![]() Read our guide that compares spread and commissions when trading Forex. Also, bank tellers often are not knowledgeable of the current (or real) rate, spread, and hidden fees, so do not be surprised. If you plan on converting large sums, Chase has (around) 10 note rate. I would prefer to have more control and choices as to where and when to exchange the money rather than leaving it to the very last minute wasting the precious time which should have otherwise been spent on sightseeing looking for an ATM risking having a bad exchange rate and no matter what you are forced to exchange the Euro. You can exchange foreign currency in Chase through a bank teller. when the bottom line is that I am not from the States. May not fit your situation and needs, esp. I would prefer to have more control and choices as to where and when to exchange the money rather than leaving it to the very last minute wasting the precious time which should have been spent on sightseeing looking for an ATM risking having a bad exchange rate and no matter what you are forced to exchange the Euro. In addition, you need to find an ATM in a city you are not familiar with. Who knows what will happen to the exchange rates after three, four months? What if on that particular day when you arrive in Paris USD suddenly drops a lot? The exchange rate might be not as good as taking money from an ATM at Paris at that particular same moment, but it could still be better than the day when you just arrive at Paris, when you have no choice but to exchange the money right from your account. ![]() But on a personal vacation, not a big deal ever.) Edited: 6 years agoĪnnette C has got a point, but it is also more flexible when you can monitor the currency exchange market and go to the bank for some Euros when it is cheaper on that day. I personally spent years in international export sales, and this was a critical issue on a daily basis which determined marketing strategies, overhead costs for foreign offices, budget projections, and many other aspects of our business. Key responsibilities included: funding and liquidity management, interest rate profile and currency exposure supervision of the foreign exchange dealing and. (Obviously for professional business travelers and expats it can be a consuming issue at times. Exchange rates between banks vary from day to day and indeed even from minute to minute some times, but hardly enough to concern the average tourist.īut again, unless you are a professional currency trader who is dealing in huge sums of exchange on a daily basis (& I have friends who do this as a profession they never seem to sleep and many of them have ulcers and other stress issues), I don't think that worrying about small differences in exchange rates is worth the concern for the amount of cash you may be withdrawing on a short vacation trip. Yes, some US banks do charge fees and some do not depends on the bank and depends on the type/level of your account. I get the same rate whichever of my bank's ATM cards I use. This is the best way to not waste money on foreign conversion fees.They do not jack up the exchange rate. Many places accept cards and there are tons of cards that offer zero % foreign conversion fees meaning your credit card company will convert using that day’s actual rate, free of charge. Do: Try and use a credit card when possible. So, we always “decline conversion” when making a withdrawal. Your own bank should do the conversion using that day’s ACTUAL rate but may charge a small percentage (such as the 1% fee I mentioned in the last tip). Chase charges a 3 fee on foreign transactions if the. This means the Chase Sapphire Preferred will save cardholders 1.54 on purchases with international merchants, compared to the average credit card offer. Some foreign ATMs are notorious for misleading tourists into accepting their “conversion” which is really a 10-15% markup. Chase Bank will not charge you any fees if you deposit your current foreign currency exchange rate. Don’t: Accept a foreign ATM’s offer to “convert it for you”. ![]() Many charge a 1% fee to do the conversion (which actually isn’t bad and leads me to the next and most important don’t). Don’t: Forget to check with your bank on their process for foreign ATM withdrawals. They will also charge service fees or give a poor exchange rate. Don’t: Use the foreign currency exchange counter at the airport. They will charge services fees and money is easily accessible from local ATMs. How to Access your Money for free while Traveling! 4 Don’ts, 1 Do and our recommended travel booking site! Don’t: Order foreign currency from your bank ahead of time.
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