Travel

Best way to exchange for Euros?

  • Last Updated:
  • Jun 27th, 2017 9:58 am
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Sep 19, 2004
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Waterloo
BenK wrote:
Feb 23rd, 2017 10:02 am
thanks all. I think I'll give the credit card trick a try since I have the Chase Amazon card anyway. So my understanding is I should:

1. overpay the card so that I have a credit balance.
2. withdraw at any ATM that accepts VISA, but don't exceed my credit balance (after the 1% surcharge).

this way I don't incur any interest on the amount I've withdraw (cash advanced).

Correct?
For Chase Amazon, I believe minimum of $5 each withdrawl, so don't just get a little cash each time
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Apr 20, 2011
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Scarborough
Conquistador wrote:
Feb 22nd, 2017 6:45 pm
^This. Been doing this for the last three years in Europe. Works great.
Would Rogers Bank mastercard work for this?
Newbie
May 19, 2017
30 posts
7 upvotes
BenK wrote:
Feb 23rd, 2017 10:02 am
thanks all. I think I'll give the credit card trick a try since I have the Chase Amazon card anyway. So my understanding is I should:

1. overpay the card so that I have a credit balance.
2. withdraw at any ATM that accepts VISA, but don't exceed my credit balance (after the 1% surcharge).

this way I don't incur any interest on the amount I've withdraw (cash advanced).

Correct?
OP, have you come back from your Spain/Italy trip? Do you mind to share back your experience on withdrawing from local ATM using the Chase Amazon card? I understand there i no forex fee and it's 1% (or $5 min) withdrawal fee, but is there any other interest or fee that is charged by the local bank/ATM? Any other tips good to know?
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Feb 19, 2010
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dainfamous41 wrote:
May 1st, 2017 8:33 am

Would Rogers Bank mastercard work for this?
I don't know anything about that card but if it doesn't charge an FX fee (~2.5 or 3%) then I don't see why it wouldn't work the same way.
GBUalways wrote:
Jun 17th, 2017 1:00 pm
OP, have you come back from your Spain/Italy trip? Do you mind to share back your experience on withdrawing from local ATM using the Chase Amazon card? I understand there i no forex fee and it's 1% (or $5 min) withdrawal fee, but is there any other interest or fee that is charged by the local bank/ATM? Any other tips good to know?
I used the Chase Marriott card throughout Europe (no less than ten countries) , stuck with major banks, and never once paid an ATM fee. There would be no reason whatsoever that you'd be charged "interest". That's for the credit card to charge but the key in the whole thing is pre-funding the card so that there isn't any interest.

Don't use an ATM just because it's handy, stick to large commercial banks.
Last edited by Conquistador on Jun 17th, 2017 10:31 pm, edited 1 time in total.
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May 19, 2017
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Conquistador wrote:
Jun 17th, 2017 10:31 pm
...
Don't use an ATM just because it's handy, stick to large commercial banks.
Thanks for the tips. My card is actually Chase Marriott Visa which has no FX fee as well.
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Dec 8, 2010
364 posts
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Markham, Ontario
Conquistador wrote:
Jun 17th, 2017 10:31 pm
...
I used the Chase Marriott card throughout Europe (no less than ten countries) , stuck with major banks, and never once paid an ATM fee. There would be no reason whatsoever that you'd be charged "interest". That's for the credit card to charge but the key in the whole thing is pre-funding the card so that there isn't any interest.

Don't use an ATM just because it's handy, stick to large commercial banks.
Did you mean to withdraw from ATMs owned/operated by banks, not just a random or independent ATMs like Tavelex, Euronet, Moneybox, Cardpoint, and Cashzone. The independent ATMs are usually charging usage fee.
[OP]
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Aug 25, 2005
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GBUalways wrote:
Jun 17th, 2017 1:00 pm
OP, have you come back from your Spain/Italy trip? Do you mind to share back your experience on withdrawing from local ATM using the Chase Amazon card? I understand there i no forex fee and it's 1% (or $5 min) withdrawal fee, but is there any other interest or fee that is charged by the local bank/ATM? Any other tips good to know?
like the other guy said, stick with major banks and you'll be alright. Barcelona, Spain was a bit more of a challenge as even some of their major banks (Ciaxa?) appeared to charge a fee. Italy was no problem. You definitely want to go with this method of getting Euros as there are very few places in those countries that do currency exchange and if there are, they are insanely bad rates, including the airports.
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Dec 3, 2007
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I like this idea of overpaying the credit card and withdrawing it once you get to Europe. But once the trip is done and you have Euro left over, what's the best way to get the most back on the exchange back to Canadian funds?

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