Hello. I know there have been numerous posts on money options but I can not get it out of my mind. Do we get money in US with not as good exchange ratio or get it at ATM in Italy and get charge 3% fees and possibly any other fees that may occur. The way I look at it say I get 1K out of bank during stay thats 30 dollars + fees. Would I be loosing 30 dollars with exchange ratio by getting money in states? Was thinking paying in euro at hotels when they offer discount vs using credit card (which we have zero international fees.)
thanks
renee
Posted by
Tresana, Highlands Ranch, CO, USA
23282 posts
Duplicate postings. See responses under general Europe.
Posted by
Basel, Switzerland
8889 posts
It is OK paying big bills like hotels and evening meals by credit card if it really is "zero international fees", but you will need some Euros for "walking around money". Sandwich for lunch, entrance fees, local public transport, maybe a taxi, Gelato, .....
Look at it logically. If you buy Euros at a bank outside Europe, those Euros had to be shipped cross the Atlantic securely, counted, shipped to your bank (again securely) and handed over by the bank teller who is paid a wage. All just so you can carry them back across the Atlantic.
But a bank cash machine (ATM) in Italy is filled up by the local bank, which deals in Euros. All that crosses the Atlantic are computer messages, and computers are paid less than security guards or bank clerks. This method will cost less.
The actual difference in costs is not just the "fees", there are different exchange rates for cash and for electronic transactions (the latter is called the "credit card rate").
Posted by
752 posts
Google says $1.14 will buy 1 Euro this morning. Your bank will add a fee of some cents onto each Euro you buy. Ask your bank for their total charge on each Euro before you buy.
Your bank will also tell you about any fees attached to debit card use in Europe. Some debit cards may have a $5 transaction fee; other debit cards may have No fee attached. You just pay the cost of the Euro.
I always buy Euro here before I fly out. I like to hit the ground running in a different environment. I always have enough Euro on me for food and drinks, taxis, bus and train tickets, more food and drinks, and my hotel bill if I need to pay at check-in.
Then I have time to locate bank ATMs inside Alcoves, my favorite ATM. But I don't have the mindset to use ATMs right after landing. I need time and space to freak out, run around, eat, eat some more, etc.