Exchanging Money in Rome
Apr 25th, 2016, 06:20 AM
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Exchanging Money in Rome
A friend of mine is heading to Rome in a couple of weeks to start a cruise. She is getting there first and is concerned about having Euros to pay for transportation to the hotel and then also having money for each of their stops (they will be doing their own thing rather than taking ship excursions). It's been years since I was in Europe. What is the best way to exchange money? Should she do some in the States and then the rest in Rome? Where will she get the best exchange rate?
Thanks so much!
Thanks so much!
Apr 25th, 2016, 06:24 AM
#3
It depends how nervous she is, for 95% of people you go to the airport, you fly to Rome and you go to the ATM at Rome airport, she will get the best rate there for cash
However, some people get nervous, so go to the Bank and get some cash and pay a higher rate.
Does her cruise only go to Euro based countries? Note that say, if she ends up in Croatia, the Euro will be useless (or strangely undervalued)
However, some people get nervous, so go to the Bank and get some cash and pay a higher rate.
Does her cruise only go to Euro based countries? Note that say, if she ends up in Croatia, the Euro will be useless (or strangely undervalued)
Apr 25th, 2016, 06:29 AM
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Thanks for this info. I believe they are only going to Euro countries, but I will check. I think she is going to get another friend to get her some Euros before she goes at a reasonable cost (he gets the employee discount at Wells Fargo). She is a bit of a nervous traveler, so I think having some before she goes makes sense. I will suggest the ATM for her. I remember doing that in Sorrento many years ago and it works really well.
Apr 25th, 2016, 07:08 AM
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I'm not nervous, but I don't like using ATMs at airports, especially if they have no connection to a bank. I usually get enough money at my home bank to get me to my hotel, and from then on I withdraw cash from an ATM. Usually I get about €50 to €100 worth of foreign cash. It's true that the exchange rate is not as good as that you get from an ATM, but if I lose 5% on €100, that's only €5, and it's worth it to me not to have to find an ATM, possibly wait in a long line to use it, and keep an eye on my luggage while making the withdrawal, all in a sleep-deprived state.
By the way, when they see that you have a foreign debit card, many ATMs now ask something like, "Do you want to withdraw €200 or $150?". Always say you want to withdraw in the currency of the country you're in. Otherwise they'll use an exchange rate that may even be worse than the one your bank offers.
And I wouldn't count on a Wells Fargo employee discount. That would be a discount on the transaction fee or something of the sort. The real bite is not the fee or the commission, but the exchange rate used, which is a hidden cost.
By the way, when they see that you have a foreign debit card, many ATMs now ask something like, "Do you want to withdraw €200 or $150?". Always say you want to withdraw in the currency of the country you're in. Otherwise they'll use an exchange rate that may even be worse than the one your bank offers.
And I wouldn't count on a Wells Fargo employee discount. That would be a discount on the transaction fee or something of the sort. The real bite is not the fee or the commission, but the exchange rate used, which is a hidden cost.
Apr 25th, 2016, 07:20 AM
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I always have euros left over from my last trip, but if I didn't, I would get $50 or $100 in euros from my bank to tide me over until I could get to an ATM.
When I went to St. Petersburg last year, I found roubles at a Forex in Helsinki bank because I was feeling a bit insecure about leaving the train without any spendable cash.
Usually I get $500 worth of local currency at an ATM, for which I pay $5. Or I use a credit card. My Mileage Plus Explorer card does not tack on that 3% fee that many cards change.
When I went to St. Petersburg last year, I found roubles at a Forex in Helsinki bank because I was feeling a bit insecure about leaving the train without any spendable cash.
Usually I get $500 worth of local currency at an ATM, for which I pay $5. Or I use a credit card. My Mileage Plus Explorer card does not tack on that 3% fee that many cards change.
Apr 25th, 2016, 08:07 AM
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For oversea ATM to work with least problem, your friend needs to contact the issuer bank of the ATM and do what is called "Travel Notice."
Some banks let them use their ATM card oversea without doing anything.
