Oh, planning a trip to Europe, are we? Or perhaps you need to send euros for another purpose? Getting euros when your primary bank is an online-only institution like Ally Bank requires a slightly different approach than a traditional brick-and-mortar bank. But don't worry, it's completely doable! This lengthy guide will walk you through everything you need to know, step by step, to successfully get your hands on those euros.
How to Get Euros from Ally Bank: Your Comprehensive Guide
So, you've got your Ally Bank account, known for its great rates and online convenience, but now you need physical euros or to make an international transfer. Since Ally Bank doesn't have physical branches where you can walk in and exchange currency, we'll explore the most effective and common ways to convert your USD to EUR.
Step 1: Understand Ally Bank's International Capabilities (And Limitations!)
Before we dive into the "how-to," it's crucial to understand what Ally Bank does and doesn't offer regarding international currency. This will help you choose the best method for your needs.
Sub-heading: Debit Card Usage Abroad
Your Ally Bank debit card is generally accepted internationally wherever Visa or Mastercard are honored. This is often the most convenient way to access funds while traveling.
Important Note: While Ally Bank doesn't charge ATM fees, they do charge an International Transaction Fee of up to 1% of the transaction amount for currency conversion and/or cross-border transactions when you use your debit card outside the U.S. Other ATMs may also charge their own fees, though Ally Bank will reimburse up to $10 in ATM fees per statement cycle (for U.S. ATMs primarily, but sometimes international if identified). This means you might still pay a fee from the ATM owner, even if Ally reimburses some.
Sub-heading: International Wire Transfers (A Key Limitation)
This is a critical point: Ally Bank does not send outgoing international wire transfers. This means you cannot directly wire euros from your Ally Bank account to an international bank account. If your goal is to send money to someone in Europe, you'll need to use an alternative service, which we'll cover later.
Sub-heading: Travel Notifications are Crucial!
Always inform Ally Bank of your travel plans before heading abroad. This helps prevent your card from being flagged for suspicious activity and ensures uninterrupted access to your funds. You can typically do this by calling their customer service at 1-877-247-2559.
Step 2: Choosing Your Method for Getting Euros
Given Ally Bank's structure, you have a few primary ways to obtain euros. Your best option will depend on whether you need physical cash or need to send money digitally.
Sub-heading: Option A: ATM Withdrawals in Europe (For Physical Cash)
This is often the most straightforward and cost-effective way to get physical euros while you're actually in Europe.
Pros: Convenient access to cash at numerous locations, often better exchange rates than currency exchange kiosks.
Cons: Potential ATM fees from the local bank (though Ally may reimburse up to $10/cycle), daily withdrawal limits, and the international transaction fee from Ally. You'll also need to be in Europe to do this.
Sub-heading: Option B: Using a Third-Party Money Transfer Service (For Digital Transfers or Cash Pickup)
If you need to send euros to an account in Europe, or if you prefer to get physical euros before your trip by picking them up at a location, a third-party service is your go-to.
Pros: Can often offer competitive exchange rates, lower fees than some traditional bank services, and enable international transfers directly from your Ally account (via ACH transfer to the service). Some services also offer cash pick-up options in various countries.
Cons: Requires setting up an account with a new service, transfer limits may apply, and transfer times can vary.
Sub-heading: Option C: Exchanging Currency in the U.S. (Less Recommended)
While possible, exchanging USD for EUR at a local currency exchange or a traditional bank branch before you leave the U.S. is generally not the most economical option.
Pros: You have physical euros in hand before you depart.
Cons: Often has unfavorable exchange rates and high fees. Since Ally doesn't have branches, you'd need to use another bank or a dedicated currency exchange service, likely incurring additional fees.
Step 3: Step-by-Step Guide for Each Method
Now, let's break down the practical steps for each method.
Sub-heading: Method 1: Getting Euros via ATM Withdrawal in Europe
This is typically the most common and often best-value approach for travelers.
Before You Travel: Inform Ally Bank of Your Travel Plans.
Call Ally Bank's customer service at 1-877-247-2559.
