Euros

The cheapest and most convenient way to obtain local currency is a bank owned ATM in the country. There is one group the advocates hitting the first ATM that you see in the airport. And the probably works pretty well. I fall into the camp of wanting a hundred euro (or the local currency) in my pocket when I land. That will cover a train or a cab ride, etc. For me one less than to worry about. I will pay the price to buy a hundred of the local currency in the US. It could be $10 extra but it is cheap insurance to make sure I have enough cash to get by for the next 23 hours. There is always a small off change that the ATM is out of order, drained of cash by previous plane loads, etc. I think it is smart to cash in pocket when you land. Others will disagree.

Yes, there art ATMs at the airport, just make sure it's a "bank" atm machine as opposed to one that belongs to one of those "cash exchange" companies. Also, within Rome and other cities you might be going, if there are banks, there will be ATMs. By the way, most banks will allow you to exchange dollars for euros. Just do some research and know the going rate.

However, you won't have a problem finding ATMs. My suggestion is that you should also bring a credit card or two. Make sure you have the kind that has no foreign transaction fees.

We actually preferred using credit cards. We always had some cash on hand in case we needed it, but we never had problems using credit cards everywhere. In restaurants, stores, at our hotel, etc. Some taxis allow you to use credit cards or even paypal. If you use Uber, you don't need cash either. The points or miles add up too if you have the rightccredit card.

Do as Frank says; then, get more euros in town. Read up on the threads on this site about avoiding DCC and using only bank-owned atm's, preferably during times the bank is open.

This often falls into the "overthinking" category. Bank ATM's are plentiful both at the airport and in cities & towns. If you want to land with some Euros in your pocket get some from your bank - otherwise wait and hit up the first bank ATM you see. The cost of getting local currency is pretty negligible compared to the overall cost of a trip - for me not worth it to spend so much time figuring it out.

As Frank says, some folks want the security of Euros in pocket on landing. Other just find a ATM on arrival. Here's the Rick Steve's answers to the FAQ:

https://www.ricksteves.com/travel-tips/money/cash-tips

Don’t buy foreign currency in advance. Some tourists just have to have
euros or pounds in their pockets when they step off the airplane, but
smart travelers don’t bother and know better than to get lousy
stateside exchange rates. Wait until you arrive at your destination;
I’ve never been to an airport in Europe that didn’t have plenty of
ATMs.

Bring along some US dollars. While you won’t use it for day-to-day
purchases, American cash in your money belt comes in handy for
emergencies, such as when banks go on strike or your ATM card stops
working. I carry several hundred US dollars as a backup (in
denominations of easy-to-exchange 20s). I’ve been in Greece and
Ireland when every bank went on strike, shutting down without warning.
But hard cash is hard cash. People always know roughly what a dollar
is worth. If local banks don’t have exchange services, you can always
find exchange desks at major train stations or airports.

https://www.ricksteves.com/travel-tips/money/cash-machine-atm-tips

To each his/her own.

My experience with banks in Italy is that if they do exchange dollars for euro, they only do it for their customers.

Buy some euro through your bank (allow 3-4 business days if they don't have euro on hand), for peace of mind. If you have never used euro, this gives you a chance to get familiar with the various denominations - and order small notes, 5, 10, 20, maybe a 50. It's a small percentage of your trip cost, (and I am mathematically challenged after traveling all night).

We've done several European trips without taking euros with us. We have always been able to get euros upon arrival. With that said, it's not always as easy as just walking up to an atm and effortlessly pushing some buttons. There have been faulty machines, jet lag etc. Our last trip we went with a few hundred euro in our pocket. It was worth the little extra we paid to not have to worry about getting money. We also came home with a couple hundred euro, for our next trip. There's always a next trip!

I am going to disagree with what Christi and (gasp) Rick have said. We've just returned from a European trip. The only atms in the Lyon airport are Travelex, and others have reported that the same is true for CDG. Travelex is infamous for their bad rates. We also found that many banks in Austria and the Czech Republic are now charging a fee for using their machines. I sense a trend here. You might just as well get some euros before you leave. A couple more dollars for 100 euros is trivial. Having experienced some glitches with atms in the past - - once all machines in T2 at CDG down and another time our cards not working in Spain. - - I never depart for Europe without some currency in my purse.

