Planning a trip to the Big Apple? One of the first things on your mind is likely, “How much is 100 euros in dollars?” and where to get the best exchange rate. It’s a common concern for travelers, and understanding the nuances of currency exchange and payment methods can save you money and hassle during your New York adventure.
Having explored New York City countless times, I’ve navigated the ins and outs of managing finances abroad. Let me share my experience to help you get the most favorable exchange rates and avoid unnecessary fees when converting your euros to dollars.
Paying Your Way in New York: Cards are King
One of the biggest advantages for travelers in New York is the widespread acceptance of card payments. Whether it’s credit or debit, you’ll find that cards are accepted virtually everywhere. In fact, since the pandemic, some establishments have even gone cashless, exclusively accepting card payments.
Personally, I prefer not to carry large amounts of cash. I usually keep a small amount for minor expenses and rely on card payments for the majority of my spending. Upon returning home, I simply reconcile my card statements with my purchase receipts – a straightforward way to manage travel expenses.
How Much Cash Should You Carry?
While cards are widely accepted, having some cash on hand is always wise. I’d recommend budgeting around $30 per person per day in cash, or even less, for situations where card payments might not be possible or when you prefer to pay in cash. For a 7-day trip, I typically carry about $100 in cash, but this is just my personal preference.
Alt text: Contactless payment being made with a credit card at a store in New York City, highlighting the ease of digital transactions for tourists.
Credit Card or Debit Card: Which is Better for New York?
Understanding the difference between credit and debit cards is crucial for international travel.
A credit card operates on a line of credit extended by the bank. When you make a purchase, you’re borrowing money up to your credit limit. This limit varies depending on your agreement with the bank; some might have a €300 monthly limit, while others could have €6,000 or more. Check with your bank to know your credit limit. When you pay with a credit card, the merchant’s payment terminal communicates with networks like VISA or Mastercard to authorize the transaction quickly, provided you’re within your credit limit.
A debit card, on the other hand, directly accesses funds from your bank account. Your spending limit is determined by the balance in your account at that moment. The authorization process for debit cards can be more complex internationally. When you’re abroad, it’s not always as seamless for merchants to get immediate authorization from your bank. Therefore, some establishments might not accept debit card payments, although you’ll only discover this when you attempt to swipe your card.
CaixaBank, for example, advises:
“Remember that we cannot guarantee debit card functionality abroad, as you may encounter declined operations due to lack of line.
We recommend using credit cards as much as possible and carrying more than one card to prevent losses, limit exhaustion, etc.”*
For smoother transactions and added security abroad, credit cards are often the more reliable option.
Credit Card Limit: How Much is Enough for Travel Emergencies?
When you check into your hotel, they will typically ask for the credit card used for the reservation. Often, the hotel will pre-authorize your card for the total cost of your stay upon arrival. On your departure day, they’ll finalize the charges, accounting for any extras like minibar purchases or laundry services.
Furthermore, hotels often place a security deposit hold on your credit card as a contingency for potential damages or unpaid charges. During my last stay, I had a $200 hold. This amount is usually released after checkout if everything is in order, and the funds become available again in a few days.
It’s vital to consider this when planning your credit limit. If your hotel stay costs €2,000 and your credit card limit is €3,000, the security deposit hold reduces your available spending limit significantly. Unexpected events can happen when traveling.
Alt text: Close-up of a Visa credit card being used for travel in the United States, emphasizing the importance of credit cards for international payments.
Consider these potential travel disruptions:
- Sudden border closures can strand you in a country, requiring extended accommodation and living expenses.
- Severe weather, like snowstorms or hurricanes in New York, can ground flights, prolonging your stay unexpectedly.
- Loss or theft of your card is a real possibility when traveling.
- Card duplication or hacking can compromise your funds.
- Card demagnetization due to mobile phones can render it unusable.
- Medical emergencies can arise, necessitating immediate financial resources for assistance.
Having a credit card with a sufficient limit for unforeseen circumstances is crucial. Being stranded far from home without access to funds is an incredibly stressful situation to avoid.
Paying in Dollars or Euros at Point of Sale: Always Choose Local Currency
When paying with a card in New York, you might be presented with the option to pay in dollars or euros at the point of sale. Always choose to pay in the local currency – dollars.
If you opt to pay in euros, assuming it’s your home currency, the exchange rate will be determined by the merchant. This rate is often unfavorable and less transparent. By choosing to pay in dollars, your bank will handle the currency conversion, usually at a more competitive exchange rate.
Navigating Card Fees: Conventional vs. Smart Alternatives
Many travelers are unaware of the fees associated with using conventional bank cards abroad.
Understanding Foreign Transaction Fees on Conventional Cards
It’s essential to check the terms and conditions of your credit and debit cards regarding foreign transaction fees. These fees can vary depending on your bank, card type (Visa, Mastercard, etc.), and the specific agreement you have. Contact your bank or card issuer directly for precise details.
