Many of our compatriots, in the old fashioned way, store reserves in hard green currency, often in cash. If you know in advance what is traveling in Europe, it is better to initially save only euros! Even if the euro/dollar exchange rate fluctuates, double exchanges will eat up all potential profits. But what to do if the dollars have already been collected, but you need to go to Europe?

1. The simplest, but also the most expensive option is to convert everything into euros in Russia before leaving. In this case, be sure to ask if the exchanger has a discount for double exchange.

2. The second simple option is to bring dollars and convert everything into euros upon arrival. Although in this case there is no double exchange, usually in Europe, exchange losses are slightly higher than in Russia. If the amount is large, then it makes sense to go to the center of a large city. In addition to the conversion loss itself, in most EU countries there is also a small exchange fee from 2 to 20 euros, depending on the amount.

ATTENTION. In Europe they accept ONLY good quality banknotes, not wrinkled, not torn or old!!! They may also refuse to accept bills that are too small or too large. That is, you can only bring brand new bills of 20-100 dollars, the rest should be converted using other options.

3. The third option is to open a dollar card in your home country and then pay for purchases using this card. If the amount allows and you do not need money urgently, this option makes it possible to cash out dollars into goods at a rate very close to the interbank one. In this case, the commission is not withdrawn.

4. The fourth option is to send dollars to yourself in Europe. Some inexpensive money transfer services, such as contact or anelik, provide this opportunity. In this case, you can send lower-quality money and not take it with you and convert it at a relatively inexpensive rate. Payment for such pleasure is on average 2% of the amount. Transferring from your Russian account in dollars to your European account in euros works in approximately the same way, but you have to be careful here, since not all banks accept such transfers without a preliminary paid conversion, and it is usually at a very bad rate.

5. The fifth option is to try to use the cross rate for non-cash exchange. That is, open a dollar and euro account, deposit dollars, then transfer dollars from the account to a euro account, and then cash out. But when using this route, through reliable banks like Alfa or Sberbank or Raiffeisen, there will be BIG losses due to many operations, each of which is paid.

In general, dollars are not in use in Europe and do not expect that, if necessary, you will be able to pay for something in dollars. In practice, such payments occur only for services between our compatriots. And the rest will need to exchange dollars for euros, and if you urgently need to exchange an amount of less than 200 euros, then the loss may be more than 5% of the amount, since there are few exchangers and, as indicated above, they are entitled to additional fees.

Advice from an Expert - Financial Consultant

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Although the dollar has rallied recently, it is unlikely to make a full recovery before the end of the year. Therefore, a win-win option, especially if you are going to Europe, would be to exchange it for euros. But how? There are four optimal exchange methods. Just follow these simple step-by-step tips and you'll be on the right track.

What you need to have- Currency in dollars;
- a suitable bank branch.

Quick step by step guide

So, let's look at the actions that need to be taken.

Step - 1
Go to an exchange office, get rubles for dollars, then use these rubles to buy euros. There is only one piece of advice here: you should not go to the exchange office closest to you, but to the place where the difference between the euro and dollar rates is smallest. The option, of course, is not the most advanced, but very fast, reasonable and affordable. Especially when it comes to small amounts. There are two minuses: firstly, in exchange offices the dollar exchange rate is lower than the official one, and the euro exchange rate is higher; secondly, these are always two operations, for each of which a certain commission is charged. Next, move on to the next step of the recommendation.

Step - 2
Exchange dollars for euros immediately at a special cross rate if a dollar costs, for example, 0.8 euros, and we are not talking about any additional currency (in our case, rubles). Direct exchange is cheaper in some cases. But not all banks exchange currency in this way. Also, this method will not necessarily be profitable. It is important to remember that the numbers here are different and change every day. Next, move on to the next step of the recommendation.

