In Italy (namely Venice, Florence, Cinque Terre, and Rome) are there a lot of foreign exchange offices to get USD converted to Euros? Do people recommend using these or getting Euros before leaving the US? I'm guessing the exchange at the airport would have high fees and a bad rate.
I plan to try and use credit cards where ever possible since i have one with no transactions fee's, but i'm sure there will be places that do not accept credit cards.
Anyone have suggestions? Thank you!
I suggest using your debit card instead of exchanging dollars for euros. This saves you the transaction fee and you get the most recent exchange rate. Many smaller places do not accept credit cards so you should be prepared for that. If you can get some euros before leaving the US for a decent rate, then I would suggest having around 100 euros in your pocket in case you need some when you deplane for food, drink, taxi, etc.
The popular consensus seems to be that you should bring along a small amount of currency exchanged thru your bank- such as enough to get you through the first day. Then just withdraw money from the local ATM's as needed, in the local currency (you will often be given a choice between USD and the local currency). Going through an exchange office you'll be paying un-necessary exchange fees and overly high interest rates. Try to use a bank ATM, you'll find them in the airports, train stations and anywhere else where tourists and locals might need to have money.
Have a great time in Italy!
Lisa
You should notify your bank and credit card companies that you will be making transactions in Italy. A phone call will do it. I always check to be sure it's been noted in my record about a week before my departure.
You can get euro from your bank, if they don't stock it they can order it for you (takes perhaps 3 days) - it will be Fedexed to the bank, and you go pick it up. You pay the FedEx fee and perhaps a transaction fee, but order just enough to get you through a couple of days (maybe 100-200 euro). You can also specify the denominations you want - be sure to get some 5s, 10s, and 20s rather than try to break a larger note for a cup of coffee.
I avoid foreign exchange offices because of the poor exchange rate.
Do not change USD into Euros in Italy, that is the most expensive way to do it.
The cheapest was is to use your normal bank card in a bank-owned cash machine (ATM), but warn your bank first so they do not block your card for an unusual transaction.
Some people feel more comfortable having 1-2 days supply of the currency on them when they land in a new country, in which case get this from your local bank before you leave.
Do not expect to use credit cards for everything. For smaller purchases cash is prefered. For example I was in my local baker this morning, and noticed a sign "credit cards not accepted for transactions under CHF 15".
Please search the forums on this. This has been covered here many, many , many times.
For example, see https://community.ricksteves.com/travel-forum/france/suggestion-best-choice-to-exchange-to-euro-s-at-cdg-paris-arriving-on-a-sunday from less than two weeks ago.
You are not "exchanging" money when you do this. You are purchasing the local currency using your $$s at a mark-up of up to 10%, either in the rate or in fees. Use your bank debit card to withdraw Euros from your own bank account at any bank owned ATM machine. European bank-owned ATMs do not charge a fee for use, and hopefully you have an account at such places as Schwab, CapitalOne, or various credit unions (to name a few ) that do not charge for ATM use either. Doing this, using your money will cost only the network fee which shows as an increase in the exchange rate of about .6 of 1 per cent. Plan on saving leftover Euro for your next trip or manage your cash so as none is leftover needing to then be exchanged back to $$s.
Another alternative worth investigating is to wire yourself (in advance of leaving the USA) an amount of Euros, paid using USD from your nearest local US Western Union or MoneyGram service point. I'm pretty sure you can simply send money to yourself - all you need to do is to identify where you can pick it up in the places you are visiting in Italy.
The simplest and the best method is to use your ATM card. Estimate the amount of money you would need and do as few withdrawals as possible to minimize transactions fees.
Now matter how you cut it, the easiest and cheapest way is simply walk up to one of the myriad ATM machines, stick your card in, and then withdraw the money from your own bank account. Easy Peasey.
Do not EVER use a currency exchange to convert dollars to Euros! You will pay a fortune in the inflated exchange rate plus a commission. Get enough EU from your local bank before your trip to get you through your first day and then use an ATM and withdraw Eu as you need them.
Make sure the bank that is associated with your debit card knows in advance that you will be in Italy, as well as the credit card companies so you will not be 'red flagged' and have your accounts frozen. They usually want three weeks notice.
I only bring only enough dollars with me to get me home from the airport upon return.
When I rent an apartment in Italy I actually bring enough euros with me to pay for the apartment. My husband and I divide the money and I use a secure neck wallet under my blouse for the cash and my credit cards. Never had a problem.
Do not bring USD cash except a small amount that could just sit in your money belt in case of emergencies, such as if the power is out and all the ATMs are not working. Do not bring travelers checks. See more discussion at http://www.ricksteves.com/travel-tips/money.
Thank you everyone!!! I am going to do what everyone suggested with the ATM.
