Planning a trip to Europe and wondering Where To Purchase Euros in the US? Getting your hands on Euros (EUR) before you travel is a smart move, helping you avoid unfavorable exchange rates and high fees once you arrive. While airport kiosks and tourist hotspots are notorious for poor deals, numerous reliable options exist right here in the United States. This guide will walk you through the best places to exchange USD to EUR, ensuring you get the most euros for your dollars.
Before diving into specific locations, it’s crucial to understand the currency exchange landscape. The exchange rate itself plays a significant role in the overall cost. Even with low or no commission fees, a poor exchange rate can diminish your purchasing power, leaving you with fewer euros in your pocket. Always compare the offered rate with the mid-market exchange rate, the real exchange rate you see on Google or financial websites like XE.com, to gauge the fairness of any deal.
Traditional Banking Institutions: Purchasing Euros at Banks
Many US banks offer foreign currency exchange services, making them a convenient starting point when considering where to purchase euros. However, it’s important to note that exchange rates can vary between banks and may not always be the most competitive.
Here’s a closer look at some major US banks and their foreign currency services:
Wells Fargo
Wells Fargo provides foreign currency services for existing customers, allowing you to order euros online, by phone, or in person at a branch. Depending on your location and service availability, you can have the currency delivered to your home address within 2 to 7 business days. It’s advisable to check currency availability and exchange rates directly with Wells Fargo before placing your order.
Citi
For Citi account holders, acquiring euros is also a straightforward process. Citi allows you to order over 50 foreign currencies, including EUR, by phone for next-business-day delivery to your address. While a $5 service fee applies (waived for Citigold and Citi Priority Account Package customers), delivery fees start at $10, but branch pickup is free. Citi emphasizes “competitive currency exchange rates,” but comparing these to the mid-market rate is still recommended to ensure you’re getting a favorable deal.
Bank of America
Bank of America (BoA) presents another banking option for purchasing euros. BoA customers can order currency online with no stated transaction fees. However, it’s important to remember that banks often incorporate their charges into the exchange rate itself. Orders placed before 2 pm ET are typically shipped the same day. Delivery fees might apply for orders under $1,000, while branch pickup is an alternative if available in your area. Always review the exchange rate offered by BoA against the mid-market rate before proceeding with your purchase.
Currency Exchange Services: A Dedicated Option for Euro Purchases
Beyond banks, specialized currency exchange services offer another avenue for those wondering where to purchase euros. These services often provide the convenience of online ordering with options for home delivery or in-person pickup.
While potentially faster than banks in some cases, currency exchange services also require careful evaluation of their exchange rates. Like banks, their rates might not always align with the mid-market rate, and fees can vary.
Currency Exchange International (CXI) stands out as a significant player in the US currency exchange market. With over 90 currencies available, including euros, CXI allows online ordering and boasts around 30 physical branches across major US cities.
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 guarantee can be a valuable point of negotiation.
- Fast Online Delivery: Online orders can be delivered as quickly as the next day in some areas, offering speed and convenience.
- Rate and Fee Transparency: While specific exchange rates and fees aren’t readily displayed online upfront, signing up with CXI is required to access this information. It’s crucial to compare these rates and fees before committing.
- Branch Rate Variation: Exchange rates may differ between CXI branches, so checking the rate at your specific location is advisable if visiting in person.
The Wise Multi-Currency Card: A Modern Alternative for Euro Spending
In addition to traditional methods, modern financial solutions like the Wise Multi-Currency Card present a compelling alternative when considering where to purchase euros and how to spend them abroad.
The Wise card offers a different approach: instead of buying euros in cash beforehand, you can spend and withdraw euros directly using your card while benefiting from favorable exchange rates.
Here’s how the Wise Multi-Currency Card simplifies Euro spending:
- Global Spending and Withdrawals: Use your card in 175 countries, including throughout Europe, wherever major cards are accepted.
- Mid-Market Exchange Rate: Wise converts your USD to EUR at the mid-market exchange rate when you make a purchase or withdrawal. This rate is often more favorable than those offered by banks and traditional exchange services.
- Low and Transparent Fees: A small conversion fee applies, but it’s clearly disclosed. If you already hold EUR in your Wise account, the conversion is fee-free.
- ATM Withdrawals: Withdraw up to $100 USD equivalent in foreign currencies for free from ATMs internationally each month (limits apply).
The Wise Multi-Currency Card eliminates the need to carry large amounts of cash, worry about pre-travel currency exchange, or face hidden fees. It offers a convenient and potentially cost-effective way to manage your finances while traveling in Europe.
Frequently Asked Questions about Purchasing Euros in the US
What is the most economical way to purchase euros in the US?
Comparing exchange rates and fees is essential. While banks and currency exchange services are options, the Wise Multi-Currency Card often emerges as a cheaper alternative due to its use of the mid-market exchange rate and transparent, low fees.
Can I buy euros at the US Post Office?
No, the United States Postal Service (USPS) does not sell foreign currency. They offer international money transfer services but not currency exchange.
Is it possible to purchase euros from US banks?
Yes, many US banks, such as Wells Fargo, Citi, and Bank of America, offer euro purchasing services to their customers. Some banks also provide home delivery for added convenience.
Is it advisable to exchange currency before traveling to Europe?
Unless you plan to use a multi-currency card like the Wise card, exchanging some money before traveling is generally recommended. Exchanging currency at airports and hotels in Europe is typically more expensive due to less favorable exchange rates and higher fees. Planning ahead and securing euros in the US can save you money and hassle.
Sources:
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 purposes and does not constitute legal, tax, or other professional advice from Wise Payments Limited or its subsidiaries and affiliates. It is not a substitute for seeking advice from a financial advisor or other qualified professional.
We make no representations, warranties, or guarantees, whether express or implied, that the content in this publication is accurate, complete, or current.
