If you are traveling to the U.S. from a European country, you will want to convert euros to dollars.You can use your credit and debit cards for most transactions, but you'll still want a little cold hard cash to cover tips and other small purchases.If you want to get the best exchange rate, you can withdraw money from your European bank account in dollars at a state-side ATM.
Step 1: Currency rates can be found with a free online exchange rate calculator.
The basic exchange rate is the rate banks are paying each other.You can find this information with a free online calculator.You'll want to check these rates on a daily basis.If you have this information, you will know if the rate you see is a good deal or not.X-Rates is a reliable online exchange rate calculator.To convert euros to dollars, go to x-rates.com.
Step 2: Understand how to read currency exchange boards.
It's important to understand a currency exchange board because most of your conversions will be done through ATMs.You may need to use a bank or other currency exchange.The buy and sell columns are in the currency exchange boards.If you want to buy U.S. dollars in Europe before you leave, look at the rate in the sell column.The bank will sell you the dollars at that rate.When you're in the U.S., you should look at the buy column for euros.You can now get dollars from the U.S. bank or exchange.The amount of money the bank or exchange is making on a transaction is the difference between the buy rate and the sell rate.You want the amount to be low.
Step 3: Wait to exchange money until you get to the U.S.
While you can buy U.S. dollars from a bank in your home country, you'll generally get a better rate in the US than you would abroad.Plan on getting the bulk of your cash after you arrive, and start with a small amount.If you have a major credit or debit card with a Visa or MasterCard logo, you should be fine when you land.Most cab drivers will drive you to an ATM or accept credit and debit cards, even if you have to take a taxi from the airport.
Step 4: Don't go to airport exchange kiosks.
When you get off your plane in the U.S., you'll see kiosks that will exchange currency for you.They charge high fees and offer a poor rate of exchange compared to a major bank.You can use the online calculator to find out what the interbank exchange rate is.The buy and sell rates have differences.If the difference between the two rates is more than.10 you should avoid using an exchange.
Step 5: You can withdraw cash from an ATM.
It's easy to get local currency when you're traveling abroad by using the ATM at a major bank.Ensure maximum security by using ATMs at banks.Identity thieves can easily access ATMs in out-of-the-way places.Third-party vendors typically charge hefty fees that may not be reimbursed by your bank.
Step 6: You can use a bank in the Global ATM Network.
If you use the ATM of any other bank in the network, this is the largest network that will waive fees.You can save money if you stay within the network because these banks charge higher fees for transactions outside.Bank of America is a member of the Global ATM Network in the U.S.If your bank in your home country is a member of the network, you can use Bank of America ATMs in the U.S. to eliminate withdrawal fees.The Global ATM network has European banks in it.
Step 7: Credit cards with no foreign transaction fees can be used.
Foreign transaction fees can range from 1 to 5 percent on purchases you make outside the EU.Credit cards get better exchange rates than other financial services companies, so choose a card that doesn't charge these fees and make it your primary credit card while traveling in the U.S.You can use your credit card for large purchases.You will enjoy more security when you use a credit card.You can cancel your credit card immediately if it's lost or stolen.
Step 8: Credit card transactions can be made with local currency.
If you use a credit card, you may be able to use euros or dollars.In the U.S., always pay with dollars.You might end up paying more fees if you don't.A premium of up to 10 percent may be added to your purchase as a result of the dynamic currency conversion process.Fees and penalties from your own credit card company can be triggered by this.
Step 9: You should plan your cash exchanges.
Fees and commissions will be lost every time you use cash.It may not seem like much at first, but the fees can add up.You should budget your trip so that you only make one or two cash withdrawals.You should have at least $200 in cash on hand for small transactions.If you're staying in the U.S. for more than a week or two, you may need more.Don't carry all the cash with you if you need it at once.If you don't need the money that day, use your hotel's safe to store it.