Is it better to exchange US Dollars in the US or Europe?

Answer 1

Europe generally has a better infrastructure for exchanging money because they have to deal with the issue much more than in the U.S. However, you should avoid changing bills or traveller's cheques as much as possible. Look for a bank that allows you to make ATM withdrawals with as low a conversion fee as you can find, and simply use your ATM card when you need cash. You'll get a much better rate and you don't need to carry wads of cash at any given time.

What ever you do, do NOT exchange money at a hotel or other commercial business because they will tack on their own costs in addition to the base conversion charges. Also do not fall for a scam where a merchant will offer to write up a bill in U.S. dollars "as a convenience". You'll end up paying two conversion charges, once when the bill is processed back into euros so it can go through the European banking system, and a second time when it's re-converted to dollars in the U.S.

Go to www.ricksteves.com for loads of good advice from people who travel extensively.

Answer 2

It is always best to have some money for where you are going, so you should change at least some of your money before leaving the USA. You also need to be sure of what currency you need as there are different currencies in Europe. The Euro is well known, but it is not the only currency in Europe. So find out what currencies are used in the countries you intend to visit.