Who can help me with Money Exchange Q's
 

My Aunt will be flying in from Germany next monday and wants to know if it's better to make the exchange there, or wait till she gets here. The currency in question is Euro to Dollar. I could not answer her so i'm turning to you guys as I just have a feeling that someone here knows exactly where to point me.
Please Help.
Thanks,
Dan

It would probably be better for her if she had the exchange done at her own bank.

That's what I was thinking, but do not know for sure. I know in some cases the exchange rate varies, and if she will get more dollars for her euro over here that in Germany then I'd tell her to wait till she gets here.
I just wish there was someone that just did this. I know we have some Europeans here that went overseas recently.

ok, say she waits until the next day and the dollar goes down vs the euro a little. She's still going to pay less money in fees to her own bank than she would to a private party institution in the airport.

BTDT

I get what you mean, no doubt I'm with you on that. i was wondering if the exchange rate was higher overe there or here.

Dan, the exchange rate difference is going to be insignificant. Tell your aunt not to forget that anything above $10,000 must be declared. Customs officers are very annal about that.

If I were her I would just change 50% of what she thinks she may need to Dollars at her bank and take the rest in Euros to the States. Any bank will exchange currency.

I seriously doubt she will be bringing anywhere near $10K.
Also bank of america just told me they dont charge me any fees to make the exchange for me. The Exchange rate is 1.68 per Euro.

whatever she does, dont go to the fucking "money exchange" places!! they have crappy rates.

she should really just not bother using cash and go all credit card. so much easier. oh and you can always use the ATM. i did that in europe, it was market rate plus a small surcharge.

+1 on y8s. Sure, there might be a fee for abroad ATM'ing (like four euros), but hey, credit card and a visit to the atm is the easiest. And shell get her own banks exchange rates too, probably the cheapest for her.

I never ever bother to change before flying out, unless going to Africa or small asian economies.

Dan, I think Matt makes some good points.

BTW, $1.68 for €1.00? I really doubt that (official exchange rate this morning was $1.60 to €1.00 :giggle:). Maybe she misunderstood.

Well, just got of the phone with BoA, they give 1.51 dollar per euro even though market rate is at 1.68, per BoA site.

As of April 23, 2008, at 08:51 PM G.M.T.
Euro Value U.S. Dollar Equivalent
1 Euro 1.68
5 Euros 8.39
10 Euros 16.79
25 Euros 41.97
50 Euros 83.94
75 Euros 125.91
100 Euros 167.88
150 Euros 251.82
200 Euros 335.76
250 Euros 419.70
500 Euros 839.40
1000 Euros 1,678.80

I think i got a little bit more educated on the fact now since i asked the guy the right questions. She will be better of exchanging in europe.

Oanda says:

1 US Dollar = 0.62775 Euro

1 Euro (EUR) = 1.59300 US Dollar (USD)

Interbank rate +/- %

This means:
You buy 1 US Dollar : 0.62775 Euro
You sell 1 US Dollar : 0.62771 Euro
You buy 1 Euro : 1.59300 US Dollar
You sell 1 Euro : 1.59309 US Dollar

Median price = 0.62771 / 0.62775 (bid/ask)
Minimum price = 0.62422 / 0.62426
Maximum price = 0.63151 / 0.63154

Take Matt's advice then. Tell her to use her credit card and withdraw any funds she may need while visiting.

BTW, those exchange rates quoted don't make any sense. I've got a couple of friends who'd be more than willing to make a transaction with BoA. :giggle:

Those rates just suck big time. COÑO :mad:

You buy 1 Euro : 1.59300 US Dollar
This is actually better than BoA can do, by 8 cents per Euro
I'm still waiting to hear what her bank will say over in "Deutschland"
If she gets over 1.60 dollar per Euro, I'll tell her to do that.
I don't think she even has a Credit Card.

If she doesn't have a credit card she can apply for a debit card at her bank. What Matt says makes sense because she doesn't have to carry too much cash with her.

I did not read the whole thread, but I lived overseas for two years and had to play the exchange rate game. Here's my advice:


DO NOT GO ALL CREDIT CARD! The card processing network bilks you on the exchange rate, and then they add a fee on top of that (usually between 1 & 4%). And don't even get me started on the ATM. Debit/ATM card fees will be same as above. Use a Credit Card at the ATM and you might as well start wiping your ass with dollar bills.

Just check the exchange rate and fees at the banks which you have an account and have your aunt do the same. If you have a Federal Reserve bank in your city they are often the best deal.

Debit and Credit cards are for convenience expect to pay a premium for it. Hotels and Airport kiosks are a bad deal for the same reason. Again go to the bank where you have an account or the national bank (in you aunts case Bundesbank).

That's my €0.02

Thanks man...that's what i needed to hear...
Do you know if there is a waiting period over in Germany, or can you usually get the money the same day. My aunt seems to believe that there is a 3 day wait, but that could just be here bank.

pulling money straight out of an ATM is the best solution when traveling abroad. you cut out the middle man pretty much.

It is how I get the best rates when I travel. Just pull out the most the Machine will let you.


MazDilla I dont know how they gave you better exchange rates but I have never seen one of my banks give me a better rate then if I just pulled out large sums at ATM's.

I asked the guy at BoA if the rate was negotiable, and he said yes, if you do over $10K, which tells me that they are making a pretty penny on each exchange because they are not allowed to charge fees when making the exchange.

So what is the best way to go for her, change it there, change it here, or just use ATM here? I have a feeling that ATM's here charge out the ass for oversea accounts.