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We change some dollars in Euros before we leave for Europe, and use ATMs along the Camino for the necessary funds as we go. We found that not all banks change US$ and some that do seem to have a lengthy procedure.Thetravelingfamily said:Wanted to see what others were doing in order to prepare their money...
wdbillingsley said:Rates are high here in USA to exchange before we leave and out bank charges 3.5% plus $5 per transaction. Any ideas to get a better exchange rate?
For the fun of it (since I cannot do much about exchange rates), I always compare the rate on my ATM withdrawals with the "official" exchange rate when I am back home. The exchange rate has always been at the official rate (the bid rate normally), so you do get the "wholesale rate" at an ATM. You will rarely (or never) get it at airport currency exchange booths, AAA, or AmEx. That is why the lowest cost overall for exchanging currencies is with an ATM card from an institution that refunds the ATM-host bank's transaction charge. My USAA and Charles Schwab accounts both do that, and First Republic, a subsidiary of Bank of America, does as well.An exchange rate of 1.22- 1.24 sounds like a wholesale rate. I've not run across anyone who will retail currency at that rate
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