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Exchange Euros for Dollars - what is the cheapest way?
I was wondering if anybody could give me advice what to do in terms of exchanging euros to dollars while I'm in the US (long-term). I only have an account in Belgium, so whenever I withdraw money in the US, I have to pay a fee as well as the conversion rate. When I make a credit card payment, the conversion rate applies.
So what would be best: Exchange euros while I'm in Europe, or rather withdraw money in the US? What about credit card payments? Is it cheaper than withdrawing money and pay cash?
How long-term are you talking about? Clearly the best option would be to open an account in the US and use that. Transfer money once from your account here to the US account.
Find a bank here in Belgium that won't charge you a fee for ATM withdrawals in the US. The exchange rate for these withdrawals are the best that you'll find. There are ATMs in the US that won't charge you for withdrawals, but again you'll have to do some research on this.
Otherwise, a currency exchange service is a good bet, much better rates than bank to bank transfers. World First Online is an example, and there are many more. You would need a US account for this to work.
You will receive a check---and where do you deposit that check? Also, what type of credit card do you have? is it a european credit card? And also, what type of purchases, online? In store?
send me your email address if the amounts are less than 10K$, I can propose a method
credit card usually charge 3% but that's standard tourist exchange rate, for day to day use, that's not bad....
Check around with Belgian banks to see if there is one that does not charge a 3% fee for international credit card transactions.
I had a colleague that had an HSBC bank account in Europe and he was able to open an account in the USA. However, this was back in 2007ish so not sure how things have changed since then til now. But maybe look into that bank.
Also, have had colleagues who get the prepaid credit cards, but with those, you have to really check the fees, such as maintenance fees, loading fees, etc, and some are tied to an american bank account. With that said, I had colleagues in the past who had the walmart prepaid card so google that and see what requirements they have.
Open an account in the US and make lump sum transfers when the rate looks good. If you are sending large sums even a small fluctuation in rates can mean several hundred dollars.
I would suggest setting up a TransferWise Borderless multi-currency account. It'll give you virtual US banking details and top notch exchange rates. Here's a good infographic explaining how it works. Hopefully this is exactly what you need!
https://www.icomparefx.com/transferwise-borderless-account-explained-inf...
