Monetary converters

Heads up: Meyers advises to call your bank before you go to ask about fee structures for ATM withdrawals. Each bank has its own fees for ATM debit card withdrawals. Prepaid cards for foreign use are becoming more widespread.

For example, one major card company has started to offer prepaid cards free of the typical recurring fees. It also snubs foreign transaction fees, and it charges the same rate as its regular credit card when converting currency. Another company offers a prepaid chip and PIN card, which allows travelers to load up on euros or pounds and use it like a debit card. They can be a good option for Americans traveling without a card using chip and PIN technology.

Stallings says one upside to chip and PIN prepaid debit cards is they can be used in an automated payment machine to buy train tickets and to pay at unstaffed gas pumps and highway toll booths in Europe. You lock in the exchange rate at the time you load or reload it.

Prepaid cards are also convenient and safe since they reduce the need to carry as much currency and because a PIN is usually required to take out funds, Stallings says. Heads up: Stallings warns that some prepaid debit cards can come with substantial fees, may not be usable everywhere and can leave you without funds if stolen. He advises to read the fine print before purchasing.

Airport exchange desks have some of the highest currency exchange rates, which means you pay more in dollars for conversion. Meyers of EuroCheapo. Airport exchange desks depend on their convenience to make money. You'll be better off finding an ATM in the airport and using your debit card to get cash.

Hotel exchange desks are just as pricey but for a different reason. Heads up: Don't be duped by the sign at the currency exchange counter claiming "no fees, no commissions. Some credit card companies give U. It's called dynamic currency conversion. If you're not careful, dynamic currency conversion could cost you big time.

While this seems convenient, it is one of the worst deals in travel and should always be avoided," Fodor's Stallings says. According to Meyers, it's always better to pay in the local currency when traveling. This adds an extra conversion, which is good for the banks but not for you," says Meyers. The extra conversion means you will pay more in fees.

Heads up: According to Stallings, you should insist that your transaction be charged in the local currency or just pay in cash. Sales of traveler's checks are in decline as travelers adopt new technology and more convenient methods of payment, says Brusilovsky of Travelex Currency Services. According to the U. Federal Reserve, traveler's checks peaked in the s but have declined in use ever since.

But they can still provide a safety net, Meyers says. But, if they are made out in dollars, you'll need to convert them at a bank or currency counter, which can mean a fee or a lousy conversion rate. Heads up: A few hundred dollars in traveler's checks can be a good emergency fund if you have any trouble with your cards or lose your wallet, Meyers says.

Getting a cash advance on your credit card is an easy way to break the bank, whether you're abroad or in the U. Your card might offer a fair currency exchange rate, but the interest rate on cash advances can be high. They are not transactional rates. Learn more. EUR — Euro. Xe Live Exchange Rates Inverse. The world's most popular currency tools. Xe International Money Transfer. Send money. Xe Currency Charts.

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