How do I convert US to euro?

April 24, 2009 10:09 AM

How can I send a check from the US to France in euros? More currency abroad questions inside.

I am taking a course in France this summer and need to pay the deposit by check. How do I do that? And it has been so long since I traveled abroad; I might need a primer on how the currency exchange works. Do I convert some money at the airport and then do more at a bank? Should I convert to euros or francs? Does anyone still use francs? And is it advantageous to use a credit card or do you get killed on the exchange? I feel like a student again, and I kind of love it.

posted by gingembre to travel & transportation (14 comments total)

How can I send a check from the US to France in euros?

Most banks can provide you with a cashier's check in foreign currency (or foreign currency bank draft).

And is it advantageous to use a credit card or do you get killed on the exchange?

Depends on the rates offered by your bank. I've always found it much more convenient to just use my U.S. debit card for getting local currency at ATMs in foreign countries, and the rates aren't bad at all as long as you withdraw the largest sum possible every time.
posted by halogen at 10:22 AM on April 24

Francs are no longer in use. The euro is the common currency of most of Europe now. As halogen said, the best way to get euros in cash after you arrive is to use your U.S. ATM card and withdraw a couple hundred euros at a time as needed. The exchange fees for such transactions are usually in the 1-3% range, which is not too bad. Check with your bank to see what fees apply, and what your maximum daily withdrawal limit is.
posted by Nothlit at 10:29 AM on April 24

No one uses francs, except the Swiss.

Most credit cards charge 3%. So do most big banks for ATM withdrawals. So it usually doesn't matter which you choose, it works out the same.

the rates aren't bad at all as long as you withdraw the largest sum possible every time.

In my experience, it doesn't matter since I'm only charged a percentage, not a flat fee. So if I take $500 in 10 transactions or in 1, I still pay the same. (I took serious advantage of this in Buenos Aires because it's hard to change the 100 peso note, so I always withdrew 90 pesos, which is only $24.)
posted by smackfu at 10:31 AM on April 24

Do I convert some money at the airport

NO NO NO. Those assholes are a ripoff. As halogen says, use an ATM and just take out the max.

Does anyone still use francs?

The French franc is dead as Camus' Arab. You'll be needing euros. Check with your bank; mine (the awful BoA) offers a service where you can request a pile of euros-for-dollars in advance of your trip. I don't believe they charge for it.

If you do find yourself needing to use a card of some sort while you're there, FOR ALL THAT IS HOLY, do not use a debit card. Your bank will fucking soak you for it, I promise. You might consider an American Express card, which is pretty much made for overseas travel.
posted by Skot at 10:32 AM on April 24

What I did for a trip a few years ago: Go to an American Express center before you leave and change some dollars for Euros. (I think I got about 100 US$ worth of Euros before I left). It's a better rate than you'll get at the airports, and if you get them before you even leave, then you don't have to fuss about getting cash first thing on landing.

After that, I just got Euros in cash from ATM machines.

Oh - before you go, call your bank/credit card companies and tell them you're traveling abroad, and for how long. They'll mark your account so that foreign transactions don't get considered possible fraud, which could make them freeze your account.

Finally, if you bring back paper Euros, places like American Express will buy them back from you over here. But they won't buy back coin Euros, so try to use up all your coins before you come back. (I used the last couple Euros I had in coins buying postcards at the airport.)
posted by dnash at 10:56 AM on April 24

Whether to use a debit card or not depends on the bank. My bank (HSBC) does not charge extra fees for getting cash out in a foreign denomination, nor do they charge a foreign transaction fee when I buy something with that debit card. My Citibank Amex does charge a 3% "foreign transaction fee", however, mainly because they are bastards. Make sure you check with your bank before you go and ask them if they charge for a) taking money out of an ATM in the local currency or b) charging something to your card in the local currency.

