Euro to Dollar Conversion—How to Convert Dollars to Euros – Roaming Historian

If you’re going to Europe, get ready for the time of your life! I’m sure you’re already planning for what to see, how to get there, where to stay, and other practicalities, so I’m going to discuss a money matter in this blog, namely, euro to dollar conversion or how to convert dollars to euros. In this piece, I’ll address:

• What terms should I know? What fees should I look out for?
• When should I convert dollars to euros?
• How do you find the lowest currency conversion fees for debit/credit cards?
• Should I exchange money at a currency exchange service?
• Is it better to use cash or credit in Europe
• Can I use my ATM card in Europe?

What terms should I know? What fees should I look out for?

Currency exchange rate—this is the value of one country’s currency against another. In this case, the value of dollars to euro. The exchange rate fluctuates daily. To find current euro to usd exchange rate, I use XE currency converter.

Foreign transaction fee—charge on the transaction itself. This is a flat percentage rate (usually 2-3%) of the purchase price.

Currency conversion fee/foreign currency exchange fee—charge by merchants to convert currency (in this case dollars) into euros or vice versa. The charge is a percentage (about 1%) of the total amount.

Dynamic currency conversion—a service that allows you to convert the purchase on the spot into your currency while you are paying. You will pay dearly for this convenience though (up to 12% even) so decline DCC and pay in the local currency to avoid this fee.

When should I convert dollars to euros? Should I get euro through AAA before I leave home? Should I go to the bank and “buy some euro?” Should I get all the euro I think I’ll need at home before I leave?

You do not need to exchange a lot of money before you go. Many banks/auto clubs in the States tack on a currency conversion fee to exchange your money for you. There are ATMs at the airports (but make sure to look for ones that don’t have high transaction fees), so you can get money right when you get to Europe. If you’re concerned and want to have enough money to cover the taxi ride and first-day essentials, then maybe convert 100 dollars to euros, but I wouldn’t pay the additional fees for any more. I also don’t like to travel around with a lot of cash on me so I prefer to go to the ATM throughout my vacation rather than have large sums of cash on me. This way you also don’t have…