Planning a trip to Europe or need to convert Euros to US Dollars? Understanding the exchange rates and fees is crucial, especially when dealing with a specific amount like 800 euros. This guide breaks down the costs associated with converting 800 euros into US dollars, comparing different financial institutions and highlighting important factors to consider.
When looking to exchange 800 euros to US dollars, several options are available, each with its own fee structure and exchange rate. Let’s consider the scenarios presented by a user comparing credit unions and PNC Bank.
Local credit unions often advertise lower foreign transaction fees, sometimes around 1%. Two credit unions near the user quoted this rate. However, a point of uncertainty arises: the exchange rate itself. Credit unions may not be able to provide an exact upfront dollar amount for 800 euros because they might not know the fees imposed by intermediary banks, particularly foreign banks if withdrawing cash from an ATM abroad. This lack of immediate transparency can make budgeting slightly challenging.
On the other hand, larger banks like PNC offer more clarity, albeit potentially at a higher cost. PNC’s foreign transaction fee when using a debit card at an international ATM (bancomat in Italy) is stated as 3% of the exchange rate. In the example given, with a specific exchange rate, PNC quoted approximately $1.123 per euro. For 800 euros, this would result in a higher overall cost compared to a 1% fee, amounting to about $24 more than a credit union’s hypothetical 1% fee (before considering potential intermediary bank fees). PNC also charges a $5 foreign ATM transaction fee, though some accounts may reimburse a couple of these fees per billing cycle.
Pre-ordering 800 euros in cash from PNC was estimated to be significantly more expensive, around $128 more than going through a credit union. This suggests that using ATMs abroad, despite the fees, might be more cost-effective than pre-ordering cash through PNC.
A key question remains unanswered: what fees do banks in Italy, specifically at airport ATMs in Rome, charge? This is a vital piece of information for anyone traveling and planning to withdraw euros upon arrival. These fees can vary and significantly impact the final cost of accessing your funds.
Choosing between a credit union and a bank like PNC for converting 800 euros to US dollars, or vice versa, depends on your priorities. Credit unions might offer lower fees but less transparency on the final exchange rate due to potential external charges. Banks like PNC provide clearer fee structures but potentially higher overall costs. For frequent travelers or those anticipating regular euro-to-dollar or dollar-to-euro conversions, exploring a local credit union, despite limited phone support outside business hours, could be beneficial due to potentially lower long-term costs. Understanding all potential fees, including those from foreign banks, is essential for making the most cost-effective decision when exchanging currency.
