Should I buy some Euros before the trip?
 

Hi, I checked with my bank and was told that I can buy some Euros through them for a charge of $3.00. I'd kinda like to have some Euros with me when I arrive in Italy. Is this a good idea? I would probably buy a couple hundred of them before I leave. Thoughts? Greg

Hi Greg,
The Euro to $ ratio is pretty good right now, so we bought some for our upcoming trip. Your bank charge is really low, so go for it if you would feel comfortable having some when you arrive.

I like to have about 100 Euro on arrival and not have to mess with an ATM at the airport. I usually bring enough home with me for the next trip. But if not my bank does not charge much over the interbank rate so a few dollars for my comfort level is fine with me

Hi Greg,

You must consider not only the $3 fee, but the exchange rate as well. The Euro is about $1.27 today.

I don;t think that you would need more than $100 in Euro to cover you on arrival. You can then get what cash you need from the local ATMs.

Enjoy your visit.

((I))

We didn't get any euros prior to our trip this time and really didn't need any until our arrival at Gare du Nord. But if it will make you feel better to have some, then by all means order some up prior to going!

What is the total cost the bank quoted for you? 100 euros for $127+$3.00 would be a good deal, but that's certainly not their total cost. My guess is it's more like $135 (~exchange rate to BUY euros in the US) + $3.00, or about 6-7% more than the exchange rate quoted by ira.

The 1.27:1 exchange rate is what you'll be charged if you get euros from an ATM in europe today, plus 1-3% fee charged by visa, + $0.00 to $5.00 charged by YOUR bank to access YOUR money. Using an ATM in Europe will cost you less than getting euros from your bank.

I agree with the advice of the other. Get 100 euro or so now, then use your ATM card in Europe. If your bank charges you $5.00 per withdrawal, consider changing banks, or find out if they have a partner bank where you're going where you can get your money without that charge.

No no no.

Go to a Bankomat and get them when you arrive. Your bank does not just charge you $3. It charges $3 plus a high markup on the exchange rate. US banks have horrid exchange rates.

And as long as you have a credit card, you can buy stuff before you have cash.

As already clarified above, it's not just the bank fee, you have to factor in the exchange rate they are giving you to know the total cost.

Thanks everyone. What is a Bankomat? Is that an ATM machine?

Yes. Bancomat is ATM in Italy.

I think that if you haven't travelled before and you are nervous about arriving without any cash, then go ahead and get some before you leave home. If you keep in mind the cost of the entire trip, then paying for some cash so that you have piece of mind is only a small cost in the scheme of things. We did that the first time we travelled, the next time we didn't bother and just found an ATM at the airport when we arrived in Rome.

IMO it really isn't necessary to buy €'s in advance since every airport will have ATMs these days. It is most unlikely you will get to Italy and there will be no working ATMs in the airport, but if that does happen there is always an exchange counter. If you do decide to buy in advance please heed the advice above and pay attention to the exchange rate. Banks can be very tricky when they advertise no fees or low fees, but they do mark up the exchange substantially. Make sure to notify your bank that you will be using your card overseas.

Just get them at the airport ATM like most people do.Italian cities have an ATM about every block so you will never have a problem finding one.

Ok, looks like I'll just wait till I get to the airport in Turin, Italy. Thanks, Greg

The banks are in the business of making profits. No matter which method you use to exchange currency YOU will lose.

Don't neglect to notify your bank and credit card companies of your dates and travel plans or you could end up with your cards frozen.

I prefer to have some euros on me when I land... I can only think about getting out of an airport asap once I land so looking for and lining up at an ATM is not for me. I have no problem paying my bank a couple of extra dollars so I have a couple of hundred euros in my pocket when I arrive.

I don't look upon it as losing... in a capitalist society everybody needs to make a profit to survive... do I NOT buy a car because the manufacturer makes money on the deal? Do I drop my DSL internet subscription because the phone company males a profit? No. As I said I am happy to pay my bank a premium so I have the money where I want it when I want it.

Rob

If you WANT to have money in your pocket upon arrival, just get it from your home bank or an exchange bureau and don't worry about the fees/exchange rate. For some people the comfort of having ready cash on hand right from the start is worth the bit extra they pay to get Euros in the U.S.
I've done it both ways (in advance or wait until arrival).

I've just never heard anyone say that they were sorry they had some local currency on arrival.

Also if one is worried about a few dollars in fees, they really should consider waiting till they can afford a trip before they take one.

TravMimi, I don't like to waste money, and buying euros ahead of time is wasting money. I prefer to spend my money on more travel, not give it to banks. So, for one thing, I use a credit union.

And it couldn't be easier to get euros when you arrive. There are usually banks of ATMs near the baggage claim and arrival areas. Maybe if you find that difficult, you need to practice a few times at home before your trip. (Hard as it is to believe, there are some people who don't use ATMs.)

One problem with waiting to get money from an ATM on arrival is that the ATM's often spit out 50€ bills, that's not very convenient for paying a small taxi fare or for buying lunch. I usually bring Euros home from my vacation to save for the next trip.

If I didn't have this option I would not hesitate to buy some Euros before I left the US. The worst feeling in the world is finding that the ATM at the airport is not working, yes this has happened to friends, and having to search the airport for a working ATM in order to have money for taxi or metro to your hotel is not the way I want to start my vacation.

Yes you will pay a fee, but if you are comfortable with Euros in your wallet, the fee is well worth it. Let's face it there is no way to avoid bank fees these days, we try to minimize them as much as possible, but sometimes the fee is worth it for the peace of mind having money in your pocket will bring.

Buy the Euros ahead of time, then you can relax and not worry about needing to find an ATM immediately on arrival.