Exchanging currency US or at Rome Airport?

I'd get a good amount of Euros from the States to last you a few days then hit up the ATM's periodically during your trip in Italy. Can't remember how much we took with us, I believe about 700 in Euros then hit up the ATM twice in Italy, I think we could get about 300-400 Euros per transaction. Since most of the hotel stays took debit card when we made the reservation we didn't have to have too much cash on us and we just used our card everywhere else. Worked well for a 12 day trip. Here's the link for more info:
http://www.ricksteves.com/plan/tips/money-travel-tips.htm

You can usually set your daily limit with your bank at whatever you'd like it to be. Call them and ask.

I always order euros before I go at my bank here in the states. it takes only 48 hours to get the euros back.

The drawback to getting Euro in the US is that you will pay a premium between 5 to 10% depending on source. The best exchange rate will always be a debit card at an ATM. There are two limits imposed at an ATM. The max withdraw in a 24 hour period by your bank. My credit union allows a $1000. But you need to check with your card issuer to determine your limit. The second limit is a limit on a single withdraw from that ATM machine. Often in high tourist areas on the weekend it not uncommon to find ATM limits of 250E to prevent the ATM from running out of cash. Just do two withdrawals or find another ATM. Second, we always carry a second debit card tied to a different account in cash one card goes bad or missing. When we need a lot of cash, just hit both cards for max withdraw.

The best exchange rate is always at ATM's in the country you're visiting. Your own bank at home sets your daily withdrawal limit. Sometimes ATM's in heavily touristed areas in Italy will limit your withdrawal from any given machine to a lower amount than you're expecting. This is so they don't have to refill the machines with cash as often. If you run into this, all you have to do is go to another ATM. Some people like to bring large amounts of euros with them from the US, but in my experience it's really not necessary. You'll find ATM's everywhere over there, particularly in Rome.

That's sorta the rub. If the average is about 400 euros in a day, just our apartment cost take up the first days withdraw, and if its 250 we now have a problem. What kind of fees to the ATMs charge there? Will check with my credit union here. Thomas

The only fees you'll run into will be those charged by your own debit card issuer. ATM's in Europe virtually never impose any fee of their own.

How about tell us how you need daily so we can respond with better suggestions?

If you have time, you can set up a Money Market Fund with Capital One and use their debit card to withdraw from that with no fees charged at all. That's what we do. Don't even think about buying euros at the airport currency exchange places, if that's what you were asking.

Just talked to American Express Travel & they will exchange dollars for Euros for free if you have an AMEX card. If you want over $1000 they will want your SS#.

But what is the exchange rate? I bet the "no fee" comes with an 8% up charge over the existing exchange rate. They can afford to wave the fee.

Looking at AMEX's website the conversion seems pretty close to the current rate.

And, don't forget to call your card's 800 phone number to tell them that you're going to be traveling to Italy. With so much internet fraud, any foreign transactions will most often be questioned. I recently ordered some tickets online, and Capital One called me before approving the transaction. Be sure to use a bank's ATM in the airport when you arrive. Do not use a private owned ATM. Also, do not get Euros from your home bank, as they'll rip you on the exchange rate. It never hurts to have two ATM accounts setup, if possible. You never know when a card will quit working. You can always use a credit card, however you don't want to take any cash advance due to a 3% discount charge and very high interest starting from day one.

Thomas, all good advice. Notify your bank and credit card companies about your travel. If your bank has a daily withdrawal limit and doesn't want to increase it, they will usually do so if you let them know the dates you'd like it to be in effect. Personally, I prefer to take a substantial amount of euros with me so I don't have to worry about the exchange rate once I'm there.

Thanks for all the great advice. Notifying my credit union & credit cards is already on my to do list. Think I will have to do a combination of getting euros in the states & at the airport. The big issue is paying for a weeks worth of apartment in cash.

Thomas, ATMs (bancomats) are the easiest and cheapest way to get euro. Check with your bank to verify your limit is high enough to cover the amount you want, if not, ask them to raise the limit. On joint accounts sometimes the limit is per card not account so two cards could each take out the limit on the same account. Open another account to increase the amount you can withdraw. It is also a good idea for a backup. Look for the best deal for this new travel account. See http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange You want a low(or Zero) foreign transaction fee and a low or zero charge for out of network fees. Italian banks will not charge you for using their bancomats. On the back of your ATM or debit card you need a Visa - Plus or MasterCard - Cirrus symbol. The Italian bank ATM may have a transaction limit (the amount you can pull out at one time), usually between 250 and 500 euro, but you can perform multiple transactions until you reach your bank's daily limit.
When you get there ask your apartment owner where is the nearest bancomat? The owner will probably walk you to it so you will not be carrying a lot of cash long.

Most importantly, don't forget that you need a 4 digit pin number. Many US banks charge a fee for each withdrawal so it's good to get the most you can at a time.