ATM Exchange Rate in Italy
Sep 2nd, 2016, 06:24 PM
#41
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>>> 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.<<<
I never said I was paying at arrival - just that I needed cash to pay for the B & B, which by the way is not 1000 Euros. My local bank's limit is $1000 or approximately 850 Euros. Enough to pay for the room and have a little left over to function for a few days.
Also, I wish I knew how to get through 6 days with only 300 Euros. My husband would be so happy! All kidding aside, I guess you use your debit cards more often than we are used to.
I never said I was paying at arrival - just that I needed cash to pay for the B & B, which by the way is not 1000 Euros. My local bank's limit is $1000 or approximately 850 Euros. Enough to pay for the room and have a little left over to function for a few days.
Also, I wish I knew how to get through 6 days with only 300 Euros. My husband would be so happy! All kidding aside, I guess you use your debit cards more often than we are used to.
Sep 3rd, 2016, 05:55 AM
#43
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>>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.
No, I'm not talking about direct bank fees from the home bank account, I am talking about exchange rates which is a murky area. People who say, "Rates are set by the _____ and you always get the market rate at every bank in every country and in every ATM" are spreading rumors. Banks play tricks with rates, just like credit cards do, and you are not ever guaranteed to get some market or published rate using a bank ATM.
I proved that German banks slice a bigger profit from ATM withdrawals than Italian banks do by setting the exchange rate about 1.5% lower than the going rate, taking at least ten times a greater profit margin than Italian banks take.
No, I'm not talking about direct bank fees from the home bank account, I am talking about exchange rates which is a murky area. People who say, "Rates are set by the _____ and you always get the market rate at every bank in every country and in every ATM" are spreading rumors. Banks play tricks with rates, just like credit cards do, and you are not ever guaranteed to get some market or published rate using a bank ATM.
I proved that German banks slice a bigger profit from ATM withdrawals than Italian banks do by setting the exchange rate about 1.5% lower than the going rate, taking at least ten times a greater profit margin than Italian banks take.
Sep 3rd, 2016, 06:29 AM
#44
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tom...the actual exchange rates and exchange are done by the shared teller network. The biggest ones in the past have been plus which is controlled by visa and cirrus which is controlled by mastercard. These shared teller networks have rules for exchanging currencies in line with visa and mc regulations respectively. In that sense, the bank owning the ATM does not deal with the exchange; it sends the transaction through the shared teller network. For simplicity sake, although it is somewhat more complicated, they do use the interbank rate with a 1% mark up. Your bank may pass this along to you, may add its own mark up (generally 2% making a total of 3%) and may then add other fees. Any transaction going through the shared teller networks, in general, as an out of country charge, are not charged by the local atm although over the past years more private ATM's have gotten around this by adding their own fees.
Now a new scam is the use of dcc by atm's for cash withdrawals. You are told for your convenience you can lock in the exchange rate by having the atm convert the currency. As Nancy Regan once told us, just say NO as in NO. For this reason, in general, you get the same rate of exchange if you use a machine at the airport or downtown or wherever.
Now a new scam is the use of dcc by atm's for cash withdrawals. You are told for your convenience you can lock in the exchange rate by having the atm convert the currency. As Nancy Regan once told us, just say NO as in NO. For this reason, in general, you get the same rate of exchange if you use a machine at the airport or downtown or wherever.
Sep 3rd, 2016, 07:21 AM
#45
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If you are staying in an apartment, then, yes, you might have to pay upon arrival. But the OP is staying in a B&B. I gather this B&B doesn't accept credit cards? Which are preferable and convert your money at the same rate -- assuming your ATM/Debit card comes from the same bank.
Anyway, no need to get all the money out at one time. Then you'd be carrying a large amount, which defeats the advantage of an ATM. There are convenient ATMs all over Rome and, in fact, all over Italy, in the smallest towns. You can make several stops.
It's been about 15 years since I made my first trip to Europe cold turkey without getting foreign money first. I just stop at a bank ATM before leaving the airport. So far that's worked like a charm. Now of course I have some euros left from my last trip.
Anyway, no need to get all the money out at one time. Then you'd be carrying a large amount, which defeats the advantage of an ATM. There are convenient ATMs all over Rome and, in fact, all over Italy, in the smallest towns. You can make several stops.
It's been about 15 years since I made my first trip to Europe cold turkey without getting foreign money first. I just stop at a bank ATM before leaving the airport. So far that's worked like a charm. Now of course I have some euros left from my last trip.
Sep 3rd, 2016, 07:25 AM
#46
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xyz: I agree with the 1% comment and have seen that 1% rate markup on credit cards, and saw it again in ATM withdrawals in Germany. Still, did not see it in Italy. On my first withdrawal at FCO I even got BETTER than that day's published rate. I did not check the next day, maybe I got that day's rate. In any event, I just got incredible rates (basically no commission, no rate mark up) in 4 ATM transactions in 3 cities in Italy last year.
Another possibility I did not consider earlier: maybe the rate fluxes with the amount withdrawn, all my Germany transactions were less than 200 euros, and all the Italy ones were about 500 euros. Possibly there is a hidden ATM fee in the rate and so the rate is better for higher euro transactions?
I looked hard on the web once for answers to these questions, didn't rally get a good answer.
Another possibility I did not consider earlier: maybe the rate fluxes with the amount withdrawn, all my Germany transactions were less than 200 euros, and all the Italy ones were about 500 euros. Possibly there is a hidden ATM fee in the rate and so the rate is better for higher euro transactions?
I looked hard on the web once for answers to these questions, didn't rally get a good answer.
