Our grandsons want to have their own spending money during their trip, and for all of this long planning time, my daughter thought the elder boy%26#39;s ATM card would work for them. Yesterday, she found out that it can%26#39;t be used in a foreign country, as it%26#39;s part of a %26quot;minor%26#39;s%26quot; account and can only be used domestically.
So, my question is, what is the best way for her to give money to the boys to spend in Paris and Rome? She wanted to do traveler%26#39;s checks, but I told her they were nearly useless now - of course, she really doesn%26#39;t believe me on that!
I%26#39;m thinking that if she gives the boys cash, they can exchange it for euros (at a horrible rate, I understand) either at the Atlanta or Paris airport. I%26#39;m assuming that the exchange desks remain open in the evening in Atlanta - our flight out is at 9:05 PM.
The only other alternative I can think of is for her to put cash in OUR account, and then we%26#39;ll have to keep track of receipts and such very carefully, so as to reimburse her for any leftovers on return. And with calculating the exchange rate into all of that, it just sounds too complicated.
Any suggestions?
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Exchange rate at airports is commonly a big fraud. Don%26#39;t you have any Exchange office downtown close to bank%26#39;s main branches? That would definitely be the easiest way. If you have none, why don%26#39;t uou go by yourself at the airport any day before their departure during regular working hours?
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I would exchange $ for Euros at your US bank or AAA if you belong. The rates would be more reasonable than at an airport and you would know how much they would be spending.
Of course, they must be able to take care of that amount of cash without losing it or having it taken. Divide the amount and put it in different bags or other hiding places.
Travellers checks in euros are easily exchanged in banks and are a safe alternative.
Why not give 1/2 in euros and 1/2 in travellers checks. That%26#39;s what I did on the last trip, along with also using ATMs.
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I exchanged at Marco Polo last June. Got absolutely raped. Exchange at home or get money at instant teller machines.
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I exchanged money in Atlanta airport last spring for euros and later found that I too had been raped!
It was clear several days later and several transactions later that getting money from the automatic teller machines was the way to go.
But do not forget to call your credit card companies before you leave to let them know you will be using your card in Paris!
If you do not it will be eaten!!!....because they are monitoring fraudulent charges so closely now...if you are not using your card in %26quot;regular%26quot; places....in an area (i.e. zip code) very close to where you live the ATM assumes you are an imposter!
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IMO, having teenage boys carry (presumably) large quantities of cash is not the best idea ever. How about a prepaid Visa or AmEx card? My grandparents always give these to me before I go abroad. They can be loaded in dollars or Euros and can be used for point-to-point transaction as well as ATM withdrawals. There are a number of choices here: …visa.com/personal/cards/prepaid/index.html…
Please don%26#39;t throw away the boys%26#39; vacation money by exchanging $ at either airport. :)
Having spent a lot of time in Atlanta, I know that it%26#39;s not too difficult to go to a major bank (BOA, for example) and exchange dollars for Euros. The exchange rate isn%26#39;t amazing, but it isn%26#39;t too bad; certainly better than what you%26#39;d get at the airports.
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Bank of America or AAA have decent xchange rates if you want to have a few Euros prior to your trip. Also BofA does not change a fee in Paris if you use the paris ATM they are associated with. Sorry, name escapes me, but it is always mentioned by posters.
My daughter was only 16 and I opened a joint account with her, so she could travel with a school group during the past 2 summers. The manager at the bank just ignored the fact she was %26lt;18 and issued us 2 ATM cards. If she had her own acct, she could not get a card.
Otherwise just advance them money from your acct everyday. Ask your daughter what their budget is, and then just give them a set round amt each day. That way you will have have to worry abt receipts unless you agree that they need more. ie 50 Euros x 5 days does not require paperwork.
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Thanks for the responses. I probably didn%26#39;t make my situation very clear. We%26#39;ll be traveling THROUGH Atlanta, our original departure point is Daytona Beach, not exactly a hotspot for international travel. That%26#39;s why I thought maybe to exchange at the larger airport, but I%26#39;m sure you%26#39;re right about the outrageous rates.
I didn%26#39;t realize I could order euros from AAA, so I went online and put in 700 euros (500 for us, 200 for boys), and the quote in $ was $985! The exchange rate today on xe.com for 700 euros is $918, nearly a $70 difference. This seems pretty outrageous to me, doesn%26#39;t it to you?
We belong to a credit union that doesn%26#39;t deal at all with foreign currency, that%26#39;s why we always wait and just get it out at an ATM at our arriving airport. Maybe I%26#39;ll just wait and get it out for all of us there. AAARGH!
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Do NOT purchase so many Euros ahead of time. 100 should be plenty for a $10 fee, and then use ATMs in Paris. ATMs have the best exchange rate. Bank of America has a relationship with Paris bank and do not charge any ATM fees if you use their ATM.
I%26#39;m sure posters here can give you the up-to-date exchange rate in the paris ATMs, so you can compare.
T
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The fastest easiest way is for Mom to open a checking account for which her sons would get ATM cards. Then she can make deposits to the account and the sons can withdraw from ATMs wherever they are. It%26#39;s what I did for my daughter when she went away to University. I made the deposit at home, and she withdrew at her U - no problems.
Foreign currency from a US bank is always a bad idea. The rate isn%26#39;t very good and there is usually a fee that makes the effective rate terrible.
I hope your daughter reads this - DO NOT USE TRAVELLERS CHECKS. Nobody wants to cash them, many place, including some banks will not take them at all, the rate is always lousy and there is a fee besides. We don%26#39;t keep posting this because we like ot see our names on the forum. We say it because it%26#39;s true. I%26#39;ve not come across a country/city on six continents in the past several years where they could be cashed easily, even in the national bank of those various countries.
The preloaded cards are just like getting foreign currency from a US bank. The fees make the effective rate of exchange completely unacceptable. Use ATMs.
All the port of entry airports that I%26#39;ve ever travelled to have had several ATMs, and I%26#39;ve never had a problem with all of them being down at once. I never buy Euros before I travel. I%26#39;ve never found it to be necessary. If I were not able to withdraw from an ATM at the airport, I would buy enough Euros from the foreign exchange desk to get me to my hotel and walk to an ATM from there. ATMs are located all over every major city in western Europe.
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Thanks, 1BCTraveler, for putting my mind at ease. Hitting an ATM at CDG upon arrival and using cc%26#39;s as much as possible has always been the way we%26#39;ve done it, but this had me second-guessing myself. I even took out a Capitol One Visa card so I wouldn%26#39;t have the 3% fee on charges this time. We%26#39;ll just take out money for the boys at the ATM, and their mom can repay us when we return. I don%26#39;t know why I was making it so difficult! It seems the closer a trip gets, and the longer I%26#39;ve planned it, the more I panic. We leave on Thursday!
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