Planning a trip to Europe and wondering how to get your hands on Euros while still in the United States? You’re not alone. Figuring out the best way to exchange currency can save you money and hassle. This guide will walk you through the most effective ways to get Euros in the US, helping you avoid unnecessary fees and unfavorable exchange rates. We’ll cover everything from traditional banks to modern, convenient solutions like the Wise Multi-Currency Card.
Getting your travel money sorted before you depart is crucial. While it might seem easy to exchange currency upon arrival in Europe, places like airport kiosks, hotels, and tourist hotspots are notorious for inflated prices and poor exchange rates. These locations often bank on traveler convenience, but this convenience comes at a cost. Planning ahead will ensure you get more Euros for your dollars.
Buying Euros from Banks in the US
One of the most traditional methods for obtaining foreign currency is through your bank. Many major US banks offer currency exchange services, allowing you to purchase Euros before your trip. However, it’s essential to be aware that bank exchange rates may not always be the most competitive.
The exchange rate is a critical factor when buying foreign currency. Even if a provider boasts low or no fees, a less favorable exchange rate can significantly reduce the amount of Euros you receive for your dollars. Essentially, a poor exchange rate is a hidden fee. To ensure you’re getting a fair deal, always compare the offered exchange rate to the mid-market exchange rate. This is the real-time rate you see on Google, XE.com, or other currency converter websites.
Here’s a closer look at some bank options:
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Wells Fargo¹: As a Wells Fargo customer, you can conveniently order foreign currency online, by phone, or in person at a branch. Depending on your location and service availability, you can have your Euros delivered to your home address within 2 to 7 business days.
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Citi²: Citi account holders have access to a wide range of over 50 foreign currencies, including Euros. You can order currency by phone and have it delivered as quickly as the next business day. While there’s a $5 service fee (waived for Citigold and Citi Priority Account Package customers), delivery fees start at $10, but branch pick-up is free. Citi states they use “competitive currency exchange rates” for these transactions.
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Bank of America³: Bank of America customers can purchase foreign currency online with no transaction fees. However, it’s important to remember that their profit is built into the exchange rate they offer. You can view the exchange rate before completing your purchase. 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 opt for free branch pickup where available.
It’s always recommended to check the specific exchange rates and any associated fees with your chosen bank before proceeding with the transaction.
A customer inquiring about foreign currency exchange options at a bank, highlighting the traditional method of obtaining Euros in the US.
Currency Exchange Services: A Quick Option
Currency exchange services provide another avenue for buying Euros in the US. These services, sometimes called travel money providers, often allow you to order currency online for either home delivery or in-person collection.
Similar to banks, currency exchange services may not always provide the most advantageous exchange rates. However, they can be a practical solution if you need Euros quickly and prioritize convenience.
Currency Exchange International (CXI) stands out as a major and popular currency exchange service in the US. CXI offers over 90 currencies, including Euros, and you can order online or visit one of their approximately 30 branches located in major US cities⁴.
Key features of CXI⁴ include:
- Best Rate Guarantee: CXI claims to match or beat exchange rates offered by local banks or airports, under certain conditions.
- Fast Online Delivery: Currency ordered online can be delivered to your home as soon as the next day, though this service may not be available in all areas.
- Rate and Fee Transparency: Exchange rates and fees are not readily available online and may require account signup or branch visit to ascertain.
- Branch Rate Variation: Exchange rates can differ between CXI branch locations.
When using currency exchange services, it is crucial to inquire about the exchange rate and any fees before committing to the exchange. Comparing their rates with the mid-market rate and other providers will help you ensure you’re getting a reasonable deal.
A Currency Exchange International (CXI) storefront, representing a common option for travelers to exchange USD to Euros in person.
The Wise Multi-Currency Card: A Modern Alternative
Beyond traditional banks and currency exchange services, there’s a more modern and potentially more cost-effective option: the Wise Multi-Currency Card.
The Wise card is designed for international spending and offers a convenient way to manage multiple currencies. Here’s how it can help you with Euros:
- Global Spending: Use your Wise card to spend and withdraw cash in 175 countries, including throughout Europe.
- Mid-Market Exchange Rate: When you spend in Euros, Wise automatically converts your US dollars at the mid-market exchange rate, the fairest rate available.
- Low and Transparent Fees: A small conversion fee⁵ applies, but if you already hold Euros in your Wise account, the conversion is fee-free.
- Free ATM Withdrawals: You can withdraw up to $100 USD equivalent in foreign currency for free from international ATMs each month (limits apply).
The Wise Multi-Currency Card eliminates the need to exchange currency in advance, carry large amounts of cash, or worry about unfavorable exchange rates when you spend abroad. It offers a streamlined, low-cost approach to managing your money while traveling.
Order a Wise Multi-Currency Card today
The Wise Multi-Currency Card, showcasing a modern and convenient method for obtaining and spending Euros while traveling from the US.
Frequently Asked Questions About Getting Euros in the US
What’s the Cheapest Way to Get Euros in the US?
To find the cheapest way, compare the total cost – including exchange rates and fees – from your bank and currency exchange services like CXI. However, a travel-focused solution like the Wise Multi-Currency Card often presents a more economical option due to its low fees and the use of the margin-free mid-market exchange rate.
Can I Get Euros at the US Post Office?
While the US Postal Service (USPS) provides international money transfer services, they do not sell foreign currency directly.
Can I Buy Euros from US Banks?
Yes, many US banks offer the service of buying Euros. Some banks even provide home delivery, usually for an additional fee.
Should I Exchange Money Before Traveling to Europe?
Unless you plan to use a multi-currency card like the Wise card, exchanging currency before you travel to Europe is generally advisable. Exchanging money at airports and hotels in Europe is typically much more expensive due to poor exchange rates and high fees.
Sources used for this article:
Sources checked on 18-Jan-2023.
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