Finance, Forex and Investments

What's the best way to exchange currency in Europe with the best rate?

I am going to visit different countries in Europe and I don't know which will give you the best exchange rate?? Should I go to Forex in my own country to exchange currency ahead of time? Or should I use my Debit card to withdraw money at ATM machines when I arrive to that particular country? So far I just know if you use ATM at airport is not a good idea, and bringing traveller's cheque does not give you good rates either.

Public Comments

1. Why is using an ATM at the airport a bad idea? I've been doing it for 11 years. That's where I usually make my first withdrawal for cab or train fare. You will get the best rates by using credit cards when possible and an ATM card when you need cash. You will be charged an ATM fee, but it's usually no worse than the commission for changing travelers checks and you still get a better rate. Plus, ATMs are open 24/7, so you don't have to worry if you need cash on weekends or bank holidays. Just be sure to call your credit and ATM card issuers before you go and tell them that you are traveling out of the country. Otherwise, their fraud processes may flag your transactions as suspicious and your cards will be cut off. You'll have no problems as long as you call. I stopped carrying travelers checks 11 years ago and I've never missed them.
2. Are you in the UK? Thomas Cook travel agents declare that they have the best exchange rates. They also issue a plastic card for use when purchasing in shops and withdrawing from ATM machines. You can go into a Thomas Cook branch, pay them in sterling or with your UK plastic, and they will provide you with the plastic card in US Dollars or Euros. There is no charge for making purchases in the Euro countries, and just 2 Euros when using an overseas ATM. You may also opt for a spare card in case you lose the first, and, of course, if your Thomas Cook cards are stolen and misused, your UK bank account is safe. You can keep the card for further use the next time you travel or ask for repayment in Sterling when you come back home.
3. From my experience, ATM machines if a country that uses the Euro. If it isn't, don't convert too much at a time and use your credit card when possible.