.

If you need to use an ATM, (real ATM, not debit card) look for a bank in Germany. Check exchange rates, as they can vary. Honestly, if you have AMEX try to charge as much as possible. AMEX gives competitive exchange rates and no addon fees.
I used Amex to pay for my winter tire rental. They charged a foreign currency surcharge - 3% if I remember correctly...
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      11-13-2012, 08:44 PM   #9
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Quote:
Originally Posted by BavarianFanatic View Post
I used Amex to pay for my winter tire rental. They charged a foreign currency surcharge - 3% if I remember correctly...
I found this site. Interesting, Capital One charges nothing.

http://creditcardforum.com/blog/amer...ansaction-fee/

I see that AMEX does typically charge (sorry about that), but I have a Gold Rewards Plus card and have not had a foreign fee. Used it out of country as recently as September and no fees charged. I won't complain!

I will tell you that I've heard from friends who do a lot of Int'l business travel that Visa/MC exchange rates are not as good as AMEX. Obviously every Visa/MC bank is free to charge what they want. Maybe check your bank rates and compare.

Last edited by claykin; 11-15-2012 at 07:57 AM.
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      11-15-2012, 07:24 AM   #10
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Depends on which visa.

For example my Hyatt Visa card does not charge me 3%.
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      11-15-2012, 10:02 PM   #11
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I confirmed today that my ATM card will work over there and that my credit union doesn't charge any fees. Woo hoo!
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      11-15-2012, 10:25 PM   #12
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B of A has a little partner bank in Munchen called Deutsche Bank!
Many banks have this sort of reciprocity system.
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      11-15-2012, 10:26 PM   #13
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Quote:
Originally Posted by claykin
Visa/MC recently imposed huge foreign transaction fees. Beware! I highly recommend you use AMEX.

If you need to use an ATM, (real ATM, not debit card) look for a bank in Germany. Check exchange rates, as they can vary. Honestly, if you have AMEX try to charge as much as possible. AMEX gives competitive exchange rates and no addon fees.
Capital One cards charge no foreign transaction fees.
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