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Exchange Rate Euros - How to Find the Best Exchange Rate for Euros

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One of the biggest concerns for travelers heading to Europe is trying to figure out how to get the best exchange rate for euros. Exchanging your dollars into euros at an airport currency kiosk might be convenient, but will more than likely get you a poor euro exchange rate. However, not having any euros at all when you arrive in a European country could be a problem if you need to use a train, bus or taxi to get to your lodging. Many of these services will not accept dollars in lieu of euros.

There are several ways for a traveler to exchange his currency for euros, and most people will probably use a combination of the methods during their trip in order to get the best possible exchange rate. Some people choose to exchange their money for euros in the United States at a bank. Be aware that the euro exchange rates you see listed in the newspapers or in other financial media are not the rates you, as a traveler, will get. These exchange rates are what banks pay to get euros, and then they sell the euros to travelers at a slightly higher rate.

In addition, banks often charge customers fees, such as shipping and/or service charges, to exchange dollars for euros. Check with your bank to see if it even offers this service and, if so, how far in advance you will need to order your euros. Some banks also require you to exchange a minimum amount of dollars for euros.

There are other institutions in the United States that also offer euro exchange. For example, both American Express and AAA — the automotive insurance company will exchange dollars for euros. Again fees, minimum amounts to exchange for euros, and rates vary with each institution.

If going through a bank in the United States sounds like too much work, you can, instead, exchange a small amount of dollars for euros while at the airport at one of the currency exchange counters. Be aware, however, that the smaller the amount of money you exchange, the worse euro exchange rate you will get.

Once you arrive at your destination, most veteran travelers and travel writers recommend you use ATMs, as they usually give visitors the best exchange rate for euros. Most ATMs do, however, charge various fees, such as foreign exchange fees and ones for using another bank’s ATMs. It is also very important to alert your bank before you leave on a trip that you will be out of the country. Some banks will shut down your ATM card if they see unusual activity from outside the country if you do not alert them ahead of time.

Exchanging dollars for euros inside a bank in a foreign country instead of just getting money out of its ATM can be difficult. Some banks won’t do it, while others have hours that are inconvenient to the traveler.

Using credit cards is another recommended method of getting the best exchange rate for euros. Unfortunately, banks have started to charge extra foreign transaction fees that make using credit cards not the good deal they once were. It is also important, once again, to let your bank know that you will be traveling out of the country, or you could suddenly find your card declined when you attempt to use it.

Travelers can usually exchange dollars for euros in their hotel. Although, you will more than likely get the worst exchange rate this way, it is very convenient and most hotels will allow you to change small amounts of currencies at the same rate as larger amounts.

Currency exchange agencies at your destination’s airport or in the city you are visiting usually don’t have the best exchange rate for your euros, and the less money you exchange the worse the rate will be. However, they are often easy to find in high traffic tourist destinations.

Currently, a dozen European Union countries, including The Netherlands, Luxembourg, Belgium, Germany, Spain, Greece, France, Finland, Portugal, Italy, Ireland, and Austria, and some European territories use the euro as their currency. The United Kingdom uses the pound, while Denmark uses the krone, and Sweden uses the krona.

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