EXCHANGING MONEY IN US or ITALY??
Jul 7th, 1998, 06:21 PM
#2
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If you're the sort of person who likes to be prepared for all contingencies like myself, here's my plan: I call various local banks for their "sell" rate and obtain about $100 of the foreign currency before leaving home. This covers your initial cash expenses such as a beverage, taxi fare, first meal if you happen upon an establishment that does not accept credit cards and so forth. We also take some American Express travelers checks - in the foreign denomination - which we get from AAA. Not the very best rate, but good enough. While overseas, we use our ATM card for cash (although you could take cash advances on a credit card, but be sure you're aware of fees and interest charges), and purchase everything possible on credit cards. With ATM cards and credit cards, you receive the best exchange rates available and don't have to bother shopping for good exchange rates. Some advise that you should skip the currency and the travelers checks. But, ever since neither of our ATM cards worked anywhere in Paris two years ago (and we did have travelers checks with us), we definitely prepare for all contingencies. American Express travelers checks are widely accepted. We've always been able to cash them at the front desk every morning (no fees or charges - for the face value) for "walking around" cash...admissions to attractions, taxi fares, public transportation, small purchases (a bottle of water), etc. Basically, we take them as a backup to the ATM cards. If our ATM cards do work, we simply apply any leftover TC's, along with any leftover cash (after keeping out enough to get ourselves to the airport and have a snack/beverage) toward our hotel bill which precludes us from having to change any back to American dollars or save them for the next trip. If your trip is several months away, and the foreign currency fluctuates significantly, it's great fun to watch the rates (there's a free service on the web which will e-mail you rates daily automatically) and buy your currency or travelers checks when the rates are at their highest. Another thing we like to do is send a check to a credit card with no balance to create a credit balance on the card. If you make the proper arrangements with the provider, there may be a small fee for cash advances, but no interest. And, you're not running up a bill to pay later. Terrific way to budget your trip. But, here's what not to do. Do not exchange American dollars at the airport or at your hotel. In the unlikely event that you lose your credit cards or they are stolen (highly unlikely if they're safely stored in your under your clothing pouch), be sure to have a list along of the providers and their phone numbers (not the 800 numbers, which cannot be called from Europe). So, if you head over with some foreign cash, some travelers checks, your ATM card, and a couple of credit cards, you'll be all set. And, you won't have to wonder or wander around in search of the best deal on exchanging money. Best that this does not take up any of your valuable time there anyway!
Jul 8th, 1998, 12:02 PM
#3
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I can almost guarantee you that you will get a better exchange rate in Italy. I would recommend taking no more than $100.00 dollars in Lira and wait til you get there. You will get the best exchange rate there with cash. I would not recommend just taking cash though. Balance it out with traveler's checks, cash and credit cards which give a pretty good exchange rate. Just before you leave for Europe cut out the foreign exchange rate table from your local major newspaper so you can have a good idea of what the dollar is going for as of the day you leave because it fluctuates daily. Good luch. <BR>
Jul 11th, 1998, 01:41 PM
#4
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We had no problems last year using our credit card for cash advances at ATMs from Portofino to Florence and in between. Our credit card has no fee for cash advance, but interest from date of advance, so we sent in a check for estimated cash needs just before we left. We didn't get charged any fees by the banks in Italy either.
Jul 11th, 1998, 02:15 PM
#5
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Looks like you've already got all the answers. I think it is a must to arrive with around $100 in Lira. The ATM's charges me $2 for the fee and provided a very good exchange rate. Credit Cards are the easiest...however, not all places you'll be stopping into will accept CC. Traveler's Checks are good...but many eating and shopping places will not accept, so you must exchange them at a bank. Do this often to have plenty of LIRA on hand. The banks seem to be the best exchange...but, remember they close from about 12:30-3:30 and then again for the day around 5:30 (sometimes 4:30). Take along a POCKET exchange rate cheat sheet. You can got to a sight...shoot I don't remember the sight. But, find one--I'm sure you will and then shrink it and keep it with you at all times. It comes in handy. Have FUN! <BR>
Jul 11th, 1998, 05:55 PM
#6
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The site the previous poster referred to is www.oanda.com Then click on "Cheat Sheet" in the left hand column. On next page enter changing lira to U.S. dollars, then click "Get my Cheat Sheet" and a table will appear with exchange rates based on the day you set it up. While it changes daily, it really isn't enough to make a big difference.
Jul 15th, 1998, 06:37 AM
#7
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For convenience sake, American Express is wonderful. If you have an AmEx card, you can do it all over the telephone. They debit your credit card and the correct currency arrives via U.S.mail before you leave the U.S. There was no charge for this service either.
