How much Euro to take?

No matter the exchange rate, get the smallest amount you need to feel comfortable - even though ATMs are at every airport - to get you by public transit to your hotel. No more than that. The exchange rates to buy euros from your hometown bank are awful.

Thank you all for your comments. I know what I'll do now. And Maureen, that is a perfect reason for planning another trip. Gotta spend those Euros!

I don't get any ahead of time. When you land at the airport, there are plenty of ATM's in the airport. I try to make fewer larger transactions so I get charged fewer ATM transaction fees. Your bank may charge a percentage rather than a fee. If that's the case it doesn't matter how much you withdraw each time. You will still be subject to the daily withdrawel limit your bank has set on your account so find out how much that is and when it is refreshed (usually midnight local time at home).

All I really need is enough to get me to my hotel. Then I find a bank and ATM and withdraw local cash. There are reported to be many ATMs at the airport, but I usually don't see the one I want to use and I prefer not to be stopped with my jetlag and luggage while trying to get cash. When I return from Europe I bring home some Euros or GB Pounds for my return. Now that I'm using an Oyster Card for London, I can get into London with no cash at all. I keep enough on my Oyster to get me to my hotel. It only takes about 4 GBP for the trip.

The exchange rates to buy euros from your hometown bank are awful.

Major banks today are charging a 3% currency exchange fee as well as a foreign bank ATM fee as high as $5. That's about 4%. You can buy Euro from Wells Fargo at a main branch for 5% over the exchange rate. That's not much difference for the peace of mind of not depending on finding an ATM the minute you land.

I always bring home several hundred Euro to start my next trip.

I also go through Wells Fargo to get several hundred (or I make sure I have plenty left over from the previous trip). I prefer to not have to deal with ATMs the first day or two.

Check with your bank to see if they have any agreements with European banks regarding ATM fees.

I know Bank of America has a list of banks in Europe that if you use their ATM's, you won't get charged any ATM fees.

That said, I always go over with some foreign currency in my pocket. I also check online where to find the nearest partner bank near my hotel.

I agree with having enough to get you to your hotel and then finding an ATM. We save the euros from our last trip and store them with our passports to use on our next trip. That way, we don't have to worry about bank exchange rates here, and we always have an excuse to use the euros we saved ("we HAVE to go back, we've got 50 euros").

Don't bring any. Correction: don't go out and get any (since you will be murdered with the exchange rates and fees here). If you have any euros left over from a previous trip, bring them (I always come home with some). Otherwise, fuggedaboudit until you have landed in Europe. Every airport will have ATMs that are easy to find, easy to use, convenient, and will give you the best rates you can find anywhere.

One less thing to worry about before you go.

I took 50. I personally would never ever have flown 12 hours to land and have to be exhausted, worried about not speaking the language, not knowing where I was going, finding my luggage, finding my transportation, finding my hotel, making sure I have everything irreplaceable, and on and on, and on top of it worrying about having to find an ATM too. 50 was enough to get me to my hotel and to get a meal. Worked out well for me and that's what I'd do again, but no more than that for sure.

I completely agree with Debra. There can be a power outage, the nearby ATM could not be working, there are many reasons why it is not a good idea to have some local money in your pocket when your arrive in a foreign country. I made that mistake when I was 19 and I really plan on ever repeating it. Pam

Yes, I like Debra's Idea as well. Making my first trip to Italy so it is truly foreign to me. What do you think about bring American dollar and exchanging there at bank, etc., and not having to worry w/ ATM machines and fees? Thanks.

Linda: I'm not aware of anyone doing what you're suggesting (above post, taking large amount of dollars to Italy and exchanging them there). Most experienced travelers use ATM's to get cash in Europe. And many, but not all, get a day or two worth of euros in the US so they don't arrive at the first airport with no euros. Why you should use ATMs to get cash, and much more, is explained by Rick at this link and should be helpful:http://www.ricksteves.com/plan/tips/moneytip.htm

I do take some euro with me because banks in Italy are known to strike fairly often. Not when I've been there so far, but you never know.

OK, I'm getting the message to use ATM's. Being a novice traveler to a foreign country that I do not speak the language and traveling alone until I meet up w/folks-- and only using ATM at my personal bank, seemed a bit of a stretch for me; but will take your advice and plan to do that. Many thanks for all your points of view. Grazi!

Kent - Thanks for THIS Link...reading many books, etc., has been information overload, so muchly appreciated!

Take your ATM card. Machines are in all air terminals; you can buy local currency when you land and use your ATM card any time after that.

I never take currency with me because it is so easy to acquire at the machines in every country.

I have found machines in RR stations, air terminals, bus stations, dept stores, shopping malls, service stations and in front of banks.

Check w/ your bank(s) to ensure that your card(s) will work in ATM's in Italy. I've always used my credit union's MasterCard debit card all over Europe and have never had a problem at any ATM.

As for as taking Euro with you, I've never taken more than what change I had left over from my last trip. I look for the ATM at the airport then hit the ground running.

Linda: You're welcome, glad to help.

I am starting to think that it might not be a bad idea to have about 20 euros or so in my pocket when we get there. There is a Travelex at SeaTac, so it might be worth the piece of mind to take a tiny hit on the exchange rate.

