I have a friend studying in Italy who was recently paid several hundred Euros for a job. He needs to exchange the Euros for US dollars and asked me whether to do that in Italy or wait till he comes home in a few days. If he exchanges them in Italy, should he use a bank or some sort of exchange? Does anyone have experience or expertise that could help. Saving them for another trip isn't an option.
Posted by
Oak Park, Illinois
4535 posts
Most definitely a bank. Never an exhange agency which makes its money from exchange. Banks provide near the daily inter-bank rate with a nominal fee for the service. I'm not sure it matters whether he does it in Italy or the US but communication might be easier and lines shorter in the US.
Posted by
Vernon, Canada
32384 posts
ashe, I agree with the previous reply. Use a Bank rather than an Exchange Bureau, as the rates will be more favourable. The Banks always get their cut, so there's no way to avoid that. If using a Bank in Italy, there's no guarantee that the staff will be able to function in English.
Posted by
OP
Now in US
18 posts
Great replies. I'll call a US bank to check on fees and then email the info to him. I hadn't considered the language problem, but he probably can handle that.