Planning a trip from Europe to the Big Apple? One of the first things on your mind is likely, Cuanto Es Un Euro En Dolares – how much is a euro worth in dollars? Knowing the euro to dollar exchange rate and the best ways to manage your money in New York City is crucial for a smooth and budget-friendly trip.
Having explored New York City countless times, I understand the ins and outs of currency exchange and payment methods for international travelers. Let me guide you through the smartest strategies to exchange your euros for dollars, avoid unnecessary fees, and make the most of your budget in NYC.
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Paying by Card in New York: What You Need to Know
New York City is incredibly card-friendly. You’ll find that credit and debit cards are widely accepted across the city, from major department stores to small coffee shops. In fact, since the pandemic, some establishments have even gone cashless, accepting card payments only.
Personally, I prefer not to carry large amounts of cash. I usually keep a small amount for minor expenses and pay for almost everything else with a card. This makes it easier to track my spending and provides a secure way to manage my finances while traveling. Upon returning home, I simply reconcile my card statements with my purchase receipts.
How Much Cash Should You Bring to New York?
While cards are widely accepted, it’s wise to have some cash on hand for situations where cards might not be ideal, or for smaller purchases. I recommend budgeting around $30 per person per day in cash (or even less), for those instances where card payment isn’t possible or preferred.
For a 7-day trip, I typically carry about $100 in cash. But remember, this is just my personal preference, and your needs might vary.
Credit vs. Debit Card in New York
Understanding the difference between credit and debit cards is essential for international travel. A credit card operates on a credit line, meaning when you make a purchase, you’re borrowing money up to a pre-approved limit set by your bank.
A debit card, on the other hand, directly accesses funds from your bank account. The limit is determined by your current account balance.
When traveling internationally, debit card transactions can sometimes face authorization issues. Some establishments might not accept debit card payments, although you’ll only discover this when you try to swipe your card. This is because international debit card authorization can be more complex than credit card processing.
Major banks often advise using credit cards for international travel due to this potential for debit card acceptance issues. It’s also recommended to carry multiple cards (both credit and debit) as a backup against loss, limit issues, or other unforeseen problems.
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Credit Card Limits for Travel Emergencies
When you check into your hotel, they will typically ask for the credit card used for the reservation. Hotels usually pre-authorize your card for the total cost of your stay upon arrival. Additionally, they often place a hold for incidentals to cover potential extra charges like minibar use or laundry services.
This hold, which can vary depending on the hotel and length of stay, is released upon check-out if there are no extra charges. During my last stay, a $200 hold was placed on my card. It’s crucial to be aware of this, as it reduces your available credit limit during your trip. For instance, if your hotel stay costs $2,000 and your credit limit is $3,000, the hold could leave you with only $800 of available credit for other expenses and emergencies.
It’s essential to have an adequate credit limit for unexpected situations while traveling. Things can and do happen:
- Unexpected Border Closures: Pandemics have shown us that borders can close suddenly, leaving you stranded and needing funds for extended stays.
- Travel Disruptions: Weather events like snowstorms or hurricanes in New York can ground flights, requiring extra accommodation and living expenses.
- Lost or Stolen Cards: Card loss or theft is a travel reality.
- Card Duplication or Hacking: Financial fraud can occur.
- Card Demagnetization: Simple things like mobile phones can demagnetize cards.
- Medical Emergencies: Unexpected health issues can arise, requiring immediate funds for medical assistance.
Having a credit card with a sufficient limit is a crucial safety net. Being stranded far from home without access to funds is a traveler’s worst nightmare.
How I Pay for Hotels, Transport, Dining, and Shopping in NYC
As I mentioned, I rarely use cash in New York, keeping it only for very specific situations and as a backup. I pay for virtually everything with this travel card.
Before each trip, I estimate my expenses, knowing that the hotel will be the largest cost (and involve a security hold). I always add an extra buffer of around $500 for unforeseen circumstances – because travel surprises are inevitable.
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Commissions on Regular Credit and Debit Cards
It’s essential to understand the fees associated with using your regular bank cards abroad. Contact your bank or card provider (Visa, Mastercard, etc.) directly to inquire about their specific international transaction fees, as these can vary.
For example, some banks may charge a percentage fee for each transaction made outside the Eurozone using a debit card. This fee is often around 3-4%, but importantly, the exchange rate applied also plays a significant role. Banks use an exchange rate that may not be the most favorable, and it might not be transparent at the time of purchase.
ATM withdrawals can also incur fees. These can be a percentage of the withdrawn amount, with a minimum fee, and these fees differ between credit and debit card withdrawals and between European and non-European countries.
