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Where to convert US dollars to euros in Italy ?

I’m reading some old posts on how to travel with cash and where to convert
But they are from 2013
Does anyone know if the rates at our us banks are cheaper
I’m trying to leave with some euros before arrival in rome
I know the airport charge a ridiculous rate
Thank you

Posted by
250 posts

I would suggest withdrawing Euros from an ATM at the Rome airport. Conversely you could buy a few Euros at AAA.

Posted by
291 posts

Hi,

Upon arrival in Italy last week, I simply took out money at an atm. You can use one at the airport or wait until you get into the city to use one at a bank if that makes you more comfortable. If you really want to get some euros from a US bank before you leave, try to get a minimal amount and a variety of denominations - the smaller the better.

I agree with you that changing US dollars into Euros at the airport is not optimal. :)

Posted by
553 posts

Always from an ATM, never in the US. Be 100% certain that you have notified the issuer of your card that you will be using the card in Europe. You do not want to experience having your card locked. It's not fun.
Small town banks in Italy will often refuse to do an exchange so don't count on that. They have no interest in your USD.
To that point, the currency in Italy is the Euro. Why would you carry any significant amount of USD?
Another point to consider is what to do with left over currency. If you plan to travel to Europe again and if the exchange rates are good, buy and keep Euros to use in the future. If you do not have such a plan or if you cannot afford to tie up cash in Euros be sure to that you get rid of them before you return to the US. You can lose a fortune exchanging back to USD. And, if you neglect doing the reverse exchange at the airport, it can become a pain in the rear to do this at a bank in the US. Many banks will not be able to deal with an exchange,
What I have always done (except for a bonehead move in Tunisia that left me with a bunch of Dinar) is to settle my hotel bill using whatever remaining local currency I have left...even if the stay was on my credit card. Be sure to keep enough cash to pay for your cab to the airport and airport tax if there is one. The duty free shops are another way to get rid of remaining cash, but generally anything at the airport is wildly over-priced so it's best not to employ that strategy to burn down your remaining currency.

Posted by
2195 posts

Here's what we do. Before leaving for our trip, I order euros from my bank. It usually takes a few days for them to process the request, so I order a couple of weeks ahead. I've been getting around 300 euros which usually lasts me through the trip. We have purchased small artwork from local artists and paid in cash, which has necessitated getting more cash from an ATM.

I monitor our cash expenditure rate and if it looks like we'll have some cash remaining, I use it at the end of the trip instead of a credit card. I don't think we've come home with more than 20-30 euro, which is fine. We'll take it with us on the next trip.

I think everyone has chipped credit cards now, but make sure you do. Europe got on the chipped bandwagon before the US and it is expected pretty much everywhere.

It was good advice regarding notifying your credit card issuers that you'll be overseas. It's easy to do.

Posted by
2583 posts

To have some in your pocket when you land, I would first check would your bank but it has never worked for me. AAA is a source that I used in once years ago, but the local office had none in stock and had to get some which took a week or so.

Posted by
8944 posts

cggotr, no, US banks will not be cheaper. Many will also charge a transaction fee on top of a 5-10% higher exchange rate in their favor. It's not evil, they have costs to providing this service. But it is convenient to get some that way, and cost is not the only factor to consider. I dont like to arrive empty-handed either.

Posted by
1895 posts

My last experience at an ATM in Europe is that it cost more in fees from both banks than to get money in the US from our branch.

We've decided it's cost effective to get Euro through our bank in the US before we leave for Europe. Last time we used an ATM in Spain for example, the fees (US$) were $8 from the withdrawal bank and $8 from our US bank. Considering we were just getting 200E that was pretty steep in charges.

We just ordered and received 500E for our upcoming trip later this year and the total fee was $20. We will mostly use our credit card, but there are plenty of times when a little cash is more convenient.

Just don't go to the exchange windows, use an ATM, and do watch for the fee charges!

Now, don't tell me to change banks, because we have done that in the past, but too much of a hassle for 1-2 trips a year overseas!

Posted by
262 posts

Agree, no need for euros in advance, use the atm at the airport. In addition to notifying your credit card company/bank that you will be traveling, check to see which of your credit cards does not charge a foreign transaction fee. Not all are the same.

Posted by
8200 posts

If you have to buy Euros in the USA, then use Bank of America, since they used to have the best exchange rate in the USA. However, you have to have an account or credit card with them.

Posted by
5183 posts

There are two schools of thought on this

One is to wait and get euros upon arrival, and it is the least expensive way to get local currency. But remember this: if you wait until arrival, there is the inconvenience of having to find a machine, waiting to access it, the stress of hoping it works (they do occasionally malfunction and / or run out of currancy), and doing all that while somewhat jet lagged.

Many think it's better to have some Euros in hand before arrival, and get two or three hundred Euros beforehand from their local bank. It will cost a little more, but the amount it cost to have money in hand when arriving is money well spent, and the cost relative to the overall cost of the trip is next to nothing.

No matter what you do, check with your bank and credit card companies to see if you need to put a travel alert on your account(s). They may see a foreign transaction, suspect fraud, and shut down access to your credit and ATM cards. Some banks require it, some don't, and some waiver back and forth.