Clearly state your travel dates and destinations (e.g., "I will be traveling to France, Italy, and Germany from August 1st to August 15th"). This is essential to prevent your card from being blocked due to suspected fraud.
Before You Travel: Check Your Daily ATM Withdrawal Limit.
Log in to your Ally Bank online account or app.
Find your debit card details or contact customer service to confirm your daily ATM withdrawal limit. This is important so you don't find yourself in a bind needing more cash than you can get.
Upon Arrival in Europe: Locate a Reputable ATM.
Look for ATMs affiliated with major networks like Visa, Mastercard, or Cirrus/Plus. These are widely available.
Avoid independent ATMs in obscure locations as they might have higher fees or be less secure. Bank-affiliated ATMs are generally the safest bet.
At the ATM: Select "Withdrawal" and Your Checking Account.
Insert your Ally Bank debit card.
Choose "Withdrawal" and select "Checking Account" (or the equivalent) when prompted.
At the ATM: Choose "Euros" and Enter the Amount.
The ATM will display the option for withdrawing in euros.
Enter the amount of euros you wish to withdraw.
Crucial Tip: Decline Dynamic Currency Conversion (DCC).
This is incredibly important! Many international ATMs will offer you the option to complete the transaction in USD or EUR. Always choose to be charged in the local currency (EUR). If you choose USD, the ATM operator will perform the currency conversion at their own, usually much worse, exchange rate. Let Ally Bank's network handle the conversion.
Review and Confirm:
Check the on-screen details, including the amount and any local ATM fees (which you might still be charged, even with Ally's reimbursement policy).
Confirm the transaction.
Keep Your Receipts:
Save all your ATM receipts. This helps you track your spending and reconcile any potential ATM fee reimbursements from Ally Bank.
Sub-heading: Method 2: Using a Third-Party Money Transfer Service
This is ideal for sending money directly to a European bank account or for getting physical cash before you leave (if the service offers pick-up). Popular services include Wise (formerly TransferWise), Revolut, or Xoom (a PayPal service).
Research and Choose a Service:
Compare different services based on exchange rates, fees, transfer limits, and transfer speeds. Wise is often highly recommended for its transparent pricing and mid-market exchange rates.
Check if the service allows you to fund your transfer via ACH (bank transfer), which is how you'll move money from Ally.
Sign Up and Verify Your Account:
Create an account with your chosen service. This typically involves providing personal information, verifying your identity (ID upload), and linking your bank account.
This verification process can take a day or two, so plan accordingly.
Initiate a Transfer:
Log in to the third-party service.
Select "Send Money" or "Transfer."
Enter the destination currency (EUR) and the amount you want to send.
Provide the recipient's bank details (IBAN, SWIFT/BIC code for bank transfers) or choose a cash pickup location if that's your preferred method.
Fund the Transfer from Ally Bank:
When prompted to fund the transfer, choose "Bank Transfer" or "ACH Transfer."
The service will provide you with their routing number and account number.
Log in to your Ally Bank account (online or app).
Go to "Transfers" or "Send Money" and initiate an "External Transfer" (or "Transfer to another bank").
Enter the third-party service's bank details and the amount you need to transfer to fund your euro conversion.
Note: Ally Bank does not charge a fee for ACH transfers to other institutions.
Confirm and Track:
Confirm the transfer details on the third-party service's platform.
You'll receive updates via email or within the app as your transfer progresses.
Step 4: Important Considerations and Tips
Exchange Rates: Exchange rates fluctuate constantly. When using an ATM, the rate applied will be the one on the settlement date, which can be a day or two after your transaction. Third-party services often offer better, more transparent rates, sometimes at the "mid-market" rate with a small fee.
Fees:
Ally Bank's International Transaction Fee: Up to 1% on foreign transactions with your debit card.
Local ATM Fees: Varies by ATM owner; Ally may reimburse up to $10 per statement cycle.
Third-Party Service Fees: Can include a flat fee, a percentage of the transfer, or a margin on the exchange rate. Always compare!
Security:
When using ATMs, be aware of your surroundings, and cover the keypad when entering your PIN.
