Money exchange

Check your ATM and Credit cards for a "foreign transaction fee" and ATM fees. If they have none wait until you get to Italy and use an ATM (do not get cast with a credit card, too expensive). Some banks waive ATM fees and foreign transaction fees. Otherwise it is simply a question of cost. Do the fees outweigh ordering from a bank in the US? You have to push the pencil. For convenience I simply use an ATM when I get there. It sometimes costs a little but it is worth the convenience.

You'll get a variety of answers from posters here!

I like to start out with 100-200€ so I can get in to town, have a meal or two and then deal with an ATM when I am less jet-lagged. I travel solo and like to be at the top of my game when using an ATM in Europe.

So...I would get a little Euro from your bank to have when you arrive, then get the rest of your travel money from ATMs as you travel. I know I don't get a good rate purchasing Euro here but I prefer to decrease my own stress level by having some local currency in my pocket.

I did have an experience last Fall in London where my debit card did not work. I had gone in to my Credit Union to notify them of travel plans but they had not completed the proper paperwork. I would have been pretty stressed if I hadn't had some GBP on hand until I could have a family member contact the Credit Union for me.

Hi Liz -

I get some Euros before I leave and hit up the ATM pretty soon on my first full day after arrival. I know some wait until they are in Europe but personally, I like to have some on my person for my own peace of mind.

I also hit up an ATM soon after I arrive to make sure if there's an issue that I know before I'm too far into my trip so I can contact the bank. I've never had an issue though with my ATMs from either of the two banks I've recently used in the US (BMO Harris and PNC).

Happy travels!

Even with fees, most observers agree that the ATM rates in Europe will be better than rates at your local bank. See more at https://www.ricksteves.com/travel-tips/money/cash-tips and links on that page.

Do you see the magnifying glass at the top of the page that says "search"
your question has been asked in various forms thousands of times.

There are also lots of tips and advice, such as this:

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

.

Elizabeth,

I would also suggest getting €100 or so at your bank to cover travel expenses, and then use ATM's (Bancomats) to obtain more cash during your trip. The small additional amount you'll pay to obtain Euro at home is not significant for a small amount like that, and it will make the trip a bit easier. I always have money left over from previous trips, so that's the method I use.

As this is your first trip, a few points to note......

• In many cases, funds will be accessed from your chequing account, or whatever is designated as your "primary account". There usually isn't a choice of accounts when using ATM's in Europe.
• It's a good idea to pack along two ATM cards on different accounts, in case the primary card malfunctions (I've had that happen), or worse yet gets "eaten" by the machine.
• Try to use only ATM's at larger banks, and don't use machines owned by Travelex or other exchange firms (you'll pay more in fees with them).
• At least one credit card is also a good idea.
• You must notify all your financial institutions that you'll be travelling abroad, so they don't freeze your cards when they detect transactions in Europe.
• Be on the alert for ATM withdrawals that offer you a choice to have the currency exchange done by the ATM network instead of your home bank. That's called Direct Currency Conversion and will cost you more in fees. You may also encounter that when paying bills by credit card. Always have the transaction processed in the local currency, and have your bank do the exchange.

I always manage my ATM withdrawals while in Europe so that I have about 200€ left over when I come back with which to start my next trip.

If you haven't made a trip before, or you didn't bring some back from your last trip, or you're going to a country with a different currency, getting a few hundred euro (or pounds) before you go isn't such a bad deal. If you live near a Wells Fargo, they sell euro for about 5%, average, over the Interbank rate (the same rate you get from an ATM). Big banks will like Chase, Wells, US, et al will charge you a 3% exchange rate discount plus $5, which is 1% on a $500 withdrawal, for 4%, total. So $200 in euro will only cost you $2 for the piece of mind of having local currency when you arrive. Local banks are a little less expensive at the ATM, about 2½% over the Interbank rate, Even if you have a no fee card, you'll still spend only about $10 to have $200 in local currency when you arrive.

I think that is pretty cheap insurance against not having money for anything when you arrive. I've heard of people arriving in Rome when the people who service the ATMs were on strike and all the machines were empty. I personally have been in a town in Germany when the lines were down and none of the ATMs in town would work.

One caveat. Some less common currencies will have a higher exchange rate discount over here than has the euro. I once paid 14% ($5.60) for $40 in Czech Koruna so I could purchase a rail ticket from Czech Rail just over the German border.

I don't bother with the time and expense of buying foreign currency from my bank in advance of a foreign trip. I just use my ATM card to withdraw local currency on arrival. I do have a stash of left over FX, but on traveling to a new country I just rely on my ATM cards. (Note the plural on ATM cards). I carry my credit union ATM card and bring my bank ATM card as a backup. Credit union ATM terms are cheaper than my bank.

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

Bringing an extra ATM card provides a backup if one is demagnetized or
eaten by a machine. Make sure your card won’t expire before your trip
ends. You do not need a chip-and-PIN card to use a European ATM — your
standard magnetic stripe card will work fine.

[I also bring several hundred in USD bills as a back up but have never had to resort to a FX kiosk].

Liz keep two things in mind: you're not exchanging currency, you are buying it, at whatever price, fee, or rate the seller wants. Second, there is no official regulated exchange rate that sellers are required to use. I guess those are really the same points, but so many people focus on fees (or absence of them), and just assume they are getting the rate published in the paper.

There have been many threads on this topic and most people say the same thing. I would never fly to Italy without enough euros for a whole day of expenses just in case some people don't take credit cards.

I checked at Wells Fargo today for Euros at two different branches near me. Their rate is $1.175 per Euro where the Interbank rate shows $1.120 meaning €100 will cost $5.50 more that getting it at an ATM in Europe just from the rate difference. Since I have no accounts with Wells, they require me to buy at least €200 (for any foreign currency a minimum of $200 equivalent rounded up to the nearest 100 in that currency is what they require to be bought by non account holders) and will charge me an additional $15 as a service fee totaling $250, all to be paid in cash at time of order. It will take 2 business days before the currency will be available for me to pick up at the branch. Home delivery would have meant additional service fees. Purchasing a larger amount of Euro would also have resulted in a higher fee. This equals $26 more than the same €200 would have cost me at an ATM in Europe today with a no fee/no markup on rate debit card. While still more affordable than what my bank is charging today ($1.23 per Euro + $25 in service fees), it adds up. Using the Capital One 360 Debit card at a European ATM seems a better deal every time I look closer at getting foreign currency .