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Where to get best exchange rate

Boston...
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Where to get best exchange rate

I am having an on-going debate regarding which places one should go to in order to get the best exchange rate.

I say go to your local bank as long as it is an international one and does not charge you for getting you Euros.

Others say go to Exchange center (American Express)in any big mall or the one in the airport

A third group says to go to an ATM once you have entered a country.

A fourth group says to go to the Exchange Center in the airport once you arrive

Oh devoted traveler colleagues, what do you suggest?

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Hotel The Exchange
Hotel The Exchange
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Amsterdam, The Netherlands
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K K
Amsterdam, The...
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1. Re: Where to get best exchange rate

Is it a survey?

Maryland
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2. Re: Where to get best exchange rate

Best exchange rate is usually Pott Change by Dam Square. However most recomment using a bank related ATM and a no fee debit card.

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Dam Square
Dam Square
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Amsterdam, The Netherlands
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3. Re: Where to get best exchange rate

ATM's are the way to get the best rate but that isn't necessarily the case with every bank and for every account type. I know you're hoping for a one fits all answer but that doesn't exist; you need to look up what your bank charges you and compare it with other banks / accounts.

London
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4. Re: Where to get best exchange rate

Draw cash using a debit card in an ATM.

Don't ask the ATM to convert back to Dollars, let your own bank do that.

If your bank charges for ATM transactions abroad, or has a worse exchange rate than other banks, you need a new bank.

If the ATM you are using charges a fee for withdrawals, it is required by law to display this information and to have you accept the fee before you can proceed.

Edited: 24 May 2018, 02:11
Amsterdam, The...
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5. Re: Where to get best exchange rate

>>I say go to your local bank as long as it is an international one and does not charge you for getting you Euros.<<

No forex is free. they either get you with the exchange rate or they charge you a fee or at worst, both. Pay for major stuff with credit cards (check fees with your provider). Fair charge is 3% against the interbank rate and have smallish amounts of Euros, like maybe €200 that you get from an ATM for incidentals.

Boston...
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6. Re: Where to get best exchange rate

Thanks for your suggestions.

Nashville, TN
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7. Re: Where to get best exchange rate

Personally, we just exchange what we estimate we'll need for the trip and exchange it at our bank before we leave. Then for large purchases, meals, etc., we use a CC that has no foreign exchange fees.

We're aware that purchasing the currencies before the trip is not the suggested option, but we're spending thousands on plane fares, hotels and (in some cases) car rentals. A few percentage points on an exchange rate isn't really going to matter much.

Chicago
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8. Re: Where to get best exchange rate

Vegas, I think that is okay for a short stay, but I wouldn't suggest getting a lot of cash and possibly have something bad happen.

If you want cash before you arrive, get a small amount before you leave and use ATMs after that.

Nashville, TN
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9. Re: Where to get best exchange rate

"If you want cash before you arrive, get a small amount before you leave and use ATMs after that."

Unfortunately, neither one of the banks we use have extensive agreements with overseas banks. It would cost us way more in ATM fees than it would changing the currency in advance. Our trips are usually 2-3 weeks in length and we normally budget no more than about $500.00 to $600.00 for walking around money, small purchases, local transportation, taxi fares, etc..

Amsterdam, The...
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10. Re: Where to get best exchange rate

If you want to exchange $cash then Pott Change is indeed the best and likely significantly better than an American bank. But for modest amounts like several hundred $ the difference is not earth shattering. For example, as I type, $500 would get me €404 at Bank of America and €430 at Pott Change.

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