Planning a trip to Europe and wondering Where Can I Purchase Euros in the US? Getting your hands on Euros before you travel is a smart move, helping you avoid the often exorbitant exchange rates found at airports and tourist traps. This guide will walk you through the best options available in the United States to purchase euros, ensuring you get the most EUR for your USD. We’ll explore traditional routes like banks and currency exchange services, as well as smarter, more modern alternatives like the Wise Multi-Currency Card.
Traditional Avenues for Purchasing Euros
For many, the first thought when needing foreign currency is to turn to familiar institutions. Banks and dedicated currency exchange services are readily available, but it’s crucial to understand their pros and cons before making a decision.
Banks: A Convenient, Yet Potentially Costly Choice
US banks often provide foreign currency exchange services, offering a sense of security and familiarity for their account holders. Major banks like Wells Fargo, Citi, and Bank of America allow you to purchase euros, although the process and associated costs can vary.
- Wells Fargo: Customers can conveniently order euros online, by phone, or in person. Delivery options range from home delivery within 2-7 days to branch pick-up, depending on service availability in your area.¹
- Citi: Citi account holders have access to over 50 foreign currencies, including EUR, available for next-business-day delivery to their home address when ordered by phone. While convenient, there are service fees involved, starting at $5, plus delivery fees from $10 upwards, although these can be waived for premium account holders. Branch delivery is free. Citi states they use “competitive currency exchange rates,” but it’s always wise to compare.²
- Bank of America: BoA customers can order euros online with no stated transaction fees. However, it’s important to remember that costs can be embedded within the exchange rate offered. Orders placed before 2 pm can be shipped the same day, though delivery fees may apply for orders under $1,000, or you can opt for branch collection where available.³
While banks offer convenience, especially for existing customers, they may not always provide the most favorable exchange rates. The exchange rate itself significantly impacts the final amount of euros you receive. Always compare the offered rate with the mid-market exchange rate – the real exchange rate you see on Google or financial websites like XE.com – to understand the true cost of the transaction. A seemingly fee-free service can still be expensive if the exchange rate is marked up significantly.
Currency Exchange Services: Speed and Accessibility at a Price
Currency exchange services offer another readily accessible option for purchasing euros. Companies like Currency Exchange International (CXI) boast a wide network and the ability to provide foreign currencies quickly.
CXI, for example, is a prominent player in the US currency exchange market, offering over 90 currencies, including euros, both online and through around 30 physical branches in major US cities.⁴
Key features of CXI include:⁴
- Best Rate Guarantee: CXI claims to match or even beat exchange rates offered by local banks or airports, under certain conditions.
- Fast Delivery: Online orders can be delivered as quickly as the next day in some areas.
- Transparency Challenges: Exchange rates and fees are not readily displayed online, requiring users to sign up or visit a branch to obtain this information.
- Rate Variability: Exchange rates can differ between branches, adding another layer of complexity.
While currency exchange services like CXI can be a convenient option, especially if you need euros urgently, it’s essential to be aware that their exchange rates may not be the most competitive. The “convenience” often comes at a premium.
Smarter Ways to Purchase Euros: Embrace Modern Solutions
Beyond traditional methods, modern financial tools offer more cost-effective and user-friendly ways to obtain euros. Travel money cards, like the Wise Multi-Currency Card, are emerging as a superior alternative for savvy travelers.
The Wise Multi-Currency Card: A Game Changer for Euro Purchases
The Wise Multi-Currency Card presents a compelling alternative to banks and currency exchange services when considering where can I purchase euros. It bypasses traditional exchange rate markups and hidden fees, offering a transparent and efficient way to manage your travel money.
- Global Spending: Use the Wise card to spend and withdraw cash in over 175 countries, including throughout Europe, wherever Mastercard or Visa are accepted.
- Mid-Market Exchange Rate: Wise converts your USD to EUR at the mid-market exchange rate every time you spend or withdraw, ensuring you get the fairest possible rate.
- Low, Transparent Fees: A small, clearly stated conversion fee⁵ applies when you convert currencies. If you already hold EUR in your Wise account, spending is fee-free.
- Free ATM Withdrawals: Withdraw up to $100 USD equivalent in foreign currencies for free from ATMs internationally per month.
With the Wise Multi-Currency Card, you eliminate the need to physically exchange cash before traveling. Simply load your USD, and the card automatically handles the currency conversion at the point of sale or ATM, providing a seamless and cost-effective experience. It’s a modern solution designed for international travelers seeking the best exchange rates and lowest fees when purchasing euros and other foreign currencies.
Frequently Asked Questions About Purchasing Euros in the US
What is the cheapest way to get euros in the US?
Comparing exchange rates and fees between your bank, currency exchange services, and modern options like the Wise Multi-Currency Card is crucial. However, travel cards like Wise often emerge as the cheaper option due to their use of the mid-market exchange rate and transparent, low fees.
Can you get euros at the US Post Office?
No, the US Postal Service (USPS) offers international money transfer services but does not sell foreign currency directly.
Can you get Euros from US banks?
Yes, many US banks offer euro exchange services, and some provide home delivery, often for an additional fee.
Should I exchange money before I travel to Europe?
Generally, yes. Unless you are using a multi-currency card like the Wise card, exchanging currency before traveling is advisable to avoid unfavorable rates and high fees at airports, hotels, and tourist exchange kiosks upon arrival in Europe. Planning ahead and purchasing euros in the US through a cost-effective method will save you money in the long run.
Sources used for this article:
Sources checked on 18-Jan-2023.
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