buying Euros

You will probably have to buy Euros ahead of time.

The daily limit is probably $500 on your debit card (about $350 Euros). The limit is to protect you from having your account cleaned out before you can put a hold on your account. You can ask to have the limit increased; some banks will, most won't.

You can either bring multiple debit cards from different accounts so you can get all the cash you need or order some from a Commercial bank before your trip.

If I have to take a trip to a bank, I'd rather do it before the trip rather than use up valuable vacation time while there. ATM's are easy, getting to an open bank is a little more difficult. There are money changers in the airport but they're more expensive.

I suggest that you open an account with www.xe.com/fx. I use mine to send gift money to relatives in the UK and to pay deposits at B&Bs that don't take credit cards. Money is taken from my checking account by electronic transfer and a bank draft is issued in the currency of my choice and sent directly by US mail to the recipient of my choice. The exchange rate is only slightly higher than the international rate on the day the transaction is initiated. There are no other fees. For security reasons it takes a little time and effort to set up an account, but everything goes swiftly and smoothly after that.

If you don't want to send the security deposits and balances in advance, have the drafts made payable to the rental agencies but have them mailed to your home. Take them with you and hand them over in person.

Check with your bank first. I have Bank of America and I got some Euros before heading to Spain so I would have some "hit the ground" money....of course, 300 Euros translated into like $400 with a $7.50 processing fee, but hey, the dollar is weak, so it figures. However, if i had ordered over $1,000 of currency, I would not have been charged the processing fee. The bank's exchange rate fluctuates just like the actual market, so check it on a daily basis and convert on the day you see it the lowest! Anywhere you get money changed is going to cost you. Plus, some banks charge you for just withdrawing money overseas (like $5 a transaction, plus whatever money you withdrew, and a % charge on the transaction) so I would get the "big" money for deposits and stuff BEFORE you go from the bank. My currency came the next day...

The XEtrade (www.xe.com/fx) option seems like the best, and safest, if your rental agencies will accept Euro bank drafts. Their exchange rates are only about 2 or 3 cents higher than the interbank rate.

It does, however, take some paperwork to open an account, and to start, they only give you a trading limit of 1,000 Canadian Dollars, although you can put in a request for a higher limit. That means that you can only request drafts totaling 1,000 Canadian each time you buy Euros. You have to wait a few days until your request is processed and the money taken from your bank account before being able to request more drafts.

The option of buying Euros here, from a bank like Bank of America, before you leave, is expensive. Their rate will be probably eight to ten above the interbank rate. That's a lot more than the rate you will get from an ATM in Europe, plus you have the risk of carrying a lot of cash around with you.

Another option, if you have the time, is to open an account at a European bank, then withdraw money, or get a bank draft, when you arrive. Some European banks, such as Citibank, and I believe HSBC, will open accounts for non-residents.

Everbank in St. Louis sells Euros cheap, and you can open a Euros account with them for a minimum deposit of $2,500. That is the cheapest way to buy Euros here, but then you need some way to withdraw the Euros, since EverBank is only in the U.S. and doesn't deal in cash foreign currencies. They will, however, wire the Euros for free to your European bank account. Like, Citibank in London will open Euro accounts for non-residents, by mail. Again, the application process is a little complicated.

The "catch," however, in your case, is that Citibank does not have offices in Italy or France -- only in Germany, Belgium, and Spain. So, you would have to find a bank in France of Italy that will open an account for a non-resident.

Some ATM cards only charge 1% for foreign exchange, but others charge 3% or more. Since you are in San Jose (I assume that is California) there is probably a main branch of Wells Fargo near you. They charge, on average, 5% over the Interbank exchange rate (just 2% more than some ATM cards), the best I have ever found. You can get the daily rates on the Wells Fargo website and the Interbank rate from Oanda.com.

Mind you, my local bank charges 1% over (1½% with a fee), so I always use the ATMs, but if you need more cash immediately, that is probably the best way.