Getting Euros at the best rate

[allykat]

I know cost is a complicated thing to estimate for any couple on the Camino....

However as I get further in to planning my "stateside" wedding I am realizing getting the most out of each dollar towards the Camino will save me a lot of stress in the long run... and the numbers are stressing me out, especially to make sure that the money we save up will transfer over well to Euros. Of course I know the value of the dollar could plummet again so I am trying to figure out how to make the conversion benefit me no matter when I go.

Basically, last time I went on the Camino we just went to whatever ATM was around in Spain and pulled what we'd need for a few days from our Bank Account back home. And before we left we pulled out a few 100 Euro from a local currency exchange. We didn't really think too hard on exchange rates, but this time I have to be more budget conscious because I am paying for not one but two people to journey across Spain AND we have wedding things to pay for when we return.

Are cash passports a better deal than using my home banks card?
What about purchasing large sums of Euros in advance from home (Like 3-4 months in advance, or as I assemble the funds depending on exchange rate) and placing them on a bank card when I get to Spain?
Should I use a credit card and pull out cash through that?

I just don't know the best/most economic way of paying for things and all of the info on this is very confusing!

 

[newfydog]

The worst rate will be from anything in Oregon The best rate is likely to be an ATM in Spain. Any rate will be far better than what was available in recent years.

PS If you know where rates are heading, please let us know so that we can buy currency options!

 

[evanlow]

Unless you plan to spend more than 10 thousand dollars worth of Euro, ATM would be the best and most convenient.

The banks may use for example 1.07 instead of 1.06 for the conversion, you still still paying no more than a dollar per hundred Euro.

Some ATM may say the will charge like 3 euros for the transaction, avoid those if you can as they will earn from both the exchange rate and transaction fee.

 

[tpmchugh]

I know cost is a complicated thing to estimate for any couple on the Camino....

However as I get further in to planning my "stateside" wedding I am realizing getting the most out of each dollar towards the Camino will save me a lot of stress in the long run... and the numbers are stressing me out, especially to make sure that the money we save up will transfer over well to Euros. Of course I know the value of the dollar could plummet again so I am trying to figure out how to make the conversion benefit me no matter when I go.

Basically, last time I went on the Camino we just went to whatever ATM was around in Spain and pulled what we'd need for a few days from our Bank Account back home. And before we left we pulled out a few 100 Euro from a local currency exchange. We didn't really think too hard on exchange rates, but this time I have to be more budget conscious because I am paying for not one but two people to journey across Spain AND we have wedding things to pay for when we return.

Are cash passports a better deal than using my home banks card?
What about purchasing large sums of Euros in advance from home (Like 3-4 months in advance, or as I assemble the funds depending on exchange rate) and placing them on a bank card when I get to Spain?
Should I use a credit card and pull out cash through that?

I just don't know the best/most economic way of paying for things and all of the info on this is very confusing!

I use a cash passport. In another wallet I carry my home cash card and credit card as a backup but have never had to use either. I dont know about all cash passports but the one I have gives a better exchange rate than buying cash. I dont know where to get a cash passport when in Spain or St Jean but I am sure main banks will supply them. Do not withdraw cash on your credit card, that to my mind is the most expensive way of getting money. The exchange rate for the Euro to Sterling is at a low that has not been seen in at least 6 years but against the dollar todays rate is very nearly 1 for 1 on the currency markets. Hope that helps

 

[la tulipe]

The best option will be for you to apply for a "no-transaction fee" ATM card, either at your bank or any commercial bank in your area. (Also get a credit card with "No transaction fee.). Do not buy Euro in the States - banks current exchange rate for the Euro is ridiculously high. The Euro is dropping to a very low rate- as of Friday March 10, one dollar is equal to .94 Euro. (It used to be a dollar 25 for a Euro). The Euro is fluctuating right now, and there is a chance that it will equal the dollar by summer (I am hoping). Best wishes for your wedding and your trip.

 

[Nancy P.]

I know cost is a complicated thing to estimate for any couple on the Camino....

However as I get further in to planning my "stateside" wedding I am realizing getting the most out of each dollar towards the Camino will save me a lot of stress in the long run... and the numbers are stressing me out, especially to make sure that the money we save up will transfer over well to Euros. Of course I know the value of the dollar could plummet again so I am trying to figure out how to make the conversion benefit me no matter when I go.

Basically, last time I went on the Camino we just went to whatever ATM was around in Spain and pulled what we'd need for a few days from our Bank Account back home. And before we left we pulled out a few 100 Euro from a local currency exchange. We didn't really think too hard on exchange rates, but this time I have to be more budget conscious because I am paying for not one but two people to journey across Spain AND we have wedding things to pay for when we return.

Are cash passports a better deal than using my home banks card?
What about purchasing large sums of Euros in advance from home (Like 3-4 months in advance, or as I assemble the funds depending on exchange rate) and placing them on a bank card when I get to Spain?
Should I use a credit card and pull out cash through that?

I just don't know the best/most economic way of paying for things and all of the info on this is very confusing!

