I've looked all over the AmEx website, but I can't find the answer to this.

Does AmEx give you a fair rate of exchange on traveler's checks? Or do they gouge the crap out of you like just about any other banking institution I have been researching.

I (for reasons having to do with business in the US) cannot get an HSBC account, and they appear to give the best exchange rate.

I don't want to bring a pile of US hundreds with me for safety reasons, but everything I can access appears to either screw you on the ATM fees or screw you on the exchange rate, or both.

I just opened a Bank of America account, but they charge you five bucks, plus 1% for Visa, plus the charge at the ATM you use, plus the gouge on the exchange rate. It comes out to about 7 to 8%.

I also have no military connections, so the best card, USAA, is also unavailable to me.

So the question is, how bad is the gouge at the AmEx service office there in the hotel on Copacabana. Will they give me close to the true exchange rate?

I am also open to any other ideas you guys might have.

Thanks in advance.

Travelers Checks are the worst choice IMHO. Bring cash and keep it in your safe, then go to some of the illegal cambios in the middle of the day to exchange. That's your best bet if you don't want to use ATM withdrawals.

How will I know how to find a "legitimate" illegal exchange cambio? Do they give a fair exchange rate?

The thought of all that cash makes me nervous in the extreme.

The thought of giving up 20% on the exchange rate by using travelers checks makes me even more nervous.

If you don't want to carry cash and use the cambios, then use your ATM. Those are the only two real options. You can use your credit card at the hotel and in most termas, but the fees they'll tack on are probably more than at an ATM.

"You can use your credit card at the hotel and in most termas, but the fees they'll tack on are probably more than at an ATM."

True, Cat, but some guys love the thought of earning FF miles towards their next trip by using their CCs in the termas. You know how that thinking goes: "Man, if I just do 23 more programs this trip I'll have earned enough miles for a free trip!"

Branquinho, you are awesome... I never thought of getting double credit at the Termas, frequent flyer miles as well as frequent fucker miles!