How do you find a good euro exchange rate?


Quick Answer

To find the best Euro exchange rate, research all current rates, consider credit and debit card coverage and exchange cash and traveler's checks at the destination, notes both the Independent Traveler and USA Today websites. Oanda and Bloomberg business provide a benchmark for exchange rates, and using these tools helps better understand current market rates.

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Full Answer

Visit the Oanda or Bloomberg Business website and select Euro as the currency you have. Utilize the currency conversion tool to select the currency you want, and from there you can view the associated market rate. Oanda offers a currency converter, historical exchange rates and live exchange rates. Additional graphs and financial metrics help understand the exchange rate change over time.

After finding the euro market rates from Oanda or Bloomberg, try to perform the exchange rate with a credit or ATM card, as the rates through these options tend to be up to seven percent better than when exchanging cash or traveler's checks, reports Independent Traveler. When using this method, it is important to consider any fees assessed by the relevant credit card company. Moreover, local vendors, including restaurants and shops, can charge their own fee on top of the exchange rate. Contact a card provider to determine the rates and whether the card belongs to international networks such as Cirrus or PLUS, notes USA Today.

Finally, when exchanging cash or traveler's checks, a more favorable rate is available when exchanging at the destination country, states Independent Traveler. There are exceptions to this rule if the U.S. currency weakens relative to the euro or any other currency. Some of the best rates are available at post office and American Express offices. Airport kiosks tend to have the most unfavorable rates, reports USA Today.

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