For example, CaixaBank, for debit card transactions outside the Eurozone, applies a 3.95% fee. Additionally, the exchange rate used isn’t necessarily the daily rate; it’s the rate on the day the transaction is settled between banks, which can fluctuate.
ATM withdrawals using debit cards can also incur hefty charges. Within the European Union, CaixaBank charges 4.5% with a minimum of €4, and outside the EU, it’s 5% with a minimum of €4 for credit card cash advances.
Wizink, as another example, charges a 2% commission for payments in currencies other than the euro.
These examples highlight the importance of understanding your bank’s foreign transaction fee policy. Always inquire directly with your bank about their specific fees, as conditions can vary significantly.
Before my own awareness, I, like many, used conventional credit cards for hotel payments and other travel expenses. Living in Spain, with euro-based cards, I incurred currency exchange fees on every foreign transaction.
This example from my November/December 2021 New York hotel stay shows a €25 commission solely on the hotel bill using a Wizink card with a 2% foreign transaction fee.
Previously, these fees were often obscured, embedded within the total charge, making it difficult to identify the exact commission amount. Now, I’m acutely aware of these costs.
Whether it’s hotel bookings, restaurant bills, show tickets, or any purchase in a foreign currency, conventional cards often come with these hidden costs. If you don’t see a separate line item for fees, it’s likely included within the total amount you’re charged.
Alt text: A close-up photo illustrating the foreign transaction fees applied to a Wizink credit card, emphasizing the hidden costs of using conventional cards abroad.
Smart Alternatives: Prepaid or “Wallet” Cards for Fee-Free Spending
In recent years, prepaid or “wallet” cards have gained popularity as smart alternatives for travelers. These cards function like credit cards but operate on prepaid funds. Here’s how they work:
- Issued by Online Banks: Often offered by online banks with European banking licenses, regulated by financial authorities, ensuring compliance with European regulations.
- Accessibility: Available to residents in Europe. Essentially, you receive an empty card to which you add funds.
- No Foreign Transaction Fees: Crucially, many, like the one I recommend, do not charge foreign transaction fees for payments in foreign currencies. Always verify the terms if choosing a different provider.
- Standalone and Rechargeable: Once you receive the card (physical or virtual), it doesn’t need to be linked to your main bank account or credit card. You transfer funds to it from your regular account as needed.
- Control and Security: You “recharge” the card with funds as you see fit, similar to a prepaid mobile phone card. This limits your risk in case of loss or fraudulent use. You decide how much and how often to load—€10, €50, €1,000, etc.
- Low Costs: Account setup and maintenance are usually free. You might only pay for physical card delivery if you opt for a physical card.
Request your FREE card here and stop paying commissions on your travels
Like bank interest rates and many financial products, card conditions can change. It’s important to stay informed about evolving terms and seek out the most advantageous options. I continuously monitor these changes to recommend the best solutions for travelers.
Alt text: Promotional banner for a travel credit card advertising zero commission fees, designed to attract travelers seeking cost-effective payment solutions abroad.
How Much Should You Load onto a Prepaid Card?
Estimate your travel expenses – hotel costs, dining, transportation, shopping, etc. This will guide how much to load. Hotel costs, typically the largest expense, are known in advance, making it easier to plan.
In addition to my estimated budget, I usually add an extra €500 to €1,000 for unexpected expenses. Unexpected situations are part of travel, and it’s wise to be prepared.
Alt text: Information icon symbolizing travel tips and advice, used to highlight important information for travelers regarding financial planning.
I also always carry a conventional credit card for emergencies requiring unexpected large payments.
How to Recharge Your Prepaid Card
Prepaid cards offer easy recharge options. Look for “add money” or “top up” features. Depending on the card, options may include Apple Pay, credit or debit card transfers, manual bank transfers, etc. The process is usually straightforward.
If you encounter any issues, contact the card’s customer service. They are best equipped to provide assistance.
What Happens to Leftover Funds?
These prepaid cards are payment cards, usable in New York, Paris, Dubai, or Spain. Any remaining balance can simply be used for everyday spending back home, often with benefits like cashback, depending on the card’s features.
When Should You Load Funds?
I always load funds onto my prepaid card before starting my trip. Why? Because my bank, like many, has strict security measures that sometimes require verification via SMS. International roaming charges can apply, and it’s simpler to handle top-ups before departure.
By pre-planning my spending and loading extra for contingencies, and carrying a traditional credit card for significant emergencies, I ensure I’m financially prepared for my travels.
Physical or Virtual Card: Which to Choose?
I primarily use my mobile phone for payments. With an iPhone, I’ve added my card to Apple Wallet. The payment process is identical to using contactless payments in Spain.
