Planning a trip to Europe often involves several key preparations, and securing Euros is a crucial step for US travelers. While credit cards offer convenience, having Euros in hand provides flexibility and peace of mind. Cash is particularly useful for smaller establishments, local markets, tipping, or in situations where card payments are not preferred or available. For those looking to handle currency exchange before departure, understanding Where To Get Euros in the US is essential for a smooth and financially savvy trip.
Fortunately, exchanging US Dollars (USD) for Euros (EUR) before you leave the United States is entirely feasible and offers several advantages. Let’s explore the most reliable and efficient ways to obtain Euros stateside, ensuring you get the best exchange rates and avoid unnecessary fees.
Top 3 Ways to Obtain Euros in the US
For travelers wondering where to get euros in the US, there are three primary and secure methods to consider. Each option offers varying levels of convenience, exchange rates, and fees. Understanding these differences will help you make the best choice for your travel needs.
1. Banks and Credit Unions
Your local bank or credit union is often a reliable starting point when considering where to get euros. Many established financial institutions offer foreign currency exchange services as a convenience for their customers. However, it’s not always a given that every branch will have Euros readily available, so a bit of pre-planning is advisable.
Before heading to your bank, it’s crucial to call ahead and inquire about their foreign currency exchange service. Key questions to ask include:
- What is your current USD to EUR exchange rate? This is the most important question as it directly impacts how much value you get for your dollars.
- Are there any exchange fees or commissions? Banks may charge a fee on top of the exchange rate, which can vary.
- Do I need to be an account holder to use this service? Some banks may restrict currency exchange to account holders only. If so, inquire about opening a suitable account if you’re not already a customer.
When exchanging currency at a bank, ideally, they should be using the mid-market exchange rate. This is the benchmark rate representing the true midpoint between the buying and selling prices of currencies in the global market. While banks may not always offer this exact rate, it’s a good point of reference to ensure you’re getting a fair deal. Be wary of rates that deviate significantly from the mid-market rate, as this could indicate hidden markups.
While some major banks might advertise “no exchange fees,” this can sometimes be misleading. Often, the “fee” is built into a less favorable exchange rate. Don’t solely focus on the absence of a stated fee; instead, compare the overall EUR amount you’ll receive for your USD after all costs are factored in. Generally, smaller, local banks and credit unions are known for offering more competitive rates and lower fees compared to larger national chains, but it’s always best to compare rates directly.
2. Foreign Currency Exchanges
If your bank doesn’t provide Euro exchange services, or if you’re seeking alternatives, foreign currency exchange services are another avenue for where to get euros. These businesses specialize in currency exchange and can be found in major cities and tourist destinations.
It’s important to understand that foreign currency exchanges operate differently from banks. Their primary revenue source is currency exchange, meaning they typically don’t use the mid-market rate. Instead, they set their exchange rates to be profitable, which often means a less favorable rate for the customer compared to the mid-market benchmark. In addition to a less favorable rate, they will often also charge a transaction fee or commission.
While physical currency exchange locations might seem convenient, especially in urban areas, online foreign currency exchanges are increasingly becoming a reputable and often more cost-effective option. Online platforms often offer more transparent and standardized exchange rates. Many reputable online exchanges will even ship Euro banknotes and coins directly to your home, adding a layer of convenience. When considering online exchanges, ensure they are well-established and have positive customer reviews to guarantee security and reliability.
3. Travel Money Cards
Travel money cards, while not directly providing Euros in hand in the US, offer a practical and secure way to manage your Euro spending while in Europe. They are essentially prepaid debit cards that you can load with multiple currencies, including Euros and USD. This makes them a valuable tool when considering where to get euros in a broader sense – how to access and spend Euros efficiently while traveling.
The primary advantage of travel money cards is their ability to switch between currencies automatically. When you’re in the US, the card operates in USD. Upon arrival in a Eurozone country like France or Germany, the card seamlessly switches to Euros when you make a purchase. This currency conversion typically happens at or very close to the mid-market exchange rate, which is a significant benefit.
Travel money cards are designed to minimize or eliminate foreign transaction fees commonly associated with regular debit or credit cards. These fees can be as high as 3% per transaction, quickly adding up during a trip. While travel money cards often waive transaction fees, they may still have exchange fees when you initially load the card with Euros or when the currency is converted during transactions. However, these exchange fees are usually much smaller than typical foreign transaction fees and often comparable to bank exchange fees.
Many travel money cards also allow ATM withdrawals in Europe, providing access to cash Euros when needed. While ATM withdrawals might incur a fee, some cards offer a certain number of free withdrawals per month. Travel money cards are particularly appealing to travelers who prefer to avoid credit cards altogether but still want a convenient and fee-effective way to manage their spending in Euros.
Places to Avoid When Exchanging for Euros
Knowing where not to get euros is just as important as knowing the best options. Certain exchange locations are notorious for unfavorable rates and high fees, significantly diminishing the value of your money.
Airport Foreign Currency Exchanges
Airport currency exchange booths are almost universally considered the least favorable place to exchange USD for Euros. While undeniably convenient for last-minute currency needs right before your flight, this convenience comes at a steep price.
Airport exchanges rarely, if ever, offer the mid-market exchange rates that banks might. Their exchange rates are consistently worse than those you’d find at bank branches or even currency exchanges located outside of airports. To compound the issue, airport exchanges typically levy significantly higher fees and commissions on top of their already poor exchange rates. The captive audience of travelers and the high operating costs within airports allow these exchanges to operate with these inflated prices. It’s almost always more financially sound to avoid airport exchanges entirely and secure your Euros through other means before arriving at the airport.