Step - 3
Open two accounts: in euros and dollars, then transfer money from one to the other. The rate here is different, and it may also be lower than the previous ones, or maybe higher. This is influenced by the bank that determines the rates, as well as current market conditions. Opening and maintaining an account does not require additional costs. At the same time, an account in euros can be linked to a plastic card, which will be very convenient for traveling with it to Europe. Next, move on to the next step of the recommendation.

Step - 4
Go to Europe with dollars and exchange them for euros there. But this option is only for mention and completeness of the picture. Experts here are unanimous: in any case, losses in such an exchange will be more significant than with its alternatives in Russia. In addition, doing this abroad will be much more difficult if you have never been to the country where you are planning to go, do not know the local language and are not very familiar with the area.
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Instructions

Go to an exchange office, get it for , then use these rubles to buy euros. There is only one piece of advice here: you should not go to the exchange office closest to you, but to the place where there is the smallest difference between the euro and . The option, of course, is not the most advanced, but very fast, reasonable and affordable. Especially when it comes to small amounts. There are two minuses: firstly, in exchange offices it is lower than the official one, and the euro exchange rate is higher; secondly, these are always two operations, for each of which a certain commission is charged.

Exchange dollars for euros immediately at a special rate, if it costs, for example, 0.8 euros, and we are not talking about any additional currency (in our case, rubles). Direct exchange is cheaper in some cases. But not all banks exchange currency in this way. Also, this method will not necessarily be profitable. It is important to remember that the numbers here are different and change every day.

Open two accounts: in euros and dollars, then transfer money from one to the other. The rate here is different, and it may also be lower than the previous ones, or maybe higher. This is influenced by the bank that determines the rates, as well as current market conditions. Opening and maintaining an account does not require additional costs. At the same time, an account in euros can be linked to a plastic card, which will be very convenient for traveling with it to Europe.

Go to Europe with dollars and exchange them for euros there. But this option is only for mention and completeness of the picture. Experts here are unanimous: in any case, losses in such an exchange will be more significant than with its alternatives in Russia. In addition, doing this abroad will be much more difficult if you have never been to the country where you are planning to go, do not know the local language and are not very familiar with the area.

Sources:

• how to change dollars to rubles

Holidays abroad are directly related to currency exchange. This usually happens twice: upon entry and upon exit. In order not to be deceived and not to lose on commissions, you need to know some rules.

The first occurs mainly at airports after arrival. You need money to pay for a taxi, to buy a SIM card if necessary, or simply to buy water. It is not recommended to exchange the entire amount, since the exchange rate at the airport is not the most favorable. When exchanging currency at a bank, you need to look at the commission. The commission may depend on the amount you exchange, or it may be fixed. In Asian countries, the rate depends on the denomination of the banknote: the higher the denomination, the better the rate. It is recommended to keep the exchange receipt, as it is sometimes necessary when leaving to exchange local currency for euros or dollars, as proof that the money was purchased legally. You can exchange currency at the hotel, but again at not the most favorable rate. But if you choose between a hotel and a black market or an unknown exchange office in the city, it is better to choose a hotel. Exchanging currency at exchange offices located not in banks, but simply on the streets, can lead to the fact that a commission will be charged, which is not warned in advance, banknotes may be issued, and sometimes counterfeit banknotes, returning which will be problematic and will have to waste time to communicate with the police. It is better not to agree to the lucrative offers of those who change currency “out of hand”, offering a favorable rate. In this case, there is a risk of receiving a smaller amount, counterfeit bills or even sheets of paper. Moreover, in some countries such operations are considered illegal.

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Tip 3: How to solve money issues when traveling abroad

When planning a vacation abroad, you should think through and plan everything thoroughly in advance. This is especially true for the money issue. There are some important factors that must be taken into account.

Pay for your hotel at home

For those planning a trip on their own, it is better to pay for the hotel before departure. Firstly, this way you will be insured against increases in the cost of hotel services, for example, due to fluctuations in the exchange rate, and secondly, you will not have to take a large amount of money with you.

