Mango7

Hi Everyone,

As some of you know, I'm going to Rome for a week in a few weeks. I have set aside a bank account specifically for withdrawing funds from Rome and Florence. I have paid for the hotel, tours and train already. How much should I keep in my account to cover regular expenses for 5 days in Rome, 1 in Florence? Myself and wife are in our mid 30's and like nice restaurants (not le crut le grande(Sp?), and don't intend on being conservative much.
Can anyone recommend what amount you think I'll need for this vacation from the bank account alone?

Thanks alot in advance,

Kurt

bardo1

Everyone has their own answer for this. One guideline that might be helpful is to plan on the same amount of money you spend in NYC for a week.

Also, if both accounts are with the same bank, can you call them toll-free to transfer funds from one account to the other?

ira

Hi Kurt,

A lot depends on your bar bill.

I think that this is a reasonable estimate

Bkfst - cornetto and coffee - 3E pp
Simple lunch - 7E pp
Simple dinner - 20E pp

Eloise

Ira, With all due respect, I think you're grossly underestimating, particularly as the OP says they prefer "nice restaurants" - I'm not sure what "not le crut le grande" means: "not premier grand cru"? But that's in France, not in Italy - and that they "don't intend on being conservative much.)

I would estimate 60-75 Euro per day per person, with a light lunch and a full dinner, but not in Michelin-starred restaurants and without "premier grand cru" wines.

HowardR

What do you mean by "regular" expenses besides meals? Admissions to museums and other sites? Buying things?
I agree that Ira's figures are much too low.
How will you access this special fund--via ATMs or what?
Will you be using credit cards? That'll certainly influence how much cash you need have access to.
Whatever figure you come with, I add may $500-1,000 more for "just in case"
money.

kayd

You'll be withdrawing cash from ATMs as you go along. If you expect to spend $100/day for meals, allow another $50/day for taxis, wine, museum admisssions, a splurge meal, etc. For 6 days that would be around $900. Put two thousand in the bank account and take out $300 every two or three days. What's left in the account when you return home you can put back into an interest bearing account.
I'm assuming you'll have a credit card and an ATM card for another bank account as an emergency back-up.

Eloise

I assume Kayd means $100. <b>per person</b> per day for meals and $50 <b>per person</b> for museums, taxis, etc.

Almost any ATM machine in Italy allows you to select (under &quot;Other&quot; or some such description) a withdrawal of 500 Euro per day (as long as you have notified your bank and your spending limit at your bank allows it). Save yourself additional withdrawal fees that can range from $3 to $5 per withdrawal and take out 500 Euro each time.

Or just use a credit card. There are a few places that do not accept them, but not very many.

kayd

What I meant to say was: if you plan to use cash, whatever figure you set as your likely expenditure, have twice that much available in the account you intend to draw from. Plus a back up ATM and credit card.

Mango7

Thank you everyone! After much reading I assumed that credit cards aren't accepted very much in general in Italy. After reading your suggestions I have decided on having $2k in the account (I decided $1,500 would be enough, then multiply by 1.32EU). I don't intend on spending it all and have decided to be a little on the conservative side except when it comes to dinner (Ira- fortunately I don't spend much on drinking since I'm a lightweight!)

Again, thanks everyone.

Rgards,

Kurt

Eloise

Visa and MasterCard are widely accepted; American Express much less.

HowardR

Wherever did you read that credit cards weren't accepted that widely? You'll have no problem using them in both Rome and Florence. Even though Amex reportedly is accepted in fewer places, we've had very experiences where it wasn't accepted.

iamq

I'll be in Rome in April and I'm planning to charge everything I possibly can and carry as little cash as necessary. For budgeting purposes I'm counting about $250 a day, but like I said, I'm hoping to be able to charge most, if not all food expenses.

-Bill

Mango7

That's great to hear. I was hoping CC's were accepted in most places. I prefer to use them of course. Thanks again.

Kurt