money exchange

Hi Patti,

Im no expert, but I used Rick's advice and it worked out great. No need to exchange the money before you leave. He suggests you simply withdraw the funds from an ATM in Italy. That way you are certain to get a legitimate exchange rate without the extra fees and such that "money exchange" kiosks and stores are sure to charge you. Just be sure to tell your bank that you will be travelling overseas, know the surcharges that your bank may add to the amount and also be aware of what the maximum withdrawel amount is for your account. Also, a lot of ATMs will only let you take out a certain amount, so you may need to do another separate transcation if you need more money. In my case, I also found it helpful to exchange just a few dollars for euros here just in case the ATM at your arrival destination is out of order (which is unlikely, but just to be safe). That way, you will still have a few euros to help you catch a bus or shuttle or whatever until you can find another machine.

It is always good to be prepared with cash (although US dollars are often accepted) - just in case you get stuck in an airport with delayed flights (volcano ash) and the ATMs are empty. You can get euros from AAA (you must be a member) or go direct to their source - Wells Fargo. Wells Fargo will charge you $5 for any amount. I'm not sure whether you get the day's going rate or not. I can let you know when we pick ours up on Friday. there was a large discussion on this very topic just a day or so ago.

FYI - we just picked up $500 worth of euros for $665.50 U.S. at Wells Fargo. As a non-customer, they charged us a $5 fee. We purchased it at the rate of $1.30 US per Euro. It will be nice to have the money in hand in case we get way-laid along the way due to the volcano or any other circumstance. We will also get some from the airport ATM - after paying bank and machine fees, we hope to get a similar rate. Our bank only allows a $500 cash withdrawal per day and many of the motels want payment in cash - so we needed to have extra on hand.

See the FAQs for the best advice on this commonly asked question.

Kay, do you mean you purchased 500 euros for $665.50? If so, using the euros to dollar conversion for today at 1.2699, 500 euros is equal to $624.60. Wells Fargo charged you about $40 for this exchange.

EDITED*

Bring about 200 Euros cash and replenish with your (VISA) ATM/check card as you need it. Call your bank and make sure your card will work there. It should, unless you have a 5 digit PIN. Before you leave, call the bank's SECURITY DEPT. and let them know you will be using your card overseas. Have your daily withdrawal limit increased if possible. Don't exchange all your cash before you go; it's a rip-off. You will get the best exchange rate with the ATM/check card, even with the fees, but withdraw the maximum amount allowed to avoid having to do this so many times.

I usually bring a back-up ATM/check card linked to a separate account just in case the primary card is lost or stolen. If the card is compromised, then you can go online and transfer your funds to the secondary account so that you don't get wiped out. Then go to your back-up card.