Take current bills

Take 20 to 30% of your expected expenses in cash. Moreover, try to stock up on the most popular banknotes (medium denomination), so as not to “shine” banknotes once again when changing.

Warn the bank

Before leaving, be sure to inform the bank whose card you are taking on vacation. Otherwise, you may be in for a surprise when you arrive in another country. The bank has the right if it was used without warning in another country. In this way, the bank protects its clients’ funds in case of card theft.

Withdraw money upon arrival

If you are traveling to a country whose currency is different from dollars and euros, it will be more profitable to withdraw the required amount upon arrival from your ruble bank card. The idea is that when you buy currency in this country with dollars and euros, you pay for double conversion - into dollars or euros, and then from dollars or euros into the desired currency. And when withdrawing money from the card, you make only one conversion - from rubles to the desired currency.

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If you are planning a foreign business trip, a tourist trip abroad, or simply intend to store your earnings in a certain currency, you will definitely need information about where and how you can exchange money. Today, on the territory of the Russian Federation, legal money exchange is possible only through credit organizations, but there are a number of ways that allow you to change currency outside of a bank. Is it wise to use them? What information do you need to have to protect yourself when making a conversion?

Instructions

Exchanging cash currency outside a bank office always entails certain risks. To minimize them, you need to know about the most common tricks of scammers. The most common of them concerns the discrepancy between the purchase/sale rate indicated on the digital display and the real rate at which the conversion is carried out. Usually the rate at which currency exchange is carried out is less favorable. The cashier can explain to you that the rate indicated on the display is outdated, does not include an additional commission, or is valid for exchanging large or pre-ordered amounts. Therefore, independently calculate how much money the exchanger employee should give you. If they try to deceive you using one of the methods listed above, demand that the transaction be canceled and your money returned without deducting a commission. By the way, do not forget to recalculate the returned amount. If it turns out to be less than required, call the police immediately!

You can exchange currency at some ATMs or terminals. Most often they are located in crowded places: large shopping centers, airports, and embassies. The most common danger of this conversion method can be considered standard fraud with plastic cards: phishing, skimming, or errors in the operation of the cash dispensing device itself. Therefore, when exchanging currency, be extremely careful: cover the keyboard with your hand when typing the PIN code, count the money given to you and do not forget your plastic card in the device. When carrying out the operation, do not use the help or advice of strangers, and if you suspect fraud, contact the bank that owns the ATM, or urgently call the police.

To clarify whether the exchange office operates legally, you need to call the territorial administration of the Bank of Russia in your region and check with its employees whether the bank you have chosen has a license to conduct such operations. If the answer is negative, it is necessary to inform the Central Bank employees about the location of the illegal exchange office, and also convey this information to the police. In addition, on the website of the Central Bank of the Russian Federation there is a list of “black” exchangers. You can check it to make sure that the exchanger you have chosen operates legally.

note

Today, only operational cash desks of banks have the right to conduct exchange and purchase/sale operations of foreign currency. In addition, the requirements of the Bank of Russia state that cash desks operating outside the bank’s premises are required to post on the information stand information about the name of the credit institution to which they belong, as well as its contact information: legal address and telephone numbers of employees supervising exchange transactions. If you do not find such information, you can be sure that you are in a “black” exchange office that operates illegally.

How to exchange existing dollars directly into euros as profitably as possible? This question worries quite a lot of people. First of all, we recommend that you familiarize yourself with the current rates of all available banks. However, you should not expect to make serious profit from this operation. Here we are talking more about how to lose less.

We will describe the main methods of exchanging dollars for European currencies in more detail below.

Currency exchangers from banks

Exchange in this way is the most accessible. However, the problem is that the available dollars will first have to be converted into rubles and only then into euros.

To obtain maximum benefit, the operation should be divided into two stages. In each of them, choose an exchange office with the most favorable rate.

