Best banks and cards for changing dollars to Euros: Study

June 28, 2011

If you’re planning a hop across the pond this summer, think carefully about how you’re going to convert your dollars into Euros. Doing it the wrong way could cost you almost 15 cents of every dollar you exchange, according to a new study by Card Hub, a web-based comparison site.

The best way to convert money now is with your credit card; especially if the card is a Visa with no additional currency conversion fee, the study said. Visa was offering the best exchange rates today, at $1.42 per euro.  Next closest was MasterCard cards, offering Euros for $1.43.

The worst way to convert your dollars is at the “convenient” currency exchange kiosk at the airport, said Card Hub. It priced the same exchange at the Travelex window at John F. Kennedy Airport and found it costs $1.62 per Euro and there was a $9.95 fee involved in exchanging $300, too.

If you want a pile of Euros to take with you, go to your bank.  The most favorable terms were offered by Northern Trust, Chase, Harris Bank and PNC, the survey reported.

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