That is strange Rosalyn - there used to be about 25 HSBC ATM's throughout CDG as well as the Travelex ones. Did HSBC pull all of theirs? Anyone know?

I did not personally experience the CDG situation, as we were there only for our return flight. However, other posters reported recently on the Travelex rules phenomenon; and sure enough, that is what we found in Lyon.

I also agree with Frank regarding having a few Euro on hand for immediate expenses such as a meal or a Taxi to the hotel. Rick and others can do as they wish, but I still consider myself a "smart traveller".

As others have mentioned, some of the ATM's at airports are the ones offered by Travelex, and those typically don't provide good rates. You'll have to also be vigilant to avoid the increasingly common Direct Currency Conversion (DCC) which shaves a bit more money out of the consumer's wallet. If you're given a choice between having the cash withdrawal (or hotel bill) charged in local currency or your home currency, always choose the local currency.

JFK to MXP (Milan)i s a familiar flight for its cost saving. Several Bank ATMs in that airport.

Dynamic conversion another frequent topic:
https://www.ricksteves.com/travel-tips/money/card-fees#dcc

Avoid dynamic currency conversion (DCC). Some European merchants — capitalizing on the fact that many Americans are intimidated by unusual currencies — cheerfully charge you for converting their prices to dollars before running your credit card. Dynamic currency conversion may seem like a nice perk, but you’ll actually end up paying more. The dollar price is usually based on a lousy exchange rate set by the merchant — and to make matters worse, even though you’re paying in “dollars,” your credit-card issuer may still levy its standard foreign-transaction fee. The result: the “convenience” of seeing your charge in dollars comes at a premium.
Some merchants may disagree, but according to DCC provider Planet Payment, you have the right to decline this service at the store and have your credit-card transaction go through in the local currency. If you’re handed a receipt with two totals — one in the local currency and the other in US dollars — circle or check the amount in the local currency before you sign. If your receipt shows the total in dollars only, ask that it be rung up again in the local currency.
Independent ATMs may also try to confuse customers by presenting DCC in misleading terms. If an ATM offers to “lock in” or “guarantee” your conversion rate, choose “proceed without conversion.” Other prompts might say “You can be charged in dollars: Press YES for dollars, NO for euros.” Always choose the local currency in these situations.

I would phrase the response to the original poster with this caveat: Using your ATM card is cheapest, as long as your bank does not charge high fees. If your Bank charges the common fees of $5 for an ATM use then an additional 3% Foreign Transaction fee, then the cost of your cash for a $200 withdrawal is 5.5%, on par with getting euros from a good source in the US, or !!Gasp!! Cash Advance on your credit card.

In that case, getting some euros before hand is not a bad option and I would look to maximize credit card use, avoiding using cash and having to use your ATM card.

Regarding use of Travelex ATMs, It is more common that Travelex or another entity is negotiating exclusive services for ATMs at airports, London Heathrow is a good example of this, as far as I know in Rome this is not the case, and since CDG was mentioned, I see their website still lists HSBC as owning the ATMs. For any ATM at an airport or train station, be aware of DCC as mentioned already, decline or opt to do the transaction in local currency. Even if the ATM is owned by Travelex, by declining their services and any DCC, you will get the same good rate as any Bank owned ATM. There are some Travelex Exchange machines out there, but in starting the transaction, the difference will be obvious.

I agree with the first reply. It makes absolutely no sense to fly over the Atlantic Ocean without any euros. It is already stressful to claim your luggage, go through immigration and customs, and find ground transportation to your hotel without bothering to find an ATM. So why risk it? You don't know if an ATM at the airport has enough money and is in working order.

Rick suggests taking some US dollars for emergencies, as "everyone knows what a USD is worth". Might as well take a carton of Luckies and some nylons.

carton of Luckies....

