Jake Miller
When travelling to Europe, it is beneficial to carry some cash in euros as backup, even though credit cards are widely accepted. While it is possible to obtain euros from an ATM in Europe, it is advisable to have some local currency beforehand for emergencies or unexpected expenses. Some banks in the US offer euros, but they may charge a fee and may not provide the most competitive exchange rates. Therefore, it is recommended to compare rates and fees before deciding where to exchange currency. Additionally, some banks may require advance notice to order euros, so it is essential to plan ahead.
| Characteristics | Values |
|---|---|
| Ability to buy euros | Yes, from many US banks, but they may not offer the most competitive exchange rates. |
| Delivery | Some banks deliver euros to your home address, but usually for a fee. |
| Exchange rates | Exchange rates may be unfavourable and may vary from branch to branch. |
| Fees | Banks may charge a fee for exchanging USD for euros. |
| ATMs | Bank ATMs in Europe offer low exchange rates, but it is recommended to let your bank do the conversion. |
| Credit cards | Credit cards are widely accepted in Europe, but some European cities are still cash-dominant. |
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What You'll Learn
Banks that offer euros
When it comes to exchanging currency, it is always a good idea to plan ahead. While it is possible to get euros from an ATM in Europe, exchanging your dollars for euros before you depart is a more cost-effective option. Many banks in the US offer this service, including Bank of America, Wells Fargo, and Chase.
Bank of America customers can order euros online through their Online Banking or Mobile Banking App, with no fees. However, charges are built into the exchange rate offered. Bank of America offers same-day shipping for orders placed before 2 pm. There may be a fee for delivery for orders over $1,000, or you can collect your currency from a branch. Bank of America Preferred Rewards clients also receive a discount of up to 2% off the published exchange rate.
Wells Fargo offers next-day delivery to your home or office. While they used to keep a supply of euros at some branches, it is now recommended that customers order ahead.
Some banks may charge a fee for exchanging currency, so it is worth shopping around for the best exchange rate. Currency Exchange International (CXI) is one of the most popular places to buy travel money in the US, offering over 90 currencies, including euros. They offer a Best Rate Guarantee, promising to match or beat exchange rates given by local banks or airports.
If you prefer to avoid exchanging currency altogether, a travel money card might be a good option. The Wise Multi-Currency Card, for example, converts your US dollars to euros whenever you spend, using the mid-market exchange rate, with only a small conversion fee.
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Foreign transaction fees
To avoid foreign transaction fees, consider getting a credit or debit card that does not charge these fees. Many popular travel credit cards, such as the Chase Sapphire Preferred® Card, Bank of America® Travel Rewards credit card, and the Capital One card, offer no foreign transaction fees. Some debit cards also offer no foreign transaction fees, functioning like a travel credit card. Additionally, some banks do not charge foreign transaction fees, so it is worth checking with your local bank to see if they have partnerships with banks in other countries, allowing you to use their ATMs without paying out-of-network fees.
If you prefer to carry cash, it is generally recommended to avoid exchanging currency at airports, hotels, and tourist centres, as these locations often charge high fees and offer unfavourable exchange rates. Instead, consider ordering your foreign currency from a bank or a currency exchange service before your trip. While banks may not offer the most competitive exchange rates, they can be a convenient option. Alternatively, you can use a travel money card, such as the Wise Multi-Currency Card, which offers low fees and fair exchange rates.
When travelling, it is also important to be mindful of currency conversion fees. These fees occur when you ask for your transactions to be presented in dollars. To avoid these fees, select the local currency during payment. Additionally, be sure to notify your bank and credit card companies about your travel plans to avoid any unexpected blocks on your card due to "foreign transactions".
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Currency exchange services
While banks are a convenient option, they may not always offer the most competitive exchange rates. It is recommended to compare rates and fees across different providers before choosing a currency exchange service. One of the largest and most popular places to buy travel money in the US is Currency Exchange International (CXI), which offers a Best Rate Guarantee, promising to match or beat local bank and airport exchange rates.
Additionally, some travelers opt for travel money cards, such as the Wise Multi-Currency Card, which can be used to spend and withdraw cash in multiple countries, including Europe. These cards offer low fees and fair exchange rates, providing a convenient alternative to traditional currency exchange services.
