Amsterdam doesn’t want your stinking worthless U.S. currency. [Reuters]
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if you’re still planning on travelling, use a credit card to get your cash. some cards (like capital one) offer no foreign transaction fees. others have small ones (~2%). generally, you get a better exchange rate (the market rate vs. the street rate).
downside is that in times like these, you could end up paying more. you don’t get today’s exchange rate – you get the exchange rate for the day the transaction posts to your account (generally 3 days after the transaction). let’s say you took out 100 euros today (at an exchange of 1 euro:1.56 dollars) but then it drops to, say 1:1.88 in 3 days, you just spent $32 more for your money.
Not good news for me, as I am traveling to Amsterdam the end of next month. Any other tips for getting the most out of my American dollar?
@blueboy77: The only news in the article is that the dollar is so volatile at the moment that smaller currency exchange shops won’t buy it, not that having your personal funds in dollars instead of Euros makes you broke. (Relatively poorer, yes; broke, no.)
If you feel you must have hard currency in hand when you step off the plane, buy Euros (or euro-denominated travelers’ cheques if you can find them) in the US. Otherwise plan to hit an ATM machine after you land, and pay with a credit card where they’re accepted.
Generally the bigger exchange shops will accept any currency no problem, for example on the central station in Amsterdam (or any big train station for that matter), there’s an exchange at the airport that’ll be glad to help you.
Walk into any bank office and they -should- exchange money too. I know that’s where I exchanged the dollars I had left over from a trip to the USA.
And if you have a credit card, use that to take money out of the ATM’s. VISA and MasterCard are widely accepted at banks. Usually you’ll get a much better rate than at exchange offices.
Hope you enjoy your trip here
Be wary of using your credit card to take out money from ATMs. You’ll get socked with heavy cash withdrawal fees. Use your debit Mastercard or Visa at the appropriate machines for a) a better rate and b) if your bank doesn’t have an affiliate overseas the charges are still less than credit card withdrawal fees.
Also, check out Bankrate’s currency conversion fee chart so you know which credit card is best to use overseas for you:
[www.bankrate.com]
@chiieddy: The reason I advised a credit card is because not all US debit cards work in the ATM’s in the Netherlands. When I had some visitors from the USA last year, one of them had a bank card that didn’t work, which ended up being quite the hassle.
You will get cash withdrawal fees with both your credit and debit card, often less with debit, but please make sure it is possible with your bank!
@blueboy77: Don’t use American currency? Use a credit card or grab some Euro.
@blueboy77: “getting the most out of my American Dollar” is like asking how to get the most out of your 1st-gen iMac. Sorry; couldn’t help it.
Practically, though, just go to a bigger exchange (like at the main train station, or the airport) like that other guy said. With the dollar in the pooper, there’s not much you’ll be able to do for deals. Bear in mind: a lot of places won’t take credit cards (smaller vendors, mostly) so you should get cash.
I’d recommend against travelers’ checks: the AAA ones my mom bought when she came here a couple years ago were a ripoff.
Thanks everyone!
@Madjia: ATM card is not equal a debit card. I specifically stated a Visa or Mastercard logoed debit card. Those will work at any Visa or Mastercard branded ATM machines. (as far as I know or have experienced)
Boycott Amsterdam!!!! American money is #1!!! Why do those foreigners hate America?!?!?
/snark
I just got back — 1/2 hour ago — from a trip that included a lot of time in Belgium and the Netherlands. All of the currency places advertised the purchase of dollars with no problem. Granted: (1) I wasn’t in Amsterdam, and (2) I withdrew from my company card in euros.
My advice is to use an ATM card to get Euros. You can do this at Schiphol Airport’s baggage hall while you are waiting for your bags to arrive on the carousel. There is a small ATM machine right next to the ABN-AMRO currency exchange window.