Euro conversion can be accomplished by a variety of means, both physical and electronic. Knowledgeable business travelers can reduce their overseas expenses by learning which conversion of euros to dollars works best for them. Launched as physical bank notes and coins in 2002, the euro is now the official unit of currency in 15 European countries. For business travelers, conversion to euro—a single currency—is easier than converting American dollars into multiple currencies, such as lire, deutschmarks and francs, when trips to different countries required this monetary flexibility.
Despite this ease, savvy business travelers should plan for all expected monetary needs before leaving home. The euro conversion rate is constantly changing, and depending on the trends and the amount of cash you expect to use, deciding whether to use a currency exchange at the airport or an ATM on foreign soil can mean significant dollars. You should know:
1. The conversion rate to euro on the day of your trip and the general trend over the course of two weeks prior;
2. Fees your bank will charge you for withdrawing cash from ATMs in Europe;
3. Fees associated with using your credit card abroad.
Action Steps
The best contacts and resources to help you get it done
Use an online money transfer service to conduct your euro conversion
As more and more transactions are conducted electronically, the old paradigm of euro-to-dollar conversion at the airport is no longer an economical strategy. Transferring funds electronically from one currency to another is a good way to lock in a low euro-dollar conversion rate and deliver it to yourself electronically overseas.
I recommend: Sign up for a corporate account with a currency and foreign exchange site like
XEtrade or FXGlobalTransfer with
OANDA. This will enable you to perform a euro-US conversion at a locked-in rate while at home and collect your cash in Europe.
Understand the features of each euro conversion chart
Many sources of information will give you the "current" conversion to euro rate. However, the global currency market is always in flux, and the euro-US conversion is always changing. The needs of the business traveler vary from those of the foreign currency trader.
I recommend: Use a dependable but easy-to-understand euro conversion chart to stay knowledgeable about the rate of exchange. Currency calculators at
Yahoo! or
Ask.com provide midmarket rates updated every 30 minutes in a user-friendly format that doesn't overwhelm users with graphs and decimal conversion data.
Watch for hidden fees when using ATMs for euro exchange
ATMs are not always the cheapest way to get cash in Europe. As returns from traveler's check diminish, banks are looking to find alternate ways of getting cash from travelers. So-called "conversion fees" are being surreptitiously added on to Visa or MasterCard currency exchange charges. This is in addition to the base transaction fees most banks charge for making ATM withdrawals overseas.
I recommend: Bankrate.com provides a summary of major banks and their associated fees for debit and credit card purchases overseas. A well-regarded euro conversion ATM option is
EverBank, an online-only bank that charges a low 1% international service fee and no foreign ATM charge.
Tips & Tactics
Helpful advice for making the most of this Guide
- Using a credit card abroad is the safest way to get the best euro conversion rate, but make sure you take one that is universally accepted (Visa or MasterCard) and doesn't charge excessive fees for use overseas.
Subscribe to
Try our free weekly WhatWorks newsletter, with business how-to advice
& resources from Work.com.
Related Resources from Business.com
Comments
Is any content on this page inappropriate? To let us know, please 
