Anybody know how much the commission on currency exchange usually is?

[Nero]

Hey guys and dolls.

Anybody know how much the commission on currency exchange usually is? Like if I exchange one grand for euros, how much is the commission usually?
Thanks.

[LivingInGrey]

I'd have to think somewhere around 3% depending on the bank. 5% if you don't have an account with them.

[Nero]

Thanks Living. Is it better for me to do this before leaving the US?

[LivingInGrey]

That part I couldn't tell you, I've never been over seas. I'd imagine it'd be best to have a little bit of foreign on you for cab fair from the air port if needed and such. There could be a possibility that there's a place right in the airport for you to change out some of your money but I'm not sure.

Also, something to think about is Visa/Mastercard is accepted globally and your bank may be able to do the math for you and change the currency when you use your card over seas.

You might want to call your bank to find out, not only that it would be a good idea to tell them your leaving the country and might be using your card. Most banks might flag it as stolen if all of a sudden you use your card in a place where you don't normally do transactions.

[Nero]

Oh okay. That helps. Thanks Living. 

[LivingInGrey]

This might help a little bit. There's some information in here that could help, plus a rundown of some of the different fees and such.

http://current.newsweek.com/budgettravel/2008/10/125_is_buying_you_a_euro.html

For example, say you use your bank's debit card to withdraw $400 equivalent of Hong Kong Dollars from an ATM. You would typically (with a major bank like Citibank or HSBC) be charged 3 percent for the foreign exchange conversion and a foreign transaction fee of about $15. You might also get a $2 foreign ATM fee (the same as if you withdrew from an ATM belonging to a different bank than your own in the US.) Total cost: $29 for a $400 withdrawal. That equates to roughly 7 percent fee. But on the other hand, your bank would offer you a pretty good foreign currency exchange rate through Visa, Mastercard, or a similar interbank system. In contrast, Wells Fargo (like other banks) marks up the currency exchange rate by about 3 to 4 cents on the dollar. So there is a "hidden" fee.

Here is another place I found with some basic information.

http://www.ehow.com/how_4422280_buy-euros.html

here's a link to a forum post I found that has someone asking the same question.

http://www.tugbbs.com/forums/showthread.php?t=103109