Hi all,
Getting married in Tuscany next week and I need to pay the remaining balance on the villa we've rented. I'm trying to avoid a 3.9% PayPal fee for a foreign transaction. I've heard that there is little to no fee at the Post Office in Venice for exchanging dollars to Euro's (where we land and spend some time before driving to Tuscany).
Can anyone confirm this about the Venice post office. Can I do any better than 3.9%? Exchange rate is currently 1.10 USD -> EUR which is great.
Thanks!!
AD
How much are we talking about? Four figures? 3.9 % isn't bad for a large transaction. If you could pay with a credit card with no transaction fees, that would be ideal, but the other party probably does not want to since he will be on the hook for a 3 to 4 % credit card clearing fee. For big ticket items, I've swallowed and accepted a 5 % credit card add-on in Germany. Still beats wire transfer fees.
The best way would be a debit card from a bank/credit union that doesn't charge a currency conversion fee but you don't have time to set that up.
The Poste Italiane has ATMs, I am not aware of a currency exchange desk.
That rate you quoted is an interbank rate, mere mortals usually pay something a little above that.
Only the largest Italian post offices change money. They charge a 4% offset from official rate plus 6 euros fixed fee. Maximum amount allowed eur 1032,91.
Frankly, I do not know a single place where changing cash is convenient. If you are bringing with you a lot of cash just remember that when entering Italy with more than eur 10000 in cash you have to declare it at customs. If caught with undeclared money there is a stinging fine - withhold from undeclared money.
The exchange rate today, at this hour, is $1.12, a good exchange rate for a no fee credit/debit card would be $1.13/1,14. You may have to eat the difference.
