ATMs
 

Okay, I had a dumb blonde moment, but I thought I'd put this out there to save someone else some head scratching. I took about 700 euros to Italy with me with the intention of getting money out of the ATMs that I was told were everywhere. Well, they really are EVERYWHERE!

The first day in a city, I would note the closest ATM to my hotel so I could conveniently grab cash. I paid for a lot with my CapitalOne card and only had to get cash out one time in Florence.

My traveling companion was out that day too. She tried several ATMs and was getting worried that her card wouldn't work. Finally we went together and instead of asking for a specific amount, she just chose $250 euro.

I put my card in and I couldn't get the amount I wanted either. I finally just took $250 euro. I was wondering what was going on because I could withdraw $400 per day and I knew my husband (at home) would not be using the card that day.

Duh!!! It's $400 US dollars a day, so it is less euros. We were trying to get 400 euros and then 350 euros out. That's why it finally worked at 250 euros.

The conversion rate at the ATM was less than what I paid when I purchased euros from the same bank in the US.

Hi M,

You are now a savvy traveler. :)

((I))

So Ira since you seem to be very knowlegable, i have a question for you.( if you do not mind!)
I arrive in Rome at 6:30 next Sunday. I will owe for the apt. firt thing when i get there $450 E. Our driver $40.
Next day,tours appx.100E.
Would you still ATM and hope to get enough,it or buy some before you go?

Hello, Thought I'd jump in here.

You can go to your bank and have your daily limit raised or lowered. Try to figure out how much money you will need and then do the currency conversion. Have your bank up your limit to match that. This also helps with the fees. If you only need to take out cash 2 times a week you only pay 2 fees.

I have always found that when I get euros here in the states before a trip, the exchange rate is horrible. If you do get euros here, only buy about 100 or 150 worth. Then when you land you can take out any additional money you may need.

Donna

Ivitaly, if I were you I'd try to get my ATM daily max increased as suggested. However, just in case I'd also see if you can get traveler's checks (in U.S. dollars) without a charge from your bank as a back-up.

If you can't get enough money from the ATM once you arrive, you can make up the balance at an airport currency exchange window. The rates aren't as good as the ATM, but should be much better than what you'd get in your own country.

If you don't end up using the TC's, then you can deposit them back at your bank at no cost when you return home.

Hi, let me jump in here. :-) Check with your bank: 1) try to get your limit raised. My bank will only raise it to $500 per day. 2) I have an ATM VISA card, and my wife has an ATM VISA card, different account numbers on each card, but both tied into the same checking account. Ergo, I can withdraw $500, and my wife can withdraw $500, both in the same day from the same account.

Check with your bank to see how this might relate to you. ((b))

It also has frequently been mentioned that ATMs have an amount-per-transaction limit, which might help explain the difficulties the OP experienced. If the limit for an ATM is 250 euro, you'll have to do multiple transactions in order to get larger amounts of cash.

The only problem with that is if you have a card with all those fees (transaction and conversion percent), it can be very costly. ((b))

Budman: Do you really think the fees, of which we now are made aware, are that much higher than the "old days?" I remember the times when I paid to buy TCs, paid to cash them, plus whatever the exchange rate they condescended to give me... I never wanted to know how much I really was paying, but now everything is spelled out.

Could it be that we actually are paying less, but now have all the costs itemized for us?

Trophywife007, my fees are basically zero - nothing for my ATM card, and 1% for my credit card, but that is offset by the 1.25% rebate I get for using the card.

I just cringe when I read on Fodor's some of the rates & fees some banks are charging for using the ATM's and converting the funds. I believe it was even worse in the old days with the commissions/exchange rates in changing $$$ for local currency. ((b))

Thanks everyone.I have BofA, have read they are not the greatest on rates, but will check into my daily limit and see about raising it if need be.
My husband and i both share the same checking act. as well but dont think we share the same card #'s.This i will look into right away!
I just unfortunatly need a considerable amount of cash right up front. The good news is i have a Capitol One credit card. Gotta love all of those ripoff fees' that we pay.
I miss the Lira's!!!

Liras, Francs, etc. were fun, but it IS nice that I can save my left-over Euros from Paris and use them in Madrid!

One valid point!