I've been warned that the exchange booths charge high rates.
I know that I can take out several thousand dollars at an ATM in the States with my credit card.
But my USAA card said I'd have to check limits on the ATMs themselves -- and friends have said the limit is $200.
I want to get $1000 before going to the country. Best way to do that at the airport?
Thanks!
friends have said the limit is $200.
The limit set by Italian banks is per transaction, not per day/card. Tell your bank you are travelling abroad, raise your daily limit and be ready to use the same ATM 5 times in a row.
Best way to do that at the airport?
Find a Bancomat machine. If you pick an ATM and not a Bancomat, expect higher fees. Nobody in Italy knows what an ATM is, those companies use the English word because they cater to foreigner and make money with conversion fees.
Are you talking about bringing euros with you?
If so your bank or AAA is best for that.
Once in Italy use a BANK ATM ( Bancomat) during bank hours to get whatever cash you need using your debit card
Do not use
“ ATM” or exchange desk at airport, those will be at highest exchange rates and fees.
As for your daily limit, that varies so you need to check with your provder.
Sally, is there a specific reason that you are going to want that much cash on your trip? The reason I ask is that most of Europe has pretty much gone fairly cashless. You will find most of your transactions will be by credit or debit card and many places prefer this to cash.
Unless there is a specific cost that you know of where the vendor will only accept large amounts of cash, I think that getting $200 at a time will be more than enough for your needs.
I would encourage you to think about using a debit card vs. a credit card for cash withdrawals at an atm. A credit card will start an immediate interest charge on a cash withdrawal at extremely high interest rates, while simply charging an expense to a credit card will not. Debit cards will not cause you to be charged interest.
If you feel that exchanging at the airport is your best option still, I don't know that it will really matter. Simply go to the exchange, pay the fee, and go on and enjoy your trip.
USAA told me I had their standard limit of $600 per day. I didn’t not ask about raising the limit as I didn’t need more. Some machines limit the transactions but I have found larger banks allow more. I didn’t have a problem getting €500.. I also opened an account at Capital One and they rushed me a card - I always go with more than one ATM card. Getting €1000 would be easier with two different cards.
I didn’t get cash at FCO this time but in the past there have been multiple ATMs. You could also get some at the airport and some in the city. But, I have also found many more places take cards with contactless payments using the cards or phone. It’s been 10 days and I haven’t made much of a dent in the cash until I started paying for meals with cash to break the larger bills.
If you are really worried about it, ordering from a bank before you leave might be a better exchange rate than the exchange places/ATMs.
Friends made the mistake of acquiring €1000 from their bank before travelling to France. They reported that almost nowhere were they able to spend them. Everyplace is cashless now, and most require a "tap" card.
Just wanted to say that if you stay in vacation rentals, and rent a car, both parking lots and hosts require some cash. There is a small tax in most cities that must be paid to the host in cash. One place we've booked requires 170 euros for cleaning fee, in cash, upon arrival. Another wants 500 euros cash as a security deposit upon arrival, to be returned on day of departure. (Although this is a weird request IMO because how will they know you've damaged anything if you're on your way out the door? And one of our previous hosts waived the requirement when we arrived...)
Capital One 360 debit is great.
Friends made the mistake of acquiring €1000 from their bank before
travelling to France. They reported that almost nowhere were they able
to spend them.
That may be the case in France but I've not heard the same in Italy. Still, best to have both cards (and have more than one) and cash. Don't use exchange booths for acquiring euros!
If people ask for payments in cash, they are breaking the law for the purpose of avoiding the tax man.
Since July 1 anybody selling a product and service (including vacation home owners) cannot refuse a credit card/debit card transaction. If they ask advance deposit tell them your are going to send them an international bank wire (the word for a bank transfer in Italian is BONIFICO or BONIFICO BANCARIO). If they insist on hard cash, tell them you are going to rent somewhere else.
International Bank Wire fees don't cost much nowadays. Chase charges me $0 if the bank wire is $5000 or more, or $5 for a lower amount, and that is not more than the ATM international withdrawal fee that most banks charge for using ATM outside of the country.
I usually bring a couple hundred euro with me just in case I need cash when I get off the plane like for a cab. I had a bad experience trying to use the ATM at the airport - way long lines - so I bring some with me.
This past May our visit to Florence the only places we really needed cash was at the little markets when we bought fruit. € 1000 seems like way too much to start.
I find it odd that people are still thinking in currency, here in LA everyone went cashless at the start of the pandemic and they haven't looked back. In the office park where I work all the food options have signs clearly stating CASHLESS ONLY.
phred, not accepting cash for payment is illegal in certain American states and cities, including (last I knew ) San Francisco and Berkley in your state. Millions of people in our country do not have bank accounts for one reason or another, usually poverty, and rely on cash.
While there is no Federal law mandating acceptance of cash, states and cities can make their own laws in that regard.
We were in Portugal in May and used an ATM, we paid $40 in bank fees and exchange rates to get 200Euro. . I just checked with my bank, Wells Fargo and got 200E for $215. It cost so much more to use an ATM in Europe now with ATM fees. We just want a bit of cash to use to pay city tax at hotels when required, and to buy small items, like a gelato.
I'd suggest you check with your bank and see what they will charge to get some Euro before you leave for vacation, and I think $1000 is too much , you don't need that much cash on you. 200-300E should work, just use your credit card for dinners and larger purchases.
The exchange rate at 1.07 was pretty darn good this time with the Euro so low.
We have ALWAYS just waited until we got to Europe and used the first ATM machine we could find, but after this last experience, I'm thinking going forward, I'll just exchange a bit before we leave the US.
PS, NEVER get a cash advance on an ATM machine - do make sure you know what you are doing in exchanging before you click SUBMIT on the machine. Some ATM's are not withdrawals from banking accounts, only cash advance Exchange rate is way high, and the fees will get ya.
Ellen .. are you sure you used a BANK ATM and not a third party ATM? We have never been charged $40 in any bank ATM anywhere in Europe.
roberto di Firenze, you wrote: "If people ask for payments in cash, they are breaking the law for the purpose of avoiding the tax man.
Since July 1 anybody selling a product and service (including vacation home owners) cannot refuse a credit card/debit card transaction."
Here is the fine print on our vacation rental in Puglia, rented from a reputable agency that we've used before, Sumer In Italy:
"To be paid at the property:
final cleaning EUR 170.00.
SECURITY DEPOSIT
Upon arrival at Villa Otone the property manager will ask you to pay a security deposit of EUR 500 (or equivalent in US$), payable in cash. The security deposit will be returned to you prior to your departure minus any extra charges or accidental damages to the property."
You're making me nervous! I will contact the agency and double check this point...
Roberto Da Firenze, so sorry I misspelled your name! Rude of me!