Even seemingly low commission rates, like Wizink’s 2% commission on foreign currency transactions, can add up, as illustrated in the original Spanish text.
Therefore, always check with your bank about their international transaction fees to avoid surprises. When I travel, I carry several credit cards, recognizing the importance of having backup options and sufficient credit for emergencies.
Many people automatically use their regular credit cards for hotel payments – a substantial expense – without realizing the hidden costs.
If you use a euro-based card in a foreign currency, you will be charged a currency exchange commission. The example provided in the original article shows a 25€ commission on a hotel bill, just from currency exchange fees using a Wizink card with a 2% commission.
Often, these commissions aren’t itemized separately; they’re embedded within the total charge, making it harder to see the exact cost. So, be aware that any transaction in a currency different from your card’s base currency will likely incur a fee.
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Avoiding Surprises with Your Regular Card: Recommendations
I primarily use my travel money card for daily expenses. As a frequent international traveler, I prefer not to carry much cash for security reasons, but I know I can withdraw cash from ATMs without fees if needed (using the recommended travel card).
However, I always carry my regular credit card as a backup, despite its higher fees. Why?
- Hotel Security Deposits: As mentioned earlier, hotels in New York place a hold on your credit card for security deposits.
- Credit Card Requirement: Some establishments, especially hotels and car rentals, may only accept credit cards, not debit cards or prepaid cards, for security reasons.
- Reliability: My credit card has always been a reliable payment method.
- Emergency Funds: The available credit on my card provides peace of mind in emergencies.
I only use my regular credit card in exceptional circumstances, keeping it as a mental comfort.
Card malfunctions are more common than you might think. Cards can demagnetize, get stolen, or simply stop working. This can happen to both credit and debit cards.
To avoid payment issues, I strongly recommend carrying at least two cards: ideally one credit card and one debit card. Relying solely on two debit cards is riskier.
Remember that hotels will block a certain amount on your card as a security deposit, which impacts your available spending money. This hold is released after check-out but may take a few days to become available again. Factor this into your spending and credit limit planning. If your credit limit is $1,000 and the hotel holds $500, you only have $500 left for your trip.
Alternatives to Traditional Cards (and 1% Commission Cards)
Travel money cards, also known as prepaid cards or multi-currency cards, have become increasingly popular in recent years. These cards function like credit cards but use pre-loaded funds.
Here’s how they work:
- Issued by Licensed Banks: These cards are offered by online banks with European banking licenses, regulated by financial authorities, ensuring they meet European regulatory standards.
- Accessibility: Anyone residing in Europe can apply for these cards. They are essentially empty until you load them with funds.
- Zero Foreign Transaction Fees: Crucially, many of these cards, including this recommended card, do not charge commissions on foreign currency payments. Always verify the terms and conditions if you choose a different provider.
- Independent of Bank Accounts: Once you receive your card (physical or virtual), you don’t need to link it to your main bank account or existing cards. You simply transfer funds from your regular account when needed.
- Rechargeable and Secure: These cards are “rechargeable” like prepaid mobile phone cards. This limits your risk in case of loss or fraudulent use, as the potential loss is capped at the card’s balance. You control how much and how often you load funds – whether it’s $10, $50, or $1,000.
- Low or No Fees: Sign-up and maintenance are usually free. You might only pay for physical card delivery if you opt for a physical card.
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Like bank interest rates, card conditions can change over time. I continuously monitor these changes and seek out the most beneficial alternatives to recommend.
How Much Money Should You Load?
Estimate your travel expenses: hotel costs, meals, transportation, shopping, etc. Use this as a basis to decide how much to load onto your travel card.
You’ll know your hotel costs in advance, making that part easy to calculate. In addition to my estimated expenses, I typically load an extra $500 to $1,000 for unexpected situations – which, trust me, do occur.
I also always carry my traditional credit card for emergencies, just in case I need to cover unforeseen payments.
How to Load Money onto the Card?
Travel money cards usually offer an “add money” or “top up” option. Depending on the card, you can recharge via various methods: Apple Pay, credit or debit card, manual bank transfer, etc. The process is usually very straightforward.
If you have any questions, contact the card’s customer service team for assistance. They are best equipped to help you.
What Happens to Leftover Money?
These are payment cards, usable in New York, Paris, Dubai, or Spain. Any leftover funds can be used for everyday spending in your home country, and some cards even offer cashback or other rewards programs.
When Should You Load Money?