Just one little note on ATMs- if you remember your PIN using the letters, make sure you also know the numeric equivalents, because most European ATMs only list numbers. And I completely agree that ATMs are the best source of cash, and are almost as ubiquitous in Europe as in the US. If I could easily find them in Moldova, there's no reason you shouldn't be able to find them in the more developed regions of Europe.

HI again.... so with the fees per ea ATM transation could be $3-$5 per your local bank and then a fee per the (Italian) bank.... so now i still think it may be better to just change $1000 for Euro before leaving home for a rate of $1.34.... or whatever it is today or tomorrow to "purchase" and then pay one flat fee of $7 or $10... depending where i buy money from. I'm thinking I may be spenind more on fees but time is all done. I'm not a math wiz,,,, but does this make sense to anyone.... OR are you saying to buy it local/ATM in Italy would be so much more of a savings that the few fews, here and there would not as much as purchasing before you left..... ?

With an Amex card, there is no additional surchage conversion fee or from Capital one either; which could be used to. Have ya'll seen Amex with good availability in Italy? Visa? (I understand MC has good availability).

Linda,
See http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

for charges by different banks. No Italian bank will charge for using an ATM (bankomat). In an above post, the poster took the worst ATM card he could find and compared it to the best exchange he could find and the ATM was still a better deal.

You can find both Visa and Mastercard accepted at ATMs almost as often as you can find pizza.

Hi Henry, Interesting info and one that has swayed me, for sure. So with ATM's literally all over, and low fees, it is the way to go (after bringing some initial money to get around). Thank you all so much! Mille Grazi!

I am going to Paris in a few weeks and I need to pay for my apartment up front in cash. Would it be better for me to exchange my money before I leave home? I'm worried that I'll have to visit multiple ATMs to get the amount of cash that I need, and that all of those transaction fees will add up anyway (to be close to what I would have paid at a bank at home). Any suggestions?

we are going on a 10-wk trip to europe next summer. now that the euro is so low, we have bought several hundreds and will buy more in the next few days/weeks. and no matter what it is next summer, we already have some bought at a good enough rate. rate is good enough considering that when i budgeted our trip a few months ago, i was using a 1.59 exchange. i plan to roll the cash and stash it in my bra :) when the time comes.

this may not be practical for those travelling this year. the euro may continue to be low until the end of the year...(may, but who knows). atms still give the better rate.

Kristen; visiting multiple ATMs won't work since you have a daily limit...so you would have to spread it out over several days. There are several option for exchanging larger sums, investigate the costs, others may have suggestions as well: Some of the more common, Take USD and exchange at a bank over there, takes some time, but probably better rates than here or in an exchange bureau there. See if the apartment place will take what is essentially a money order or bank transfer..but that may mean paying before seeing. Another lessor known option that I will get blasted for is use of an advance on a credit card. It can be done smartly. I have an ATT Platinum card that allows cash advance withdrawals from an ATM with no low daily limit (I have a PIN) The fees are the same, actually less maybe, as a credit card transaction and though interest charges apply immediately, I have electronic access to my account and can transfer money from my bank account to pay it off immediately as well. You may want to search the board for this topic, or create a new topic for detailed help.

Kristen,

You may consider opening another bank account and getting an ATM card before you go. This will double your daily limit.

BTW does anyone know the ATM daily limit in Paris? In Italy I could never get more than 250 euros at a time, even though that was way less than my $500 limit. The ATM I went to today in Jerusalem let me take my $500 limit and even gave me a better rate than the published rate for the day!

Don't forget to call your bank(s) and CC companies before you go and let them know what countries you'll be visiting and when.

I'd take just enough to make me feel comfortable for the first day. Only once did I travel without any Euro cash. Simply didn't have the time to get some as there were less than 24 hours between the decision to go and heading out for the airport (family emergency). And there were no Euros left from the last trip as I had spent it all at the duty free shop on German chocolate during my last layover ... I arrived in Frankfurt, an airport I know well using a language I know better than any other - but at 6 am with with few people around to ask, jet lag and my mind on very different issues I had a very hard time finding an ATM. I did eventually get the cash I needed but it does make travel smoother if you can arrive in a foreign country with a little bit of the local currency in cash on hand.

Kristen,
First check with your bank and see if they will raise your daily limit. If you are traveling with a partner that you share an account with check to see if your limit is per account or per card. Next consider opening another account just for travel, a backup is always a good idea. See http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange for ideas on what banks charge. You usually can do multiple transactions on the same ATM if your daily limit is higher than the ATM's transaction limit.

Henry made a good point. We had the experience during our last trip to Italy: my husband reached the limit on bank card for ATM withdrawls and for the rest of the trip we had to use mine which is for an account with a different bank. And yes, I had made the phone call to the bank before leaving to ensure I can withdraw as much as I want. My husband had forgotten to do that (in his defense he was extremely busy to get ready for the business portion of that trip so it slipped his mind).

Beatrix; Aside from any transaction limits, if your husband failed to notify the bank, they may have put a hold on the account when they saw withdrawals coming from Europe. This is common Fraud Protection measures, so even if you are not concerned about limits, it still is critical to notify your bank.