Foreign Currency (best, country, safer, pay)

[PeggySue70]

I am from the USA and taking my first trip to Europe. How do I learn how to pay for something with euros, Swiss francs, etc.?

[southdown]

Well, at the moment a dollar is about the same as a Swiss franc

The Euro is worth about 67c, or the other way around - a dollar is 1.5 euros

this might help...

U.S. Dollar to Swiss Franc Exchange Rate - Yahoo! Finance

and U.S. Dollar to Euro Exchange Rate - Yahoo! Finance

[DannyBanany]

Expect a Euro to be equivalent to about $1.50. Europe is expensive.

[bale002]

Your best bet is to exchange money at a bank in Europe: US banks and foreign exchange booths at airports will rip you off with both wide spreads and commissions.

[ian6479]

Originally Posted by PeggySue70

I am from the USA and taking my first trip to Europe. How do I learn how to pay for something with euros, Swiss francs, etc.?

Which countries are you visiting? Your best off just buying some Euros in your US bank and then bringing your ATM card (you should be able to use that at most ATM's). Mastercard, Visa, and Amex will be accepted everywhere.

[Pookster]

The nice thing about Euros is that the size of the bills is in proportion with the value of the bill (and they are different colours). So for example, a 5 Euro bill is smaller in size than a 10 Euro bill and so on.

They also use a lot of coins ranging from 1 cent and 2 cent coins to 1 Euro and 2 Euro coins. The 2 Euro coin resembles the Canadian 2 dollar coin if you've seen it. The 1 cent coin is very small, smaller than an American cent (penny). You will find yourself with lots of coins by the end of your trip.

Prices on things are marked similarly to how you'd see things in the U.S. Sometimes you'll see things marked, for example, 1€59, which means 1 Euro and 59 cents.

I hope this helps!

[MaggieZ]

Best is to not worry too much, you'll learn what's what by using it. And try to not take foreign coins back with you to the US unless you want them as souvenirs because banks won't give you anything for them.Only bills get changed back into dollars. I usually spend the coins at the airport before leaving by buying a magazine or food. I had to get used to the Euro after moving back to Europe and it's really simple, one Euro is 100 cents..and like was said already the bill size corresponds with the value plus the colors help too.

[bale002]

Originally Posted by ian6479

Which countries are you visiting? Your best off just buying some Euros in your US bank and then bringing your ATM card (you should be able to use that at most ATM's). Mastercard, Visa, and Amex will be accepted everywhere.

Though relatively safe, this is the most expensive solution.

You are better off, in terms of numbers, exchanging at a bank in Europe and carrying cash. However, most Americans are not used to that, and it does also depend on which European countries, regions, cities you will be visiting.

Sure, ATM and credit cards may be safer, but they will stiff you with fees and commissions. US banks know that most Americans know zilch about foreign currency so they rip them off on spreads and commissions.

So you have to decide which is more important, relative safety or saving a few euro.

[DontH8Me]

Originally Posted by bale002

Though relatively safe, this is the most expensive solution.

You are better off, in terms of numbers, exchanging at a bank in Europe and carrying cash. However, most Americans are not used to that, and it does also depend on which European countries, regions, cities you will be visiting.

Sure, ATM and credit cards may be safer, but they will stiff you with fees and commissions. US banks know that most Americans know zilch about foreign currency so they rip them off on spreads and commissions.

So you have to decide which is more important, relative safety or saving a few euro.

I suppose it depends on the credit card company, as well as the bank abroad. On my last trip I used my Chase Sony card nearly everywhere for incidental purchases while on vacation, and decided to charge the hotel stay to my Citibank card. Chase charged nearly nothing for using the card countless times, while Citibank slapped on a ridiculous fee and exchange charges for one transaction. Now I have a reimbursment coming from what looks like a class action lawsuit against Citibank for this practice.

The banks in Europe are known for charging excessive "handling/processing" fees for changing your money. An American businessman I met abroad told me that he can deposit $100 into the bank, and within 3-4 conversions of the money (of which he doesn't spend) it would consume itself with the fees upon fees.

I would contact the credit card company and find out what their policy is and use the card with the best policy while making purchases abroad.

I am guessing you are not American? You seem to have a low opinion of them based on your post. FWIW, I would not recommend that a traveler in a foreign country carry around large amounts of cash, regardless of their nationality. There is a sub-culture in ever country thay preys on tourists and their expected wads of cash. You accuse the US Banks of 'ripping off' citizens because they aren't savvy with foreign currency - could the same not be said about European banks?

[lovelongboatkey]

Originally Posted by PeggySue70

I am from the USA and taking my first trip to Europe. How do I learn how to pay for something with euros, Swiss francs, etc.?

I was just in France in November. My bank sold me euros for 1.47 which was the discounted rate at the time. Does not hurt to ask your bank for a discount. The rate you see at the end of each day is usually for investors. When you are buying a few hundred the exchange rate is higher.

Also, call your credit card company and ask what their fees are. Make sure they know where and when you will be traveling. I did not have a problem using credit cards and never used my ATM card at all. My credit card company does not charge high fees for conversion.

Lastly I forget "dollars" and think in whatever currency I'm dealing with at the time. The euro is very strong so of course everything is expensive when you convert to dollars. I just doubled the price as an estimate and went from there. I hope you have a wonderful time, Europe is amazing!