Taking advantage of foreign exchange rates for trips?
Let me preface this by saying I'm not very knowledgeable when it comes to currency and exchange rates, so I apologize if some of these questions seem very basic.
I'll be traveling across Europe for about 25 days in the month of June, right before I start working full time. Earlier today, I read on WSJ.com that the euro fell to a 12-month low against the dollar, and it made me think about buying some euros through my bank (BOA) to take advantage of the low exchange rate.
BOA gives me the following exchange rates if I were to order through their website:
GBP - 1.6178 USD
EUR - 1.4073 USD
WSJ lists rates of 1.5264 and 1.3199, respectively. Are 9-point spreads typical? I'm guessing this includes a small fee for the bank + an additional fee since the rates WSJ lists are rates banks use with other banks (and since millions of dollars worth of currency are exchanged, the per-unit transaction costs are lower)?
Since most of the trip expenses have already been paid for (airfare, hotel costs, transportation between countries, about a third of the meals), would it be worth buying $1500-2000 worth of euros? Would I save much money?
Just trying to do what I can to keep my trip costs at a reasonable level. I'd hate to use up all of my bonus money, since I'll need some of that to pay 2-3 months of rent, buy furniture, etc.
Thanks in advance for the feedback!