Money exchange
 

I don't have experience with overseas travel. (I did go to France 20 years ago...but honestly don't recall how I handled this situation) Upon arrival in Italy this summer, what is the best way to exchange our money? Can this be handled at many hotels? Do most people go to a bank? What do most tourists do? What advice can you give me with reference to the exchange of money? Thank you.
Thank you.

Most use ATMs these days. Though it never hurts to ask at your hotel--some hotels give terrible exchange rates or charge high fees, others give excellent exchange rates with no fees as a convenience for their guests.

But the ATM is the mainstay now.

I agree -- use the ATM to get your foreign currency, and your credit card for purchases, hotels, rental cars, etc. ((b))

I agree -- use the ATM to get your foreign currency, and your credit card for purchases, hotels, rental cars, etc.

Would any of you recommend exchanging money at banks in Italy? (I'm really preparing for Murphy's law of an eaten ATM card myself).

I ask because I've exchanged money at the banks in Madrid, and it was at a very favorable rate (better than any rate you can get in NY).

Just in case of Murphy's Law, have a back-up or two. I've heard of this happening, but how often?

Any exchange rate at a bank in Europe will be better than that in NY.

The bank exchange rate will not be as good as what you will get by using the ATM, plus you have to pay a commission.

The general consensus of those who frequent this board is the ATM is the way to go to get foreign currency. ((b))

Just to reinforce Budamn's dictum:

No, no-one would recommend exchanging cash at a bank.

20 years ago, yes -- not now.

I use ATM and get cash every couple days. This is pocket money for lunch, entrance fees, happy hour, small purchases, etc. As others have said, credit card for hotel, meals, big purchases. In the past, I have brought travelers checks to use as a back up. I haven't done that the last couple of trips. When I did use travelers checks, I cashed them either at a bank or at the American Express office. I think the exchange rates were comparable, and I just used the most convenient one. Typically, when you exchange at the hotel or the money exchange stores, you will not get a rate that is as good as the bank or AmEx. I think because their fees are higher. I used AmEx Travelers checks so there wasn't a fee.

I am one of the people here who like to have local currency on me when I arrive so I don't have to deal with an ATM right away. I exchange about $100 at the airport before my departures. It is a poor exchange rate, but to me it is a "peace of mind" expense. I want to be able to buy something to drink and get to my hotel before finding an ATM.

Pay for larger purchases (hotel, car/train and restaurants) with your credit card. Always carry more than one.

Use ATMs (attached to banks wherever possible) to pull cash for walking around money. Be sure to have more than one ATM card to different accounts. These must be linked to checking - not savings - accounts to work in europe (but investment accounts that allow check writing - ie Fidelity etc - will work too).

Carry a little cash in case of mechanical failure (incredibly unlikely for any extended period of time). I take about $100 US - and never use it.

This is the most convenient and least expensvie way to operate. Carrying and exchanging cash or trav checks is a huge waste of time and money.

t

Pay for every purchase, large, small or in between with your credit cards. No hassles, the merchant writes the sales up in euro and you receive your bill in usd or whateveryour home currency is.

Get a little spending cash for those very few merchants who don't take cc's, you know newstands, snack bars, drinking establishments etc.

When I went to Europe for the first time in 2003, I was surprised to read that using an ATM card was the best way to get a good rate. My husband and I took $100 US so we'd have cash on the way back home, but otherwise just bought $100 Euros each at our bank in downtown Denver and $50 British Pounds, so when we flew into London and took the train to Paris, we'd have the right money to buy lunch, etc. before we could get to an ATM. It worked wonderfully, and they did give us a great rate.

Just make sure you let your bank know you're leaving the country so they don't panic when they see withdrawals from overseas, and make sure you have a 4-digit PIN number.

Good luck!

Julie

Also get the phone number to call the bank if you have a problem while you are in Europe. The 800 number will not work.

And when you come back home. Bring some of the currency back with you. It will be seed for the next trip, or you might use some on an Ebay purchase or something like that.

Keith

Do I really need to have an ATM that is linked to a checking account rather than a savings account? The savings ATM
pin is a four digit pin. I realize the card is for cash withdrawals only at banks and NOT a debit card. Any input?

Oregon - check with your bank to be sure. I think it is checking only, at least for me and from what I've heard reading this forum. I don't recall seeing any option to choose an account on the ATM machines there.

Oregon-
In Europe, at least, it will only access your checking account. They do not give you a choice.

Also, see my recent post about my card being eaten in FRANCE.
http://www.fodors.com/forums/threads...p;tid=34621982

I don't know if I should believe the person on the phone I just spoke to at my bank, but she explained it like this: it doesn't matter if it is a savings account or a checking account. What matters is the logos on the back of the savings ATM card. Those logos must match exactly to the ATM you use ina foreign country. If you are using a checking account ATM card, they are 99% of the time linked to either visa or master credit/debit usage rights and therefore are linked to just about any banking system whether the logos all appear on the back of your card or not. What does everybody think?

Here is my understanding of this situation..

The card you use will withdraw from the primary account on the card. Unlike ATM's in the US which give one a choice of whether to withdraw from chequing or savings, ATM's in Europe give no such choice.

If the ATM card you are using is linked to your savings account only and if it has the proper logo, in theory it should work.

Several have reported difficulty with this, however.