You can exchange US dollars for euros at your bank, a currency exchange service, or an ATM abroad. Airport kiosks usually have the worst rates.
Options
- Bank: order euros in advance, often at fair rates with a small fee.
- ATM abroad: usually the best rate. Choose to be charged in euros, not dollars (avoid dynamic currency conversion).
- Currency exchange services (Travelex, AAA).
- Airport kiosks: convenient but often poor rates.
- Credit cards with no foreign transaction fee.
Check rates
Compare with the mid-market rate on XE.com or Google.
Fees
Banks may charge $5 to $15, and ATMs charge $3 to $5 plus a foreign transaction fee of up to 3 percent.
Tips
Notify your bank of travel. Exchange only a small amount in advance.
Cash
Carry some for small purchases.
Options
- Banks: major banks such as Bank of America, Chase and Wells Fargo exchange currency for customers, often ordered a few days ahead. Rates are typically 3% to 7% off the market rate.
- Credit unions: sometimes offer better rates for members.
- Currency exchange companies: Travelex, International Currency Express and local exchange bureaus. Often convenient at airports but with poor rates.
- ATMs abroad: withdrawing euros at a bank ATM in Europe usually gives a rate close to the market rate, with a fee of $2 to $5 plus a foreign transaction fee of 1% to 3% from your bank. Choose to be charged in local currency (euros), not dollars.
- Travel cards and fintech: Wise, Revolut and Charles Schwab debit cards that refund ATM fees.
- Credit cards with no foreign transaction fees.
Check rates
The mid-market rate, which you can see on Google, XE or Reuters, is the true rate. Compare it with the rate offered. A good deal is within 1% to 2%. Calculate the effective cost: (market rate minus offered rate) divided by market rate, plus fees.
Fees
Airport kiosks may charge 10% to 20% in the spread plus fixed fees. Some places advertise “no commission” but build the cost into a poor rate. Dynamic currency conversion, where a card terminal offers to charge you in dollars, normally adds 3% to 7%. Always decline it and pay in euros.
Tips
- Order from your bank a few days ahead rather than at the airport.
- Take a small amount of cash, about 100 to 200 euros, for arrival, and use cards for most purchases.
- Notify your bank of travel plans.
- Count the money and keep receipts.
- Do not exchange on the street.
- Carry a backup card.
Cash
Cash is still used for small purchases in parts of Europe, such as in Germany. Bills come in denominations of 5, 10, 20, 50, 100, 200 and 500 euros. Euros are used in 20 of the 27 EU countries.
Rate range
In 2024, one euro traded around $1.05 to $1.12. Check the live rate before you convert.
Exchange rate logic and cost comparison
Banks, credit unions, currency exchange counters, airport kiosks and ATMs abroad are common options. The mid-market rate is the real exchange rate seen on sites like Google or XE, and providers add a margin, often 3 to 7 percent at airports and up to 10 percent at some kiosks. Ordering euros from your bank a few days ahead may carry no fee for account holders, though some charge 5 to 10 USD. Withdrawing euros from a local ATM in Europe using a debit card with no foreign transaction fee often gives a rate near the interbank rate, though the ATM may charge a flat fee of 3 to 5 euros. When offered the choice to pay in dollars or in local currency, choose local currency to avoid dynamic currency conversion. Credit cards with no foreign transaction fees save about 3 percent on purchases.
Based on data from the Consumer Financial Protection Bureau and the Federal Reserve
