I am currently traveling through Italy (January 2018) I left my credit cards in Paris and took some Euros and dollars with me, so I would like to advise you on changing dollar bills to Euros based on my experience here.
If you travel through Rome, change your currency there! I received the same exchange rate right outside Roma Termini, which is the train station downtown in Rome, you take a €5 express bus there from the airport, as with my bank withdrawing money from an ATM in Paris ( €80 for $100 dollars) except that I did not pay an ATM fee or my Wells Fargo % for using a foreing ATM. By the way, using an ATM is by far the easiest and cheapest way everywhere else.
I run our of Euros while in Venice and I could not believe the fees to exchange money. The more you exchange the better, and the rates vary from one exchange business to the next, but overall, I was offered (did not cash my dollars) €76 Euros for $140 dollars, €20 euros for $36 dollars, etc
One more thing, contrary to my original believe, food and souveniers in Venice are as cheap or cheaper than in Rome, but walk around before making your purchases, since prices vary a lot.
Posted by
PA
2757 posts
There may not have been a fee for this like from Wells, but you paid for the service, as they are taking it from you on the exchange rate. $100 buys 83.5€ today per Google. In other words, you were hit with a 4% mark-up while telling you there is no fee. A Schwab, CapOne, various credit unions cards etc should result in a markup of roughly 1/2 of 1%, maybe as much as a whole 1%. Wells is notorious for its fees and being unfriendly to consumers, which is why if you follow this topic here you will see the recommendations above being constantly made.
The fees to "exchange" are outrageous, as all who have been here before know. You are not "exchanging" money. You are buying the local currency with your foreign currency. And the seller is doing it for a profit. When you use an ATM you are withdrawing from your account, the networks does the exchange electronically, and the small mark-up of up to 1% is simply the friction for the network to operate. TANSTAAFL, or in this case, no free money from a machine.
Posted by
Tresana, Highlands Ranch, CO, USA
23357 posts
I am not sure I am following your posting other than to point out that exchange bureaus are very expensive. We all agree to money exchanges should avoided unless an absolute emergency. Even a cash advance on a credit card is cheaper than an exchange bureau. It is posted here nearly daily that the cheapest and most convenient way to obtain local currency is using a debit card at a bank owned ATM. And you just confirm it. No one recommends changing dollars to Euro in Europe.