This method is quite banal, but it saves a lot of time and impresses with its accessibility.

However, it has at least a few shortcomings. First of all:

• dollar prices are lower than the official Central Bank rate;
• Euros are sold much more expensive.

As a result, despite the relatively small difference, the real losses will be quite significant. This state of affairs can be explained quite simply - there is a lot of cash dollars in the country, and the demand for them is falling day by day. The situation with the euro is diametrically opposite - they are in short supply.

Another significant drawback is quite obvious - you have to perform two multi-currency transactions instead of one. Consequently, the bank will have to pay again for the services.

Internet banking

Whether you live in Moscow or any other city, you will be equally comfortable changing currency online. As practice shows, sometimes they give a more pleasant course here. Moreover, it is most profitable to carry out an operation in the morning - it is during this period that the spread (that is, the difference between buying and selling) is minimal. It increases in the evening, and at the same time losses often amount to 4 rubles. The only trouble is that some banks do not change rates throughout the day. Nevertheless, this option is the safest and simplest, because the client does not even need to leave the house.

In general, for those who need a certain currency, experts recommend getting a specialized bank card. In particular, if you put the available cash dollars into your account and take such a means of payment on a tour of Europe, the money will be automatically converted at a rate close to the interbank rate. However, there is usually no commission charged.

We exchange dollars directly for euros without rubles

This method is called cross-rate exchange. In this case, it is possible to avoid attracting national currency and save on financial institution commissions.

What is the essence of such an operation? The exchange is made from one currency directly to another, at the current market rate. Thus, if they give 0.9 euros per dollar, then within these limits they will convert you.

Quite often, direct exchange is cheaper for the client. However, this method also has disadvantages. Firstly, not all organizations offer such a service.

Unfortunately, such an operation is not carried out at Sberbank. For those who live in Moscow, we recommend contacting:

• NS Bank;
• Plus Bank;
• Vneshfinbank;
• FC Otkritie;
• Alfa Bank;
• VTB 24;
• OTP Bank.

In this situation, it is also important to understand that the method described here does not always end up being the most profitable. The problem is that the exchange rate for each individual currency is formed individually. In direct exchange, quotes are determined differently. As a result, the difference is often quite significant.

For those who may be interested, we recommend that you read the specialized literature. However, it will be very difficult for an unprepared person to understand the rather confusing schemes presented there. In principle, it is enough for him to know that banks use three different types of rates:

• interior;
• exchange;
• cross course.

Each of them is formed according to specific rules.

Be that as it may, it is necessary to take into account only those values ​​that are available to the financial institution at the time of the multicurrency transaction. Market conditions change daily, and one day it may be more profitable to convert dollars directly into euros, while on another it turns out that it is more correct to use the intermediary of the ruble.

Exchange via bank accounts

In this case, money is transferred between specially opened accounts. One is in dollars, and the other, respectively, in euros. Opening them is quite simple, but if necessary, it is enough to send funds from one card to another using an online service.

In this situation, banks usually use another option for the exchange rate, which often turns out to be more profitable than the exchange rate. At the same time, it is recommended to find out all the details before the operation so as not to incur a loss. Sometimes the cost of this type of exchange makes it not very attractive to the client.

The advantage of the considered method is serious time savings.

Exchange dollars directly in Europe

This method can be called the most desperate. In general, it is the least attractive, since in the EU multicurrency transactions are carried out in compliance with many formalities, and the exchange rate there is not very favorable. The problem is that the banks there make a big difference between buying and selling. In comparison, Russian financial institutions are simply charitable societies, where all the staff are filled with altruism and readiness to provide selfless help.

There is another important point - in Europe you can easily exchange only banknotes that are in very good condition. It is better to leave old pieces of paper (and especially torn ones) at home. The same applies to old-style banknotes.

Also, in EU countries they are very suspicious of people changing large amounts of cash - there are cases when such clients were simply refused to be served.

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