Quick ED Question - Best place to exchange cash? - BMW 3-Series Forum (F30 / F32)

BavarianFanatic · 11-13-2012, 09:35 AM

We're heading to Munich next week. I hadn't given much thought to it, but a friend was just over there and indicated cash is far more prevalent than plastic as you get away from the cities. Any recommendations for loading up on Euros? I know airport exchanges aren't usually the best, but they are convenient...

SamS · 11-13-2012, 09:38 AM

See if your bank has a European partner, and use the ATM over there. AVOID the airport exchanges at all cost!

marseille82 · 11-13-2012, 09:44 AM

From experience, you are better off just withdrawing money once you are there.

g2g8969 · 11-13-2012, 01:20 PM

Quote:

Originally Posted by marseille82

From experience, you are better off just withdrawing money once you are there.

2 suggestions for you

1) The cheapest way to get money in Europe is to withdraw money from their local ATM, use any card with a visa logo and you will have access. You only get charged the 1 time fee, instead of getting charged every time you buy something. That fee is much smaller than at the airport or at any currency exchange center

2) There are new credit cards with EMV Technology, basically a chip that will allow more usage of your credit card overseas. If your credit is good, I would advise in getting one before you go and calling your credit card company and telling them you will be traveling.

BMWgasm · 11-13-2012, 01:52 PM

Withdraw cash from the ATMs here. If they ask if you want the conversion or not select no- you will get a better rate. Exchange rate today is .76 to 1 Euro. It should stay right around there for the next few weeks. Enjoy Munich- it's a great city.

BavarianFanatic · 11-13-2012, 08:14 PM

Thanks for the feedback guys! I use a local credit union, so I'm pretty sure they don't have a European affiliate. I'm going to check with them to see if there's any issues using my card over there. One thing I did learn is that Capital One doesn't charge any foreign currency fees when using your card abroad. I'll be using it wherever I can.

claykin · 11-13-2012, 08:25 PM

Visa/MC recently imposed huge foreign transaction fees. Beware! I highly recommend you use AMEX.

If you need to use an ATM, (real ATM, not debit card) look for a bank in Germany. Check exchange rates, as they can vary. Honestly, if you have AMEX try to charge as much as possible. AMEX gives competitive exchange rates and no addon fees.

BavarianFanatic · 11-13-2012, 08:39 PM

Quote:

Originally Posted by claykin

Visa/MC recently imposed huge foreign transaction fees. Beware! I highly recommend you use AMEX.

If you need to use an ATM, (real ATM, not debit card) look for a bank in Germany. Check exchange rates, as they can vary. Honestly, if you have AMEX try to charge as much as possible. AMEX gives competitive exchange rates and no addon fees.

I used Amex to pay for my winter tire rental. They charged a foreign currency surcharge - 3% if I remember correctly...

claykin · 11-13-2012, 08:44 PM

Quote:

Originally Posted by BavarianFanatic

I used Amex to pay for my winter tire rental. They charged a foreign currency surcharge - 3% if I remember correctly...

I found this site. Interesting, Capital One charges nothing.

http://creditcardforum.com/blog/amer...ansaction-fee/

I see that AMEX does typically charge (sorry about that), but I have a Gold Rewards Plus card and have not had a foreign fee. Used it out of country as recently as September and no fees charged. I won't complain!

I will tell you that I've heard from friends who do a lot of Int'l business travel that Visa/MC exchange rates are not as good as AMEX. Obviously every Visa/MC bank is free to charge what they want. Maybe check your bank rates and compare.

krispykreme · 11-15-2012, 07:24 AM

Depends on which visa.

For example my Hyatt Visa card does not charge me 3%.

BavarianFanatic · 11-15-2012, 10:02 PM

I confirmed today that my ATM card will work over there and that my credit union doesn't charge any fees. Woo hoo!

shivaswrath · 11-15-2012, 10:25 PM

B of A has a little partner bank in Munchen called Deutsche Bank!
Many banks have this sort of reciprocity system.

shivaswrath · 11-15-2012, 10:26 PM

Quote:

Originally Posted by claykin

Visa/MC recently imposed huge foreign transaction fees. Beware! I highly recommend you use AMEX.