However, I emphasize the importance of not relying solely on one card, whether physical or virtual. Cards can malfunction, get blocked, or be declined, regardless of the bank.
Even with widespread contactless payment systems, some merchants may not have updated terminals. In these cases, a physical card is essential.
Alt text: A mobile phone displaying a successful contactless payment confirmation screen in New York, showing the convenience of mobile payments for tourists.
How to Pay with a Virtual Card
While I have both physical and virtual cards, I mostly pay using my phone. It’s more convenient than searching for a wallet and card.
Virtually all establishments in New York have contactless payment terminals. Simply hold your phone near the terminal, and the payment goes through, even with airplane mode activated (as shown in the photo above).
Exchanging Euros to Dollars: Getting the Best Rate Before You Go
To save time in New York, I always exchange currency before traveling.
How do I do it? I shop around at different banks, whether I’m a customer or not. Here’s my strategy:
If I want to exchange €600, for example, I visit several banks and ask how many dollars they would give me for that amount and what commission they apply.
Ideally, your primary bank, where you have your salary deposited or mortgage, should offer a better exchange rate, but this isn’t always the case. It’s best to inquire at multiple banks.
Note 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 choose the best offer.
This simple comparison always yields the best deal. Every time I travel to New York, I repeat this process, as bank exchange rates and conditions fluctuate.
Alt text: Image depicting currency exchange process, showing euro and dollar symbols to represent exchanging Euros to Dollars before traveling to New York.
How Much Money Should You Exchange?
As mentioned earlier, this depends on your personal spending habits and budget. My article on how much a trip to New York costs provides a detailed budget breakdown to help you estimate.
Remember to order your dollars from the bank about a week in advance, as they need to order the currency, and you risk not having it in time for your trip if you delay.
Another crucial tip: request $100 in small bills, specifically $20 notes.
Why? For purchasing a MetroCard at vending machines for subway and bus travel. These machines can be finicky, and if your card doesn’t work (which happens to me often), you’ll need to pay in cash.
The “issue” is that MetroCard machines often give limited change, maximum $9, even if you are due more. So, carrying small bills ensures smooth transactions at these machines.
Euro to Dollar Exchange Without Commission? Unlikely.
Don’t be misled by claims of “no commission” currency exchange. All currency exchanges involve a cost, whether it’s a separate commission or built into a less favorable exchange rate.
Banks and exchange services are businesses aiming to make a profit on every transaction.
Real-Time Euro to Dollar Rate: XE.com as Your Reference
For tracking the real-time euro to dollar exchange rate, I rely on XE.com. As shown in the image below, by entering €1, you can see the current exchange rate instantly.
Clicking “View Chart” on the left reveals two graphs. The top graph indicates the best time of day to exchange currency, though real-time fluctuations mean this is only a guide. The lower graph shows the exchange rate trend over the past year. For example, a peak in mid-October 2011 indicates that exchanging euros then would have yielded more dollars per euro.
Alt text: Screenshot of XE.com currency converter showing the euro to dollar exchange rate, used as a reference tool for travelers to monitor currency fluctuations.
Exchanging Money in New York: Proceed with Caution
Frankly, I recommend exchanging money in your home country at a bank offering a good rate. I always exchange currency in Spain using the method described earlier.
If you choose to exchange money in New York, you’ll be at the mercy of the exchange rates offered, potentially losing out on value and transparency. You also spend valuable travel time comparing exchange bureaus.
Alt text: Photo of a currency exchange booth in Times Square, New York, advising travelers to be cautious about exchange rates offered at tourist hotspots.
Currency exchange bureaus in New York are not easily found outside tourist areas like Times Square, where rates may not be competitive despite “0% commission” signs, as their profit comes from less favorable exchange rates.
Using ATMs in New York: Yes, But Be Aware of Fees
Yes, you can withdraw cash from ATMs in New York, but with a few caveats:
- Check ATM Fees: Before you leave, call your bank (number on the back of your card) to inquire about ATM withdrawal fees abroad. Fees vary based on ATM network affiliation (e.g., Servired, Telebanco) and can range from 2% to 5% per withdrawal. Knowing this beforehand is crucial.
- Physical Card Required: While many ATMs have contactless readers, they often don’t work with foreign cards. You’ll need to use a physical card (credit or debit) for withdrawals.
Alt text: A person using a credit card at an ATM in New York City, reminding travelers about ATM withdrawal fees and the necessity of physical cards for foreign transactions.
Best Time to Travel to New York for Favorable Exchange Rates?
Many factors influence exchange rates, including the global economic situation. The days of €1 buying $1.50 (around 2002) may not return soon, if ever.
The currency exchange strategy I’ve outlined applies not only to exchanging euros for dollars but also for obtaining other currencies for any international travel.
I hope this guide has been helpful and clarified your questions about managing money in New York.
Originally published in October 2012, updated February 2025.