Other banks would assume unusual ATM card usages as fraud and block transactions. Informing them beforehand would minimize, not necessarily block, such unnecessary annoyance. They can unblock by calling the customer service - this needs a communication device, such as phone usable in Rome, and the bank number to call which is listed on the back of the ATM card, but need to know how to do an international call from Rome.
They may be scared that they get hit with ATM fees. However, a simple math would show them it is unfounded. For a withdrawal of €100 or more, even the greediest bank that charges all sorts of ATM fess are usually still cheaper than using cash exchange even at so called "discount."
They can have backup procedure.
1. Carry dollar bills or whatever is a strong home currency, just in case all electronic means fail, and use the money exchange at Rome airport as a last resort. If electronic means work, which is usually is the case, nothing lost in exchanging money. Just bring home the home currency home.
2. If they are laying over at other EURO denominated countries, such as Frankfurt, Paris, Amsterdam, etc, then while they are twiddling their thumbs waiting for the next flight, get Euros at the airport. For this to work, the previously mentioned "Travel Notice" should also include the layover airport. This strategy does not work if they are layover in non-Euro country such as London. Read the instruction on the screen very carefully and never let the ATM do the conversion, that is charge their bank in home currency. The ATM would label this as "convenience" but it is in fact an outright unnecessary fee of 3.5% or more on ATM's favor at your friend's expense. The ATM would try to lure your friend into thinking this is "peace of mind", blah, blah, blah. Let your friend's bank do the Euro to home currency conversion, not the ATM operator.
Some banks let them use their ATM card oversea without doing anything.
Other banks would assume unusual ATM card usages as fraud and block transactions. Informing them beforehand would minimize, not necessarily block, such unnecessary annoyance. They can unblock by calling the customer service - this needs a communication device, such as phone usable in Rome, and the bank number to call which is listed on the back of the ATM card, but need to know how to do an international call from Rome.
They may be scared that they get hit with ATM fees. However, a simple math would show them it is unfounded. For a withdrawal of €100 or more, even the greediest bank that charges all sorts of ATM fess are usually still cheaper than using cash exchange even at so called "discount."
They can have backup procedure.
1. Carry dollar bills or whatever is a strong home currency, just in case all electronic means fail, and use the money exchange at Rome airport as a last resort. If electronic means work, which is usually is the case, nothing lost in exchanging money. Just bring home the home currency home.
2. If they are laying over at other EURO denominated countries, such as Frankfurt, Paris, Amsterdam, etc, then while they are twiddling their thumbs waiting for the next flight, get Euros at the airport. For this to work, the previously mentioned "Travel Notice" should also include the layover airport. This strategy does not work if they are layover in non-Euro country such as London. Read the instruction on the screen very carefully and never let the ATM do the conversion, that is charge their bank in home currency. The ATM would label this as "convenience" but it is in fact an outright unnecessary fee of 3.5% or more on ATM's favor at your friend's expense. The ATM would try to lure your friend into thinking this is "peace of mind", blah, blah, blah. Let your friend's bank do the Euro to home currency conversion, not the ATM operator.
Apr 25th, 2016, 08:51 AM
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I am often abroad.
Last time in Shanghai (I just made my expenses so it is fresh) but the reasoning is the same everywhere.
I paid my hotel with Amex.
Final rate was 7.24 that is rate plus about 1.5% fee.
I paid a restaurant with Visa : 7,19.
I withdrew 700 Rmb from Atm : 7 sharp. Inc a fixed fee so if you withdraw more the rate is better.
Now your fees will vary - I have European cards so it will differ with you but the global picture will remain the same.
Note that when I was in Poland last month the rate was better with Visa than Amex - go figure.
Last time in Shanghai (I just made my expenses so it is fresh) but the reasoning is the same everywhere.
I paid my hotel with Amex.
Final rate was 7.24 that is rate plus about 1.5% fee.
I paid a restaurant with Visa : 7,19.
I withdrew 700 Rmb from Atm : 7 sharp. Inc a fixed fee so if you withdraw more the rate is better.
