Getting Euros beforehand

Not sure why you say that. Plenty of people on this site, self included, always recommend having a hundred or so of the local currency in your pocket when you land. It is not a critical items because ATMs are readily available but as an old engineer I like back up. I am guessing you bank is charging you about 8 to 10% with buried fees in the exchange rate. The best local rate I have ever seen is W Fargo which is 5% and still worse than the worst ATM rate of 3%. And since my credit union debit card charges zero, for me, the cheapest and most convenient way to obtain local currency is the ATM. But if you like doing it your way, that is fine. But converting money in the US is the most expensive way to go which is why most people recommend against it.

Ahh, maybe I'm not taking into account buried fees in the exchange rate. I bought euros at $1.27 per euro through Wells Fargo. There were no other fees. I know people suggest to land with $100 or so, but I was wondering why not more since so much of Italy prefers cash. But maybe that's the answer, that it really is cheaper to go through the ATM?

Wells Fargo provides an exchange rate about 5% above the interbank rate. That's actually not too bad, but still more than the 1-4% typical for using an ATM (including any foreign transaction fees and out-of-network fees). The difference for several hundred dollars may only be a few dollars. So if you want to buy ahead, go for it. For most people, the extra savings is worth it and many open accounts with credit unions or money markets that charge no ATM fees. For a longer trip that can be well worth the time if their own bank charges higher fees. Plus finding ATMs in Europe is easy, they are almost everywhere.

We always bring home a few hundred euro to save for the following year. before we used this strategy we always bought some euros at the airport before departing the USa so we had some currency once we landed. After that we used ATM machines only attached to a bank and only during business hours. If the ATM machine eats our card we can go inside to retrieve it. We NEVER use stand alone machines because they are too easily tampered with. We are not paranoid, but we do pay attention to what we read on this and Frommer's Italy forum. Your bank may not charge an exchange fee, but their rates may be higher, so it would equal a lower rate plus a fee. Buon viaggio,

Never found a place in the US where they gave me a good deal on currency, whether bank, AmEx, or Airport. If you absolutely feel the need to have some local currency with you when you land, buy only the amount sufficient for the taxi ride from the airport to your hotel (some taxis don't accept cc). Otherwise the best deal for cash is through the ATM, although many banks now charge up to $5 per withdrawal plus a foreign transaction fee of 3% (therefore make few very large withdrawals). ATM's are everywhere in any city or village large enough to have a bank branch, and they are in every airport I've ever been to in EU. Credit cards give the best exchange rate, therefore it's helpful to use them as much as possible. Better if you have a credit card that doesn't charge the 3% foreign transaction fee (which is basically a 3% commission on your purchases). Unfortunately there are very few cards that charge no foreign transaction fee (Capital One is one I know of, but there might be others).

I work for a bank and deal with foreign currency alot. I guarantee that the fee is built into the rate. That being said a rate of 1.27 is pretty good.

Yeah, Jodi got a good deal at 1.27.

I think you are smart. We always go over with a a few hundred Euros to start our trip. Our theory is when we land at the airport we are tired and really just want to get to where we are going without the worries of stopping at an ATM. We usually take a nap and than find a place to eat and don't want to worry if they take a credit card or again find and ATM that first day or two. We always spilt the money also between travelers. Hey in this country I alwasy careey a couple of hundred dollars on me so I do the same when I travel. If you are geting a zero rate from you bank, than get as much as you are comfortable carrying.

Could be a good deal if purchased today but not a couple weeks ago.

Yeah. After watching the Euro drop for a long time it was dismaying to see it start to climb again.

I always take a few hundred euros with me to start the trip. I just exchange a few hundred dollars at my bank or the currency exchange place near my home prior to my trip. I know I'm paying a more than if I got them in Europe, but as another person posted, I don't want to hassle with finding an ATM after landing & being tired, etc. At that point, I just want to get to my hotel & rest. To me, it's well worth the few extra percentage points that I pay to have euros on hand when I land. Now, if you were exchanging a few thousand dollars for euros, the extra fees would really add up but on a few hundred dollars, it's not that big of a deal. Have a great trip.

I used to travel with euro for an entire trip since my trips tend to be long (way back I got burned on the dollar-to-lira exchange which fell by 50% during my 3-month stay), but I'm planning to land in Italy with enough euro to get to my hotel and then hit the Bancomat. I think the only reason to take a lot of euro is if you are worried about the exchange rate fluctuating. I sometimes travel with friends who go to the Bancomat every day (!), which I think is a little extreme.

Jodi,
My husband and I are nearing the end of our 3 wk trip in Italy from the US. We did our exchange at home of 2 thousand euros before leaving. Trust me, thought my husband was crazy to travel with so much cash but it has been nice and convenient. Some sidewalk places to eat only take cash. We used cc's for rooms and online train tickets and cash for everything else. Go for it!

Frank's point is well taken. There's no point in trying to second guess what the foreign exchange market is going to do.

Thanks everyone! I feel like I got a good deal and have enough to pay for our first several days. We're renting an apartments and the owners want cash at check-in and this way we're covered for that plus the ride from airport, food, etc. But now I realize that it's not a better deal, and that I probably didn't need to get as much as I did. I'll know better for next time!
Either way, it's nice to know that I have enough "cash" for a lot of the trip and can use my CC for this & that.

I just returned from 3 weeks in Italy 2 days ago. I go to Europe every summer for a month and always wait to get local currency from an ATM machine and not one tied to one of those private businesses like Currency Exchange, until I arrive at my final airport. Never had a problem. ATMs everywhere even in the 6 small towns in northern Italy that I stayed in. My total cost of using those ATMs, 1%, a fee from my credit card and never a fee from the ATM machine. I got 350Es from the ATM machines whenever I was running low - my limit of the credit union. I did get that amount several days running when paying cash for hotels in Frankfurt and Venice where I was offered a discount for paying cash. I always wear a money belt and keep my cash in it except for a small amount (daily spending money) that I keep in a zippered chest pocket. I figure by saving a little money using ATM machines, I have a little extra for coffee and pastry.