Currency exchange

Hi,

Where I can change American Express T/C in goog rate without a fee? I%26#39;ll be staying in Opera area and I know I can change T/C in CDG but someone here posted that it was terrible rate. Do not change AE in CDG...

And also, do you think it is better just use credit card instead of using T/C?

Many thanks in advance!

|||

Travellers%26#39; cheques are dead in Europe. They will not be accepted by any hotel, restaurant, or shop. Some banks will change them, but there have been reports of fees as high as 20%.

Bring a debit card and get cash out of ATMs, just like in NY, as this gives the best exchange rate. Use a credit card for larger purchases. And get say €100 cash before you leave, so you do not have to look for an ATM as soon as you get off the plane.

|||

I agree ... just two things to check:

1) Determine if there is any surcharge, extra fee for your ATM card. I was shocked by my fee for my Citibank card and there was no fee with my Wells Fargo card.

2) Determine the extra charge for your credit card. Some cards have 0% extra charge while others have 5%. Check your credit card agreement or go online and send an email to your customer service and ask about the International Transaction Fee.

Best regards

Bill

|||

Be sure to phone your CC company and your bank to let them know the dates and countries you will be in so they don%26#39;t freeze the cards.

It is easy to find ATM%26#39;s in CDG, as well as in Paris.

|||

Thank you all!

I usually used credit card in Europe but it seemed always more expensive than changing cash or T/C because of the fee credit card company charges...

But if T/C is not any better, I%26#39;ll just stick to my credit card and ATM.

Thanks again for your advice!!

|||

%26gt;%26gt;I usually used credit card in Europe but it seemed always more expensive than changing cash or T/C because of the fee credit card company charges...%26lt;%26lt;

As well as the fees, you have to look at the underlying margin on the exchange rate.

A few weeks ago, the %26quot;official%26quot; exchange rate (the one you find in the newspapers on on Google) was that $1 AUD was worth €0.56. A local %26quot;no fee or commission%26quot; exchange bureau was offering to sell euro notes at €0.52, which means they were charging a margin of around 8%.

Using a debit card in France, there is no fee for using the French ATM, and the Visa/Mastercard network applies a margin fee of 1%. Add in any fee charged by your bank, and you are still going to be better off.

|||

I just did a search to see what credit card companies charge for currency exchange and all the cards I had charge 2-3%. However, Capitol One charges 0% so I%26#39;ll be getting one in time for my trip. They also have an offer at the moment of 0% APR on purchases through May 2010 + you earn miles. Not bad!

|||

There is an American Express behind the Opera. But as recommended don%26#39;t take any TC with you unless you are absolutely determined. Use your ATM at a bank ATM, not at one of those scattered around that are not bank atm%26#39;s

|||

If you are interested in what your bank might be charging you for your credit card purchases, this link might be helpful:

indexcreditcards.com/internationaltransactio…

The American Express office behind the Opera has recently been downsized. After reading reports that it had closed, I stopped by the other day to verify. It is indeed still there but at a fraction of its original size and the front entry is now around the corner.

I recommend not using this office for cash exchange. The COOpera window gives a much better rate and is located just a few steps away on ave Scribe (next to Fragonard).

http://www.ccopera.com/