Would love input, going to Italy this summer, which banks are available,which credit cards are recommended or recognized, and atm's which make sense. Any and recommendations for monitory transaction I would Really appreciate am getting so confused. should I open an account w a bank supported in Italy
thanks vmkeller
Any ATM in Italy will work with your home bank/credit union, as long as it has a Visa or Mastercard logo on it. Now I have noted that some big Italian banks (like Unicredit) are starting to charge "out-of-network" ATM fees, so look for one attached to a smaller bank that does not charge fees. As far as opening a new account, if yours charges 3% foreign transaction fees and "out-of-network" fees, look at opening an account at a credit union that does not.
1) Get a credit card that has no foreign transaction fees. Use this to pay for everything. Use cash if credit cards aren't accepted.
https://thepointsguy.com/guide/top-cards-with-no-foreign-transaction-fees/ ( i follow him and i currently use the CSR as my primary card and will use in Italy this June.)
2) Use your normal debit card from your local bank in Europe to withdraw euros as needed at ATMS. (make sure your bank has favorable ATM fees/reimburses). I sometimes will order euros from BOA before my trip, but not going to this time. Will just withdraw money right when we land.
Helpful info here:
https://www.ricksteves.com/travel-tips/money
I use a seperate debit account for travel. That way if anything were to happen, my entire account would not be exposed. Normal account is backup.
If at all possible open a separate account for travel. Get a debit card for that account and transfer what monies you want to use while away into it. This way if your card is compromised, it is only a travel account with little money, not your everyday account at home. I have two accounts for travel with debit cards that I take and use on all my vacations. Two years ago my citizens bank debit card with chip was duplicated. It happened in Italy. They used it here in the USA in Florida about two months after I returned home from vacation. All they got was $40. Which is what I leave in there when not traveling. I had transferred back to my everyday account the money I had not used while away but the $40.
I do what gerri and Joyce do - separate ATM card for travel account. If you want to get both a chip and PIN credit card (better chance at working at all machines) AND an ATM card with no fees at all (most ATMs in Italy charge no fees), look into Andrews Federal Credit Union. I used to have the Andrews visa card (no annual fee, no foreign transaction fee) but don't need it anymore. You can also get a simple savings account and an ATM card (not even a debit card) with no currency conversion fee.
Andrews is in Maryland - no need to live there. To join them online, though, you need to be "eligible" - easy to become eligible by joining the American Consumer Council for a one-time $5 fee.
I've read that some of the Italian banks are now charging for withdrawal, is that true? In that case, have to look for other non-Italian banks to enjoy the no-fee withdrawal benefit?
Have not heard that relative to Italy. But it has been cropping up in Spain. But even if you have to pay a couple of euro to use the ATM it is still far cheaper than any other option.
I am so great full for all the amazing info. I am getting nervous a bit bc language will be tough bc family always designate me as the translator,lol.
Note that ATM/Debit cards have two withdrawal limits. One is your financial institution's daily limit. The other is the ATM machine's limit. I was rejected trying to get 300 EUR from a VCE airport terminal ATM but asked and received a 200 EUR withdrawal from the same machine.
ATMs in high tourist areas and on the weekend tend to have a single withdraw limit around 250 euro because they do not want the terminal to run out of money quickly. If you encounter that and need more, then just do two separate withdraws. We try to anticipate our weekend cash needs so we can hit a local bank ATM on Friday. We rarely find any limits (other than your card issuer) on ATMs that are a physical part of the bank.
@ vmkeller,
The ATM's have an English option. You will not have any problems being able to understand the machine and withdrawing monies. Make sure you get Euros. You do not want US dollars.
RE: language. If the machine recognises the card as foreign, it then asks you which language you want: Italiano, English, Français, Deutsch etc.
The machines probably do that in your home town as well, but as you've never put a foreign card in, you have never noticed.
Something not mentioned so far. If, after selecting the amount you wish to withdraw, the machine asks if you want to be charged in Euro or your home currency, always pay in Euro. You credit card company will always give a better exchange rate than the machine.
Same applies for paying by credit card. Always pay in Euro and never accept the transaction unless it shows the correct amount in Euro, the same as on the bill.