Don't get money at the airport. If you have a local American Express travel office, and you have an Amex, you can get foreign currency there before you go. Many banks also have this service. Get a little bit of cash before you go, and take out money from the ATM as you need it while you are there. Have fun!
posted by bedhead at 10:57 AM on April 24

Heh, no one uses francs anymore in France, it's Euros all round, no worries about that!

(The only francs still used within Europe are in Switzerland, Swiss francs, but then Switzerland is not actually in the EU)

Banks in Europe cash checks in USD too, so you can send in USD the equivalent of the EUR amount you need to be paying, and the school will then cash that check at their bank -- but keep in mind they'll have to pay extra charges themselves for that, which then I suppose you'll have to pay back to them.

You could ask the school to pay by bank transfer instead, they are usually more common in Europe than paying by check. In that case, you'll still need to send the amount in USD, but you'll be the one paying the charges to your bank immediately, and it'll be a lot quicker.

I suggest you ask your bank, they will also be able to give you detailed info about charges. You could also call the French embassy in the US for advice on that.

Credit cards are fine. You'll be able to take out money from ATM's everywhere. Yes of course you'll get killed on the exchange... but that's just how it is with the USD-EUR right now... you have no other option, unless you worked in France, got paid in Euros, and opened a bank account there.
posted by bitteschoen at 10:58 AM on April 24

Not sure if it's worth the trouble, but as an American abroad in addition to a local account with Deutsche Bank I have a bank account with Charles Schwab. They have a banking division which is separate from their investment services division and doesn't require you to have an investment account. It's all bank by mail, and since they don't have ATMs, that means no ATM fees -- anywhere -- and no foreign transaction fees. Might be worth looking into.
posted by foxy_hedgehog at 11:11 AM on April 24

Also important: call your bank up and ask what their current buying/selling exchange rates are. Compare with the exchange rates at the places at the airport, when you're there. Find out what the commission percentage is at the airport exchange places, if they have any. Figure out which one is better, taking 3% foreign transaction fees (if your bank does charge one) and commissions into account. Doing this calculation can save you a good percent or more of your original exchange.

FOR ALL THAT IS HOLY, do not use a debit card.

This depends as well - I have debit cards that have the exact currency exchange rate and 3% foreign transaction fee as my credit cards.

Also, certain Capital One credit cards don't charge a foreign transaction fee. You might want to sign up for one if this makes things more convenient.
posted by suedehead at 11:20 AM on April 24

My bank (HSBC) does not charge extra fees for getting cash out in a foreign denomination, nor do they charge a foreign transaction fee when I buy something with that debit card.

Watch out. This is often an illusion. They don't charge a separate "fee". They just charge 3% over the correct exchange rate, and never list it out in any way.
posted by smackfu at 11:27 AM on April 24

My bank (HSBC) does not charge extra fees for getting cash out in a foreign denomination

HSBC charges 3%. (Prior to November 2007, they didn't charge that for HSBC-branded ATMs outside the U.S.)
posted by oaf at 11:38 AM on April 24

Take a debit or credit card with you, but don't be alarmed if some ticket-vending machines or similar machines don't accept it. At least in the Netherlands, some machines no longer take American-style credit cards--they want cards with a microchip. My welcome to Amsterdam came from a train-ticket vending machine that denied every card I gave it, making me fret that I was going to spend the next two weeks with no money. However, ATMs are still happy with my card. I've heard that some stores now have signs saying they will no longer accept magnetic-strip-only credit cards, but I haven't actually seen this.

Also seconding the advice to tell your bank or credit card company that you'll be traveling, so their fraud division doesn't get alarmed and freeze your card.
posted by PatoPata at 12:46 PM on April 24

Merci to you all -- great answers!
posted by gingembre at 2:50 PM on April 24

How can I send a check from the US to France in euros?

One last comment/question related to the deposit you need to pay for by check. Are you sure it can only be paid by check? In my experience, a lot of places in France are quite happy to accept a wire transfer of money, which your bank can do for you, as long as the receiving institution provides their bank information.
posted by gudrun at 8:52 PM on April 24