Hoping someone can guide us with regard to securing Euros for Italy. What's the most economical way to make the exchange? With the added fees etc. that banks charge, are we better off using AAA here in the USA OR going to an ATM machine in the airport in Rome when we land? I checked. AM Express rates are higher than AAA. If we do this in the airport, are there long lines to consider, or long distances to walk? Does it pay?

Thank you very much!
SG

ATM - if you do a search here there are tonnes of threads about this.

Enjoy your trip

Even with fees that your bank adds ATM is the best way to go.

Bank ATMs in Europe do NOT charge any fee. Here are some fees you might see.

1. Out of network ATM fee - charged by YOUR bank. Mine range from $0 with my credit union to $5 with BofA. Check with your bank.

2. Foreign exchange fee added by MC/Visa network. Expect 1%. Some banks don't pass on that 1% fee, but many do. This is normal.

If YOUR bank charges you a flat per-transaction fee then you can minimize the impact of this by withdrawing the max amount each time. In my experience ATM's in Italy have a limit of 250 or 300 euros per transaction. Many people suggest opening up a travel-only account at one of the banks or credit unions that don't charge any out of network fees and/or absorb the 1% forex fee.

You didn't ask about credit cards, but there's also a wide range of foreign exchange fees there as well. My Chase British Airways visa card charges no forex fee.

After your claim your luggage, go through customs and make your way to taxi, train etc, you will see ATMs in the airport. Usually no lines. Easiest way to go. No need to carry cash from your home base.

Since you mentioned Amex don't even think about travellers checks... personally I like to have 100 euros in my pocket when I land in Europe so I can leave the airport asap. My bank always has euros on hand and it's worth it to me to pay the extra couple of dollars in exchange.

One thing you *must* do is let your bank and credit card companies know of your travel plans on you risk having your card frozen.

I've just returned from Italy and compared my exchange rates against the daily inter-bank rate as posted on currency exchange sites. Even with the 1% foreign currency conversion fee I paid just slightly over the the inter-bank rate. My credit union does not charge for the first 8 out of bank transactions per month.

I did keep my notes and one day the inter-bank rate was 1.415 and I paid 1.435.

Well that's a little about 1% - I would expect 1%. But - did you check the rate for the day you changed - of for the next or previous day? (It's hard to know sometimes which day's exact rate you are getting.)

I read where the best euro exchanges were at the post offices in Italy. I didn't try it when we were there, however. Has anyone done this?

Check Rick Steves for suggestions also

Was just in FCO and did this

Capitalone.com no foreign fee CC

And Banco di Roma ATM was best for me right outside of baggage claim

Coinmill.com. Will give you the correct FOREX rate

Got that minus 10 euros or so.

Do only big bank ATM

Never use money changers anywhere

Will clip you 15-30% always if you calculate it.

<< did you check the rate for the day you changed >>

I checked the exchange rate for the same date that I withdrew cash which was the same date on my bank statement. That was my first withdrawal and the next withdrawal wasn't for 3 more days.