Dollars to Euros

Touching back on the upcoming anniversary celebration and learning experience for traveling outside the United States, think about what will happen once you arrive in a new country with nothing but American Dollars in your pocket.  Chances are, you're not going to get very far.

This was a topic of conversation one day when our little travel group got together for sharing dreams, stories and lies.  All but one stated they waited until they arrived at their destination then sought out an ATM to get cash in whatever currency that particular country took.  I considered this rather smart as it would negate the need to carry cash and I would not have to pay the exchange rates at a Currency Exchange vendor.  However, as is evident in one or two of my previous posts, what I consider smart at the time does not always work out.

The owner of the apartment we are renting requires the balance of the rental to be paid in cash upon arrival, common practice throughout the vacation rentals industry.  I also need cash to purchase tickets from Charles de Gaulle airport to Paris proper.  Hearing the opinions of my travel group, I originally decided I would just find an ATM at the airport and withdraw the cash I would need.  Nice, simple and I would not have to carry a large sum of cash.

Nope, not gonna work that way!

I find out the maximum I can withdraw from an ATM on our travel account, on a daily basis is $500.00 which would not cover the balance of the apartment.  After some discussion with my wife we then decide to change dollars to euros here, not an easy task when you live in the American Midwest.

Our bank is a small bank that has been in the same place on Main Street since its founding in 1884, they do not have the capability of exchanging dollars for euros.

Our credit union which we are using for our travel savings likewise, is a small financial institution that does not have the capability to exchange dollars for euros.

What to do?  Time to ask the master of the internet, Google.

According the Google there are three banks in our area that have the capability to "order" euros.  The process is rather straightforward, as there is no need to keep euros on hand you must place an order for how many euros you would like, pay for them, then within a week pick them up at the bank or have them delivered to your home for a slight fee.  If you have them sent to your home you MUST be present when they arrive, you have to sign for them.  Needless to say, we decided to pick them up at the bank.

Ah, but which bank?

The local branch of Bank of America told my wife they could order euros for us however, their rate was too high (they wanted close to $1500.00 for €1000.00) plus you had to have an account with them.

Commerce Bank was slightly cheaper and they said we did not need an account although, the rate would be lower if we had an account.

Wells Fargo Bank had the lowest rate, about $1372.00 for €1000.00 but again, we had to have an account with them.

We decided to work through Wells Fargo since we were already have financial accounts with them and they offered the best exchange rate with the lowest fees.  So ... off to the local branch we go to open an account.

We opened our account this past Saturday, had to wait until Monday to order the euros though.  It appears the computer system that contains the data of the new account that was just opened doesn't recognize the data for the new account for 24 hours.  As the bank was closed on Sunday, we arrived Monday after work to order our euros.

All went smoothly as we ended up with a lady who was almost giddy that we were going to Paris for our anniversary.  So, our euros are ordered and we shall pick them on Friday after work and promptly close the account.

You do what you have to do.