Bring Euros to Italy or get them there?

This is the advice given by Rick Steves:
http://www.ricksteves.com/travel-tips/money/cash-machine-atm-tips

I use a separate account at a credit union that has less than 1% transaction fee, and no outside-network withdrawal fee. Bank ATM's in Italy don't have fees. So I don't see how taking anything but a 100 euros walking around money would save anything. ATM withdrawal is the way to go.

We have used a debit card for Euro's in Europe for over ten years without problems. We usually get 100-200 Euro's here at our bank to start off. I just got 100 Euro's from Chase bank and it cost $112.00. Then we will with draw 300 Euro's once or maybe twice depending on the length of our trip. We personally use a Visa card for almost the whole trip because we have the BofA World travel card that has no international fee's. Capital one also has the same type of no fee card. The reason that we don't like to withdraw too much money is because first we are not comfortable carrying a lot of cash around (same in the US) and our debit withdrawal cost us more. We have Chase and BofA and they both charge a fee plus a percentage for the exchange.

Paul,

Here are the some helpful posts you may want to read:

• https://community.ricksteves.com/travel-forum/italy/euros-why-is-getting-in-us-bad-idea
• https://community.ricksteves.com/travel-forum/italy/142037

My reluctance to use a debt card is the lack of protection it affords to the rest of my banks accounts but I suppose it is also possible to go to another unrelated bank and open a checking account for the sole purpose of th trip and to fund it with just my trip monies.

Your debit card is attached to your checking account, so when you use an ATM to withdraw money, it comes out of said checking account. I'm confused as to why you think your other bank accounts (savings?) will be affected?

The only way your checking account may be jeopardized is if you lose your debit card.

This is why you will want to keep your debit card(s)/credit card(s) & other valuables (passport & extra money) in a money belt (under your clothes) to protect these from pickpockets.

Hope this helps!

Have a wonderful trip!

Doesn't your bank insure your money against fraudulent transactions?

I notify my bank that I will use my debit card for ATM transactions ONLY, perhaps that will help.

Do the math about taking euro with you, my bank charges for out of network and foreign transaction fees, but for me the exchange rate for buying euro in the U.S. is almost as bad.

Exchange rate is better at a bank ATM overseas.

I usually bring somewhere around 200 Euros with me, enough for a taxi and to get settled and not need an ATM for awhile. Then ATM after that. I don't want to be fiddling with finding an ATM on arrival, but I also don't want tons of cash on me in case of loss or theft. The exchange rate isn't great, but I find it worth it for those first couple hundred euros. Others differ.

Better to make larger withdrawls due to fees - each transaction has an ATM fee (just like here when you use an ATM that's not part of your bank). But not too large - loss or theft. You don't want to be walking around with $1000 in your pocket, but certainly avoid getting $20 here and there. There's no formula.

It is always a good idea to land with two or three hundred euros in hand. They will cost you a bit more than they will in Europe, but the peace of mind is worth it to us. If you do not have them, Murphy's law will kick in and you probably will not be able to quickly find an ATM. Or if you do it might be malfunctioning. Machines do break.

$ 1.08 will buy one Euro this morning. When you buy Euro from a bank that holds your Accounts, that bank may charge a fee per Euro. Ask your bank how much they charge before you buy.

I always buy a substantial amount of Euro here before I leave. I just don't have the mindset to look for an ATM right after landing. I'm too freaked and anxious to get going. So I have Euro ready for food and Frizzante, taxis and bus tickets, more food and more Frizzante, and lodging costs if I know I'm expected to pay at check-in.

Then it may take me several days to locate a bank ATM in an Alcove, my favorite ATM. Know that some ATMs may give you a max of 250 Euro within 24 hours. Others may give a max of 500 Euro within 24 Hours. Be sure withdrawals are within your allowed max at home bank, and always adjust for dollar cost per Euro. And inform your bank about using your card abroad.

We always bring 200€ or 300€ euros home every year so we have them on hand when we return the next year. However, if my circumstances were different I would secure about 200€ from my bank or at my home airport so we would have currency available as soon as we landed. Once in Italy we use ATM"s (bancomat) when we need cash. You will receive better exchange rates from the Italian bank ATM's. The cost differential is minimal if you arrive with euros from here and you should only bring enough euros to get you through one day.

Last year we opened a Charles Schwab Brokerage checking account, which gave us each an ATM card and it NEVER charges a transaction fee anywhere in the world. If the bank does charge a transaction fee Schwab will refund the fee into your account. There are no monthly charges, you do not need any other type of account, you do not have a minimum balance, and it is easy, easy.

A few tips we've followed may also help you. We only use an ATM attached to a bank and only when it is open. If the machine eats the card we can go inside to retrieve it. We NEVER use a stand alone ATM because they are too easily tampered with. We take extra euro on Friday's to carry us through until Monday.

Buon viaggio,

each transaction has an ATM fee (just like here when you use an ATM that's not part of your bank).

That statement can be a little misleading. All fees charged for using an debit card at a bank owned ATM in Europe are SOLELY determined by your card issuer. The local ATMs do not charge a user fee as is common in the US. So check carefully with your card issuer for the fee structure for your debit card. Some issuers, especially credit union, charge nothing or a very small fee. My credit union charges nothing beyond the exchange rate from the network.

Paul, your concern is that your debit card can be linked to other (savings) accounts, is that right? Someone correct me if I am wrong, but I have never seen an ATM in Europe that allowed you to choose from checking or savings, as is common at bank ATMs here in the US. But even so, no more reason to fear fraud over there than here.

If you want to test the exchange rates, just call or visit your bank and ask them what it would cost. Ask them for their rate, and if there is a transaction fee to order currency. My bank would charge a flat $15 fee on any transaction, on top of about an exchange rate about 10% in their favor.

Paul, haven't seen you back here, are you reading this? Comments? Is this helpful?

Wow.....Awesome advice and so much of it. I will go back and re read all of these comments but at first glance I see that taking some Euros from home and getting what else I need while there is the best way to go.

I will check with my credit union for their fees and since I have enough time, I will check around at other financial institutions as well for the best fee rates.

I do agree that I do not wish to be walking around with a lot of money on any given day and will certainly invest in a money belt since I do have one that hangs around my neck but is really not that comfortable.

Thank you all for the support and information.

I will try to keep the questions for this trip to a minimum but questions will arise I am sure.

Again thank you all.

Was just looking at my CU web site and they talk about numerous pre paid Visa debt cards that can be pre loaded and used anywhere a Visa debit card is accepted. Looks like they can be used at ATM's but I wonder if that is only true here or would that work in Italy?

Has anyone tried using a pre paid Visa debt card before?