Best way to not get raped on exchange rates?
 

Anyone have tips on getting the best exchange rate for foreign currency? Obviously the exchange places in airports suck. When I went to Australia a couple of years ago I got some currency ahead of time at my bank and I think they raped me on fees, but that could have just been that my bank sucked. Also, as far as I can tell most credit cards charge a 3% fee for any transaction in a foreign currency. I'm not sure what kind of juice ATM cards charge for withdrawals. Traveler's checks can be a pain in the ass to cash in many places as well.

Is there any way to get a good exchange rate?

Re: Best way to not get raped on exchange rates?
 

It depends on your bank, but ATMs and credit cards are usually the best way to go by far. Exchange houses in the center of big cities are also usually pretty reasonable if you have some cash on hand. Avoid exchange houses at the airport or most other methods of getting foreign currency unless you want to get screwed completely.

You HAVE to check with your bank though. I can vouch for WaMu personally for their foreign ATM fees being completely reasonable.

Re: Best way to not get raped on exchange rates?
 

I've heard that ATMs in Europe charge huge fees ($20) when making withdrawals. Is that true?

Re: Best way to not get raped on exchange rates?
 

If you have an epassporte card, you get good exchange rates and you aren't charged by epass for international withdrawals. Make sure you notify the company before traveling or you'll have the most frustrating customer service experience of your life.

Re: Best way to not get raped on exchange rates?
 

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I've heard that ATMs in Europe charge huge fees ($20) when making withdrawals. Is that true?

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ATMs in pretty much the rest of the world but North America give free withdrawals to all customers. Your US bank may rape you, but you have to check with your individual bank. The bank whose ATM you are using will usually charge nothing.

Re: Best way to not get raped on exchange rates?
 

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Is there any way to get a good exchange rate?

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I would suggest to make as few transactions as poosible and make sure to do your business w/ an international bank which should be more sensitive to your accomodations.

Re: Best way to not get raped on exchange rates?
 

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I've heard that ATMs in Europe charge huge fees ($20) when making withdrawals. Is that true?

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Some do. Its very hit and miss. I got great rates with Banca Roma or Tuscany or whatever it was in Rome this past time, but was skullfucked 2 years ago in Austria on fees.

So it just depends.

Re: Best way to not get raped on exchange rates?
 

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I've heard that ATMs in Europe charge huge fees ($20) when making withdrawals. Is that true?

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Ive traveled extensively through Europe using two different banks (B of A and a local credit union) and the ATM fees have been pretty much the same as they would be in the States for out of network machines....maybe a dollar or so more.

I actually just got back from Europe yesterday and to give an example checked my statement. My most recent withdrawl was in the Czech Republic just two days ago. I paid $.04878 per crown (plus a $1 ATM fee) where XE.com gives the current rate as $.04889. Basically I paid slightly less than the current rate, so there must have been an overnight change and Im not sure how significant that was. Regardless its pretty clear that there wasn't much screwing going on here.

When I was in Peru I got charged $5 per transaction but got a decent rate...so it will depend on the bank and the particular machine you use.

Id still say this is the best way to get money over there as you get a better exchange rate than you would on the street and dont have to worry about carrying around tons of dollars to exchange everywhere you go.