AAA exchange for currency

Bonjour! Does this sound like a good deal?

Before leaving for Paris, I think I might exchange about $500 for its equivalent in Euros -- about 360 euros, I think -- at AAA with no fees. Is this a good deal?

Why do people suggest I use a credit card or ATM once I%26#39;m there, aside from the obvious %26quot;if you get pickpocketed you%26#39;re out of luck%26quot; reason. Is the exchange rate on a credit card or ATM better?

Merci!

|||

If you bank with Bank of America, you%26#39;re in luck. Bank of America is part of the Global ATM Alliance.

The Global ATM Alliance allows you to make cash withdrawals free of international access fees through a combined network of ATMs. Customers of the five alliance banks can use the alliance%26#39;s cash machine network without charge.

Global Alliance member banks are: USA - Bank of America; France - BNP Paribas; Germany - Deutsche Bank; Canada, Mexico and the Caribbean - Scotiabank; Australia and New Zealand - Westpac.

I find using BNP Paribas ATM machines in France convenient, and it gives me the best exchange rates. It also means I don%26#39;t have to carry large amounts of money. I just withdraw as necessary.

|||

360 euros for $500 comes to an effective exchange rate of about 1.39. The current %26quot;real%26quot; exchange rate is below $1.30/euro. So under the transaction you describe, you%26#39;re paying about a 6-7% commission. Even a credit card from a bank that tacks an additional 2-3% onto the visa/mastercard exchage feee of 1% will give you a better deal. Ideally, an ATM with fee-free transactions (i.e. BofA or some credit unions) and no additional conversion mark-up will give you the best deal.

That AAA deal sounds OK to get a small amount of %26quot;landing cash%26quot; (money for transfers, taxis, etc.). But I would get more than about 100 euros at that exchage rate.

|||

I ususually get some Euros before we leave so that I can tip the driver etc. If you don%26#39;t like the AAA rate check with your local American Express Office. they charged me $4.00 to exchange $200.00 last year. I only went there becasue the AAA was out of Euros and we were leaving the next day so I did%26#39;nt reallyc are about the rate. Someone told me to use the ATMS at the poste Offices so I do that when I%26#39;m in Paris. I have no idea why. I do know that you should avoid changing money at the numerous places you see on the streets. Apparently someone uses those places as they are everywhere.

|||

You can order online from www.bankofamerica.com - a minimum order of $500 means free delivery to either an address (you have to sign for the pckg) or to a branch near you (pick up at the teller window). Their exchange will be about 5-6%, not too bad for convenience.

ATMS offer the best exchange, that is why it is recommended. I like to have some in my pocket when I arrive...now, I just bring extra home from the ATM on my last day for the next trip.

|||

Hi-

Going to the AAA and getting some hit the ground Euros was our plan too. When I had inquire about it, I was told it was sold in packets of $100 with no conversion fees and whatever the rate was for that day. My boyfriend went and got 2 packs yesterday(different AAA than mine) and he only got 65 Euros to $100, that seems really low! Don%26#39;t know if it%26#39;s because when AAA got them the exchange was bad? But I don%26#39;t think it%26#39;s ever been THAT bad!

He is going to try and return it, we may just take our chances at the ATM machine at CDG although I have heard the ATMs there often are out of order or money. Sigh...

|||

They probably weren%26#39;t lying about %26quot;no conversion fees and whatever the rate is for that day.%26quot; Problem lies with %26quot;the rate.%26quot; Many places (including many of those kiosks you see everywhere on the street of Europe build their conversion fees right into %26quot;the rate.%26quot; AAA is no exception. 65 euros for $100 is worse than $1.50/euro. Yikes.

|||

Yeah, the rate is pretty bad, I just called the local AAA and it is 65 euros per $100 but they do include a $5 phone card. The agent said that the rate is about 70 euro cents to the dollar and the rate I see on xe.com is the rate if I use the bank in Paris. I also called my local credit union and their rate is $100 for 73 euros with $7.50 delivery fee up to $3000. I guess it%26#39;s all moot because we only really need money to get into the city. It did make me realize I need to save ALOT more money in the next month!

|||

I used to have (still do) a terrible Starbucks habit. Now, at the end of the week I put three dollars for everyday I did not buy coffee into a jar in my closet. Then, when we get ready to leave for Paris I take my money jar to the Amaercan express office and exchange it for Euros. Of course I%26#39;m not terrible consistant but I am always happy with how much I actually do end up with.

|||

Yes I bank with bank of America and plan to order the money online with them and they either deliver it to your home (you have to be there to sign for it) or deliver it to your local bank which I plan to do.

AAA only disperses large bills as I was told.

Bank of America gives you a choice of large or a variety of small bills.

|||

Hi,

Just a note of caution as I%26#39;ve been dealing with this for the past 2 days. For $100, AAA only gives you 65 euros, that is a really bad exchange rate! They counter that by saying there is a $5 phone card included in the pack but what they actually give you is $5 off for a new long distance service. For Plus members, there is supposed to be a discount of $3 off per pack but unless you can show proof (flyer with renewal in the mail) the agents there do not know anything about it.

This has left a bad taste in our mouths, AAA is great for maps and if one is stuck on the road but for money exchange, IMHO they really blow!