My daughter is currently living outside of Pisa for a month. She took her cash to the local bank to exchange it for Euros, but they said they couldn't do that - she'd have to go to Pisa.
Will Pisa give her a worse exchange rate since it is "bigger" (yes, that is relative I know)? Would it be better not to exchange the cash she has but rather use her debit card and withdraw Euros?
Trying to get the best "bang for our buck" - literally :)!
It has been repeated a thousand times on this site and nearly every other travel site. The cheapest and most convenient way to obtain local currency is using a debit card at a local, bank owned, ATM. Bar none. It is the simplest and easiest way. Use a bank or money exchange as you are doing will be the most expensive.
Many banks no longer exchange cash for non-customers. And smaller branch banks, in Europe and here in the US/Canada, have never been able to exchange currency. The exchange rate and fees are set by each bank. If she must exchange cash, she could try several larger banks in Pisa for the best rate.
Pisa will probably have currency exchanges (for profit businesses not to be confused with banks). Exchange agencies will almost always offer the WORST rates and/or fees and should be avoided at all costs.
But the bottom line is that one should try never to exchange actual currency except in small amounts for convenience or emergencies. The most cost efficient way to obtain local currency is always the ATM.
Heidi, your daughter would have been better off to put the USA dollars into her ATM account instead of taking dollars to Europe and looking to exchange it there. Then, she could use her ATM card to withdraw Euros. Unless she want to spend about 5% or more on a service charge to exchange her dollars for euros, she should hold on to the dollars and simply use her ATM card.
Thank you all. There is a back story as to why she has the cash. Not having it was not an option due to the months prior to arriving in Italy.
The "currency exchanges" in Italy are a TOTAL rip off! Not going to compare them to well....the Tony Sopranos, but pretty close. If at all possible she should keep her Dollars and withdraw EU on her debit card for her needs while she's there. A bank may be slightly better, if she needs to use those dollars now.
The very best place to exchange cash for Euro in Italia is at Poste Italiane, the Post Office. She needs her passport with her as she will have to show it first.
I paid the same exchange rate at Poste Italiane as at the local bank ATMs.
