It's generally better to use a debit card to withdraw Euros from an ATM in Europe for the best rates, rather than exchanging cash beforehand, but always choose to pay in Euros (not your home currency) to avoid poor dynamic currency conversion rates. Carry some cash for small purchases and markets, but rely primarily on your card for safety and better exchange rates, ideally using one with no foreign transaction fees and ATM fee reimbursements.
It's best to use a combination: carry some Euros for small purchases but rely on a debit card (preferably one with no foreign transaction fees) for larger transactions, withdrawing cash from bank ATMs in Europe and always choosing to pay/withdraw in the local currency (Euros) to avoid poor exchange rates. This hybrid approach offers convenience, security, and better rates than exchanging large amounts of cash upfront or paying in your home currency abroad, says Rick Steves.
Your bank or credit union is the best place to get currency
Many banks offer currency exchange to their customers. Though there may be a small fee if you exchange less than a certain amount, your bank or credit union will almost always be the cheapest place to exchange currency.
Use a card with no foreign transaction fees (or get a travel card like Revolut, Wise, or Monzo). You'll save a surprising amount over a multi-country trip. 2. Avoid airport exchange booths, they offer terrible rates.
Before you leave the country, visit your bank or credit union so you can avoid paying ATM transaction costs and possibly receive a better exchange rate.
The exchange rate for US dollar to Euros is currently 0.859402 today, reflecting a -0.322% change since yesterday. Over the past week, the value of US dollar has remained relatively stable, with a 0.477% increase compared to its value 7 days ago.
Where to exchange currency without paying huge fees? Avoid airports and hotels; instead use local ATMs or online exchange services like Revolut. Exchange booths are another place to avoid – while often conveniently located, the rates are usually poor. You could find yourself paying fees and hefty commissions, too.
Best day of the week to exchange currency
According to data from WeSwap and The Telegraph, you'll generally enjoy the best currency exchange rates on Fridays and Saturdays. Currency can fluctuate throughout the day too, with the morning or late afternoon cited as the best times to buy.
Where can I exchange currency without paying large fees?
For debit cards with no foreign transaction fees, top choices include Charles Schwab Investor Checking (reimburses ATM fees), Capital One 360 Checking (no fees, but local ATM fees may apply), SoFi Checking, Fidelity Cash Management, and digital options like Revolut or Wise, which offer good currency exchange rates and low costs abroad, though some may have limits or weekend currency exchange charges. Always check for potential ATM fees from the local bank owning the machine, even with a no-fee debit card.
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Aim for mid-week over weekends
Currency markets are typically most active Tuesday through Thursday when all major global markets overlap. Weekend transfers often lock in Friday rates until markets reopen, potentially missing better opportunities.
Most banks allow you to order foreign currencies, which you can typically pick up at a local branch before your trip. Some banks offer to ship currencies to you, and sometimes they don't even charge extra for postage if you order a certain amount. Plus, the exchange rate are usually quite good.
Use a travel credit card instead
One of the easiest ways to avoid ATM fees is to skip ATM withdrawals whenever possible. A travel credit card with no foreign transaction fees lets you pay for purchases directly, which means no ATM charges and no need to keep large amounts of cash on hand.