I'm not a smoker so I don't track the price of cancer sticks. That said, while browsing in airport duty free shops, I've been shocked at the price of a package of cigarettes. A carton may get you a pile of Euros at those kinds of prices.

For those who read the RS money tip regarding carrying USD currency, the UDS currency is back up plan emergency cash that could be converted at the going currency exchange kiosk rates and fees. Its a back up to ATMs not working or unavailable. Exchanging $200 USD to local currency at the FX kiosk will get you bus money.

Rick's suggestion to take along $200 USD is often misunderstood. It's purely an "In case of emergency, break glass" suggestion, although I love the evocative WW2 era suggestion of a carton of Luckies and some nylons. Throw in a Hershey's bar while you're at it. (^_^)

Yes, that is something that needs another look by RS and updating. It was probably first written in the days when every county in Europe had their own currency, and USD was a common reference point.

Edgar, "$200 USD to local currency at the FX kiosk will get you bus money." - at the exchange rate you get at airport Bureau de Change that is about all it will get you :-)

I find the recommendation to bring a wodge of USD strange. I don't think the statement "everyone knows what a USD is worth" is actually true. Once you get outside the airport or some really touristy shopping streets, most people will not be familiar enough with what USD look like to want to exchange cash. If a stranger came up to you in your home town and offered you Euros, would you take them?
If you have never been to Europe before, and are nervous that your cards will work first time, by all means bring €200/£200/whatever as emergency "get you to the hotel" money, paying 10% commission is worth the peace of mind. But USD, no.

Joerys87,
Lots of good responses to your question. First time I went to Europe, I overthought it, and paid the exorbitant exchange rate to get some euros & pounds before leaving home. Now, instead of cashing in whatever currency I have left at the end of a trip, I just keep it as seed money for the next trip. Maybe I'm not looking in the right places, but I haven't found bank ATMs in European airports lately. Lots of Travelex places offering euros for $1.22 when the exchange rate $1.11. I expect to pay a couple of percent, but the Travelex price seems extreme. I prefer a bank in town. Unless, of course, you arrive in Rome on an Italian national holiday and find the ATMs are all out of money....

I too am confused over the instruction to take US$200 in 20's for use in situations where ATMs are unavailable. Most Europeans have no clue what a USD note looks like or what it might be worth. And why should they?

The last 3 trips I took to Europe (France, Italy, London) I happened to be traveling with people who did bring USD and wanted to exchange for local currency. Even the currency exchange booth at one airport refused to take the cash because it was not new crisp $100 bills! They all wanted my friends to use their credit or debit cards to pay for the transaction. Banks won't even care to talk to you in those places and unless you have an account with them just point toward their closest ATM. I would rather just go ahead and pay the 10%+ penalty and buy 200 Pounds or Euros from my local bank if I felt the need to have cash in my pocket and was unsure if my cards would work on arrival at my destination (or find a friend who recently returned from the place I am going and see if they have leftovers they might want to sell).

But do you really actually need cash anymore the moment you step off the plane in Europe? You will most likely land at a modern major international airport where credit cards are not the oddity they were 10 or even 5 years ago. My last trip into Paris the airport coffee shop clerk seemed annoyed that I paid in cash when everyone else was paying with credit. The taxi we rode in took credit cards and the driver seemed surprised when I handed him cash (Euros of course, not a hand full of USD that are for all intent worthless to him). Sure, I used cash for most of what I spent after I settled in simply because it is easier and seems to cause less stress among shopkeepers for the places I tends to like. But I had plenty of time to find a bank ATM.

Mark: I too am confused over the instruction to take US$200 in 20's for use in situations where ATMs are unavailable. Most Europeans have no clue what a USD note looks like or what it might be worth....
The last 3 trips I took to Europe (France, Italy, London) I happened to be traveling with people who did bring USD and wanted to exchange for local currency. Even the currency exchange booth at one airport refused to take the cash because it was not new crisp $100 bills!