Foreign Currency Exchanges in Tourist-Dense Areas
Similar to airport exchanges, currency exchange bureaus situated in heavily tourist areas often prey on the convenience factor and lack of local knowledge of travelers. These exchanges capitalize on tourists who may be in a rush, unfamiliar with local exchange rates, or simply assume that all exchanges offer similar deals.
Exchanges in tourist hotspots, such as near major landmarks, popular shopping districts, or transportation hubs, frequently offer less competitive exchange rates and higher fees compared to exchanges located away from these prime tourist zones. Just like airport exchanges, they understand the demand and are positioned to take advantage of it. Exchanging currency in these locations should be avoided if possible. Planning ahead and using banks, credit unions, or online exchanges before reaching tourist-heavy areas will save you money.
What About Credit Cards?
While this guide focuses on where to get euros in cash, it’s important to address the role of credit cards in European travel. It’s almost impossible to completely avoid fees when exchanging USD for Euros in cash. Even the most competitive options will likely involve some form of fee, either explicit or built into the exchange rate. This is where credit cards with no foreign transaction fees become exceptionally valuable.
Many credit cards, particularly travel-focused cards, offer the perk of no foreign transaction fees. This means that when you make a purchase in Euros with these cards, the transaction is converted from EUR to USD at the mid-market exchange rate, without any added fees. This makes no-foreign-transaction-fee credit cards one of the most cost-effective ways to spend money in Europe.
However, it’s crucial to acknowledge that Europe, while increasingly card-friendly, still has regions and situations where cash is preferred or necessary. Smaller towns, local markets, and some restaurants might primarily operate on a cash basis. Therefore, a balanced approach is often best: utilize a no-foreign-transaction-fee credit card for larger purchases and establishments that accept cards, while carrying a reasonable amount of Euro cash for situations where cards are not ideal or accepted.
How to Travel Without a Credit Card?
For travelers who prefer not to use or cannot obtain credit cards, traveling internationally can present some challenges. However, it’s certainly possible to navigate Europe without relying on credit cards. Carrying large amounts of cash can be risky and inconvenient, but debit cards can offer a viable alternative.
Some debit cards are designed for international travel and come with features that mitigate foreign transaction fees and ATM fees. Similar to travel credit cards, some debit cards offer no foreign transaction fees, allowing for purchases in Euros at close to the mid-market rate. Furthermore, certain debit cards even waive foreign ATM withdrawal fees, making it more affordable to access cash Euros while traveling. Researching and choosing a debit card specifically designed for international use can be a smart strategy for cash-centric travelers.
Don’t Forget ETIAS for Europe Travel
Beyond figuring out where to get euros, there’s another crucial element to consider for upcoming European trips: ETIAS. For many travelers, including those from the United States, no visa is currently required for short trips to Europe. US citizens can generally stay in the Schengen Area for up to 90 days within a 180-day period without a visa.
However, this visa-free travel is evolving with the upcoming implementation of the European Travel Information and Authorization System (ETIAS). Expected to be in effect as early as 2025, ETIAS is not a visa but an electronic travel authorization. It’s a pre-screening system for travelers who currently enjoy visa-free access to the Schengen Area.
What is ETIAS?
ETIAS is essentially an online registration system that travelers eligible for visa-free entry to Europe will need to complete before their trip. The application process is expected to be straightforward, conducted online, and result in a travel authorization linked electronically to the traveler’s passport.
The aim of ETIAS is to enhance security and streamline border control within the European Union. By pre-screening travelers, EU authorities can improve identity verification processes and strengthen overall border security. This initiative is a response to increasing global travel volumes, rising refugee and asylum seeker numbers, and heightened terrorism concerns. ETIAS leverages technological advancements to create a more efficient and secure border management system.
Who Needs ETIAS?
If you are a traveler who currently travels to Europe visa-free, you will likely need to register with ETIAS once it’s implemented. This includes citizens of the United States, Canada, Australia, and many other countries. It’s important to emphasize that ETIAS is not a visa; it’s a visa waiver. If you currently need a Schengen Visa to enter Europe, ETIAS will not change that requirement – you will still need to apply for a Schengen Visa.
To determine if ETIAS applies to you and your travel plans, it’s advisable to use an online ETIAS assessment tool or consult the official ETIAS website for the most up-to-date information and eligibility criteria.
Will ETIAS Make Traveling to Europe More Difficult?
While ETIAS introduces a new step in the pre-travel process, the intention is not to make European travel more cumbersome. In fact, one of the potential benefits of ETIAS is a more efficient travel experience. By enhancing identity verification at EU borders, ETIAS aims to expedite border crossing procedures, potentially reducing wait times at immigration.
The ETIAS application process itself is designed to be quick and user-friendly, with approvals often granted near-instantaneously. Once approved, the ETIAS authorization is valid for up to three years and is digitally linked to your passport, eliminating the need for extra paperwork.
Next Steps
Planning international travel involves numerous details, and currency exchange is a key element. For US travelers heading to Europe, understanding where to get euros and the various options available is crucial for financial preparedness and a stress-free trip.
Whether you opt for the reliability of banks, the convenience of online exchanges, or the practicality of travel money cards, securing Euros before your departure is a wise move. Remember to compare exchange rates, factor in fees, and consider the benefits of no-foreign-transaction-fee credit or debit cards for your European adventure. And as you finalize your travel arrangements, ensure ETIAS is on your radar to comply with the evolving entry requirements for Europe.
