Is it better to convert US dollars to Euro's before traveling to Amsterdam?

Question

I get different advice. Some say do it here. Some say it can be done right at Schipol.
We're hoping not to have to pay a fee.
Advice?

Answer 1

In Amsterdam you will find 2 different systems of currency exchange when it comes to cost.
One claims not to have a fee.
Go there if you want a small amount changed, the rates are poor because that is how they make money. Most small change offices in town work this way.
The others charge a fee, mostly one amount however much you change, most banks, the change offices at Schiphol and the railway station are among them. If you change large amounts it is the better place. You do get better rates here.

The best way is a debit or bank card that draws on you account at home. Check with your bank that your card can be used abroad and what it costs.
Mostly it is a small fee when you get money out of an ATM and you get the best exchange rate.
If you use a credit card in an ATM the fee will mostly be higher, but it might still be cheaper than using an exchange office or bank.
There are ATMs at Schiphol and at the Centraal Station in Amsterdam, the one where you would go for the center of town.

The change offices in Amsterdam have always been reliable for customers, but they have been checked for illegal transactions, mostly assisting people in tax evasion. That was the reason many had to close.

Answer 2

The previous poster is correct. There is no way to do it without paying a fee in some way or the other - either as an out and out fee, or as a percentage taken off the conversion rate.

Most US Banks have terrible rates. Few actuallfy do any kind of foreign exchange, those that do make you pay a lot for it. Since you won't be a depositor in an Amsterdam bank, that won't be cheap either.

The most economical way to get foreign currency abroad is to get money out of an ATM. This process adds about 2 or 3 % to the conversion rate, but that is the minimum you can expect to pay. You should be able to do this at the airport.

Hope this helps.

Answer 3

Convert as little as possible and use a credit or debit card. That will give you the best exchange rate. Never use a travelers check in a store. That will give you the worst exchange rate. Don't forget there is a fee each time you exchange so if you convert to euros there is another charge the convert the excess back into dollars. You can also use ATM machines all over Europe with your debit or credit card. It is usually difficult to convert to Euros in the US because most banks want to sell you a minimum size package and they have to order it from the head office.

Answer 4

Convert when you get to Amsterdam. The rates here are terrible. You have to pay a fee no matter where you exchange even in a bank. If you want, contact American Express and you can convert some first. Check the rates. I think AE has good rates. You can buy AE traveler checks in Euro. Whatever you do, don't exchange at any US airports. The rates at the US airports are the worse. When you get to Amsterdam, go to a large bank to exchange. Don't do it at the Schipol airport or at the hotel. Oh, they have Money Changer in Europe too. Stay away, too many counterfeits.

Answer 5

There's always a fee for converting money; banks and currency exchanges are not in the business for charity. I suspect that your local bank would give you a better rate than if you converted dollars in Amsterdam, as they would probably have higher rates, knowing that tourists and foreign travelers are a captive market.

Answer 6

In Amsterdam is a wide spectral range of attractions for recreational and cultural sightseeing. They vary from amazing previous houses, like the Oude Kerk, to oddities like the Hash

Answer 7

Matrix gave you good advice.

You also might want to check with your bank to see what their fees are for currency conversion when using an ATM; it might be less than conversion there.

I only bring enough cash for taxis, snacks, etc., and pay for everything else (and get cash) with my debit card.

Answer 8

very interesting question