As I posted in this thread
For decades I would use AAA to buy foreign currency. They used current exchange rate and free delivery via Fex Ex. You could also charge it if you wished and they would post it on your credit card as a purchase not a cash advance.
But it appears they’ve discontinued issuing paper currency. I’m going to Spain next month and just tried to buy some Euros and it’s not available on their website any more.:mad:
I just bought currency from them in November so it’s a recent thing.
Anyway, I like to have a bit of paper money on me when I travel so I looked into a company called 'International Currency Express". What piqued my attention was they require a copy of ones DL or passport and full information even if one is paying by CC and having the money shipped to the CC billing address.
Never been asked for this before. They say "The U.S. Patriot Act and other various government reporting laws require this business to obtain the name, address, profession and a copy of a government issued identification from our clients." Yet I’ve never had to provide this before. I was only looking for a couple hundred Euros for pocket money for when I first arrive.
Whether this particular company is legit, I have no idea. It is true that KYC requirements for financial institutions have gotten significantly stricter in recent years, in part due to provisions in the Patriot Act.
Use your ATM card when you land. It’s easier and cheaper than currency exchanges.
Yes, the information request is legitimate. I’ve had to do it at the airport when making the purchase/exchange in person. I’ve also checked several other companies online and they all list this requirement. The company is also legitimate.
If you are uncomfortable sharing this information online or via the mail, you should be able to do it at the airport, as another option. As it’s Euros you need, you may even be able to do this at your bank.
It is a good idea to have paper money on hand for Spain. IME, not everything/everyone will take plastic (cabs for example). (Just a re-affirmation of your decision. I’ve been caught out there before.)
I can’t say whether the request is legitimate. It doesn’t sound like an unreasonable request for money service businesses but I just came to reiterate Friedo’s advice to just use an ATM when you land. Call your bank and ask about the Euro exchange rate for an ATM withdrawal and compare that with the rate available from this company. You’ll probably be much better off using the ATM. There is nothing between the jetway and the first ATM you see that you absolutely must have Euros in your pocket for.
No, the reg is not new, it’s a few years old. BUT in that world, it’s not so much the Law itself, it’s how the Regulators interpret and enforce it. That company could have been audited and the regulators required those additional steps under a interpretation of the Patriot Act. That is VERY common in the industry.
Is it only your local AAA that dropped the service? I couldn’t find a link on AAA’s own site, but googling brought me here, which seems to be what you wanted.
I’m with pkbites on having a bit of cash in your pocket. We got stranded in Paris once, late at night, when our B&B person didn’t show up to open the door. It all worked out, but having some euros in my pocket was very re-assuring, rather than standing at an outdoor ABM at 11 pm on a cold winter night.
But it’s no problem for me to get foreign currency. The main branch of my bank in the city is just down the block from where I work, so ordering some foreign currency is easy.
Never had to give all the info that they’re asking in the States. Canadian laws must be different.
I just looked up their rates. For 385 euro, they would charge me either $503 or $516, depending on how rapidly I wanted it. That’s a cost of roughly $28 to $41. Depending on your bank, you could cut the cost of that transaction substantially by using an ATM when you land at the airport.
Or if you just really want to have cash on your way over there, I’m not going to try to convince you to save money.
Took forever and several numbers to get the proper person on the phone. Local office was freaking clueless.
Irregardless. When I attempted to purchase I received a message that AAA no longer sells foreign currency or travelers checks.
I have been to over 20 countries and have never been pickpocketed nor ripped off. Dare I say I am more travel savvy than most people will ever be.
AAA had a travel pack kit that had about $100 worth of small bills and coins. The cost over exchange rate was about five bucks. Good enough for walking around money until you find an ATM. Sometimes when one arrives at a foreign airport the place is packed and there are lines and all one wants to do is get to their hotel and shake off the jet lag. Having a bit of pocket cash for the day is wise.
I’d have to go to downtown Milwaukee, deal with parking and construction, during busy busy busy business hours, during the time I’m usually sleeping (I work nights). Can’t do it on Sunday my off day. So much easier to have it delivered right to my door.
I’m baffled that some of you seem perplexed by the concept of having a bit of local currency on hand before arriving at a foreign destination. Everyone I know does that and AAA even had a kit specifically for that purpose.
This advice won’t help if there are none within walking distance in downtown Milwaukee, but while travelling I have encountered ATM machines that dispense multiple currencies, always including Euros, so you can get pocket money before flying without walking into a bank, waiting in a queue, messing with cheques, or getting cheated by a shady money-changer. They came in handy a couple of times, too.
I don’t use them very often but I’ve never had an ATM in the U.S. offer Euros or any other foreign currency. Some at O’Hare might. I’ll check when I get there next month.
