I was on the way to Spain at the end of March and saw a Travelex booth that was advertising chip and pin cards. I was curious so I asked what the exchange was---$1.55 for one euro. The rate at the time was about $1.28 or so.

>I didn't walk all over. I went to the FIRST cambio I found to get a good rate.<

Are you being combatitive for the sake of it? At no point did I say "walk all over". If you walked past one at any point you forwent a better exchange rate. Even using the bank cambio gives you a worse rate than the ATM at the same bank. That's your right, of course,

"Are you being combatitive for the sake of it?"

No. I thought you were.

Here are the facts as I see them.

ATMs are convenient everywhere. If you want to use them, use them.

If you don't want to use them, you have options that are also quite reasonable.

>>>On a recent trip (March) the ATM rate was $1.35165 per euro. The exchange rate at a dollars for euros cambio was $1.3809. This translates into .7398 euros per dollar against .7241 euros per dollar or 1.5 euro cents per dollar. <<<

Really not a good comparison unless you withdraw money at the two places at the same time. Rates fluctuate and in March of this year there was about a 4.5 fluctuation in a matter of days. For all we know, you real rate could have been 130.5 on the day you paid 138 at the cambio. Without seeing someone's actual receipt and doing a history conversion, you really don't know what fee they paid at a cambio. Cambios are not exchanging money for free. Many (most?) cambios are a rip-off. You can search Fodor's and find lots of posts about people being ripped off in Florence/Rome at exchange places.

>>>Oh, and by the way, banks in Italy do change dollars to euros.
You walk in the door, ask for the cambio and change your money there if you choose. I know this is true because I have done it; the rate at banks, however, is not as good as a well selected cambio.<<<

I'd like some proof of that statement. That statement goes against everyone's experience on this thread, but yours, every travel book, etc. There is absolutely no way cambios are offering a better rate than a bank.

<Why people here demand that you use ATMs is beyond me.>

No one has "demand"ed anything. Bottomline is an ATM gets you the best rate of exchange is all. So when people ask the question, that's the answer. Also is the safest method as far as not losing or having a bunch of cash stolen from you.

the OP has disappeared.

....I think it's just a case of people who don't want to take the time to find a good cambio.......

No, I think it is a better case of someone who really doesn't know or understand exchange rates.

The exchange at an ATM is ALWAYS within 1% of the interbank rate at the time or near time of withdrawal. IF a cambio is selling Euro at 1% less than an ATM, the rate would have to at or below in the interbank rate. To suggestion that somehow a cambio can undercut the ATM rate is not logically or reasonable. Everyone in the deal has to make something so I suggest that someone doesn't understand what is actually happening.

"No, I think it is a better case of someone who really doesn't know or understand exchange rates."

I do understand exchange rates; and I do know what I am talking about. I don't offer advice here based on theory; I offer it based on my personal experience. I did not do it this year; but, one year recently to test the rates, I changed money at the cambio in Rome and then walked around the corner and withdrew money from an ATM and difference was one eurocent on the dollar.

I don't know how they make money doing this. I don't care. What I do know is that everything that I have said is exactly correct based on my own personal experiences. If you choose not to believe me, that is your prerogative.

"Bottomline is an ATM gets you the best rate of exchange is all. So when people ask the question, that's the answer."

Actually the question was

"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."

Very few of us seem to have answered that question. However, the statement that the OP does not use ATMs makes all the comments about ATMs irrelevant, doesn't it?

Not really. When we answer it's not only for the benefit of the one person who started the thread. Many people read the advice. I guarantee there are plenty of people reading this right now who ARE willing to use ATMs once they understand it is the safest and cheapest way to get foreign currency.

The first three posting answered the question and the OP has not been back so I assume they were satisfied with the answers. The rest was just rehash until DG showed up and tried to convince everyone that exchange bureaus are really good guys who sell Euro for less than the interbank rate.