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Spending money and how to get it

Posted by (Philadelphia, PA, USA) on

How much cash do you travel with. We will have 5 people on the trip, 2 parents and 3 19 year olds. Our train tickets are already bought, so we just need money for food, some sites (I have some things already booked and paid for), and whatever we buy (souvenirs). I can get Euro's at my home bank with no convenience charge for the conversion so I want to bring some with me. How much money do you figure for each person?

I can use credit cards but they have a 3% fee from our credit card and whatever Italy charges. Also if I use my bank card (ATM card), they charge $5 per transaction and a 1% fee and that could really add up. I thought I might try to bring a chunk with me so I don't accrue all those fees, but I am not used to having a lot of cash on me at once so am a little nervous.

I have a money belt and plan on putting the day spending in my bra . Can I put some in the suitcase in my hotel or is that just dumb? I hate walking around with a lot of cash.

any tips on planning a budget so I don't have to use the machine a lot. 1% adds up quickly with 5 people!

thanks

Posted by
23626 posts

I will guarantee you that the fees paid for ATM cash in Europe will be LESS and most likely substantially LESS than the fees you will pay to buy currency in the US at your local bank. They may say that they do not charge any fee but they jack up the exchange rate by five to 10%. ALL FEEs on your credit and debit cards are determined by the card issuer. Call and ask them. There are no extra fees charged by the vendor for using a credit or debit card in Europe. Get some perspective -- 1% is cheap.

The cheapest and most convenient way to handle cash in Europe is via a debit card and ATM. Period !!!!! Get a Capital One credit card -- they do not charge currency conversion fees. That solves that problem.

And never leave anything in a hotel room in a suitcase or otherwise. Probability of a problem is low but it can happen. If you insist on carrying a lot of cash, split it up between all of you.

And I hope you didn't buy your train tickets through RailEurope.

Good luck, Frank

Posted by
1018 posts

I agree with Frank. I take about 100 euro from the USA so I have some currency when we arrive to cover incidentals. Then I use the ATM machines with my bank card. Make sure you notify your bank of the dates you will be gone. Also, you must have a 4 digit numerical pin number and have your money in the checking portion of your account. You cannot access the money from your savings...checking only. The ATM's are located practically everywhere in Italy.

Buon viaggio,

RB

Posted by
34 posts

I was at the bank and talked to the manager about exchange fees and any extra charges and he made it sound like I would get the going rate of exchange. I will call to see, but I am not surprised that they would make it a lower rate.

I did all the notifications with my bank cards and credit cards as per Rick's book. Thanks again. Seems like every bank, credit card has some angle where they get extra money out of you! appreciate the help

Posted by
23626 posts

O'' you will get the going rate -- the bank's going rate for what they call selling. In order for you to judge you must know the interbank rate. Goggle it !! The rate Friday was $1.27. At an ATM in Europe you would have received about $1.28+. The ATM rate has a buried 1% fee or a little less fee charged by the network. It would not surprise me if the bank rate was closer to $1.35 or a little higher.

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