International (Europe/Japan/Southern Hemisphere) Effective resort advice in Europe

[fatbob]

Sorry if this question has been asked, I tried to look for it. One thing I like about skiing in the US, or at least CO/NM I been skiing last few years, is everything is pretty much cashless. I take my ID and credit card, maybe a little cash that I never end up using. We are going to Chamonix my wife is telling me everyone in france uses euro's, and getting euros in the US is a better exchange rate. I was going to call my CC company/bank ATM and see what they say, exchange rate... Thoughts what's best? Is credit card use a bad idea over there? I put everything on CC in the US.

I use Revolut globally which I believe is available in US. Preloaded debit card accounts in multiple currencies with advance or spot conversion available though app. The last couple of times I've been in Canada I haven't handled cash at all which was only a problem going to a local hockey game where I had to pay in USD cash.

Just always choose the local currency on the machine when asked as the Revolut conversion is close to interbank rather than getting a loading on it.

You'll still need a credit card for rental car deposit etc.

 

[Tex]

They say no fee but their “market exchange rate” will be about 3% higher than the actual exchange rate.

That is exactly my concern. I have always heard that over the years, but I never had the facts. I called the CC company yesterday, they said they don’t do that, what ever you google the exchange rate, that is what they use, a market exchange rate.

CC companies typically use a rate published in the Wall Street Journal which is higher than the actual exchange rate.

Thats news to me.

You can call them and ask for their rate source if interested.

I didn’t ask for “rate source”, that is better wording of the question I had, I may try that. I guess 3% is
not too much.

 

[James]

If you try to change US$ into Euros at the Geneva airport downstairs where the shuttles are, the bank there makes you change into Swiss Francs first, then convert to Euros. So you get hosed twice. At least it was that way 5 years ago.

 

[Tex]

So here is what I think. You google exchange rate, you get a market rate, WSJ, does not matter. 1 Euro = 1.09USD. If you buy or sell, there is spread about 7%. Buy 1 Euro is 1.167USD, sell 1Euro 1.015USD.

Screen shot below market


buy/spread.. if you take buy/sell price and average it, it equals 1.09.

 

[Tex]

So here is what I think. You google exchange rate, you get a market rate, WSJ, does not matter. 1 Euro = 1.09USD. If you buy or sell, there is spread about 7%. Buy 1 Euro is 1.167USD, sell 1Euro 1.015USD.

Screen shot below market
View attachment 229078

buy/spread.. if you take buy/sell price and average it, it equals 1.09.

View attachment 229079

Ok here is more on this, building off my example above. When I use my credit card on my Chamonix trip, looking at the exchange rate my credit card company gave me is the "market rate", 1.09 above (1 Euro = 1.09 USD), and, which I explained above, also equals the "average" of buy and sell rates. So using your credit card is the way to go, and the credit card company does not charge a mark up, like what you pay at bank or airport. I took a lesson in Chamonix, when I paid, there was an option to pay in USD as well as Euro, and the ski school lady told me to use my credit card, that it's a better rate customers have told her.