Planning a trip to New York City, or any international destination, brings up the crucial question of how to manage your finances and handle the local currency during your vacation. For those traveling from Eurozone countries, this means understanding the euro to dollar conversion and figuring out the best places to exchange your euros for US dollars, either before you leave or once you arrive in the Big Apple.
This comprehensive guide on currency exchange in New York will cover everything you need to know for managing your cash during your trip, including how to exchange euros for dollars, where to find the best exchange rates, and what to do with any leftover dollars when you return home.
What Currency is Used in New York City?
New York City, and the United States in general, uses the US dollar (USD), also commonly referred to as the American dollar. As one of the world’s most dominant currencies, you’ll find it easy to exchange for and use US dollars, whether it’s before your trip, during your vacation, or even when converting any remaining dollars back to euros upon your return. It’s important to note that euros are not accepted anywhere in New York City. Therefore, you absolutely need to convert your currency to US dollars to make purchases during your stay.
Understanding the Euro to Dollar Exchange Rate
How much is a US dollar worth? Is the euro to dollar exchange rate favorable? Even if you’re not an economics enthusiast, understanding the euro to dollar exchange rate becomes relevant when planning a trip to New York.
The exchange rate between the euro and the dollar constantly fluctuates. Historically, exchanging euros for dollars has often been advantageous for Europeans, meaning you generally gain purchasing power due to the conversion. This is because one euro typically buys more than one dollar. When this difference exists, it creates an opportunity to make your travel budget stretch further. In periods of particularly favorable exchange rates, you might even find your vacation costs effectively reduced by 20-25%.
You can find the real-time, up-to-date euro to dollar exchange rate using a currency converter tool online. For a comprehensive view, you can check a reliable financial website for the current exchange rate.
cambio euro dollaro aggiornato – sole 24 ore
This website also offers helpful articles for planning your New York vacation budget.
Quanto costa andare a New York?
How Much Cash Should You Bring to New York?
You might hear that cash is unnecessary in New York City and that credit cards are accepted everywhere. While this is partially true, credit cards are widely accepted, from taxis and restaurants to museums and subway fares. Paying for a coffee with a credit card is perfectly normal and expected.
However, cards don’t cover every situation, and having some cash on hand is always advisable. This is both for security (in case a card isn’t accepted) and for enjoying certain aspects of your trip. Think about buying a hot dog from a street vendor, tipping a street performer or subway musician, purchasing souvenirs, or browsing flea markets – these are all situations where cash is still king. Moreover, familiarizing yourself with and using the local currency is part of the travel experience.
Therefore, a smart strategy is to use credit or debit cards for larger expenses whenever possible and keep a certain amount of cash as a backup. This “cards plus some cash” approach offers several advantages over relying solely on cash:
- You’ll carry less cash, which is always safer.
- You avoid leaving large sums of money in your hotel room, worrying about security.
- You reduce the risk of overestimating your cash needs and having leftover dollars to exchange back upon your return, incurring double exchange fees.
- Conversely, you avoid underestimating your needs and then having to scramble to find places to exchange currency in New York, potentially settling for unfavorable rates because you relied only on cash.
For a more detailed overview and recommendations on the best credit, debit, and prepaid cards for international travel, explore resources dedicated to credit cards for the United States and New York.
How Much Money is it Wise to Exchange?
The ideal amount depends on your travel style and circumstances, but generally, it’s not advisable to exchange large sums of money at once. It’s better to exchange smaller amounts as needed to minimize the risk of having leftover dollars at the end of your trip. Converting leftover dollars back to euros involves another exchange, incurring further fees and wasting time. My recommendation, which we’ll explore in detail, is to avoid exchanging currency altogether if possible and withdraw dollars directly from ATMs.
In my opinion, having around $100-$200 per person in cash at the start of your trip is a good starting point. However, this is just an estimate and should be adjusted based on the length of your vacation and your spending habits. You’ll always have the option to withdraw more dollars from ATMs if needed during your stay in New York.
Now, let’s examine the various options for converting euros to dollars.
