Planning a trip to Europe and need Euros? Figuring out the best way to exchange your US dollars for Euros can be tricky. You want to avoid hefty fees and unfavorable exchange rates, ensuring you get the most Euros for your money. This guide will walk you through the different options available in the US to buy Euros, helping you make informed decisions and secure the best possible deal before you travel.
Before we dive into the specifics, it’s crucial to understand where not to exchange your money. Airport kiosks, hotels, and tourist traps are notorious for offering the worst exchange rates and charging exorbitant fees. These locations prey on travelers’ convenience and urgency, so it’s always wiser to plan ahead and arrange your currency exchange before arriving at these places. Taking a little time to research your options beforehand can save you a significant amount of money.
Banks: A Familiar and (Sometimes) Convenient Option
Your local bank might seem like the most obvious place to buy Euros, and while they do offer this service, it’s essential to be aware of the potential costs. Banks often provide the security and familiarity you trust, but they may not always provide the most competitive exchange rates compared to other alternatives.
The exchange rate is the most crucial factor determining how much foreign currency you’ll receive. Even if a bank advertises low or no fees, a less favorable exchange rate can significantly reduce the amount of Euros you get for your dollars. Essentially, the cost is hidden within the exchange rate itself.
Always compare the offered exchange rate with the mid-market exchange rate. This is the real exchange rate – the midpoint between the buy and sell rates in global currency markets. You can easily find the mid-market rate on financial websites like Google Finance or XE.com. Comparing your bank’s rate to the mid-market rate will reveal how much of a markup they are applying.
Here’s a look at some major US banks and their foreign currency services:
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Wells Fargo: As a Wells Fargo customer, you can conveniently order foreign currency online, in person at a branch, or by phone.¹ They offer delivery to your home address within 2 to 7 business days, depending on service availability in your area. This can be a convenient option if you plan in advance.
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Citi: Citi account holders have access to a broad range of over 50 foreign currencies.² You can order currency by phone and have it delivered as quickly as the next business day to your address. While there’s a $5 service fee (waived for Citigold and Citi Priority Account Package customers), delivery fees start at $10, but are free to a Citibank branch. Citi states they use “competitive currency exchange rates,” but it’s always wise to compare.
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Bank of America: Bank of America (BoA) provides online foreign currency ordering for its customers with no service fees.³ However, it’s critical to remember that their profit is built into the exchange rate they offer. You can view the exchange rate before finalizing your purchase, and orders placed before 2 pm ET are typically shipped the same day. Delivery fees may apply for orders under $1,000, but you can also choose to pick up your Euros at a Bank of America branch, if branch pickup is available in your location.
While banks offer a secure and familiar way to obtain Euros, remember to scrutinize their exchange rates and any associated fees to ensure you’re getting a fair deal.
Currency Exchange Services: Quick and Convenient, But at What Cost?
Currency exchange services, also known as travel money providers, present another avenue for buying Euros. These services often offer the convenience of online ordering with home delivery or in-person collection at their branches. They can be useful if you need Euros quickly or prefer dealing with a specialist currency provider.
However, similar to banks, currency exchange services may not consistently provide the most favorable exchange rates. Their convenience often comes with a slightly higher cost compared to other alternatives. It’s essential to compare their rates and fees carefully before committing.
Currency Exchange International (CXI) is a prominent and widely used currency exchange service in the US. They offer a wide selection of over 90 currencies, including Euros, available for online ordering. CXI also operates around 30 physical branches in major US cities.⁴
Here’s what you should know about CXI:⁴
- Best Rate Guarantee: CXI boasts a “Best Rate Guarantee,” claiming they will match or even beat exchange rates offered by local banks or airports (certain conditions apply). It’s worth investigating these conditions to see if you can leverage this guarantee.
- Fast Delivery: Currency ordered online can be delivered to your home as quickly as the next day, although this service might not be available in all areas. Check service availability based on your location.
