Traveling to Italy with family of 7 at the end of the month. I've read various Rick Steves articles on avoiding obtaining foreign currency pretrip opting instead just to withdraw cash as needed for ATMs in Italy. I've also read about avoiding independent ATMs. That said, while we plan on paying for everything possible with a card, there are several things we will need cash for. This includes several tours we are doing with local independent guides recommended in Rick Steves' book. They have an option to pay via card but they charge a 10% VAT if a card is used. For a family of 7 doing several private tours over the course of the trip, that really adds up. Therefore, my hope was to pull out cash from bank associated ATMs over the course of the trip but I'm realizing I may not be able to get cash out fast enough for when we do the tours if the ATMs have withdrawal limits a I am reading about online. My bank can lift the limit but if the ATMs themselves have limits, I will have a problem. We are flying into FCO Rome and are staying in central Rome near Piazza Navona for the first few days. Any suggestions on where to go to withdraw cash...maybe a local bank that will allow for a larger withdrawal?
Posted by
Midwest
12 posts
I have found when the ATM limits withdrawal amount but it's under my bank's daily limit, I just make another transaction of two. I don't have recent experience in Italy, however.
Posted by
Western Canada
3515 posts
Be sure to have more than one card with your group , for separate accounts, in case one is lost or “eaten” by an ATM.
Only use ATM’s inside banks or in their glassed in foyers, and when the banks are open, in case you need help.
Ones on the street are visible to any unsavoury “helpers” hanging about. (Ask me how I know…..)
Plus, the glare from the sun makes it harder to see the screens if outside.
Put all your cash away safely before exiting the bank…have another person stand with you facing the street or foyer , blocking anyone's view of you, while you use the pin pad.
Sounds like overkill….its not. (Again….ask me,etc……..)
Sometimes Italian ATM’s get emptied over a weekend, filled again on Monday, so don’t wait till a Sunday night to get some cash!
Bring a couple of hundred Euro with you from home to get you started.
Posted by
Atlanta, GA, USA
795 posts
I don't have particulars, but unless you are doing it the first day you are in country, you can just get the max each day to keep a rolling amount to cover them all. If you and your wife have separate cards, you may be able to withdraw the max both each day. I think the lowest "max" I have seen is $250
Posted by
OP
14 posts
Yes, I have raised the limit with my bank but I'm reading that many of the local atms have their own limits. If those limits happen to be in the $250 range as mentioned, I wouldn't be able to pull out enough without going to 3-4 ATMs daily over the first few days which is not very convenient. Withdrawing from 2 different accounts with different cards is a thought I hadn't considered. Does anyone know if you can just go into a local bank and do a bank to bank withdrawal rather than using the ATM?
Posted by
San Francisco Bay Area (USA)
16133 posts
Most Italian bank ATMs (Bancomat) allow you to withdraw at least 500 euro, so if you are limited to less, it's probably your own bank.
You should try to withdraw larger amounts as few times as possible, since many US banks charge you $5 for each withdrawal overseas.
You won't need more than 50 euro a day, even if you like to pay cash for most things. Credit cards are widely accepted everywhere, and usually I use hard cash in Italy only for small purchases (like to buy an espresso or a glass of water) or to pay at an automatic kiosk (like for parking or self service automatic gas pumps, since they often don't accept foreign credit cards). I pay for in person transactions of larger than 10-20 euro by credit card (like restaurants, hotels, tours, etc.).
The VAT (10% for hospitality services, including restaurants) is equivalent of a sales tax in America, it's always included in the price displayed, and you are supposed to pay regardless of means of payment. It is true that some dishonest merchants might ask you to pay cash and give you no receipt, because that way they don't have to pay the VAT on sales to the government. In that case they might give you a discount, since they save on VAT, which they would dodge. That practice is illegal, and carries fines, and you should make sure you get a receipt ("Ricevuta Fiscale" or "Scontrino") for anything you buy, including your tours.
Posted by
Los Angeles
1207 posts
In an earlier post you refer to needing thousands of dollars in cash.
If your debit cards are from smaller banks, you will most likely pay a 3% foreign transaction fee in addition to any ATM charges levied by either bank.
It would be preferable to obtain cash before you leave the US, but it sounds like you live in a small market where foreign currency isn't readily available. Or is it just your bank?
But there are also the security concerns of walking around with all that cash, plus you are losing the protections against fraud that would be provided by paying the guides with a credit card.
Rather than twisting yourself into knots, I'd suggest you bite the bullet and pay with a card. Since the cash would have costs associated with it, the card will be costing less than an additional 10%. And hopefully your credit cards don't charge the 3% foreign transaction fee.
Posted by
The Heartland USA
9023 posts
Most small banks can order currency from bigger banks. Call around. You might take a hit on the exchange rate and fees, but it sounds better to have this mostly resolved before you leave.
Posted by
OP
14 posts
Yes, hence the reason for this post. Given the fact that the 7 of us are essentially our own tour group, each tour ends up being much more and so it does add up to a couple thousand dollars. The hoops to jump through to pull out that much cash may not be worth it...and the other concerns you mentioned with having that much cash are worth considering as well. Appreciate all the responses.
Posted by
Sioux Falls, SD, USA
3102 posts
OK, several thousands of Euros. Let's say there is a 1000/day limit.
1) If you are splitting the tour with others, each withdraws 1000 on a day.
2) You withdraw 1000/day for 3-4 days.
3) If you need 1000s (multiple) of euros, coming from the US with this kind of money has problems as well.
Needless to say, with this kind of money, caution is your watchword. Ensure that you are not wandering around with the entire sum. If possible, pay the tour guy immediately. Do withdrawals during the day. Find a bankomat inside a door of a bank, and keep someone outside to watch. Some banks have a private door that you alone are in. Ask at the hotel for the most secure bankomat - directly attached to the bank is the best.
As to the question of fees for withdrawals, we use the Schwab card, no fees for conversion or withdrawal. I'm sure that the conversion rate is affected, but not by much.
Posted by
Tresana, Highlands Ranch, CO, USA
23642 posts
There is some confusion upthread. See if I can make it simplier
You bank limit -- Is total withdraw in a 24 hour period - local time for your bank. Don't know when your day rows over. Could be 2 or 3 am your home time. You might be able to withdraw max at noon and maybe max again at 6.
ATMs withdrawn limit. --- It is per usage. You can make multi-draws from same machine or simply move to another ATM. Or hit several ATMs during the day. I have withdrawn as much as a 1000 E in one day but my bank limit is very high.
The easy solution is to have a couple of debit cards tied to different accounts. We use primarily our credit union but carry two debit cards for two different banks -- I can withdraw the limit on each card. It is good practice to have at least one ATM card back up. We have three. And you may have to get the total cash over a couple of days.
Do other members of your party have debit cards?