Understanding Currency Exchange Fees
Before deciding where to exchange your euros for dollars, let’s discuss currency exchange fees, as these directly impact the overall cost and convenience of different exchange options.
This is a complex topic, and providing precise advice is challenging due to numerous variables. These variables include your bank, the amount you’re exchanging, and the chosen exchange method. Similarly, providing specific numerical figures could be misleading or inaccurate. Instead, I’ll focus on indicating which options tend to be more or less expensive to guide you toward the best choice. In summary, when you exchange euros for dollars for your New York trip, you may encounter two types of fees:
- Exchange Rate Commission: The institution performing the euro to dollar conversion will apply an exchange rate that is slightly less favorable than the current market rate. This difference becomes their commission on the exchange.
- Service Fee: Often a fixed fee applied to the transaction, formally representing the service cost charged by the exchange provider.
Frequently, when you see “zero commission” exchange offers, it’s because the exchange rate has been adjusted slightly in favor of the agency. Always verify the actual exchange rate by checking the euro to dollar rate on Google or a financial website beforehand, like the link provided earlier.
In each of the currency exchange options discussed below, both in New York and Italy, I’ll share my experience regarding the typical fees involved.
Where is the Best Place to Convert Euros to Dollars?
Now that we understand that a good strategy for managing money in New York is to use electronic cards (credit or debit) for most expenses and keep a readily available cash reserve – replenishable if necessary – let’s explore the best places to convert euros to dollars.
Several options exist, and there’s no single “best” rule, only advice based on experiences. Let’s analyze the various possibilities for exchanging money in New York.
Exchanging Dollars in Italy Before You Leave
The first option many consider is exchanging euros for dollars in Italy before traveling. You can visit your bank where you hold an account or use the post office, potentially paying in cash within the allowed limits. Fees are involved, both on the exchange rate and as service charges, but they are generally reasonable. However, the challenge with this approach is that it’s difficult to accurately predict the exact amount of cash you’ll need beforehand. People tend to overestimate, leading to leftover dollars at the end of the trip that need to be converted back, negating any initial exchange rate advantage. Furthermore, exchanging larger amounts at a bank often requires pre-ordering, wasting time.
A good compromise might be to exchange a small amount, like a few hundred euros, into dollars before leaving and then rely on ATM withdrawals in New York if you need more cash.
Withdrawing Dollars from ATMs in New York
In my opinion, the best solution is to withdraw US dollars directly from ATMs (Automated Teller Machines) in New York. You can confidently use your regular debit card, provided it’s enabled for international withdrawals (like Maestro or Cirrus networks). It’s wise to confirm this with your bank before departing. Credit cards and prepaid debit cards can also be used to withdraw cash from ATMs.
Typical bank ATM setup in New York City, perfect for withdrawing dollars using your debit or credit card.
ATMs are widely available, located near banks, as in Italy, but also as standalone kiosks in strategic city locations (sometimes even within souvenir shops). I strongly recommend using ATMs affiliated with reputable banks. These are numerous, and you avoid the risk of inflated fees charged by independent ATM operators in less regulated kiosks.
How to Use ATMs in New York?
The withdrawal process is straightforward, similar to using ATMs in Italy. You’ll be prompted for your PIN and asked to select the withdrawal amount in dollars. The currency conversion is automatic. ATM interfaces can often be set to Italian or other languages if needed, although the basic English prompts are generally easy to understand.
A typical ATM interface in New York. Even without changing the language, remember the key word “WITHDRAWAL,” then you’ll be asked for the amount, PIN, and you’re set.
Fees will apply: a small commission on the euro to dollar exchange rate (where the bank makes a slight profit compared to market rates) and almost always a fixed or percentage-based fee for international withdrawals. Check with your bank beforehand to understand their fees for international ATM withdrawals. Despite these fees, they are generally reasonable compared to other exchange options, and the flexibility of withdrawing dollars from ATMs as needed is very convenient and justifies the associated costs. Make an initial, moderate withdrawal upon arrival, estimating your needs based on your trip duration, and then repeat the process if necessary.
