We're going to Rome, Assisi, Florence and Siena at the end of June. We've got the itinerary all set and the reservations made and now we're starting to think about how to manage our travel funds. Aside from the discouraging dollar vs. euro, I'm quite anxious about how to manage our traveling money. What's the best way once we're on the ground? Order euros from our bank ahead of time? Purchase a pre-paid debit card from AAA to use in the ATM's? Carry every dime stuffed into our pockets? Use our bank debit card to access our accounts directly? Use the credit card?
Posted by
Northborough, MA
636 posts
Thanks!
Posted by
Myrtle Beach, USA
12313 posts
I think Thomas covered it well. Let me add a couple of things.
My first stop for cash is the ATM at the airport on arrival. To keep overall fees low by limiting my number of ATM stops. I get about my daily maximum from the ATM each time and keep the extra in my money belt. When you contact your bank about traveling, find out what your daily withdrawel limit is and when the system refreshes. It will probably be about midnight local here. Knowing this can sometimes come in handy if you need extra cash for some reason.
Also build in some redundancy. I carry a debit card for my checking account. My wife carries a debit for hers. We are both signers on the other's account. If one of our cards is lost/stolen/eaten by an ATM, we can contact the bank, transfer cash to the other account and use the other card. We carry credit cards from two different accounts in case one is lost or stolen.
Posted by
OP
Pittsfield, MA, United States
103 posts
Brad - thanks! I like your idea of having a couple of options. Some cash, some debit, credit card for emergencies is what I'm leaning towards. I just need to compare fees between my bank debit card and the fees for the AAA prepaid debit card. Initially, it looks like the AAA card has pretty hefty fees.
Posted by
Portland, OR, USA
805 posts
It really depends. You are likely to get a better rate by just getting euros from ATMs as you need them. The general rule is that the worst rates are from cash exchanges of currency and the best are credit card purchases or ATM withdrawals. If you intend to use your ATM card for direct purchases, make sure it has a major credit card logo on it (like mine has Mastercard) so it can be used like a credit card when necessary.
Posted by
Indianapolis, IN, USA
143 posts
Plan on using both you debit and credit cards. Italy is more cash-oriented than the US, so many places will not take plastic. However, ATMs (bancomats) are everywhere and are easy to use (everyone I saw had a English language option in addition to Italian). Your PIN should be numeric with four digits - letter PINs don't work. Ask your bank about fees on overseas transactions, what your daily withdrawl limit is, and let both your card companies your travel dates are so they'll authorize foreign transactions. I used my credit card to pay for hotels and train tickets; the rest of the time I paid cash. FYI: you won't be able to access your savings with the debit card from Italy, so have enough in checking to cover your trip. My bank actively discouarged me from ordering euros ahead of time because of their very high fees, but I usually get 50 euros or so at the airport just to have in the event by debit card doesn't work the first time I use it, but your best rate is always from an ATM.
Posted by
Northborough, MA
636 posts
Our ATM PIN is 6 digits (all numeric). Are you saying that this won't work on Italian ATMs?
Posted by
Meteghan, N.S., Canada
152 posts
Yes. You must change your PIN to 4 numbers or it will not work in Italy...
Posted by
Somonauk, Illinois, USA
400 posts
Linda, get a Capital One Credit Card (no fees) and open up a Capital One Money Market which will give you debit cards with your account(no fees for unlimited withdrawls. Also pays you 3.50% interest on your money while it's in there. Go into www.capitalone.com. Call the 800 number and talk to someone about your concerns...they are very nice and very helpful. Any questions you have, I also would be glad to help you with them.