I was quite shocked when I decided to buy some euro from my bank today. They buy euro from you at $1.507 but if they sell it to you it would be $1.677 per euro. I am wondering if Hotels in Italy would accept $$! Also, would it be better to exchange $$ in Italian banks? Thanks.
Mike
Mike
ALWAYS better to take out Euro through ATMs in Europe....by far the best rate of exchange you're going to get. Paying US $$ in Europe will probably incur an even greater exchange rate penalty.
In short, no and if they do they will charge a high premium (Europeans don't accept dollars anyways outside of prime tourist zones). Hit up an ATM or use a CC for the best rate.
Many credit card companies tack on a fee for international transactions. Call to find out ahead of time so there are no surprises when your statement arrives.
Our B & B in FLorence (Tourist House Ghiberti) gave an 8% discount for payment in cash (euros, of course)-- some others do, as well. At least the discount helps a little bit!
We got 10% off all small hotels in Italy if we paid cash.
I think its a TAX thing.
David, it's not tax, it has to do with the cost of accepting CCs, which is much higher in Europe than in the US. CC companies require a percentage fee on all transactions. If you pay in cash, obviously they can discount the rate to exclude the fee.
10% off was sweet!
All I know is that if I lived in a Country that taxed me for watching TV or having a balcony on my Apt. I'd be looking for ways to avoid more TAX.
We just got back from Rome. We used an ATM by our hotel/
we also paid our hotel in cash. By paying cash they
gave us our air conditioning, 5E a day for free.
We arranged to have a shuttle from the airport to our hotel and also paid the hotel in cash when we left.
Check with your credit card company, ours charges a 3% fee for anything in Europe - that is a lot! So,
I used my bank credit/debt card which rembursed me for any fees.
Use your ATM card to get Euros in Italy. My credit union only charged 1% per transaction and the exchange rate was always better than what we saw posted at the moneychanger booths. Using a Mastercard would have cost 3%.
Occasionally an ATM would not accept our card or it would give us a message to the effect that the network was not available. Don't give up. Try an ATM at another bank and it will probably work.
You'll need a numeric pin and pay attention to the touchscreen. You have 30 seconds to remove your card and cash when it tells you to before it decides you walked away and gobbles up the card or money.
We always pay in cash if the hotel will give a discount.
and, while it is not popular we DO get our Euros here. We travel to very small villages where finding an ATM can take all day. We perfer to pay a little more here and have the peace of mind there...
If we are paying hotels in cash we make bundles of Euros representing each hotel so we are sure to have what we need when we need it.
You have 30 seconds to remove your card and cash when it tells you to before it decides you walked away and gobbles up the card or money.
That is kind of scary. Never happens in USA.
Masoud: I see it as a security measure. Should you walk away and forgetfully leave your card behind, it will be swallowed by the Bank Machine and not end up in a stranger's sweaty hands. The bank will certainly return it to you with proper ID. Memo to self: Take money and card quickly.
Well it is a security measure. But really, 30 seconds is a long time. The card pops out first and is staring you in the face with a message saying you have 30 seconds to take it back. Then the cash pops out. We found the various bancomat's incredibly easy to use, in big and small towns, and had absolutely no trouble.
Italy is a cash society. Very few restaurants, museums! or shops take plastic. All our apartments and hotels (with the exception of a Novatel) wanted cash the day we arrived. We figured out how much cash we were going to need up front and got most of it here. We were afraid that the ATM limits would be a problem. It worked out great, especially on the very last day, I still had a crisp 50E note to pay the taxi driver in Rome.
Masoud,
Just back last night from Italy. Not all banks in Italy will exchange $$ for Euros. We had to hunt for one that would, and then it would not take $100.00 bills. Also, a word to the wise, be sure to let your bank know that you will be out of the country and making rather large ATM withdrawals. We have been to Europe many times, but always on business with a few days tacked on for fun. This was our first true European vacation. After 6 or 7 days of making daily trips to the ATM, we found that we had difficulty in withdrawing money. Use credit cards wherever you can, but be prepared to spend a lot of cash. We bought souvenirs in a little shop in Rome. The owner would take our credit card, but offered a discount if we paid cash, because of the fees the bank charges back to the merchant for the processing of the transaction.
Debby
Returned 2 days ago from Italy. ATM's are the way to go. The card comes out first, grab it, and the cash is several seconds later. 30 seconds is a long time. I recommend 2 ATM cards if possible. We had a withdrawel limit daily, and we never could figure out what a 'day' was. We started rotating the cards and had no problem.
