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Re: Best way to convert $ to Euros/Pounds?
Old 02-07-2007, 10:33 AM   #21
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Re: Best way to convert $ to Euros/Pounds?

Quote:
Originally Posted by bennevis
I don't know what the interest rate is, forgot to ask,
but I don't keep a balance, I pay it off right away.

fyi: just checked: 9.25% on cred. card advance from my CU.
It does not matter if you pay it off... a cash advance starts to accrue interest the second you take the money out of the ATM.. and probably BEFORE you take the money and they will charge you for the whole day...
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Re: Best way to convert $ to Euros/Pounds?
Old 02-07-2007, 01:16 PM   #22
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Re: Best way to convert $ to Euros/Pounds?

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Originally Posted by Texas Proud
It does not matter if you pay it off... a cash advance starts to accrue interest the second you take the money out of the ATM.. and probably BEFORE you take the money and they will charge you for the whole day...
Yes, I know, but the sooner it's paid off, the less interest to be paid!

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Re: Best way to convert $ to Euros/Pounds?
Old 02-07-2007, 01:27 PM   #23
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Re: Best way to convert $ to Euros/Pounds?

Just to make it clear, do not ever use a credit card to withdraw cash from an ATM. Just use the credit card to make charges and use the free float. Use your ATM card to withdraw cash.
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Re: Best way to convert $ to Euros/Pounds?
Old 02-07-2007, 02:56 PM   #24
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Re: Best way to convert $ to Euros/Pounds?

I noticed that our Visa used the interbank exchange rate together with a 1% charge on a recent trip to Canada. This is a good exchange rate. Here is a link to a site that tells you what that rate is http://www.oanda.com/convert/fxhistory .

Now for a followup question. Does anyone have any experience with using a Wells Fargo Visa card overseas to do an ATM withdrawal. I know they will charge $5 per transaction but what exchange rate will I get?

If the Wells Fargo rate is not good I could always deposit extra funds in our standard Visa account and request a cash advance which one would hope would give me the interbank exchange rate.

Les
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Re: Best way to convert $ to Euros/Pounds?
Old 02-07-2007, 02:58 PM   #25
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Re: Best way to convert $ to Euros/Pounds?

I should have mentioned in the last post that the Wells Fargo card I'm referring to is a debit card with a Visa logo on it. Was hoping to get some cash this way.

Les
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Re: Best way to convert $ to Euros/Pounds?
Old 02-07-2007, 03:27 PM   #26
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Re: Best way to convert $ to Euros/Pounds?

Best way to convert $ to Euros/Pounds? Drink lots of Guiness!
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Re: Best way to convert $ to Euros/Pounds?
Old 02-07-2007, 04:00 PM   #27
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Re: Best way to convert $ to Euros/Pounds?

All cards will have a competitive exchange rate. They lost the lawsuit and the days of skimming off a few pips are gone.
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Re: Best way to convert $ to Euros/Pounds?
Old 02-07-2007, 04:23 PM   #28
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Re: Best way to convert $ to Euros/Pounds?

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Originally Posted by eridanus
All cards will have a competitive exchange rate. They lost the lawsuit and the days of skimming off a few pips are gone.
Yes, that is why they now charge a 1% FEE...it is spelled out and easy to see... they lost the lawsuit and now charge MORE money... and then add the 2% or 3% from the CC comp...
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Re: Best way to convert $ to Euros/Pounds?
Old 02-07-2007, 05:09 PM   #29
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Re: Best way to convert $ to Euros/Pounds?

Back in the '70s, I converted dollars to pounds...
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Re: Best way to convert $ to Euros/Pounds?
Old 02-07-2007, 11:54 PM   #30
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Re: Best way to convert $ to Euros/Pounds?

Quote:
Originally Posted by lsbcal
Now for a followup question. Does anyone have any experience with using a Wells Fargo Visa card overseas to do an ATM withdrawal. I know they will charge $5 per transaction but what exchange rate will I get?
Used my Wellls Fargo card four times in an Russian ATM the past two weeks. Every transaction was at the interbank rate with no additional fee. In fact they refunded the fee the local ATM charged. We've been using our WF card in multiple countries to get cash since we moved overseas in 2005, never seen the $5 per transaction charge. We do have a premium account so that might be it, not sure.
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Re: Best way to convert $ to Euros/Pounds?
Old 02-08-2007, 10:29 AM   #31
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Re: Best way to convert $ to Euros/Pounds?

Thanks for the response neeps.

Les
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Re: Best way to convert $ to Euros/Pounds?
Old 02-09-2007, 07:53 PM   #32
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Re: Best way to convert $ to Euros/Pounds?

I travel abroad a lot and have come to the conclusion that ATM/Debit card card is the best value. I have an internet bank account so ATM fees of $8/month are waived and there is no premium charged like on credit cards (up to 3%) when withdrawing cash.
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