Italy ATM question
 

Please don't think I'm totally dense, but this will be my first time using my ATM for Euro retrieval. Whan I punch in withdrawl, will it ask the amount in US dollars or Euros? I'm assuming Euros, but is there anything that tells me what US amount was withdrawn? I used to always bring travelers checks, but everyone on this site recommends ATM, and it does seem to make more sense.
Thanks for your help, Lisa S

Yes, you will request the number of euro you want. I think that some may print a receipt for you indicating the USD withdrawal, and likewise I think that some will not.

Of course, you could check via your internet bank connection at intervals, assuming you have that with your bank.

Best wishes,

Rex

I've used dozens and dozens of ATMs in Italy and I don't recall ever getting a receipt that showed the amount in dollars. Of course, if you know the current exchange rate, you should have a rough idea, but the ATM will only dispense and list euro, not dollars or any other currency.

be careful with your atm . . . some banks hit you with a big charge for withdrawing cash overseas. if you have a budget that you absolutlely want to stick to, travellers checks (maybe even those in euro) are still your best bet! let me know if i may help with anything else. :) [email protected]

Then again, some banks charge nothing for using foreign ATMs. Credit unions are notorious for not socking you with fees, and their cards carrying the VISA or M/C logos are just as valid as anybody else's. And the exchange rate is as good on these cards as you're gonna find if you spent the entire trip shopping around for favorable rates.
Traveler's checks? If you want to be charged high fees just to cash them(ie Austrian banks typically charge something like 8 dollars PER CHECK) plus a poorer exchange rate to boot, then they're ideal.

>...some banks hit you with a big charge for withdrawing cash overseas.<

Yes. Ask your bank for their charge for "out of network" withdrawls. If it is more than $2. Get another bank.

>.... if you have a budget that you absolutlely want to stick to, travellers checks (maybe even those in euro) are still your best bet! <

I don't think so. You get a poor exchange rate; plus you have to pay fees.

The euro is about $1.20.

We leave tomorrow for a European tour and initially I didn't purchase travelers checks. Then I checked w/ American Express and they have convenient offices in each of the cities we are visiting and at the airports we will use. At an American Express office they will exchange their checks for no fee and the current exchange rate. I plan on using them as a back up. I only want to use ATMS that have reciprocal agreements w/ my US bank so that I incur no fees. For me, if I couldn't be sure I had no international ATM usage fees, I'd see if there were an Amer. XPress office convenient to my destinations and use their travelers checks. Otherwise, use your credit card, but know that you will likely incur a minimum 1% conversion fee.

I own several stores in Italy. Most stores here are family owned and appreciate "cash" business (cash includes travellers checks). This type of store will usually give you the same rate that the banks give them, which you cannot find ANYWHERE else. In addition, most will offer a discount, if there is one, plus take of the 20%VAT immediatley for cash transcactions. In operating in this manner, you don't have to worry about a customs stamp to be reimbursed the VAT and you also avoid any commission fees shouls the store use a third party to handle these types of transactions (Global Refund, etc.) I cannot speak for every merchant in Italy, however, i know how my stores, and many of my colleagues, stores run thier businesses.

After many years of using only travelers' checks, we finally saw the light and used ATMS for this summer's trip to Italy.

A couple of points: Bring two separate cards with ATM access if possible. That way, if one gets eaten up accidentally, you'll have another to use. Also, if you need more money for any reason, you'll be able to use the second card. Our experience was that many Italian banks limit you to 200-250E per day per card.

Also some banks in the smaller towns may wrongfully "tell" you that you have nothing in your account. Our Italian tour guide told us this is because these ATMS either don't have phone hookup with U.S. banks, or don't want to make the call. For that reason, make sure you visit ATMS in larger cities and towns when possible.

Good luck!

another good point, weadles. most atms in italy limit you to withdrawing 250E per day on your card. i can still not empahsize enough how almost all italian merchants prefer cash to cards . . . and are flexible with thier prices accordingly.

Hi Icquinn,

For some reason I am leery of the exchange rate offered by a merchant who is violating the law by not charging VAT.

lcquinn2: I am assuming your stores are giving the customers receipts for the "discount" they are giving for paying cash?

And the ATMs don't limit you; your bank does. Yes, the ATMs usually allow only 240 and 250 euro withdrawals at a time; but if your ATM card allows it, you can draw out of that same machine up to the limit imposed by your bank. In other words, you just put the card back in. Of course, then you have a transaction fee every time. San Paolo banks allow 490 euros (I believe) withdrawals at a time.

santa chiara,

lei dovrebbe sapere che siano in pochi i santi in italia . . . . . .

ira,
leery or not, facts are facts. my exchange rate today was 1.18. and no, my prices are not inflated. my prices on 18 karat gold start at 13E per gram. when travelling in foreign countries, onw should try to adapt themselves to the ways of that country. cash business is the reality of italian shopping. i do not judge if this is bad or good, just explain the facts as they are.

lcquinn2: Lo so. Ma, provo, provo. Beh.

For Lisa, The machine will show in Euro only. You won't know the exact amount of the transaction until you get your bank statement at home (but you can take a pretty good guess). The per transaction fee comes from your home bank ($0-3 is typical, ask them ahead).

I think travelers checks are fine if you feel the need to have some extra money put aside for emergencies.

The fact that Italian merchants prefer cash to credit cards is hardly news. Merchants everywhere prefer cash, as it saves them the fee from the credit card company.
I don't question lcquinn2' honestly, but I find it hard to believe that all Italian merchants readily give the favorable exchange rate for travelers checks he/she mentions.

HowardR: I think lcquinn2 is referring to cash transactions wherein the customer does not receive a receipt, or the customer receives a "special" receipt that is not reported as income (lcquinn2, please correct me if I am wrong). My observation is without judgment but with a caveat emptor.

SantaChiara, that's not my point. I question whether, as a rule, most stores give the same rate as banks, as lcquinn2 has said.

Lisa, I have found that the best exchange rate was using your ATM card, drawing on your checking account. My bank does not charge any fees. If yours does, inquire on changing banks.

On my upcoming trip to Italy, I will be drawing cash from the ATM's and paying most of my trip costs with cash. I have a $500 a day limit. Of course, I will use my credit card for rental cars, and hotel costs. ((b))