I have reviewed past posts, and note that most folks seem to prefer to use cards or Apple Pay etc while traveling. This is a great option for sure, but not my primary preference. My question is to those who use cards for some purchases but prefer to use EURO for most day to day purchases. I am watching the exchange rates... (not looking too favorable at the moment) and wondering if, when and where to exchange money prior to my upcoming trip to Italy.
Thoughts?
Posted by
Gettysburg PA
7828 posts
There are several recent threads in this topic
Here is one:
https://community.ricksteves.com/travel-forum/italy/euro-s
AAA offers money exchange as well if you want a snall amount of euros to arrive with
After arrival use your debit card at a Bank ATM
Here is another
https://community.ricksteves.com/travel-forum/italy/euros-b554255a-4cd3-4e5e-a2b5-a6131c796938
Posted by
OP
8 posts
AAA was an option I used in the past, but unfortunately our friendly local store front office closed during covid. AAA foreign money exchange is now apparently all ordered online. So, most likely if I decide to exchange here at home, I will use my local
credit union which charges a $15 fee.
I will re-read the post you shared, thank you!
Posted by
The Heartland USA
9259 posts
sarchapman, I too use cc for larger purchase, but prefer cash (euro) for daily small transactions. I dont worry or even think about the exchange rates. I just find it simpler to walk away after a transaction and not guessing what it cost in USD. Since prices already include the tax, its easy to know about how much it's going to be without waiting for the cashier to say it and not understand it. Small change and leftover small bills aren't a problem.
I like having some cash in hand on arrival but have usually had some leftover from previous trips. If necessary, or for some currency for which I dont have leftovers, I'll buy some small amount from my bank knowing it wont be at a good rate, but not significant enough to worry about. Then, use an ATM when you're there if you need more. You cant outguess the rates.
Posted by
Virginia, USA
6014 posts
Does your bank offer foreign exchange service? Many of the large, full-service banks (e.g., Citi) offer this service.
Unfortunately, many of the banks either charge a fee or a less favorable exchange rate. Using an ATM with a debit card that has no fees will still get you a better rate. Years ago, I got currency through my bank and the cost was about 5% more than if I had just gotten the money on arrival. I don’t get currency in advance anymore and don’t try to speculate on whether rates will get better or worse.
Posted by
Northwest Arkansas
832 posts
Relax. Do your exchange when you are comfortable. Then have a great time on your trip. And, if anyone on this site tells you they can accurately predict future currency rates, I would like to talk to them about some arbitrage opportunities.
Posted by
San Diego, California
6265 posts
An increasing number of European businesses are accepting credit only. Maybe it cuts down on employee theft of cash, I have no idea. Even many restrooms are credit card only.
In any case, have a great trip! Safe travels!
Posted by
Los Angeles
1443 posts
...wondering if, when and where to exchange money prior to my upcoming trip to Italy.
Since it appears that this trip has been planned for awhile, you have most likely missed the boat in terms of hedging your Euro purchase - it wasn't so long ago that the Euro was at $1.05 - it's now around $1.14. If the dollar continues to weaken the Euro will go higher - but no way to predict.
If you are just intending to use cash for small purchases, you might as well just wait until you get to Italy and use your debit card to withdraw cash from a Bancomat, which is a bank-owned ATM - that should give you the best current exchange rate for cash. Hopefully your debit card doesn't charge a 3% foreign transaction fee. You will get the most favorable exchange rate using a credit card for purchases with no foreign transaction fee.
Posted by
Atlanta, GA area (USA)
282 posts
See my post towards the bottom of this similar thread.
https://community.ricksteves.com/travel-forum/general-europe/pre-paying-for-hotels
If you have an investment account you can effectively lock in the current exchange rate for future purchases. Good luck!
Posted by
OP
8 posts
Thank you all, I appreciate your suggestions and thoughts!
Buon viaggio a tutti!!
Posted by
San Francisco Bay Area (USA)
16530 posts
The best exchange rates are at bank attached ATMs (part of the Bancomat network). Beware of machines saying ATM instead of Bancomat attached to souvenir shops or airports. Those are run by Euronet and do not give good exchange rates.
If you want to have some before you land, you can probably get $100 worth at your bank or AAA in the US. Maybe at a higher rate, but not too bad.
I use cash (€) for small transactions, like espresso or anything smaller than 5 or 10 euro, but use credit cards for big items, like restaurants, hotels, larger purchases etc. Since 2023 in Italy it is mandatory for all merchants to accept digital or card payments, regardless of transaction amount.
Italians don't leave tips, but if you are one of those Americans who feel obliged to do so, you must leave that in hard cash as you cannot add it to the card slip. Some hotels also require to pay the City tourist tax by cash (it's a few euro per night per guest, in major cities).