I always load money onto my travel card before starting my trip. Why? Because my bank (like most) has strict security measures, and I sometimes need to verify transactions via SMS. International roaming charges can apply, and connectivity might be unreliable.
So, as mentioned, I estimate my spending, load extra for contingencies, and carry a traditional credit card as a backup.
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Physical or Virtual Card?
I pay for absolutely everything with my phone. I have an iPhone and have added my card to Apple Wallet. The payment process is identical to using contactless payments at home.
However, I must reiterate: DO NOT travel with only one card. Cards can malfunction, get blocked, etc., regardless of the bank. These things happen.
Also, some merchants might not have contactless terminals. In such cases, you’ll need a physical card.
How to Pay with a Virtual Card?
I personally carry both a physical and virtual card, but I pay for EVERYTHING with my phone. It’s much more convenient than searching for my wallet and card.
Almost all establishments have contactless payment terminals. I simply hold my phone near the terminal, and the payment goes through, even with airplane mode activated (see photo above).
Where to Exchange Euros to Dollars Before Traveling to New York
To save time in New York, I always exchange currency before my trip.
How do I do it? I shop around at different banks, regardless of whether I’m a customer. Here’s my approach:
If I want to exchange, say, €600, I visit several banks and ask how many dollars they would give me for that amount and what commission they charge.
Theoretically, your own bank, especially if you have your salary or mortgage there, should offer a better exchange rate. However, this isn’t always the case. So, it’s best to inquire at multiple banks.
Be aware that sometimes the commission isn’t stated separately; it’s already factored into the exchange rate.
Bring a pen and paper to note down each bank, the offered exchange rate, and any stated commission. Compare these to find the best deal.
I always choose the bank offering the most favorable exchange rate. Every time I travel to New York, I repeat this process, as bank exchange rates and conditions change.
How Much Money to Exchange?
This depends on your personal spending habits and your trip budget. My article on how much a trip to New York costs provides a detailed budget breakdown that might help you.
Remember to order your dollars from the bank about a week in advance, as they need to order the currency, and there’s a risk it might not arrive in time for your trip.
Another important tip: ask your bank for $100 in small bills, specifically $20 bills.
Why? Because if you plan to buy a MetroCard from vending machines for subway and bus travel, and your card doesn’t work (which happens to me frequently at these machines), you’ll need to pay in cash.
The “problem” is that these machines often only give a maximum of $9 in change, even if they owe you more. So, carry small bills and keep them aside for this purpose.
Exchanging Euros to Dollars Without Commission
Don’t be misled – all currency exchange involves a cost, whether it’s a separate commission or built into the exchange rate itself.
Banks are businesses aiming to make a profit. They are not non-profit organizations. They need to earn money on every transaction.
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Euro to Dollar Exchange Rate in New York
I always use XE.com as a reference. As shown in the image below, by entering €1, I can see the current exchange rate.
Clicking “View Chart” on the left reveals two graphs. The top graph indicates the best time of day to exchange currency (though rates fluctuate constantly). The bottom graph shows the exchange rate trend over the past year. The peak in mid-October 2011 indicates that you would have received more dollars per euro exchanged at that time.
Where to Exchange Money in New York City?
Honestly, I recommend exchanging money in your home country at a bank that offers a good exchange rate. I always exchange currency in Spain using the method I described earlier.
If you choose to exchange money in New York, you’ll be at the mercy of the exchange rates offered and might lose track of the actual value and commission. You’ll also waste time comparing different exchange bureaus.
The exchange bureau in the photo above is near Times Square. While it advertises “0% commission,” their profit comes from offering a less favorable exchange rate.
Currency exchange bureaus are not very common in New York, and most are located in touristy areas like Times Square. Be aware of this limited availability and potentially less favorable rates.
Can You Withdraw Money from ATMs in New York?
Yes, but with a few important points:
- Check ATM Fees: Before traveling, call the contact number on the back of your credit or debit card and ask about ATM withdrawal fees. Fees vary depending on the ATM network and can range from 2% to 5%.
- Physical Card Required: While most ATMs have contactless readers, they may not work with foreign cards for withdrawals. You’ll likely need to use a physical card (credit or debit) to withdraw cash.
Best Time to Travel to New York for a Favorable Exchange Rate
Many factors influence exchange rates, and given the current economic climate, reaching the favorable rates of the early 2000s (when €1 was worth $1.50) is unlikely to return soon.
This currency exchange strategy applies not only to exchanging euros for dollars but also for exchanging currency for travel to any country.
I hope this guide has been helpful and answered your questions about cuanto es un euro en dolares and managing your money in New York.
Originally published in October 2012 and updated in February 2025.
