Planning a European adventure and need Euros? Getting your hands on foreign currency in the US doesn’t have to be a costly ordeal. While the allure of quick currency exchange at airports or hotels might be tempting, these are often the most expensive routes. This guide will explore smarter, more economical ways to Buy Euros Online and in person within the US, ensuring you get the most Euros for your dollars. We’ll delve into traditional methods like banks and currency exchange services, and introduce you to modern, savvy solutions like the Wise Multi-Currency Card, designed to save you money and hassle.
Traditional Avenues for Buying Euros: Banks and Credit Unions
For many, the first thought when needing foreign currency is their local bank. Yes, most major US banks do offer foreign currency exchange services, allowing you to purchase Euros. However, it’s crucial to understand that convenience can come at a price. Banks typically don’t offer the most competitive exchange rates, and this is where your costs can significantly increase.
The exchange rate – the price of one currency in terms of another – is paramount. Even if a bank boasts “no fees,” a less favorable exchange rate effectively acts as a hidden fee, reducing the amount of Euros you receive for your US dollars. Always compare the offered exchange rate against the mid-market exchange rate, the real exchange rate you see on platforms like Google Finance or XE.com. This comparison will reveal the bank’s markup.
Here are a few examples of major US banks and their foreign currency services:
- Wells Fargo: As a Wells Fargo customer, you have several options to order Euros: online, in person at a branch, or via phone. They offer home delivery within 2 to 7 business days, depending on service availability in your area. This is a convenient option if you plan ahead.
- Citi: Citi account holders can access a wide range of over 50 foreign currencies, including Euros, by phone order. Next-business-day delivery to your home is available, but comes with a $5 service fee (waived for Citigold and Citi Priority Account Package customers) and delivery fees starting at $10. Branch delivery is free. Citi states they use “competitive currency exchange rates,” but always verify against the mid-market rate.
- Bank of America: Bank of America (BoA) provides online foreign currency purchases with no stated fees. However, remember that their profit is built into the exchange rate they offer. Orders placed before 2 PM ET are typically shipped the same day. Delivery fees may apply for orders under $1,000; branch pickup is also an option where available.
While banks offer familiarity and security, always scrutinize their exchange rates to ensure you’re getting a fair deal when you buy euros online or in person. Credit unions may also offer foreign currency services, and their rates and fees can sometimes be more favorable than those of large national banks, so it’s worth checking with your local credit union as well.
Currency Exchange Services: A Potentially Faster Route
Currency exchange services, also known as travel money providers, present another avenue for obtaining Euros. These services often allow you to order currency online for home delivery or in-person pickup. They can be a quicker option than banks, especially if you need Euros urgently.
However, similar to banks, exchange rates are a critical factor. While they might advertise low or no commission, their profit is often embedded in a less advantageous exchange rate. Therefore, comparing rates to the mid-market rate remains essential.
Currency Exchange International (CXI) is a prominent player in the US currency exchange market. They boast a wide selection of over 90 currencies, including Euros, available for online ordering and branch pickup. CXI has approximately 30 physical locations in major US cities, offering in-person service.
Key features of CXI include:
- Best Rate Guarantee: CXI claims to match or beat exchange rates offered by local banks or airports, subject to certain conditions. This could be beneficial, but always verify the terms and conditions of this guarantee.
- Fast Delivery: Online orders can be delivered as quickly as the next day in some areas, offering speed and convenience.
- Rate and Fee Transparency: CXI’s exchange rates and fees are not readily displayed online upfront. You’ll typically need to register or initiate a transaction to view these details. Branch exchange rates may also differ from online rates.
When considering currency exchange services to buy euros online, prioritize transparency. Look for providers that clearly display their exchange rates and any associated fees before you commit to a transaction. Compare several providers to ensure you’re securing the most competitive rate.
The Wise Multi-Currency Card: A Modern, Cost-Effective Alternative
Beyond traditional banks and currency exchange services, the Wise Multi-Currency Card offers a modern and often more economical approach to managing your Euros and other foreign currencies. This card is designed for international spending and provides a transparent and low-cost way to access Euros.
Here’s how the Wise Multi-Currency Card stands out:
- Global Spending and Withdrawals: Use the Wise card in over 175 countries, including throughout Europe, wherever Mastercard or Visa are accepted.
- Mid-Market Exchange Rates: When you spend in Euros (or any other foreign currency), Wise automatically converts your US dollars at the mid-market exchange rate, the fairest rate available.
- Low and Transparent Fees: Wise charges only a small, transparent conversion fee, clearly displayed upfront. If you already hold Euros in your Wise account, the conversion is fee-free. You can easily buy euros online and store them in your Wise account when the exchange rate is favorable.
- Free ATM Withdrawals: Enjoy free international ATM withdrawals up to $100 USD per month (limits may apply depending on your plan).
The Wise Multi-Currency Card eliminates the need to physically exchange large sums of cash before you travel. You can manage your currency conversions and spending directly through the Wise app, offering convenience, security, and cost savings. It’s a particularly advantageous option for frequent travelers or anyone seeking the most transparent and competitive exchange rates when they buy euros online and spend abroad.
Order a Wise Multi-Currency Card today
Frequently Asked Questions About Buying Euros in the US
What’s the cheapest way to get euros in the US?
Comparing exchange rates and fees from banks and currency exchange services is crucial. However, the Wise Multi-Currency Card often emerges as a cheaper option due to its use of the mid-market exchange rate and low, transparent fees.
Can I buy euros at the US Post Office?
No, the US Postal Service (USPS) provides international money transfer services but does not sell foreign currency banknotes.
Can US banks provide Euros?
Yes, many US banks offer Euro exchange services, and some provide home delivery for added convenience, often for a fee.
Should I exchange money to Euros before traveling to Europe?
Unless you’re using a multi-currency card like the Wise card, exchanging some money before traveling is generally advisable. Airport and hotel currency exchange services are notoriously expensive, offering poor exchange rates and high fees. Planning ahead and using banks, exchange services, or a Wise card can save you significant money.
Sources:
Sources checked on January 18, 2023.
Please see Wise 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.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
