I will be leaving for Rome this weekend and need some advice on exchanging US dollars for Euros. Where can I get the best rates on cash for cash exchanges? Is it more feasible to just use a credit card for the majority of my purchases(lower rate of exchange)? I will be flying from Memphis-Atlanta-JFK-FCO. ANy help is greatly appreciated.

Your best bet is:<BR><BR>1. Credit card everything whenever credit cards are accepted even for the smallest items. While it may be too late to do something about this, try not to use credit cards issued by Citibank, Chase, First USA, Bank of America, Providian as these criminal banks impose an additional 2% charge on foreign transactions (see other threads). Even if you are unfortunate enough to be a customer of one of these banks, you still do better using credit cards than exchanging cash.<BR><BR>2. For your every day cash needs of Euros, use the ATM's. Again, if you haven't been falling other threads, I hope you have an ATM card that doesn't charge you for withdrawing your money from other ATM machines. If the fee is high (anything more than 10 cents) you should withdraw larger amounts to avoid being ripped off by your bank. Note the owner of the Italian ATM will not charge you. Only your bank might.<BR><BR>You don't have to do anything in advance as some know nothing suggest. You will find ATM's at the airport when you arrive and if by some chance they are down, you can exchange US cash at the cash exchange at the airport in an emergency.<BR><BR>Bring some US cash (about $200) as a back up in case of problems with ATM's.

Jeff-<BR>What type of credit card do you use? I have used citibank with no problem in europe. Never had additional charges when I charged purchases/meals. <BR>Only fee using this card is for withdrawals of euros.<BR>My understanding of using atm's overseas is there is a charge. My bank charges a flat $5 fee for withdrawing money. I believe this to be standard-just find out what the fee is before you go.

To second what Jeff said, I got a new credit card for Europe through AAA because the issuing bank does not add on 2% for a "conversion fee".<BR><BR>Both Visa and Master Card have added on a 1% fee for years, but the 1% is based on the wholesale bank rate of exchange which is the best the little trader can get.<BR>The 1% fee is not enough to make converting travelers checks or cash in Europe a better alternative. If your bank charges an additional 2%, for essentially nothing, other options become an alternative.<BR><BR>Check with your bank and ask them what the charge is for withdrawing money at ATMs not owned by your bank.<BR>Even with a $1.50 charge, I usually benefit from a much better exchange rate than I would get if I went inside to a teller and converted cash or a travelers check. <BR><BR>I, for other reasons, still use BOA for my checking account. It clips me for $1.50 after the second withdrawal in Europe. Moreover, BOA clips me about 5% or more if I buy foreign currency from it.<BR>But nobody else is cheaper around where I live. I tried using American Express once, but by the time I paid a FedEx fee, I actually paid more than I would have at BOA.<BR>And when you make conversions, be aware that any surcharges, conversions fees, and the like are not listed as a line item on the receipt. The charge is collected by adjusting the exchange rate. Unless you know the exchange rate for that day, you might not even be aware that you are being squeezed a little bit. <BR>Most people don't pay any attention to the 2% add on, claiming it is trivial.<BR>Hmm. If that is the case, the next time he or she sees $50 lying on the street, how about sending it to me??<BR>

Yike, stacy I don't think that $5 fee is "standard"; my bank didn't charge me anything!

that's fleet for you.<BR><BR>

Remember, Fleet still makes their original product, enemas, and their secret company motto is "Up yours!"

Stacy, I'm sure you are wrong. Citibank has finally assured me that they do in fact ALWAYS add 2% for any foreign transaction converted to US dollars. It is impossible to see from your bill. They will just show a Euro amount, then the amount in US dollars. I have been doing some advance charging and getting about 89 cents to the dollar for Euros, but that really does include the extra 2% that Citibank imposes. You have to decide if it is worth the extra 2% for frequent flyer miles or whatever. I have decided it is worth it to me -- see similar current threads, but you do need to know that you are paying the conversion fee.

My AAA Visa card is issued by MBNA America Bank. According to various threads MBNA doesn't hit you for the additional 2% conversion charge.<BR>For ATM withdrawals, my credit union has advised that their fee is $1.00 for withdrawals at any "out of network" ATM machines which includes Europe. Maximum withdrawal at any one time is $310, so I am told.<BR>Once I had troubles using a Bank One ATM card overseas. Later found out that non recent use could cause the bank to suspend withdrawals so it was recommended to use the card if only just to check balances in your bank's ATM before you depart overseas!

I would suggest taking two credit cards just to ensure that at least one works. Use both prior to leaving to make sure you know you PIN numbers. Enjoy

Why do you need a PIN for a credit card?<BR>I never used one; as far as I know, I don't have one!!! <BR>I use one with my ATM card. <BR>If you stick your credit card in the ATM machine, does the money you take out not become a cash advance at large rates of interest??<BR><BR>I know one friend of mine, college professor type, asked me about money and Europe. I told him to use his ATM card to withdraw cash for daily expenses, but to charge as much as he could so he would not carry large amounts of currency. So he decides to use his credit card to withdraw several thousand dollars from ATM machines all over Germany! He even used paper money to pay his hotel bills!!<BR>Of course he got socked with a hefty charge, and then blamed me for causing him the extra expense!!<BR>Finally I pulled out my debit (check) card, ATM card, and credit card. I placed them in front of him and said "This is an ATM card. You put it in the little machine at a bank, enter your PIN, and money comes out. It is taken off of your checking account. This is a debit card. It works just like a check. If you buy groceries at the supermarket, and pay with this, the amount of the purchase is subtracted from your checking account." His response, "Oh, I don't have one of those."<BR>