Dollars to Euros...bank or on site?
 

As I'm embarking on my maiden voyage out of country...besides canada...I need advice on the most economical way to exchange dollars for euros. I know you can change them out at the Rome Airport or at ATM type kiosks in Italy....but I can also do it at my bank at home. What method do you use?

Also, For 2 weeks in Italy hoe much 'cash' would you recommend I carry? I'm loading $3000 travel expenses onto a travel VISA card...how much in cash euro would you recommend I bring?

Any other financial tips for me?

Grazie!

There are about 50 threads on this issue. The best way is by ATM withdrawal in Italy with your debit card and you can do this at the airport instead of using an exchange agent. Get cash as needed, you don't need to bring any from Canada.

It is very easy to get euros at your destination at many cash machines. You won't have the bank service charge and will get a better exchange rate.

A travel Visa card is perhaps the world's worst way to take your money abroad. The fees can be substantial, and you might lose as much as 10% of the total value of your $3000 during your trip with all the various fees.

The next worst method to exchange money is to do it in advance of your trip (both fees and a really bad exchange rate suck up many percents of your money). So I bring 0 euros with me when I travel to Europe (unless I have some left over from a previous trip).

If you have an ATM card, that's almost always the cheapest way to get cash abroad. Even if your bank charges a fee for each transaction and a 3% conversion, it's usually cheaper than the higher conversion rate you'll pay to change currency. (This fee may be hidden in the bad exchange rate, so you may never see the actual fee ... the "no fee" currency exchange booths often do this.)

Use a credit card for big purchases (hotels, expensive meals, etc.).

When I go for a two-week trip, I usually carry no more than $300 in cash and that is reserved for emergencies.

Hello fellow Canadian!

Get a few euros for when you land (taxi/train to hotel) and then withdraw euros using ATM card. I have a place in Toronto I use for currency.

CIBC charged my $5 per transaction, so make withdrawals a few hundred euros. I had no problem with my CIBC ATM card, but also brought Royal and Credit Union just in case. For ATM card, machines will withdraw from checking account, so have money in there. My new CIBC has the chip in it, I tried it out in London in May and it works fine.

ATMs will give you best rate. VISA prepaid baddddddd. There are threads on here about how they overcharge, charge for everything,etc...

Where are your plans?

ATMs on site always, every country I visit. I get some euros when I land at the airport (then go right to the ladies room and stash most in my money belt) and then at ATMs as needed in cities, but be careful when entering your pin and be aware of the people near you. I prefer the ATMs that are just inside a bank building. In Chile, and perhaps it was Argentina, you need to enter your card to get into the building, so more secure.

I usually take up to $400 in US cash "just in case" but have never had a problem with an ATM so I come home with my dollars.

Don't bring any euros, get them in Italy, the exchange rate will be better than at a US airport or bank.

I don't have any other financial advice but I do advise you to use a money belt and if you hate that idea then don't keep all your money in one place and definitely not in a wallet in your back pocket.

Have a great trip to Italy, it's a gorgeous country and you'll love it.

I just got off the phone with the bank and the reason I was previously told that a 10% fee would be added to each transaction overseas on my debit/VISA card. That's the reason I was looking at travel cards...As it turns out, it's only 1% on my debit card so I will be taking that!

So I will bring only my debit card and get euro cash-back from that when I arrive (In your experience, is the airport exchanger better or worse than streetside atms?). Thank you for your help, I almost made a big mistake!

For small amounts, it probably does not matter wether you use airport or street vendor. Don't use hotel though. Also, don't be fooled by the "no fee" advertizing, they just use a worse exchange rate. Before leaving, get rate from paper so will have a ballpark number.

ATMs will give you the best rate when travelling..though on one trip I actually used ATM/VISA/Amex and was going to compare the exchange rates when got home, but never sifted through data :(

Hi S,

Get about $100 worth of Euro at your departure airport. It will cost you a few $ more than doing it when you arrive, but you won't have to look for an ATM upon arrival.

Charge everything chargeable. Make sure that you are billed in local currency. Don't let them do you a "favor" and convert to USD for you.

Get cash from any BANK ATM. They are free.
There are independent ATMs. They charge much.

Enjoy your visit.

((I))

I agree with Ira. For less-experienced overseas travellers there will be peace of mind if you have enough euros in hand to get to your hotel, and the (admittedly) higher cost of buying euros before you leave will be a small price to pay for your comfort. It is almost certain that you can use an ATM machine successfully immediately upon arrival, but you may be tired, inattentive, hungry, cranky, hasty, burdened with luggage, etc. Why bother making your first attempt at waiting in line to use an unfamiliar-looking ATM under those conditions?

I may be paranoid but, when we travel we take an ATM card which is not a debit card. If lost or stolen, it cannot be used to charge items and drain our bank account.

We also take a credit card which we use for most purchases.

On our first trip from Australia to Europe we made sure we had some euros and some pounds with us before we left home. We were complete novices and didn't want to take the risk of trying to find an ATM in Athens, especially as we knew we would be seriously sleep deprived and stressed by then. We also want a few pounds for the hours we had to kill at Heathrow before the Athens flight.

Anyway...... the real point is, the next time we didn't bother. Just went straight to an ATM at the airport in Italy and withdrew euros.

SamandKy I completely understand if you want to arrive with some local currency in your wallet. If it helps to relieve some stress of first time travel, then no harm done.

After that, you will find ATM's all over the place. Also follow the other posters advice about the type of card you should take with you to reduce costs.

Check the ATMs at your departure airport... I noticed in the secure area at Montreal-Trudeau last month there were machines that dispensed Euros as well as dollars.

You should use your credit card as much as possible. Carrying a lot of cash is not a great idea and you should only pull enough for walking around money from your checking account with your ATM card. Be sure to have at least 2 different credit cards and a back-up ATM card in case of any problem.

"There are about 50 threads on this issue."

More like 50,000. :-D

"I may be paranoid but, when we travel we take an ATM card which is not a debit card. If lost or stolen, it cannot be used to charge items and drain our bank account."

Judy, I understand your concerns and for a long time I did the same. But on my trip to Belgium I was completely unable to use my ATM card. I found out later that only a Visa debit card can be used in that country, and many posters have had the same experience. Ever since getting the Visa debit card I have never had problems with ATM use overseas or in the US.

If your account is drained through fraudulent use of a Visa debit card you will get your money back within a day or two of reporting it.