suze

I use www.xe.com then take a smidge off that (you'll never get the full daily exchange rate, even with the best arrangements, you'll get a tad less) will put you in the ballpark.

nytraveler

No- you won;t get the Interbank rate published online - that's only if you are changing millions of $. But your bank should only charge you 1 or 2 % above that - versus 10% above for a bureau de change or changing cash at your actual bank.

Electronic exchanges should always be much cheaper - banks HATE having to deal with cash - it involves too much labor.

Michael

<i>you won;t get the Interbank rate published online</i>

As suze said, it's a fraction of 1%; because the published exchange is an average, while the banks probably work with the high and low.

LADYLYN

Thank you all for your generous input!

Janisj - Yes -- they all use the Interbank rate -- but the % they tack on adds to that so the 'actual exchange rate' is determined by your bank.

But they charge much more when you walk into your branch and ask for foreign currency.

Yes. This I understand. "rate" or "rate + mark up fee+ transaction fee = the "rate" I am paying.
I will use my card at the ATM next week - even if I have to go to 3 of them to get the amount of Euros I need to pay for my hotel ( discount offered for cash)

Thanks again all!

suze

<I will use my card at the ATM next week - even if I have to go to 3 of them to get the amount of Euros I need to pay for my hotel>

It doesn't work like that!!

The daily limit of what you can withdraw is set by your HOME bank. That's who you need to talk to about raising your daily limit, if you need to withdraw a lot of cash on the same day.

yestravel

Both your bank at home and the ATM you are using in Italy may set limits. So if your bank at home allows the amount you need per day, you could go to different ATMs from different banks and meet your needs. Some ATM machines have a per withdrawal limit but will allow you to make multiple withdrawals with that limit.

greg

Another gotcha is that the"daily" clock is based on your home bank. When I ask my bank in the US, they usually don't know how they really count a day, using EST, CST, MST, PST, etc. Evening and next day morning might be a different day in Europe, but same day according to your bank clock.

tom_mn

Responding specifically to the rate given in Italy: Last year I used 3 or 4 bank ATMs in Italy and got fabulous exchange rates each time, less than 0.1% markup over the published rate on XE.com. Later with the same card did much worse at 3 or 4 bank ATMs in Germany, about 1.5% markup over the published XE rate.

So Italian bank ATMs give great rates is what I am trying to say. And yes, some Italian ATMs limit withdrawals to 200 and 250 euros, just cancel the transaction, walk 20 yards and try the next one.

LADYLYN

yestravel - Exactly! I have read that many (most?) ATMs have a $250 per transaction limit. My bank has $1000 per 24 hours. Unless I can find an ATM that allows more, I will have to do 4 transactions to get appr. $850 Euro. But, I am assuming I can use the same ATM for all four transactions. My bank does not charge transaction fees for the ATM.

tom_mn

Ladylyn: the restrictions at Italian ATMs mentioned above do not seem to be the norm, I just hit one of them. Also, if there is a restriction on the ATM it will be in euros. I had good luck with the common ATMs on the street from Banca Monte dei Paschi di Siena, and the postal bank Poste Italiane Bancoposta at FCO airport.

Italy is credit card friendly. Do you need so much cash? Are you renting an apartment with a cash arrangement?

kybourbon

>>>My credit union in the US, associated with a US university, tacks on a lot more than that.<<<

bvlenci - Credit unions are regulated by each state. State laws vary. Mine is in KY and I get the interbank rate plus 1% on the debit card and a Visa and Mastercard I have through them. My cousin in OH looked into opening one with his college and OH laws allow less favorable transactions fees.

>>>yestravel - Exactly! I have read that many (most?) ATMs have a $250 per transaction limit.<<<

I have not seen an Italian ATM with that low of limit in years. Typically, they are at least 500€. At today's rate on Oanda, to get 850€ (your post is confusing because you posted dollar and euro with the 850), the interbank rate would be 850€ = $948.81. You would have to tack on your bank's fees (% mark-up and a per transaction fee if they charge one).

>>>Last year I used 3 or 4 bank ATMs in Italy and got fabulous exchange rates each time, less than 0.1% markup <<<
>>>So Italian bank ATMs give great rates is what I am trying to say<<<

Misinformation. Once again, it's not the Italian bank charging fees (unless you are using a private ATM, not one bank associated). It's your US bank charging them.

janisj

LADYLYN: Why on earth are you worried about having to take out $1000/€900

Where are you going to spend that sort of cash?

I generally withdraw maybe €200 or €300 every 4 to 6 days. Never as much as €500 at a pop.

You are waaaaaay over thinking things IMO.

yestravel

Not sure why it matters where the OP will spend that "sort of" cash. If you read her posts you will see she stated,
<i>"I will use my card at the ATM next week - even if I have to go to 3 of them to get the amount of Euros I need to pay for my hotel ( discount offered for cash)"

Michael

<i>Why on earth are you worried about having to take out $1000/€900
</i>

from a previous posting of hers:
even if I have to go to 3 of them to get the amount of Euros I need to pay for my hotel

LADYLYN

yestravel, Michael thank you I was really beginning to think I could not communicate at all.

We are traveling around this trip. The B & B in Parma is cash only. In Venice we are staying at a B & B that offered a discount for cash - of course if I really 'wanted to over think it' I guess I could compare the discount to the cost of withdrawing the Euros at the ATM.

Again, thank you all for your insights - I do appreciate them.

suze

I assume paying cash for lodgings.

xyz123

Many banks have limited on the amount one can withdraw from an ATM in a day. That limit may be set by your bank or it may be set by the bank owning the ATM. There is no general rule in this regard.

Peter_S_Aus

We found in Venice that ATMs would dispense 500 euro in a single transaction. They might dispense more, but we never tried for more than 500.

Once on a weekend, we could only draw 250.

janisj

I get it. But even paying cash for lodgings -- one doesn't pay on arrival -- you pay on departure. So no need to take out €1000 a pop.

yestravel

That's not true. We have been asked to pay in advance for lodging often in Small B&Bs. It's not something I prefer doing, but have upon occasion.