To reiterate the Rick advice: https://www.ricksteves.com/travel-tips/money/cash-tips that reads:
Bring along some US dollars. While you won’t use it for day-to-day purchases, American cash in your money belt comes in handy for emergencies, such as when banks go on strike or your ATM card stops working. I carry several hundred US dollars as a backup (in denominations of easy-to-exchange 20s). ...you can always find exchange desks at major train stations or airports.

The two key points of the Steves advice are first, its a last resort if your ATM card doesn't work. The second point is that while FX kiosks exchange currency at expensive rates, they still exist in airports and tourist zones. I carry USD currency and have NOT had to exchange USD to local currency. (I did use an airport FX to exchange the too may Czech Krona back to USD. Prague was a lot more economical than I expected).

Veteran travelers to China warned us that the Chinese do not accept dirty or torn currency. When I withdrew $1000 from my Medford bank and requested CLEAN $100 bills, the teller commented "you must be going to China".

Edgar,

"The two key points of the Steves advice are first, its a last resort if your ATM card doesn't work."

I'm not sure I agree. It would seem that having some Euro stashed away in a money belt or whatever would be far more useful, and wouldn't incur any dreadful currency exchange charges. The Euro could be obtained at the beginning of the trip when the ATM card is hopefully working, and that should cover malfunctioning ATM's or bank strikes. Even in the U.K. or Switzerland, the Euro will be more familiar to the locals than U.S. or Canadian currency.

I've never packed any home currency, other than the small amount I need to buy a coffee or a meal at airports during transit.

Original query: ...Euros upon arrival at the Rome airport via the ATM assuming my card works there (and it does). And that this method is the cheapest (and most efficient) factoring in currency fees for USD conversions.... do you agree?

The answers morphed to a discussion of the need of some respondents to buying Euros from their home financial institution out of fear that Italian ATMs would either not be available or not functioning. Out of curiosity, I am wondering if very many or if any forum participants have had a FIRST HAND experience of not being able to use a European ATM to obtain local currency?

My only first hand experience came at the misfortune of tourist at a Heathrow airport ATM who apparently attempted to use the ATM and had the cash machine take their card. The patron ahead of me was showing the unfortunate couple that the card returned was his. I used the same machine without a problem. The lesson there was to have back up ATM/Debit cards, preferable from a second financial institution.

I have twice had the experience of not being able to get euros from an ATM. At the beginning of my current trip, four ATMs rejected my card because (it turned out) my credit union had failed to act appropriately on the travel notification I had provided. Last year a German ATM rejected my card. In that case I walked right into the bank to see what was going on. The bank employee acknowledged that its machines were more selective than some others and suggested another bank's ATM or a post office ATM as being more likely to take my card.

I've never had an ATM card compromised, but I've lost count of how many credit cards I've had to replace because their numbers fell into the wrong hands. Thank heavens, that hasn't happened while I was overseas, but my credit card of choice (an airline mileage card with no foreign transaction fees) doesn't work everywhere. I now travel with two ATM cards and three credit cards.

Edgar, good question but you might want to start a new thread.

Actually in my case it is not wanting one more source of stress on top of everything else in what to me is a new airport. Of course, I do not want to worry about something at an airport that can easily be avoided through my bank.

Last year in Italy there was one day where the Visa/PLUS network was apparently down. All the ATMs in Florence had signs on them stating that. MasterCard was not affected. So, yes, for one day I was not able to use my Visa branded debit card. I did have enough Euros already to make it through the day and credit cards for purchases did not seem to be impacted so I had that option if I had needed it.

To be honest, it has been awhile since I have had issues with an ATM card, but once in the Cinque Terre the network lines were down, so no ATMs and in the other, in Paris, the people who load the ATMs with cash were on strike, so ATMs were functional, until they ran out of cash.

I have had similar issues with credit cards, one not working, but another just fine, then the first working shortly after, but problems with the second later on.

Lesson learned? Have multiple options. I have ATM cards on two accounts, two credit cards that I travel with (kept stashed in different places), usually euros or pounds from previous trips, and I typically have some USD just because I usually carry some cash on me, but I would have to be in pretty bad shape to resort to that