Now your fees will vary - I have European cards so it will differ with you but the global picture will remain the same.
Note that when I was in Poland last month the rate was better with Visa than Amex - go figure.
Apr 25th, 2016, 10:47 AM
#11
For a newbie or nervous traveler I would order euros from my home bank so I had them upon arrival.
Later use a debit card at a bank ATM machine.
Most people don't actually "change money" any more.
Later use a debit card at a bank ATM machine.
Most people don't actually "change money" any more.
Apr 25th, 2016, 11:09 AM
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ATM MACHINES IN ROME AIRPORT are abundant and very easy to use.
You should advise your friend, that she should use the ATM upon arrival. Just have her use caution, as she would at any ATM even in the USA.
It will be a good thing for her to learn to do & move forward as going to a bank to change money is not really so convenient.
TrendGirl2
You should advise your friend, that she should use the ATM upon arrival. Just have her use caution, as she would at any ATM even in the USA.
It will be a good thing for her to learn to do & move forward as going to a bank to change money is not really so convenient.
TrendGirl2
Apr 25th, 2016, 01:53 PM
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I rather not to carry euros from USA, I only bring what I had left over from my last trip. I rather to get euros each 2 days from the ATM than having a big amount with me or at the hotel that can disappear if robbed.
Apr 25th, 2016, 05:04 PM
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There is nothing wrong with getting some euros in advance. Even though the exchange rate may not be a good one, the difference for a relatively small amount is not that much and it will buy your friend peace of mind.
You friend should let her bank know that she will be using the atm card in Europe, and also let her credit card company know.. this way she will avoid any freezes on her account. Her bank should be able to advise her as to whether she needs a different pin to use in Europe. Years ago I had to do that.
it is easy to use an atm card at a bank atm machine whether in the airport or else where to obtain local currency. Always take the local currency. If her own bank charges a fee, each time the atm is used, take out a larger amount. your friend can check with her bank as to whether a fee will be charged
do not use a credit card to obtain cash at an atm. it is considered a loan and high rates of interest will be charged.
credit cards can be used for paying for many things. meals, admissions, shopping, same as at home.
If your friend is not leaving immediately, she should see if her credit card company charges a fee for what they call foreign currency exchange., as some cards do not charge for this. I have used a capital one card that has no conversion fees, and the exchange rate has always been a good one. She may want to get a card that has no extra fees to use on this trip.
You friend should let her bank know that she will be using the atm card in Europe, and also let her credit card company know.. this way she will avoid any freezes on her account. Her bank should be able to advise her as to whether she needs a different pin to use in Europe. Years ago I had to do that.
it is easy to use an atm card at a bank atm machine whether in the airport or else where to obtain local currency. Always take the local currency. If her own bank charges a fee, each time the atm is used, take out a larger amount. your friend can check with her bank as to whether a fee will be charged
do not use a credit card to obtain cash at an atm. it is considered a loan and high rates of interest will be charged.
credit cards can be used for paying for many things. meals, admissions, shopping, same as at home.
If your friend is not leaving immediately, she should see if her credit card company charges a fee for what they call foreign currency exchange., as some cards do not charge for this. I have used a capital one card that has no conversion fees, and the exchange rate has always been a good one. She may want to get a card that has no extra fees to use on this trip.
Apr 25th, 2016, 05:18 PM
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For my first trip to Europe I got some Euros at Wellfargo to bring with me. For my second time I had only 100 euros left from the last trip, so I got 500 euros at the ATM from my bank at the airport in Venice before getting in a vaporetto
Apr 26th, 2016, 03:37 AM
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I've never more than 100 € on me. But I've got 4-5 debitcards and 4-5 credit cards. There is always one that doesn't work... Having several reduces the risk quite a lot.
For the moment I gave one to my daughter and one to a friend who buys things for me. Quite handy btw.
Mvg.
For the moment I gave one to my daughter and one to a friend who buys things for me. Quite handy btw.
Mvg.
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