carolannflicker

Its been a while since we have been to Italy. My question-Is it better to change dollars into euros here in the U.S. or at banks in Italy. We do not use ATMs. Your advice would be greatly appreciated. Thanks.

Dukey1

If you are willing to use a bank why aren't you willing to use an ATM which is controlled by that same bank? Security issues?

Whatever you do, do not use any of the various exchange services/booths. As a general rule they will get your money in one of two ways: they charge no commission and give you a poor exchange rate; they charge a high commission but give you a somewhat better exchange rate.

I would think banks would give you the better rate but they may also charge a commission.

BigRuss

"We do not use ATMs."

And thus you will take a bath on foreign exchange charges. To the extent you can use credit cards, do so. If you don't use those either, then just bring travelers checks and exchange them in banks like it's the 1970s and relinquish all thought of ease or convenience.

Sher

While coming through the airport last week I decided to stop at Travelex to really find out how much they are charging to sell you Euro.
I asked the clerk if I wanted to purchase E100 from them, how many dollars would it cost me. It is always difficult for me to understand that exchange from their display.
Anyway, the answer was $149.53.
But the clerk asured me that it would be less expensive to purchase E1000 at one time. And when I commented that I really would not want to carry that kind of cash she suggests I apply for one of their "chip and pin" credit cards.

So carolann, just be prepared for the cost of changing money here in the US if this is what you would like to do.

It may not cost that much at a local bank but it will be expensive.

DebitNM

Are you even sure that a bank in Italy will change the US dollars into euros for a non-customer?

And since someone has to ask, it might as well be me: why don't you use an ATM? It is the easiest, safest, least expensive way to get euros while traveling. Just because you don't use them in your everday life, no reason not to take advantage of having one to use in Italy.

mamcalice

You must have a reason for not using ATMs. But to change US Dollars to Euro is so expensive. It costs little or nothing to use an ATM to withdraw Euro once you are there. Would you consider getting an ATM for your trip? Otherwise your trip will cost you a lot more than it needs to.

And I would advise against travelers checks as suggested above. My brother-in-law had some left from a previous trip and had great difficulty exchanging them. It is ever so inconvenient even in a large city like London. Use credit cards wherever possible and think about an ATM card.

adrienne

This is not a realistic question for this board since you would have to find people who exchange money (rather than using ATMs) and who have been to Italy recently and noted the exchange rates and also know the exchange rates at the same time in the US. I don't think you will find many people who will be able give you the answer to your question.

kybourbon

Banks in Italy don't want to fool with tourists changing money. You will find you are the last served after regular customers and they really dislike making change (even for Italians with accounts). The last time I had to do this was at a bank in Siena during a strike that affected a processing center so I couldn't use my cards. Unfortunately, I was staying at a place that was cash only or I would have just waited for a day or so for the strike to be over and used my ATM card. You had to take a number from a machine as you entered the bank. There were 3 options based on what you needed with preference given to regular bank customers needing other services. Change was an option with only one person to take care of these customers (the other options had multiple teller windows). Italians with bank accounts that needed change were given preference over tourists needing change. While waiting for my number to be called, the person decided to take a break and shut her window for 1/2 an hour. It took about 1 1/2 hours to get change.

Change businesses will be a rip off and expensive. It's very short-sighted not to have ATM cards to use as they are the best way to change money at the best rate.

xyz123

1. The best way to get euro is to use an ATM.

2. The second best way to get euro....well there is no second best way.

Traveler's cheques are deader than Karl Malden and unfortunately he hasn't been around for a while. Nobody takees them, nobody wants to negotiate them even if they were in euro, there are all sorts of fees involved.

So, the idea is

1. Use credit cards anywhere you see a credit card decal. If you don already have one, get a credit card from Capital One which charges no foreign transaction or currency conversion fees and eats the 1% visa/mc fee to boot

2. For those few occasions where cash is necessary, if you don't have one, open up a checking account with some internet bank that gives free atm or debit cards with no conversion or transaction fees and pull out sall amounts of euro just for those places that do not take credit cards.

The modern 21st century way to travel.

Christina

I haven't been to Italy, but if you really insist on doing that, I think getting euro from your bank at home will be cheaper than a change bureau at an airport, if that's the comparison. In the US, banks often charge around 3-7 pct markup. Those exchange bureaux at airports often charge 10-15 pct markup.

DebitNM

The trouble with carrying euros from US - you have to carry a lot of cash with you [especially if not using credit card]and that is just plain foolish. Safety would be a huge concern.

Capital One has free online checking that is very easy to set up [all online, even the initial deposit, so it doesn't matter if you don't have a local branch]. Then simply use the ATM card for free of fees euros. Combine this with their credit card and you are basically set.

StCirq

"We do not use ATMs."

Then I suggest you bring chocolate bars and ladies' silk stockings and Pall Malls and exchange them for whatever you need.

P_M

I strongly agree with everyone else that using the ATM for cash and credit cards for major purchases is by far the best way to go. Exchanging US cash for €'s will not save you time, hassle and it sure as heck won't save you any money.

But if you insist on not using an ATM then it doesn't matter much whether you exchange here or there. In either case you will pay hugs fees and the overall trip will cost you quite a bit more.

Whatever you do, do NOT take Traveller's Cheques and try to exchange them over there. You will find it almost impossible to find anyone to cash them and if you do, they will charge ridiculous fees.

P_M

That's "huge fees," not "hugs fees."

Hugs are usually free if you can get one.

P_M

Christina, I'm sure different banks charge different fees but my bank marks up 7.5% plus a flat fee of $15 for each currency order.

Carolann, if you do buy €'s from a US bank do not believe them if they tell you there is no fee. Check the exchange rate they are offering against the interbank rate and that's where you will see the markup. However if you get a Cap One online account with a debit card, the ATM will charge no fees and no mark-up when you use your card for a withdrawal.

Please give it some thought, we really are trying to help you to save money.

suze

If you really won't use an ATM, I say you might as well just buy the euros in advance from your home bank. Knowing you'll be paying extra for the convenience but you really don't have much choice. It would be better than using airport exchange bureaus (which are universally a rip-off) or standing in a line trying to change cash at an Italian bank.

Sher

Changing dollars for Euro before you go creates another set of problems which is the safety of carrying large amounts of cash.

judi_in_guatemala

I asked a similar question a couple of months ago before a trip to Portugal and Spain. I took everybody's advice and opened a Capital One online checking account and used the ATM card to get Euros as needed. We were used to carrying USD and changing it as needed in Japan and SE Asia. But this is the way to go in Europe. My SIL did the same thing and we were both happy with the results. My only advice: do it now. Don't wait until the last minute!

hetismij2

If banks in Italy are anything like banks here in the Netherlands they don't even have cash, nevermind about exchanging it for you. Seriously here you would struggle unless you went to an exchange office, assuming you could find one. The rates would be awful

Using an ATM card means you get the current exchange rate (and given the state of the Euro that could mean a significant saving over the rate before you travel).

Carrying large amounts of cash is just asking for trouble.

VirginiaBeach

Euro exchange rates are at the lowest they ever been, get euro in the US. I don't see how ATM's or cards are more convinient then cash. I can't imagine looking for an ATM in Tuscany..there are better things to do.