chaznangie

Hi guys,

My husband and I are going to Italy for 2 weeks in May and we are wondering how much money will be needed.

Basically we will use our credit card as much as possible, especially for big expenses like hotels. We are going to Rome, Florence, Pisa, and Venice. Do most of the restaurants take credit cards? We are not expecting to buy souvenirs, and will spend the majority of our money on food (we are foodies!), museums, and transportation. If that's the case, how much cash should we have per day?

Thanks a lot!

kayd

About the same as you would for New York or San Francisco. Have plenty in your checking account (and a back up account) to withdraw from ATMs as needed.

bobthenavigator

This may help. Yes on the CC and do use them. Your food budget may be higher if you are foodies:

http://www.slowtrav.com/italy/planning/budget.htm

aussieparker

Remember when using CC at hotels in Italy, sometimes there is a 3% extra charge because you paid with a credit card. With the Euro at a low of 1.3940 today, buy some to take with you to pay for the hotels.
Try booking hotels now, you still might be able to get a good rate.

J62

I don't agree with aussieparker's advice to buy some euros today to take with you.

The interbank rate today is 1.339, and that's essentially the rate you'd get if you used ATM to get cash or a CC to pay a bill. There are some fees on top of that, from YOUR bank or credit card co. Whatever those fees are they will be less than the net cost of buying euros before you leave home. Don't be fooled by the old "no-fee" gimick your bank may tell you. What matters is the net cost, which includes exchange rate, fees, and any delivery costs.

Using aussieparker's #'s, buying euros at 1.394 is 4.1% higher than today's interbank rate. So it'll cost you 4.1% to save 3%. Doesn't compute to me.

suze

I only use a credit card for the hotel bill. Besides that I take euro directly from an ATM bank machine with my debit card and spend in cash. For me that just seems easier and more straightforward. I could get by on $100usd per day per person, but that doesn't include high-end meals.

kybourbon

J62 - Perhaps aussieparker was giving the rate in Australian dollars to the euro? I've noticed many Australian's seem to purchase in advance or buy prepaid VISA cards. I think it has something to do with differences in their banking and ATM/credit card regs.

J62

Good point ky.

Net is still the same. Get euros beforehand if you want to for convenience sake, but don't be fooled into thinking it's financially the best way. You need to run all the #'s to compare apples to apples.

LoveItaly

Hello chaz, when you say transportation if you are referring to trains, yes you can use a credit card. Some small eating establishments, in my experience, do want to be paid in cash especially if you are just ordering a drink, sandwich etc. I don't recall ever having a problem with using a credit card when at a restaurant for dinner however. Have fun! And after you are in Italy for a few days you will get the feel of how much cash you will want to withdraw from the ATM.

alihutch

Some restaurants in Italy don't take credit cards...a very nice lakeside one in Lenno, Lake Como last Summer wouldn't...but were very happy to deal with change for very large denomination notes! (molto Italiano!)

annhig

hi Chaz,

large bills [hotel, main restaurant meals] I tend to settle with c/card, travel, museums i pay cash - though sometimes they can be pretty pricey too, especially when our kids are with us when we are 4 adults.

I always like to have about €100 in cash on me in reserve - I've never had to use it in anger, but for example, we had a meal costing €90 and the restaurant c/card machine decided not to work - luckily i had my €100 in reserve.

Peter_S_Aus

Kybourbon above notes that we Aussies buy prepaid Visa cards in advance of travelling. The thing is that these are Euro denominated cards, so the exchange rate is locked in at purchase, and the rate is OK – about 2% off the xe.com mid range rates.

With these Euro denominated Visa debit cards, the exchange rate on purchase is fixed. There are no “fees” on the initial load of Euros onto the card, and for subsequent loads they charge about 1%, so it makes sense to make a hefty initial load onto the card. Naturally the banks make a margin on the exchange rate, but it is not too crippling.

There’s a 2 Euro charge each time the card is used at an ATM, but there are no charges when the card is used for a straight Visa merchant transaction.

We can also buy USD and New Zealand dollar cards in the same way, and it does make keeping track of what one spends a bit easier.
The Aussie dollar is heading north against the Euro, which is a source of some pleasure to us. To answer the OP’s initial question, it’s comforting to arrive with a couple of hundred Euro, but we’d never buy more cash than that in advance – the exchange rate on bank notes can be horrible.

chaznangie

Thanks guys! I am going to the bank to figure out the fees for ATM withdrawals while we are in Italy. I think we are going to exchange some Euro (maybe 200 each) before we leave so that we would have some cash on hand... and we will take it from there

kybourbon

Many banks don't keep other currencies on hand. You might check your local AAA. The larger branches offer currency exchange. Otherwise, you can always change at an airport kiosk in the US before you depart.

habroms

Some cc charge only 1% (usaa) and that is the best way. Most better restaurants take cc. You can always ask going into the restaurant if they do.
We are also foodies and stay in 4-5 star hotels now that we are 'more mature'. Ave cost of hotel reserved on line at discount web sites - $150-250. Better meals $80-150.
Hope that helps.

TDudette

Only for convenience, we get some euros from AAA. All we want to do is get our bags and get out of the airport. ATMs are usually in site in the airport.

We use visa for meals and hotel checkout. On last trip, hub took 90 euros from the atm about every other day. Used for cabs, incidentals and meals where credit cards were not accepted (hardlly any place these days).

We stayed at a hotel once that didn't take credit cards-so hub had to get more cash-could have been a problem.

I don't believe that AAA will buy back other currency. Also, they (at least in our area) don't take checks anymore.

aussieparker

Actually, I am Canadian and I buy my Euros from the bank. It does charge a rate for buying or selling. We must remember that most banks don't put the cash rate but the cheque rate on their foreign exchange link. There will always be a difference in the cost of the buying currency depending on where you live.

TDudette

Meant to write ATMs are usually in "SIGHT".