It is worth noting that credit cards are widely accepted in Europe, and some offer no foreign transaction fees, making them a viable option for travelers who want to avoid carrying large amounts of cash. However, it is always a good idea to carry some local currency for situations where cards may not be accepted or for added flexibility and peace of mind.
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Using cards in Europe
Credit cards are widely accepted in Europe. However, there are some things to keep in mind when using your card in Europe.
First, European credit cards generally use chip-and-PIN technology, while US cards typically use chip-and-signature technology. Most payment terminals in Europe now accept both types of cards, but it may be worth checking with your card issuer before you travel. In some parts of Europe, contactless is the most common way to use your credit card. If your card has the tap-to-pay symbol (four curved lines, like a Wi-Fi symbol on its side), you can pay by simply tapping it against a contactless reader—no PIN or signature is required. This is the easiest way to pay and is available in much of Europe. You can also pay with your phone or smartwatch if it's linked to a credit card via an app such as Apple Pay or Google Pay.
Second, there may be fees associated with using your credit card in Europe. Some credit cards add foreign transaction fees and currency conversion fees to international transactions. Dynamic Currency Conversion (DCC) charges are common all over Europe; in some countries, major banks require merchants to offer them. According to Visa and Mastercard, consumers have the right to decline DCC service: if your receipt shows the total in dollars only, ask that it be rung up again in the local currency. If the merchant refuses, pay in cash, or mark the receipt "local currency not offered" and inform the clerk that you will be disputing the charges with your bank. Some ATM machines also try to trick users into DCC by using purposefully confusing or misleading wording. It is always cheaper to let your bank do the conversion.
Third, while credit cards are widely accepted, carrying cash may provide a more flexible means of payment. Cash can come in handy in situations where cards are not accepted, such as in taxis, certain restaurants, or markets where travellers can negotiate prices. It is a good idea to have some cash on hand for things like local transportation and tips. You can obtain Euros at ATM machines located throughout Europe, and many major US banks have ATMs across Europe that offer low exchange rates. However, it is best to avoid airport kiosks, hotels, and tourist centres, as these tend to charge high fees and offer unfavourable exchange rates.
Finally, using a credit card in Europe could offer several benefits, such as security and credit card rewards. Many credit cards offer security features to help keep your money safe, such as fraud alerts and $0 liability for unauthorized charges. Credit card rewards can also be beneficial, allowing you to earn rewards on qualifying purchases while travelling in Europe.
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Buying euros before travelling
If you prefer to carry cash while travelling in Europe, it is recommended to buy your foreign currency before you depart. While it is possible to obtain euros at your destination, exchanging currency at an airport kiosk, hotel, or tourist centre is generally considered expensive. These places tend to charge high fees and offer poor exchange rates.
You can buy euros from many US banks, either in-branch or for delivery to your home address, although they may not offer the most competitive exchange rates. Alternatively, you can use a currency exchange service such as Currency Exchange International (CXI), which offers a Best Rate Guarantee.
It is worth noting that some travellers prefer to avoid carrying large amounts of cash and instead rely on debit and credit cards. Visa and Mastercard are widely accepted in most European cities, and some cards offer no foreign transaction fees. However, it is important to notify your bank and credit card companies before travelling to avoid any issues with foreign transactions.
If you want the convenience of a card without the fees associated with debit and credit cards, a travel money card such as the Wise Multi-Currency Card may be a good option. This card allows you to spend and withdraw cash in multiple currencies, including euros, with low fees and fair exchange rates.
When deciding how much foreign currency to buy, it is essential to consider the legal restrictions on the amount of cash you can carry. You can legally take up to $10,000 out of the US without declaration, and up to €10,000 into the EU without notifying customs authorities. For longer trips or those requiring a larger budget, security may be a concern, and a travel money card may be a safer option.
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Frequently asked questions
Yes, you can buy euros from many US banks. Some banks will deliver to your home address, but this usually comes with a fee.
It is generally cheaper to get euros in Europe, either from an ATM or a local currency exchange. US banks may charge high transaction fees for exchanging USD for euros.
Yes, you can use your US debit card in Europe, but it is a good idea to notify your bank that you will be travelling. Some debit cards offer no foreign transaction fees.
Euros are accepted in many European countries, including Italy, France, and Germany. However, some countries in Europe, like the UK, use different currencies.
There are several ways to get euros in the US, including through your bank, a currency exchange service, or a travel money card. It is a good idea to compare exchange rates and fees before choosing a provider.
