I've been researching posts, and I think I have a BAD plan!

I was going to bring maybe E2000 - 3000 in cash, having gotten it here in Canada, but if I'm understanding correctly, the rate will be better if I get it from the ATM's in Italy?

If that is correct, is E300 enough to bring from home?

Also, are the banks there helpful if by some chance our cards aren't accepted, (no problems in Prague or France) or are chewed up. We'll each have one card, but on the same bank account. I may be worried about nothing here, but all that cash is my safety net, so I want to feel satisfied that I have some recourse.

Do not bring that cash!!! You will overpay, and have a minor security concern.

Get a few euros to tide you over for when you land, then use ATMs. I use CIBC or Continental currency (if you are in TO area)

My CIBC card worked in Europe, I also have a RBC and a Credit Union. I only had one situation in London where bank ATM did not take it, so walked over to another branch and worked fine. If you have a CIBC chip'ed CC, it works also (I tried it in London)

Merci Michel.

I'm with TD. I've had no problems in Paris or elsewhere in France. I guess I was thinking it was cheaper to get it here. I know there's a TD fee to withdraw, I think it's $5. Is that usual?

Agree with Michel_Paris: Do not bring that much cash. We always bring some Euros with us and then use ATMs when we need more cast.

We have had no problem with using our credit cards in Europe.

Let your bank know before you go or the security system may block your overseas transaction. Also have them increase the daily limit in case you need a lot of cash for an emergency. Some Bancomats have their own limit, but it is "per withdrawal", while your bank has a "per day" limit.

They may have a correspondent bank where withdrawals are free. Check their website.

Yes there will be a fee to make ATM withdrawals, and it's usually in the $5 or so range, but the exchange rate will be so much better that even with the fees added your net cost of the money will be less. Also, you can help minimize fees by taking out as much as possible at each withdrawal, rather than nibbling 100 Euro or so each time and paying multiple fees.

You should also check with TD and see if they have partner banks in France - I'm with BOA and they partner with BNP Paribas (and Deutsche Bank, and some others), and when you use one of those partner ATMs there is no fee.

No, there will not be a fee to make ATM withdrawals unless your own bank charges you a fee to access your own money. European bank ATMs do not charge a fee.

I used to bring $USD travelers checks as my backup. Now I carry $200-$300USD as my backup, and always return home with the same $200-300 in hand.

No, do not expect banks to be helpful if you have issues. Many ATMs/bancomats are free standing - not near a ranch. For those that are at a branch with real people, don't count on them being of much help unless you are a customer of theirs. ymmv.

If it's going to be cheaper to exchange in Italy, then that's the way I'll go for sure.

I had just assumed it was better to exchange here at home.

Thanks Fodorites - there's no end information I learn from you

My DH was just asking how much better the exchange rate is if we purchase in Italy. i.e. it's currently 1.38 to purchase Euros here.

Is there a website that has this info?

Grazie

Bringing two cards linked to the same account will help you if one is "eaten" or the magnetic strip goes bad. However, it's an even better idea to have two ATM cards, each linked to a DIFFERENT account. That way if there is some glitch with one account, you still can access the other account.

just google "1 euro in CAD" and you'll see it's 1.34. Does that 1.38 you were quoted include any fees your bank will charge or if you hand them $138 will you walk out the door with 100 euros?

"<i>If it's going to be cheaper to exchange in Italy, then that's the way I'll go for sure</i>"

maybe it is just semantics -- but you won't "exchange" anywhere. You'll stick your card in a machine in Rome or Venice, and out will come €. So you are asking for € and getting € - not exchanging CA$ for euro.

The 'exchange' is done when your bank deducts the money from your checking account.

I don;t see carrying huge amounts of cash as safe at all.

You should pay for as much as possible with your CCs and then just use small amounts of cash for walking around money. You can bring 100 euros or so with you if yo want - then just pull from an ATM as you need more.

My bank website quotes 1.38. The rate in the newspapers is not the rate we pay, we pay a few pennies more. So, 1.34 translates into 1.38 for retail customers. I think it's called the drop rate, or something like that.

janisj, I have no doubt I'm semantically incorrect, but I'm hoping I got my basic question across, notwithstanding the inelegantly phrasing.

I'm really just trying to determine if my $100C will go further if I purchase Euro's here, or withdraw from the ATM there. How do I find this out?

sorry, "inelegant", if that's actually a word!

Type "euros to Canadian (or US)dollars" in Google and you will get the mid-rate range for that time. That is what you would get from and ATM minus a potential 1% for conversion from Visa and whatever your bank decides to tack on.

I'm the exception. I always bring a lot of euros so I don't have to worry about banks and ATMs. And My visa charges alot for fees on things I charge. Traveling with friends who did not bring enough euros was a pain to get them to an atm and then it refused the card.

granted, I am not the most financially savvy person you'll ever meet, but ...

when the difference is less than $100C vs peace of mind, I rather "waste" $100C.

You stated it quite correctly - taking cash from home (EU) is a BAD plan.

whatever you end up doing, have a fabulous trip [and please, do use ATMs when abroad ... you will come out ahead]