Exchanging Currency at Exchange Bureaus in New York
A solution I would advise against is exchanging dollars at currency exchange bureaus in New York, often called “currency exchange” or “foreign exchange” offices. While numerous throughout the city, including within many hotels, they typically offer unfavorable exchange rates and should be considered a last resort. Specifically, avoid those in highly touristy areas, which often inflate exchange rates and are essentially “tourist traps.”
A typical Currency Exchange in New York. These exchange bureaus allow you to convert your currency to dollars, but typically with high exchange and service fees.
Airport Currency Exchange in New York
Exchanging dollars at the airport is also never a cost-effective choice. It’s common practice for many travelers to exchange currency upon arrival in New York. Precisely to capitalize on this immediate need, fees are significantly higher both at airport ATMs and currency exchange offices.
Cashback
An interesting alternative is offered by some businesses, like many supermarkets and pharmacies like CVS. You can pay with your credit card and utilize the “cashback” option. This means you can round up your purchase amount on your card, and the extra amount is given back to you in cash. This is a clever way to get some dollars in hand while avoiding direct exchange fees (beyond the standard exchange rate applied by your card issuer).
The Best Solution for Currency Exchange for New York
Let me reiterate to deliver a clear and straightforward message. For me, the best strategy is to use credit cards for the majority of expenses and keep a certain amount of cash for enjoying the full vacation experience, including situations where cash is preferred.
Therefore, before leaving, verify that your credit or debit card is enabled for international use. Decide whether to exchange a small amount of dollars in Italy beforehand or obtain them directly in New York, ideally by withdrawing from bank ATMs, avoiding currency exchange bureaus and airport exchanges.
It’s crucial to have a card enabled for international withdrawals to easily get more cash dollars if needed during your stay in New York.
EXCELLENT! Remember that you’ll need your PIN to withdraw from ATMs using your debit or credit card! Don’t forget to bring it with you.
My Intesa San Paolo Super Flash Card.
A useful feature of my card (Superflash – from Cassa di Risparmio bank) is that it has all the above features, and you can also top up its balance online. For example, if you’ve loaded €1000 onto the card and decide to indulge in some extra shopping in the final days and need more funds, you can easily transfer money from your bank account to the card via your mobile app or website, and the funds become immediately available.
Always keep your debit card with you as a backup for emergencies or if you can’t reload your prepaid card.
By following these tips on how and where to exchange money for your New York trip, you’ll avoid any financial management issues during your vacation, minimize exchange fees, and prevent exchanging too much money (and paying fees) only to be left with leftover dollars at the end, which you’d have to convert back to euros, incurring further costs. Don’t forget that using US dollars in New York is a fun part of the experience, connecting you with local customs and habits, and it will be a pleasant memory of your vacation, alongside all the others.
Frequently Asked Questions
Where is the best place to exchange euros for dollars?
My advice is to withdraw dollars directly from bank ATMs using your card. This is generally the most convenient and cost-effective solution. Verify that your card is enabled for use in countries outside the EU and understand the associated fees.
Is it worth exchanging currency at the airport?
No, airport exchange rates and fees are typically higher.
My hotel in New York has a currency exchange service. Is it convenient to exchange there?
No, hotel exchange services usually have higher fees compared to ATMs or banks.
Are there euro to dollar currency exchange services with zero commission?
No, some form of commission will always be applied. If not explicitly stated as a fee, it will be incorporated into a less favorable exchange rate compared to the official daily rate.
Can I pay and withdraw money in the United States using a Postepay card?
Yes, Postepay cards are generally accepted at ATMs for withdrawals and as a payment method. However, in some places, it might not be accepted (e.g., as a guarantee at hotels).
I have leftover dollars after my vacation. Where is the best place to exchange them back to euros?
Converting dollars back to euros is generally not very favorable. It’s usually best to do it at your bank or post office in Italy. Some currency exchange services offer a “buy-back” program when you initially exchange euros for dollars, allowing you to convert the money back at the end of your trip (dollars to euros) with minimal additional fees.
My advice? Keep them for your next trip to the United States!
