We're renting an apartment in Rome in late December. We've paid a deposit online using VISA but they want the remainder paid in cash when we get there. The problem is that in the past I've been able to withdraw only 200 euros a day. Should I go to an AmEx office once there? Get the money here in the US? Thank you!
Posted by
US Pacific Northwest
10344 posts
Good question and one that's frequently asked here. Go here to see our latest discussion of this, from a few days ago: http://www.ricksteves.com/graffiti/helpline/index.cfm/rurl/topic/57338/will-need-lots-of-cash-40in-euro39s41-to-pay-apartment-balances.html
Posted by
OP
New York City, NY
299 posts
Thank you, Kent. I read the answers on the url you sent - hadn't seen it. I think I'll go to my bank and see if I can increase the daily withdrawal amount for 2 of us and just eat cheap the first day! I appreciate your help.
Posted by
Wichita
831 posts
Dorothy, ATMs (bancomats) are the easiest and cheapest way to get euro. Check with your bank to verify your limit is high enough to cover the amount you want, if not, ask them to raise the limit. On joint accounts sometimes the limit is per card not account so two cards could each take out the limit on the same account. Open another account to increase the amount you can withdraw. It is also a good idea for a backup. Look for the best deal for this new travel account. See http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange
You want a low(or Zero) foreign transaction fee and a low or zero charge for out of network fees. Italian banks will not charge you for using their bancomats. On the back of your ATM or debit card you need a Visa - Plus or MasterCard - Cirrus symbol. The Italian bank ATM may have a transaction limit (the amount you can pull out at one time), usually between 250 and 500 euro, but you can perform multiple transactions until you reach your bank's daily limit. When you get there ask your apartment owner where is the nearest bancomat? The owner will probably walk you to it so you will not be carring a lot of cash long.
Posted by
Minneapolis, MN, USA
8700 posts
Henry has given you very good advice. Here's another option. If the apartment owner will accept a bank draft in euro, open an account with XE Trade (www.xe.com/fx). Money will be taken from your checking account by electronic transfer and a bank draft in euro will be make payable to the person of your choice (the apartment owner). Instead of having the draft mailed to Italy, have it mailed to your home. Take it with you and hand it over in person when you arrive. The exchange rate will be only slightly more than the international rate on the day the transaction is initiated. There are no fees.
Posted by
OP
New York City, NY
299 posts
Very helpful ideas, Henry and Tim. You guys are all great! Thank you.
Posted by
Houston, Texas, USA
158 posts
one additional note, i know wells fargo has this requirement and other banks may as well; the balance in your account must be at least what your want your daily ATM withdrawal limit to be when it is raised. for example, if you want them to raise the ATM withdrawal limit from $300/day to $1000/day you must have at least $1000 in your account AT THE TIME THE LIMIT IS INCREASED. you don't need to keep the balance at that amount, but for what ever reason, they can't/won't raise the limit above what the CURRENT balance in the account is.