If you can get a debit card that does not charge any conversion fee (I use a Charles Schwab checking because you can open a checking account that has a debit card. They also refund any charges that the ATM may add to your withdrawal at the end of each month) you can get a small amount of euros each time. I would advise you not to carry a large amount of cash. Do not pull cash from a credit card. You will pay interest from the moment you pull the money.

 

[L Squared]

If you can get a debit card that does not charge any conversion fee (I use a Charles Schwab checking because you can open a checking account that has a debit card. They also refund any charges that the ATM may add to your withdrawal at the end of each month) you can get a small amount of euros each time.

I also second the Charles Schwab checking account with debit card. Schwab has a chip and pin debit card too. They sent me both the old type and chip and pin cards, not sure if they do that now for everyone or if I just got mine during the conversion from old card to the new chip card. This will be my primary card for the Camino. I've been using this for foreign travel in Japan, India, Hong Kong and it works everywhere. I've not had any problems with it and you get favorable conversion rates.

 

[jpflavin1]

If you can get a debit card that does not charge any conversion fee (I use a Charles Schwab checking because you can open a checking account that has a debit card. They also refund any charges that the ATM may add to your withdrawal at the end of each month) you can get a small amount of euros each time. I would advise you not to carry a large amount of cash. Do not pull cash from a credit card. You will pay interest from the moment you pull the money.

I know cost is a complicated thing to estimate for any couple on the Camino....

However as I get further in to planning my "stateside" wedding I am realizing getting the most out of each dollar towards the Camino will save me a lot of stress in the long run... and the numbers are stressing me out, especially to make sure that the money we save up will transfer over well to Euros. Of course I know the value of the dollar could plummet again so I am trying to figure out how to make the conversion benefit me no matter when I go.

Basically, last time I went on the Camino we just went to whatever ATM was around in Spain and pulled what we'd need for a few days from our Bank Account back home. And before we left we pulled out a few 100 Euro from a local currency exchange. We didn't really think too hard on exchange rates, but this time I have to be more budget conscious because I am paying for not one but two people to journey across Spain AND we have wedding things to pay for when we return.

Are cash passports a better deal than using my home banks card?
What about purchasing large sums of Euros in advance from home (Like 3-4 months in advance, or as I assemble the funds depending on exchange rate) and placing them on a bank card when I get to Spain?
Should I use a credit card and pull out cash through that?

I just don't know the best/most economic way of paying for things and all of the info on this is very confusing!

Alleykat:

The most cost effective way of getting currency on the Camino, imo, is the Charles Schwab debit card. The currency conversion fee is nominal and there are no atm fees. When I stay in a hotel, I use my Bank of America travel card. No currency fees.

Ultreya,
Joe

 

[allykat]

Thanks guys! I'll look into setting up a Charles Schwab account. I know it is silly to worry about the fees but they do add up so avoiding them will REALLY help. I am budgeting at USD to EURO conversion of $1 = .80Euro based on things never staying very good on the dollar for long. It'd be awesome if the dollar and Euro stay near 1:1 until next summer, but that is unlikely. While I know Europeans might not be to happy about it.. I'd love if the dollar went stronger than the euro... more savings for the wedding! XD

 

[Urban Trekker]

As of today €1 will get you $1.06. Last year it took $1.25 to get €1, that's good news for americans.

Use you debit and credit cards. For the best exchange rate use BANK teller machines as you go. Avoid NON-BANK machines, they gouge like 7-11 teller machines. Be sure to notify all your card companies of your travel dates and countries you will visit. FAILURE to do so will result in card cancelation and bad memories of your Camino.

Check with you card providers to find out the cost of using your cards over seas. Some are outrageous some are not. Capital One has no fees or charges. You might also see if you card holder offer CHIP cards. It's getting harder to use the US style magnetic strip cards in Europe.

You don't need euros when you arrive in Europe, just use one of the BANK teller machines at the arrival airport. I make it a point to keep $100 and €100 stashed on my person for emergencies but a cash card could work. Just remember most villages don't have teller machines or card readers. Cash always works.

Buen Camino

Happy Trails

P.S. I use Edwards AFB Credit Union credit card. 1. It has a chip 2. They have offices in Europe and can get you a replacement card fast.

 

[Mark Francis Auchincloss]

Can you not buy some euros from a currency exchange company like Moneycorp etc ?

 

[jpflavin1]

Thanks guys! I'll look into setting up a Charles Schwab account. I know it is silly to worry about the fees but they do add up so avoiding them will REALLY help. I am budgeting at USD to EURO conversion of $1 = .80Euro based on things never staying very good on the dollar for long. It'd be awesome if the dollar and Euro stay near 1:1 until next summer, but that is unlikely. While I know Europeans might not be to happy about it.. I'd love if the dollar went stronger than the euro... more savings for the wedding! XD

Alleykat:

The fees do add up. Some debit cards, if not used in the right machine can be costly to use. The Schwab card has no fee charges. Currency exchange rates can range from 3-5% if not using the right type of Credit card. Bank of America and JP Morgan Chase both offer a chipped travel card. Bank of America has no annual fee for their card.

Ultreya,
Joe