We are traveling to Greece next week and wondering what is the best way to exchange dollars for euros? We plan to use credit cards for most purchases but would like to have some pocket money for tips, souvenirs, etc.

Use an ATM. There is absolutely no reason to do a currency exchange.

Many EU ATMs are now charging a fee to do conversions as a percentage of the amount withdrawn. It's typically 2-3%.

It used to be, you could withdraw money and just pay a $5-$10 flat fee. But I've noticed the last two years that sometimes you get charged the flat fee (typically from your US bank) AND a percentage (from the EU bank).

Not all ATMs charge the percentage, but I wasn't really in a position to be shopping around different ATMs, so I just used what was convenient when I happened to need cash.

Also, Europeans don't expect tips like Americans do. Sometimes it's very hard to even get them to accept a tip, and it can even be considered offensive.

Tipping at a meal is typically just round up to the next $5 or $10 increment (if your bill is 51 euros then leave 55).

While in Italy, I did not tip any of our guides. Just paid the rate they charged, which is what they expect.

Just go to your local bank branch, most carry euros at very fair exchange rates.

corndog04 said:

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Just go to your local bank branch, most carry euros at very fair exchange rates.

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Wells Fargo, at least, had me submit a request for Euros and GBP online and pick up after two days. They don't carry foreign currency at the branches.

Wonder if something has changed or if it is branch-specific. I bank with WF and have just walk-in exchanged many times but I haven't been overseas since pre-covid. I've had to request ahead of time for some rarer currencies but not euro.

Just use an ATM from a reputable bank in the country you visit. Make sure to never accept the ATM currency exchange rate.

I use BofA. Do I need to let them know in advance of using an atm in a foreign country?

BmtAg96 said:

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I use BofA. Do I need to let them know in advance of using an atm in a foreign country?

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Yes, should be able to do it online

The main chase bank building in downtown houston has foreign currency on hand and have used them before as a walk in. I think they'll do it even if you just have a chase credit card and no account with them.

Most banks have you call ahead for foreign currency and have to order it in to a local branch. I've seen some that do it by mail. I think USAA might do this.

One piece if advice for using foreign atms.

Do some research on the length of your atm code. The use to be some machines that required a six dit pin and wouldnt accept four. Or would accept only four if you had a six digit code.

this may not be a problem anymore but it was a problem in some places and typically at the worst possible time. Like if you are at an airport and have to.pay an exit tax in cash, for instance.

What do you mean about accepting the banks exchange rate? If I withdraw from a foreign bank atm does it give an option for the exchange rate? Currently $1 = 0.92 Euros.

I use wellsfargo. I've never let them know ahead of time, and it's never been an issue.

So they'll offer their conversion, which you can decline. It's like their own exchange rate. For instance, I pulled money out the other day. 300 euro. They offer their rate, which would've cost like $385 USD. I declined it, and it was like $335 USD. I don't know why anyone would take their rate, but it's always offered. It's been the case in the last three countries I've been in, at every ATM.

I wonder if this is the reason I got charged the % fee. I don't remember seeing an option to decline, but I wasn't expecting that to be an option, either. I do remember using one ATM that explicitly stated it charged a % fee. I know I didn't see it on every ATM because I had several transactions that ended up just being the actual conversion rate (and then a flat fee from Wells Fargo).

Ya, I could see that. May vary by ATM, but I've used different ones for different banks, and it gave the option. Could also be using a banks ATM versus like a privately owned one. I always try and use a major bank ATM.

I haven't read the responses, but just get it from a reputable ATM (in the airport, train stations, etc). Do not get cash off street ATM's or other shady locations. You can get it from your bank but never had a reason to.

Do NOT get it from an exchange place at the airport. Way to much money.

You'll be surprised how little cash you actually need. Maybe an older laundromat, unofficial taxi, or leaving a tip, but that's it.

Senator Blutarski said:

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You'll be surprised how little cash you actually need. Maybe an older laundromat, unofficial taxi, or leaving a tip, but that's it.

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Can't speak for Greece but this was my experience in Spain and the UK. Tap to pay everywhere. Spain was more cash friendly than the UK. Most of my gbp went unused.

I took Euro and Lira to Greece last December going through Istanbul. Exchanged ahead of the trip through my local bank (Prosperity, had to order it - 2 days).

I got off the beaten path where I figured I might need some cash but didn't use it much anywhere - mainly tipping hotel staff and a taxi into Istanbul. Had no need for Lira. I don't blame you for carrying a little, but like others have said, you can get by with little to none.

Did you know you can get Euros from your US bank before you go? Just give them a two day notice.

I just got back from a week in Switzerland and came back with the same coins i brought with me and never used cash.

I just ordered Euros for my clients who are leaving next week on a trip (they don't have a debit card). Super easy to do online from Wells Fargo and I even thing it is being delivered to my house. No fees other than just the exchange rate. (I always get them abroad)

They don't have a debit card?!

schmendeler said:

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They don't have a debit card?!

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They do not. I realize it is odd but not for me to judge. Just trying to help them out.

If nothing else, I always have cash for tips. I know it's not as big of a deal in Europe, but they still greatly appreciate them. I do 5-10%. I've done that everywhere from Ireland to Greece, to Latvia, to Norway. The card readers typically don't have an option to add tip, so you have to leave cash. Also, in a lot of places there are cool little markets. In Greece on Crete specifically I stopped at a number of little farm stands and bought olive oil, fresh fruits, etc. I highly recommend having some cash.

People accept extra money from people who want to give it away, imagine that

Given the typically poor service, I'm more than happy to reward someone who does a little extra. Especially if it's a place I frequent.

We just got back from a trip to Germany, Austria, Slovakia and Hungary. We used my debit card all the time with no issues. The only time we used cash was for tips. You can tip in USD if you want but we had some EUR handy as well.

I always get $100 euro at a ATM and never spend all of it. They take CC everywhere and you can tell them to tack on the tip.

For whatever reason the only city we had a problem with credit cards was Munich a few years ago.

Frost Bank will gladly do forex. They carry the big 7, but can get 100 other currencies within 3 business days.

Withdraw in local currency only from a reputable ATM and do not use a debit card for transactions abroad, only use a credit card.

I read a story the other day about a traveler who took an Uber in Costa Rica and they mistakenly charged her debit card $15000 USD instead of 15000 Colones (about $30 USD). Since it was on her debit card, she had no access to cash or any other money until her bank reversed the charges after a few days. Had she used a credit card it would've been the bank's money withdrawn in error and not hers.

I travel to Europe every 6 weeks for work and never have any local currency with me. Even using the tube you can just tap your CC on the turnstile. We have a bunch of street vendors that sell food by our office and even those dudes take cards.

My point being if you do get some there's no need to get much and worst case just hit the atm.

We have a Schwab Investor Checking Account that has Unlimited Worldwide ATM fee rebates and no fees. I just add money to that account before a trip and get what I need from any ATM. I've never had any issues in Europe, Mexico, or even a Las Vegas casino floor with getting the fees rebated.