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Something that has not been mentioned is exchange rate. I'm not too familiar with the Swiss Franc but the Euro is expected to depreciate further against the USD over the next 1-2 years. If you wait until the last possible moment before you leave, you may get a better deal. Of course, there are no guarantees .
This is interesting, I am also traveling abroad and I am going with the "exchange currency when you land b/c of a better rate" but is it better to just go to a Bank of America while I'm here and get some money and then wait to get what I need when I land? I'll be needing Euros and Pounds.
Now that I look back on the costs it looks like ordering from my bank only cost me a few dollars more than waiting until I got to a local ATM. While the exchange rate was "true" at the ATM, I was charged a fee for using a foreign ATM plus the ATM charged a small fee for using it. The fees are possibly avoidable if your bank has an affiliate bank in the country you are in, but you have to hope that these ATMs are common so that you aren't wandering around for hours to save $10. To compare the costs, I looked at the difference of ordering the same amount from my bank that i took out at the ATM and it worked out to ordering cost me $10 more but that is mainly due to the flat shipping fee, if I had ordered more from the bank the shipping fee factor would be less. So I look at that $10 as saving me the worry of making sure I had money for the cab ride from the airport and I didn't have to go to the ATM for the first 3 days.
When compared to using a an exchange company like Travelex, I came out way ahead. The exchange rate was better and I happened to walk by the currency exchange kiosk and the line there would have taken at least 30 minutes or longer.
I am planning on exchanging dollars for the appropriate currency here before I leave and am wondering, should I just get Euros and then exchange them for Swiss Francs while there or should I go ahead and get both Euros and Francs while here?
Every time you exchange a currency, the bank or exchange bureaux gets another cut, so why lose money a second time?
Euro to Swiss franc is a bloodbath right now since the Swiss central bank decided to let the currency float a fair amount at the start of the year. USD to Swiss franc is somewhat better.
I always bring at least enough for the first few days in local currency purchased from my bank before I leave.
I just got back from two weeks in Europe, and despite telling my bank I was going, I wasn't able to withdraw funds as they put a fraud alert on my account. Fortunately I was able to call and have it lifted, but if I had arrived with no local currency and not able to withdraw funds, I would have been pretty screwed.
Not the best option. I've been to Europe before, that's why I'm going this route with the currency.
Just change enough to get out of the airport, then take out the rest from a local bank. I don't even understand why anyone would change all their money, or at least a large sum in their own country. Those kiosks suck and have to profit somehow.
Now that I look back on the costs it looks like ordering from my bank only cost me a few dollars more than waiting until I got to a local ATM. While the exchange rate was "true" at the ATM, I was charged a fee for using a foreign ATM plus the ATM charged a small fee for using it. The fees are possibly avoidable if your bank has an affiliate bank in the country you are in, but you have to hope that these ATMs are common so that you aren't wandering around for hours to save $10. To compare the costs, I looked at the difference of ordering the same amount from my bank that i took out at the ATM and it worked out to ordering cost me $10 more but that is mainly due to the flat shipping fee, if I had ordered more from the bank the shipping fee factor would be less. So I look at that $10 as saving me the worry of making sure I had money for the cab ride from the airport and I didn't have to go to the ATM for the first 3 days.
When compared to using a an exchange company like Travelex, I came out way ahead. The exchange rate was better and I happened to walk by the currency exchange kiosk and the line there would have taken at least 30 minutes or longer.
Exactly. I always go to my bank (Bank of America) and exchange money before leaving for a trip. The exchange rate is always excellent and the fees are minimal. I think it cost me about $6 to get $500 USD worth of UAE and Oman money.....much better than worrying that my card will get stolen or hacked in a foreign country. I still have a credit card with no foreign transaction fees that I can use when needed, and I try to find sister banks in countries I'm visiting in case I do need to withdraw more money, but otherwise, I just use the cash I exchanged. We tend to visit more local places and we love markets, and usually they don't take credit cards. It has worked out well for me for years and all across the globe.
I always bring at least enough for the first few days in local currency purchased from my bank before I leave.
I just got back from two weeks in Europe, and despite telling my bank I was going, I wasn't able to withdraw funds as they put a fraud alert on my account. Fortunately I was able to call and have it lifted, but if I had arrived with no local currency and not able to withdraw funds, I would have been pretty screwed.
Same for me: get some euros from my bank (Bank of America) to take care of the first day or so, then use local ATMs after that.
Every time you exchange a currency, the bank or exchange bureaux gets another cut, so why lose money a second time?
Euro to Swiss franc is a bloodbath right now since the Swiss central bank decided to let the currency float a fair amount at the start of the year. USD to Swiss franc is somewhat better.
Thank you. I think this answers my question. We'll go with both rather than exchange Euros for Francs after we get there.
Something that has not been mentioned is exchange rate. I'm not too familiar with the Swiss Franc but the Euro is expected to depreciate further against the USD over the next 1-2 years. If you wait until the last possible moment before you leave, you may get a better deal. Of course, there are no guarantees .
Against the dollar .....
- Swiss Franc remains horribly strong. Nevertheless, the dollar has strengthen by around 10% against the Franc over the past few weeks (from 0.9 francs to the dollar to around 0.98 francs to the dollar). Because of this, Switzerland remains very expensive for US travelers.
- Euro. Situation is probably as good as it has been in the past 10 years at $1.08 to one Euro (some of us remember $1.4 to the Euro ). Germany and Austria may still feel a little on the pricey side but nothing like as bad as it was.
I would not change dollars to Swiss Francs and then Swiss Francs to Euros. You will just end up paying the bank's commission twice.
The $1.45 USD to Euro of about five years ago HURT!
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). Germany and Austria may still feel a little on the pricey side but nothing like as bad as it was.