- Rate Transparency: Exchange rates and fees are not readily available online. You need to sign up or contact CXI to get this information. This lack of upfront transparency makes it harder to quickly compare their rates with other options.
- Branch Rate Variation: Exchange rates can differ between CXI branches, so if you are using a physical location, it’s worth checking rates at different branches if possible.
While currency exchange services like CXI offer speed and convenience, their lack of transparent online rate information and potential for less competitive exchange rates mean you should exercise caution and compare them against other options.
The Wise Multi-Currency Card: A Modern, Cost-Effective Solution
Beyond traditional banks and currency exchange services, a modern alternative like the Wise Multi-Currency Card offers a potentially more cost-effective and convenient way to manage your Euro spending. This card is designed for international travelers and provides a transparent and low-fee approach to currency conversion.
The Wise Multi-Currency Card operates by allowing you to hold and spend multiple currencies in one account. Here’s how it benefits you for your Euro needs:
- Global Spending: Use your Wise card to spend and withdraw cash in over 175 countries, including throughout Europe, anywhere Mastercard or Visa is accepted.
- Mid-Market Exchange Rate: When you spend in Euros (or any other currency you don’t hold in your account), Wise automatically converts your US dollars to Euros at the mid-market exchange rate. This is the fairest exchange rate available, without hidden markups.
- Low and Transparent Fees: Wise charges only a small, transparent conversion fee⁵, clearly displayed upfront. If you already hold Euros in your Wise account, spending them is fee-free. This transparency is a significant advantage over banks and exchange services that often obscure their costs within less favorable exchange rates.
- ATM Withdrawals: You can withdraw up to $100 USD equivalent in foreign currencies for free from international ATMs per month with Wise. This provides convenient access to cash when you need it while traveling.
By using the Wise Multi-Currency Card, you bypass the need to exchange large amounts of cash before your trip. You can simply load your USD onto the card and spend or withdraw Euros as needed while benefiting from the real exchange rate and low fees. It offers a seamless and financially savvy way to manage your travel money in Europe.
Order a Wise Multi-Currency Card today
Frequently Asked Questions about Buying Euros in the US
What is the cheapest way to get euros in the US?
Comparing exchange rates and fees is crucial. 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 low, transparent fees. Directly compare the total cost (including fees and exchange rate markups) for different options to determine the most cost-effective method for your specific needs.
Can you get euros at the US Post Office?
No, the US Postal Service (USPS) provides international money transfer services, but they do not sell foreign currency banknotes. If you need physical Euros, you’ll need to use banks, currency exchange services, or withdraw cash using a card like the Wise Multi-Currency Card upon arrival in Europe.
Can you get Euros from US banks?
Yes, many US banks offer the service of buying Euros and other foreign currencies. Banks like Wells Fargo, Citi, and Bank of America are examples of institutions where you can purchase Euros. Some banks also offer home delivery of foreign currency for added convenience, often for a fee.
Should I exchange money before I travel to Europe?
Generally, yes, it’s a good idea to secure your Euros before traveling to Europe, especially if you prefer having cash on hand upon arrival. Exchanging currency at airports, hotels, or tourist centers in Europe is typically very expensive due to unfavorable exchange rates and high fees. Planning ahead and using options like banks, exchange services, or a Wise card to obtain Euros in the US before your trip will likely save you money. However, with a card like the Wise Multi-Currency Card, you have the flexibility to convert currency as you go, potentially making pre-travel exchange less critical.
Sources used for this article:
Sources checked on 18-Jan-2023.
¹Wells Fargo Foreign Currency Services: https://www.wellsfargo.com/foreign-exchange/
²Citibank Foreign Currency Services: https://online.citi.com/US/JRS/pands/detail.do?ID=ForeignCurrency
³Bank of America Foreign Currency Services: https://www.bankofamerica.com/foreign-exchange/
⁴Currency Exchange International (CXI): https://www.cxiforex.com/
⁵Wise Fees and Pricing: https://wise.com/pricing/
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