Use strong, unique passwords for any third-party money transfer services.
Emergency Funds: Always have a backup plan. This could be a second debit/credit card from a different institution, some emergency USD cash, or a travel credit card with no foreign transaction fees.
Credit Cards: Consider using a credit card with no foreign transaction fees for purchases while in Europe. This can be more secure than carrying large amounts of cash and often provides better exchange rates. Just remember to pay off your balance to avoid interest charges.
Step 5: Enjoy Your Euros!
Once you've successfully obtained your euros, whether from an ATM in a charming European city or through a seamless online transfer, you're all set! Remember that a little planning goes a long way in ensuring your financial transactions abroad are smooth and stress-free.
10 Related FAQ Questions
How to notify Ally Bank of my travel plans?
You can notify Ally Bank of your travel plans by calling their customer service line at 1-877-247-2559. It's crucial to do this before you depart to prevent any holds or blocks on your debit card due to suspected fraud.
How to find fee-free ATMs in Europe with Ally Bank?
While Ally Bank has partnerships with Allpoint® and MoneyPass® ATMs in the U.S. for surcharge-free withdrawals, these networks are less common or may not be surcharge-free internationally. Ally Bank states that they will reimburse up to $10 in certain ATM fees each statement cycle, even for some international ATMs where the fee is clearly identified. Your best bet is to look for ATMs associated with major banks in Europe.
How to avoid foreign transaction fees with Ally Bank?
You cannot completely avoid Ally Bank's international transaction fee of up to 1% when using your debit card for foreign currency transactions. However, you can minimize overall costs by choosing to be charged in the local currency (EUR) at ATMs or points of sale (declining Dynamic Currency Conversion) and by limiting ATM withdrawals to larger, less frequent amounts to reduce local ATM fees. Alternatively, consider using a credit card that has no foreign transaction fees.
How to send money directly to a European bank account from Ally Bank?
You cannot send money directly to a European bank account via an international wire transfer from Ally Bank, as they do not offer this service. You will need to use a third-party money transfer service like Wise, Revolut, or Xoom. You can then fund these services using an ACH transfer from your Ally Bank account.
How to check my daily ATM withdrawal limit with Ally Bank?
You can usually check your daily ATM withdrawal limit by logging into your Ally Bank online banking account or mobile app. If you can't find it there, contact Ally Bank customer service directly.
How to get the best exchange rate when converting USD to EUR from Ally Bank?
The best exchange rate is typically found when withdrawing cash from an ATM in Europe and choosing to be charged in the local currency (EUR), as the conversion is handled by the Visa/Mastercard network. For digital transfers, third-party services like Wise often offer more competitive mid-market rates compared to traditional banks. Avoid airport currency exchange kiosks, which are known for poor rates.
How to deal with a lost or stolen Ally Bank debit card while abroad?
If your Ally Bank debit card is lost or stolen while you're abroad, immediately contact Ally Bank's customer service. Their phone number is 1-877-247-2559. They can help you lock your card, cancel it, and arrange for a replacement. Having a backup payment method is crucial in such situations.
How to use my Ally Bank credit card for international travel?
If you have an Ally Bank credit card, it can be used internationally wherever Mastercard is accepted. Similar to debit cards, it's advisable to set a travel notice with Ally Bank for your credit card. Check your specific credit card terms for any foreign transaction fees, as these can vary by card.
How to receive euros into my Ally Bank account?
Ally Bank does not directly hold foreign currencies. If someone sends you euros to your Ally Bank account, the funds will automatically be converted to U.S. dollars upon receipt. Ally Bank does not charge a fee to receive an incoming wire transfer, but the sending bank or an intermediary bank may charge a fee on their end.
How to budget for currency exchange fees when using Ally Bank abroad?
Budget for Ally Bank's international transaction fee of up to 1% on all foreign debit card transactions. Also, factor in potential local ATM fees, especially if you're withdrawing small amounts frequently or using non-network ATMs (though Ally offers some reimbursement). Consider using a travel budgeting app or spreadsheet to track your expenses in both EUR and USD.