If you need to use an ATM, (real ATM, not debit card) look for a bank in Germany. Check exchange rates, as they can vary. Honestly, if you have AMEX try to charge as much as possible. AMEX gives competitive exchange rates and no addon fees.

Capital One cards charge no foreign transaction fees.

11-13-2012, 09:35 AM	#1
BavarianFanatic Too much is never enough Drives: Too Many Join Date: Mar 2008 Location: SE PA Posts: 718 iTrader: (0)	Quick ED Question - Best place to exchange cash? We're heading to Munich next week. I hadn't given much thought to it, but a friend was just over there and indicated cash is far more prevalent than plastic as you get away from the cities. Any recommendations for loading up on Euros? I know airport exchanges aren't usually the best, but they are convenient...
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11-13-2012, 09:38 AM	#2
SamS Brigadier General Drives: 2013 ActiveHybrid 3 Join Date: Jul 2010 Location: Dallas, TX Posts: 4,046 iTrader: (0)	See if your bank has a European partner, and use the ATM over there. AVOID the airport exchanges at all cost! __________________

11-13-2012, 01:52 PM	#5
BMWgasm Hooah! Drives: 2011 335i M Sport Join Date: May 2012 Location: Germany Posts: 126 iTrader: (0)	Withdraw cash from the ATMs here. If they ask if you want the conversion or not select no- you will get a better rate. Exchange rate today is .76 to 1 Euro. It should stay right around there for the next few weeks. Enjoy Munich- it's a great city. __________________ '11 E90 335i M Sport Black Sapphire '13 F30 328i M Sport Black Sapphire

11-15-2012, 07:24 AM	#10
krispykreme Second Lieutenant Drives: e90 328i Join Date: Feb 2012 Location: fremont Posts: 213 iTrader: (0)	Depends on which visa. For example my Hyatt Visa card does not charge me 3%. __________________ -13 F10 M5 6MT (Amazonite Silver)

11-15-2012, 10:25 PM	#12
shivaswrath Lieutenant Colonel Drives: 2012 335i Join Date: Apr 2008 Location: Norwalk CT Posts: 1,966 iTrader: (1)	B of A has a little partner bank in Munchen called Deutsche Bank! Many banks have this sort of reciprocity system. __________________ 2012 335i Mineral Gray M Performance Whore: PPK\|Exhaust\|Brakes\|Performance Suspension Struts & Springs\|Black Kidney Grilles\|CF Spoiler and Mirror Caps\|M Sport 400M\|BMWF30.com 335i brakes FS!

11-13-2012, 09:44 AM	#3
marseille82 Private First Class Drives: F30 335i / E60 535i Join Date: Sep 2012 Location: Boogie down Bronx Posts: 129 iTrader: (0)	From experience, you are better off just withdrawing money once you are there.

11-13-2012, 08:14 PM	#6
BavarianFanatic Too much is never enough Drives: Too Many Join Date: Mar 2008 Location: SE PA Posts: 718 iTrader: (0)	Thanks for the feedback guys! I use a local credit union, so I'm pretty sure they don't have a European affiliate. I'm going to check with them to see if there's any issues using my card over there. One thing I did learn is that Capital One doesn't charge any foreign currency fees when using your card abroad. I'll be using it wherever I can.

11-13-2012, 08:25 PM	#7
claykin Major Drives: 2013 335i M-Sport Join Date: Nov 2009 Location: Florida Posts: 1,353 iTrader: (0)	Visa/MC recently imposed huge foreign transaction fees. Beware! I highly recommend you use AMEX. If you need to use an ATM, (real ATM, not debit card) look for a bank in Germany. Check exchange rates, as they can vary. Honestly, if you have AMEX try to charge as much as possible. AMEX gives competitive exchange rates and no addon fees.

11-15-2012, 10:02 PM	#11
BavarianFanatic Too much is never enough Drives: Too Many Join Date: Mar 2008 Location: SE PA Posts: 718 iTrader: (0)	I confirmed today that my ATM card will work over there and that my credit union doesn't charge any fees. Woo hoo!

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