Hi everyone,
I'm a regional FO and am looking for advice from some of you major guys. I'm planing on taking a quick trip to Europe and wanted to know how you guys convert your money for a trip. Do you use ATM's while there? What about travelex? Or does the company offer some sort of program that is cheap to use? Thanks so much.

 

I usually will convert some US funds at the departure airport (many kiosks offer an employee discount on the fees) to get "seed money" for the first day in the foreign country (tips, a beer at the airport, etc.).

Once in the country, I find it easiest to use ATM's. Most of the ones I've used in most countries give you the best exchange rate, and don't charge a transaction fee (although your bank may hit you with a foreign transaction fee -- check your statement).

Bon voyage!

 

A few things:

Get a Capital One Visa because they do not charge a 3% foreign exchange fee. Many others do. If not Capital One, get one with a RFID chip. They are easier to use in Europe. Capital One still doesn't make an RFID card.

ATMs work great for local currency.

AT&T will unlock the iPhone for free now (using an iTunes sync) if you call them and set it up first. You must be out of contract and paid up. Then in zeurope you can replace the ATT sim card with a local much cheaper sim card.

 

I look for a "gypsy" on the street or in alleyways. I approach him normally wearing shorts and sneakers and start the conversation off by either wispering "change money, change money" or "hello my friend"

No, actually I use ATMs once there. I never use the airport money changers. If you are going to rent a car, make the reservation before you go. Typically you will save about 50% over what you'd pay if you reserved it once there. Verify with your credit card company that your card covers rental car insurance.

 

One little note on that...make sure to read the fine print regarding credit card rental car insurance. Many cards have a pretty hefty deductible. A 'gotcha' that gets those same people who don't read the fine print of their airline travel terms and conditions and find out the hard way to always read your paperwork!

As for OP, I usually use a combination of visiting a currency changer at the airport (stateside) that offers discounts/waived fees for airline and airport employees. Then ATM's in country if I need more.

 

I'll second the Capital One card. No annual fee, and no foreign conversion fee. Basically you get the best rate possible. I use my Cap One card for everything outside of the country.

 

ATMs are easy and safe, if your Bank is a major bank and not some small community bank or credit union. Look on the back of your ATM card for the different ATM networks that your card works with. However, you must notify your bank that you will be traveling or the card will be locked.

 

When I worked on Clinton's Secret Service Detail, I found that most European "Businesswomen" prefer U.S. Dollars - cold hard cash.

 

Stay away from this Thomas Cook, Forex kiosk,and the like. they are nothing but a ripoff.
Not only do they hit you for a service fee but they also get you on the spread.
Forget about the employee discount at the money changers, an ATM will give a better rate. Of course that also depends on your bank. Many bank also have partner banks in other countries, if yours does, you can also skip the foreign ATM transaction fee.
And of course, don't change money at the front desk of a hotel, huge ripoff.

 

I wouldn't bother with changing any in the US. Take a fair amount of dollars, say $150, and an ATM card. The reason for taking USD is in case your bank's ATM is not accepted. Call your bank and find someone in the know and ask, but still assume your bank hoses you when you need the money. Credit cards, (preferably 0% exchange) are the way to go for most transactions. As said before, you won't be hit with a per transaction fee (from the dispensing bank) so don't go overboard on taking out cash. If I'm in the Euro zone for a week say, I'd take no more than 200 euros to start, use the CC as much as possible and see how fast cash disappears .
One other note. Kill your leftover local currency with the hotel at check out. Figure just how much you will need to get you to the airport and home, than use what cash you have to help settle up your bill. Hotels are very good at letting you pay in cash and the balance on the CC.

Bon Vonage

One more thing. Take at least two credit cards and call both before you go and tell them you will be traveling overseas.