Planning a trip to Europe and need Euros? Finding the best place to exchange your US dollars for Euros can feel overwhelming. Many travelers resort to the nearest exchange service, often at airports or hotels, only to be hit with unfavorable exchange rates and hefty fees. But there are smarter, more cost-effective ways to secure Euros before you depart.
This guide will walk you through the most common options for getting Euros in the US, highlighting the pros and cons of each, and ultimately help you make an informed decision to maximize your travel budget. We’ll cover traditional methods like banks and currency exchange services, as well as modern alternatives like the Wise Multi-Currency Card, to ensure you get the most Euros for your dollars.
Before we dive into the specifics, it’s crucial to understand what to avoid. Currency exchange kiosks at airports, hotels, and tourist hotspots are notorious for offering the worst exchange rates and adding significant fees. These convenient-looking options often come at a premium, significantly reducing the value of your money. Planning ahead is key to avoiding these expensive traps and securing a better deal on your Euros.
Banks: A Familiar Option for Currency Exchange
Many people naturally turn to their banks when looking to exchange currency. Banks like Wells Fargo, Citi, and Bank of America offer foreign currency exchange services, providing a sense of security and familiarity for their existing customers. However, it’s important to note that banks may not always provide the most competitive exchange rates.
The exchange rate is the most significant factor impacting the overall cost of exchanging currency. Even with low or no service fees, an unfavorable exchange rate can mean you receive fewer Euros for your dollars. Therefore, always compare the offered exchange rate to the mid-market exchange rate – the real exchange rate you see on Google or financial websites like XE.com – before making a transaction.
Here’s a closer look at some major US banks and their Euro exchange services:
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Wells Fargo: As a Wells Fargo customer¹, you can conveniently order foreign currency online, in person at a branch, or via phone. Depending on your location and service availability, you can opt for home delivery within 2 to 7 business days. This offers a convenient way to get Euros without leaving your home.
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Citi: Citi account holders² have access to a broad range of over 50 foreign currencies, including Euros, available for order by phone. Currency can be delivered to your address, typically the next business day. While a $5 service fee applies (waived for Citigold and Citi Priority Account Package customers), delivery fees start at $10, but are waived if you choose to pick up your order at a Citibank branch. Citi emphasizes “competitive currency exchange rates,” but it’s always wise to compare.
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Bank of America: Bank of America (BoA) customers³ can purchase foreign currency online with no stated transaction fees. However, it’s essential to remember that banks often incorporate their charges into the exchange rate itself. BoA allows you to view exchange rates online before you buy, promoting transparency. Orders placed before 2 pm ET are typically shipped the same day. Delivery fees may apply to orders under $1,000, but branch pickup is often available without fees.
Currency Exchange Services: Convenience at a Cost?
Currency exchange services, also known as travel money providers, offer another readily accessible option to buy Euros. Companies like Currency Exchange International (CXI) have a significant presence in the US, with online ordering and physical branches for quick access to foreign currency. These services can be useful when you need Euros urgently.
However, similar to banks, currency exchange services may not consistently offer the most advantageous exchange rates. While they provide convenience, it’s crucial to be aware of potential markups on the exchange rate.
Currency Exchange International (CXI) is a major player in the US currency exchange market. Here’s what you should know about CXI⁴:
- Best Rate Guarantee: CXI promotes a “Best Rate Guarantee,” stating they will match or even beat exchange rates offered by local banks or airports, under certain conditions. Always inquire about the specifics of this guarantee and ensure you understand the terms.
- Fast Online Ordering and Delivery: CXI allows you to order over 90 currencies online, including Euros, with next-day home delivery available in many areas. This can be a significant advantage for those with limited time.
- Transparency Challenges: Exchange rates and fees are not readily displayed online. To access this information, you usually need to sign up or create an account with CXI, which can be a barrier to quick comparison shopping.
- Branch Rate Variations: Exchange rates can differ between CXI branch locations, meaning the rate you see online or get quoted at one branch might not be the same at another.
The Wise Multi-Currency Card: A Modern, Cost-Effective Alternative
Beyond traditional banks and currency exchange services, modern financial solutions like the Wise Multi-Currency Card offer a potentially more convenient and cost-effective way to manage your Euros. This card is designed for international travelers, providing flexibility and transparency in currency exchange.
The Wise Multi-Currency Card operates differently from simply exchanging cash. Instead of pre-purchasing Euros, you can hold multiple currencies in your Wise account and spend directly in Euros using your card when you are in Europe.
Here are the key benefits of using the Wise Multi-Currency Card for your Euro needs:
- Spend and Withdraw in Euros: Use your Wise card to spend and withdraw cash in 175 countries, including throughout Europe, just like a local.
- Mid-Market Exchange Rate: Wise converts your US dollars to Euros at the mid-market exchange rate, the fairest rate available, whenever you make a purchase or withdrawal. This eliminates hidden markups often found with banks and exchange services.
- Low and Transparent Fees: Wise charges only a small, transparent conversion fee⁵ when you spend in a currency you don’t hold, or it’s completely fee-free if you already have Euros in your Wise account. You always know exactly what you’re paying.
- Free ATM Withdrawals: Enjoy free international ATM withdrawals up to $100 USD per month (limits may apply depending on your plan). This provides convenient access to cash when you need it while traveling.
With the Wise Multi-Currency Card, you can bypass the need to exchange large sums of cash before your trip. It offers a streamlined, potentially cheaper, and more secure way to handle your Euro spending while traveling in Europe.
Order a Wise Multi-Currency Card today
Frequently Asked Questions About Getting Euros in the US
What’s the cheapest way to get Euros in the US?
Comparing exchange rates and fees between your bank and currency exchange services like CXI is essential. However, a travel card such as the Wise Multi-Currency Card often emerges as a cheaper option due to its use of the mid-market exchange rate and low, transparent fees, avoiding hidden markups.
Can you buy Euros at the US Post Office?
While the US Postal Service (USPS) provides international money transfer services, they do not sell foreign currency banknotes. Therefore, you cannot purchase Euros at the US Post Office.
Is it possible to get Euros from US banks?
Yes, many US banks, including major ones like Wells Fargo, Citi, and Bank of America, offer the service of buying Euros. Some banks even provide home delivery of foreign currency for added convenience, although delivery fees may apply.
Should I exchange money to Euros before traveling to Europe?
Unless you plan to use a multi-currency card like the Wise Multi-Currency Card, exchanging some money to Euros before traveling is generally advisable. Exchanging currency at airports and hotels in Europe is typically very expensive due to poor exchange rates and high fees. Having Euros in hand upon arrival can save you both money and hassle.
Sources used for this article:
Sources checked on 18-Jan-2023.
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