Planning a trip to Europe? One of the first things on your mind is likely how to get your hands on Euros once you’re in the US. Avoid expensive airport kiosks and tourist traps by planning ahead. This guide will walk you through the best ways to obtain euros in the US, from traditional banks to modern, cost-effective solutions like the Wise Multi-Currency Card.
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Your Options for Getting Euros in the US
There are several avenues available for purchasing Euros before you depart for your European adventure. However, it’s crucial to be aware of potential pitfalls that can eat into your travel budget.
Before we delve into specific methods, let’s highlight what to steer clear of. Currency exchange services at airports, hotels, and tourist hotspots are notorious for inflated fees and unfavorable exchange rates. Relying on these options will likely mean getting significantly fewer Euros for your dollars. Therefore, proactive planning is key to securing the best exchange rates and minimizing costs.
Banks: A Familiar Option for Currency Exchange
Many banks offer foreign currency exchange services, allowing you to purchase Euros directly. However, it’s important to note that bank exchange rates may not always be the most competitive.
The exchange rate is a critical factor in the overall cost of obtaining foreign currency. Even if a provider advertises low or no fees, a poor exchange rate can negate those savings. An unfavorable rate means you receive fewer Euros for your US dollars, effectively increasing the overall expense.
Always compare the offered exchange rate to the mid-market exchange rate before making a purchase. The mid-market rate, also known as the interbank rate, is the benchmark rate you see on Google or financial websites like XE.com. It represents the true value of the currency without any markup from exchange providers.
Here are a few US banks that offer Euro exchange services:
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Wells Fargo¹: Wells Fargo customers can conveniently order foreign currency online, by phone, or in person at a branch. Depending on your location and service availability, you can choose to have your Euros delivered to your home address within 2 to 7 business days.
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Citi²: Citi account holders have access to a wide range of foreign currencies, including Euros. You can order currency over the phone and have it delivered to your address as early as the next business day. While a $5 service fee applies (waived for Citigold and Citi Priority Account Package customers), delivery fees start at $10 but are waived if you opt for branch pickup. Citi states they use “competitive currency exchange rates” for their conversions.
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Bank of America³: Bank of America (BoA) provides online foreign currency ordering with no stated fees. However, it’s important to remember that their profit is built into the exchange rate they offer. You can view the exchange rate before finalizing your purchase. Orders placed before 2 pm ET are typically shipped the same day. Delivery fees may apply to orders under $1,000, but branch pickup is usually available without charge, depending on branch availability.
Currency Exchange Services: Convenience at a Potential Cost
Currency exchange services, also known as travel money providers, offer another way to obtain Euros. These services allow you to order currency online for either home delivery or in-person pickup.
While convenient, especially for those needing Euros quickly, currency exchange services may not always provide the most advantageous exchange rates. They can be a suitable option when time is of the essence, but it’s still wise to compare their rates.
Currency Exchange International (CXI) is a prominent and widely used currency exchange service in the US. CXI offers over 90 currencies, including Euros, available for online ordering. They also operate approximately 30 physical branches in major US cities⁴.
Key features of CXI⁴ include:
- Best Rate Guarantee: CXI claims to match or even beat exchange rates offered by local banks or airports, although specific conditions may apply.
- Fast Delivery: Online orders can be delivered to your residence as quickly as the next day, although this service may not be available in all areas.
- Rate and Fee Transparency: Exchange rates and any applicable fees are not readily displayed online. You typically need to register or contact CXI to obtain this information.
- Branch Rate Variations: Exchange rates can differ between CXI branch locations.
The Wise Multi-Currency Card: A Modern Alternative
Beyond traditional banks and currency exchange services, consider the Wise Multi-Currency Card as a smart and modern solution for accessing Euros.
- Global Spending: Use the Wise card to spend and withdraw cash in 175 countries, including throughout Europe.
- Mid-Market Exchange Rate: When you spend in Euros, Wise converts your US dollars at the mid-market exchange rate, ensuring you get the fairest rate possible.
- Low and Transparent Fees: A small conversion fee applies for currency exchange, but it’s fee-free if you already hold Euros in your Wise account.⁵
- ATM Withdrawals: Withdraw up to $100 USD equivalent in foreign currency from international ATMs each month without incurring withdrawal fees from Wise.
With the Wise Multi-Currency Card, you can bypass the need to exchange currency in advance, carry large amounts of cash, or worry about unfavorable exchange rates. It offers a convenient and cost-effective way to manage your finances while traveling in Europe.
Order a Wise Multi-Currency Card today
Frequently Asked Questions About Obtaining Euros in the US
What’s the most economical way to acquire Euros in the US?
Comparing exchange rates and fees from your bank and currency exchange services like CXI is essential. However, a travel-focused card such as the Wise Multi-Currency Card can often be the most cost-effective option, providing low fees and exchange rates that are much closer to the mid-market rate.
Can I purchase Euros at the US Post Office?
While the United States Postal Service (USPS) facilitates international money transfers, they do not offer foreign currency exchange services for Euros or other currencies.
Is it possible to get Euros directly from US banks?
Yes, many US banks provide Euro exchange services. Some banks even offer home delivery of foreign currency for added convenience, although delivery fees may apply.
Should I exchange currency to Euros before traveling to Europe?
Unless you plan to use a multi-currency card like the Wise Multi-Currency Card, exchanging currency to Euros before your trip is generally recommended. Currency exchange at airports and hotels is typically expensive due to poor exchange rates and high fees. Exchanging beforehand gives you more control and often better value.
Sources used for this article:
Sources checked on 18-Jan-2023.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is intended for general information and does not constitute financial, tax, or legal advice from Wise Payments Limited, its subsidiaries, or affiliates. It is not a substitute for professional financial advice. We do not provide warranties or guarantees regarding the accuracy, completeness, or timeliness of the information in this publication.
