Where to exchange dollars and euros?

August 25, 2009 11:34 AM

Where to exchange euros for dollars?

Where are the best places to exchange euros for dollars - either in Europe or in America?

I know about xe.com and they seem pretty good, but I've found a few local exchange shops in Prague, for example, that change Czech Koruna to either Dollars or Euros for better than XE or banks. The same was true in Singapore.

I havent been able to find a similar location that offers Euro-Dollar exchanges for good rates on either side of the pond.


Can anyone help?

posted by meantime to work & money (9 answers total)

I've done currency exchanges at my local bank branch (BofA). American Express will do it as well, I think. You're not going to find many currency exchange places in the States. Also, expect a generally lousy exchange rate.
posted by orrnyereg at 11:40 AM on August 25, 2009

Do you have cash that you need to physically bring somewhere?

If not, did you check your ATM exchange rate? Last time I looked into it (years ago) that was the best/easiest method.
posted by cestmoi15 at 12:38 PM on August 25, 2009

what kind of rates were you getting in Prague? I'm surprised, because I always found that the bank and airport exchange places had the best rates, anything else I just avoided.

I have only tried banks in America, and all of their rates were relatively reasonable I found, but don't ask me to quote a number cause I can't remember
posted by Think_Long at 12:41 PM on August 25, 2009

Larger bank branches are likely to be able to change Euros into dollars, depending on how they're set up -- it is easier for US banks to change foreign money into US dollars than the other way around, unlike getting a foreign bank to turn your euros into dollars or a US bank giving you euros. You'll be at the whim of the exchange rate on that particular day, though, and the amount your trying to exchange may cause some worry if it is a lot. Nearly any bank branch should be able to accept a deposit in euros, were you to open up an account, but there might be a day or two wait for the exchange rate to be corrected - my wifey has done work for magazines overseas and been paid in checks written in euros, and the bank had no problem turning it into dollars into our checking account. You're probably better off carrying around minimal cash, and using a debit or credit card whether from a US or foreign bank - the card processor will handle all the exchange tomfoolery for you, usually at the highest exchange rate of that business day, as long as you're able to find retailers who take visa/mastercard where you're going.
posted by AzraelBrown at 1:38 PM on August 25, 2009

In the States, a bank is your best bet. Do not EVER go to a currency exchange that's near major tourist sites, they typically have ridiculously bad rates. But remember that typically, only major national banks (B of A, Chase, etc) do currency exchange - most local banks, credit unions, and the like got out of that business years ago.

But mostly, seconding what cestmoi says - ATM's are ubiquitous over here (don't know about Prague so much but I'm assuming they're common), and generally offer good rates.
posted by pdb at 1:43 PM on August 25, 2009

Travelex (I haven't actually used them for currency exchange, but they were the only place in the DC area that was able to give me a cashier's check in Euros.)
posted by candyland at 1:45 PM on August 25, 2009

I do have cash that I would like to exchange.

Airports and banks generally have very bad rates. So does Amex and other exchange chains.

I'm looking for good locations to exchange Euros to Dollars. (If you have a specific bank that is very good - better than XE - that would be helpful as well)

Think_Long, If you want to know the specific locations in Prague, I'll be happy to share.
posted by meantime at 1:54 PM on August 25, 2009

No commission at the UK Post Office. Not sure if they do € to $.
posted by mdonley at 2:32 PM on August 25, 2009

I would exchange at current value with no service charge assuming you and I were near enough. Maybe you could find another individual willing to do the same within your area?
posted by JJ86 at 6:28 PM on August 25, 2009