If you plan to travel to Europe in the near future, you may want to convert some of your money into Euros. This article outlines everything you need to know about converting from USD to EUR, including how to get the best value for money and where you’ll pay the highest fees.
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How to Convert US Dollars to Euros
Converting US dollars to euros is a fairly simple process. Generally, you can perform the conversion in two ways.
Use a currency calculator
When trying to convert currencies, using a currency conversion calculator is a great way to get an estimate. Since exchange rates often fluctuate, using a calculator is a smart way to make sure your calculations are correct.
Keep in mind that when you actually convert your money, you may be charged a fee that a currency calculator doesn’t take into account. For example, credit card processors and ATM networks typically charge conversion fees equal to 1% of the purchase price. Merchants, such as money changers, usually also charge their own fees.
How to Buy US Dollars or Euros
When you’re ready to buy US dollars or euros, it’s good to plan ahead. It can help you pay the least fees. Here are three methods you can use to reduce exchange fees:
- Change in your bank before your trip: Exchanging currency at your local bank is probably the most cost effective way to convert currency. Since you already have a relationship with the bank, they are more likely to offer you the best rates. The fees you will pay vary depending on the institution and the type of account you have. For example, if you hold a Citigold or Citi Priority account with Citibank, you will not be charged any fees for currency conversion. However, all other account holders pay a $5 service fee for transactions under $1,000.
- Use your bank’s ATM abroad: If you need to make additional withdrawals while you’re abroad, do your best to use your banking institution’s ATM, which can help you avoid additional service charges. Most banking apps have an ATM locator feature that will help you find the nearest option.
- Order currencies online: If you want the currencies shipped directly to your doorstep, you can use websites such as International Currency Exchange (CXI). However, be aware that you will be paying for the convenience. Although CXI does not charge an exchange fee, you will pay up to $30 for next day shipping. Be sure to research any online currency ordering service you are considering by reading online reviews and checking fees.
Money transfer partners
International transfers
Over 98 currencies available for transfer to over 130 countries
Quick and easy
Initiate transfers 24/7
Costs
Xe offers little to no fees on money transfers
2
Wise – Multi-currency account
Convert and keep
55 currencies
Payment options
Direct debit, bank transfer, debit card, credit card and Apple Pay
2
Wise – Multi-currency account
Multi-currency accounts
Hold more than 20 currencies
International transfers
Send and receive in over 150 countries
Fast and secure
Money transfers up to 8 times cheaper than traditional banks
What to avoid
- Currency exchange at the airport: Although exchanging currency at the airport may seem like the most convenient option, it is often the most expensive. Airport kiosks often have the worst exchange rates and charge the highest fees.
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