Griffy

Hi All,
This might be a silly questions but we have been saving money for our trip in a seperate account and were planning on just using visa the whole time (airmiles..) and then paying it off when we got home. IS this a good idea or is it better to take cash and pay with cash? Or half and half? Just not sure with exchange rates what is better.

Thanks in advance!

vjpblovesitaly

I think the ratio would be the same as anywhere else. Small purchases (an espresso, bottle of water, etc.) with cash (euros) and bigger ones with a credit card. How do you plan on getting "cash" - from an ATM?

vjpblovesitaly

Don't forget to tell whatever banks you might be accessing while there and your Visa company that you will be travelling (when and where) to another country

Griffy

we would just bring some with us. Which is why I don't want to have to carry a lot. I figured it was a silly question but thanks for responding!

StCirq

Do you mean Visa credit card or debit card, or what? You should pay for large purchases (hotels, e.g.) with a cc (preferably one that doesn't charge a hefty percentage for foreign transactions) and pay it off as soon as you get the bill. For everything else, you take cash out of an ATM machine with a debit card and pay with that. It doesn't have anything to do with the exchange rate, which you can't do anything about.

StCirq

You don't need to bring euros with you (if you get them ahead of time in the USA you'll pay a boodle for them) - you just hit the ATM machine at the airport when you arrive.

BigRuss

NO NO NO NO NO. <b>You do not TAKE cash out of the U.S.</b> That is completely daft. You will be hammered on the exchange rates.

You need cash in another country, go to the ATM and use your debit card. If your debit card fees are too high, shovel that savings into a Cap One or credit union account where you'll pay 0-1% as a fee for currency exchange and no transaction fee (compare: Chase charges 3.5% plus $3 per transaction).

Check your Visa card agreement. Likelihood is you're paying 3% on purchases for currency conversion fees. That may be worth it for the miles.

capxxx

The conventional wisdom is, the best exchange rate is obtained by using the ATM (debit card) to get cash while in Europe. Paying with a credit card is OK too -- in both cases you get the exchange rate the banks have negotiated for themselves.

However, depending on your bank, you want to watch out for extra charges like transaction fees and fees for converting currency. Consider changing banks to get a better deal in this regard.

Under no circumstances should you use your Visa credit card to withdraw money from an ATM -- it is considered a loan and they start charging interest from that moment.

Buying Euros in the US, or using an airport Bureau de Change, is generally viewed as a rip-off due to poor exchange rates, although the convenience cannot be denied, and there are occasional reports of good outcomes from internet agencies.

pinglee

How much euros do you guys normally take out at one time from the ATM? I am trying to determine if i should take the max out per time or hit up the atm several times so i do not have too much cash on me.

greg

Taking cash with you from the USA, in $ or € means paying more in either fee or by lousy rates. Use ATM in Italy using a debit card for lower fees and rates.

Cash vs. Visa in Italy? You don't always get to choose.

Moderate to highend restaurants: cash or visa
Low end, mom and pop tratteria: cash only
b&b, hotels: cash or visa. Might get cash discount
apartments: cash or visa. Some places are cash only, that means really a lot of cash.
Trains: cash or visa at window on newer vending machines. cash only on old vending machine.
Taxis: usually cash only
Museums: cash or visa. However, some prominent places take only cash e.g. Uffizi if you made reservation online but yet have paid for it.

vjpblovesitaly

I travel alone and would usually take out 40 euros at a time only so I wouldn't get a 50 note which would always happen to me if I got 50 or more.

pinglee

Are ATMs readily available In Italy and France or just at banks/airports? I am afraid if i do not take enough out and need cash, it may be hard to find an atm.

kayd

Cash from ATMs -- take as much as you are comfortable carrying around, split it between the two of you, and each stash most of that in a deep location inside your clothing, keeping 20-50 in a pocket or purse for gelatos and souvenirs as you stroll among the pickpockets. Assess your funds on the last day and use excess eurocash (if you have any) to pay down part of the hotel bill, but keep some (50-100) as a starter fund for your next European holiday. Buon viaggio.

I like to keep about $200 in US twenties in my passport case as an emergency reserve, to exchange at a very unfavorable rate if it becomes necessary because of multiple-ATM failure (very rare, but why not be prepared?)

StCirq

ATMs are all OVER the place in France and Italy. The nearest town to my house in the Dordogne has a population of about 2,000 and there are at least 7 ATMs there. I spent 6 weeks in a teensy Umbrian town a few years ago (population 75), and there were 3 ATMs. I usually take out 200-300 euro at a time.

Griffy

awesome, thanks so much for all the info! Makes a lot of sense. And good to know we should take money out of the ATMS there vs here (canada). This is our first time travelling to europe. I appreciate it!

chartley

Personally, I try to always have enough cash an alternative to using a credit card. You can never know if, in some out of the way place, they either do not accept credit cards, or the machine has stopped working, or your card is declined for some unspecified reason.

I usually get €200 or so at a time. That's more than I would normally carry at home, but losing it would not be a catastrophe. Don't forget that euro coins can be quite valuable, and it easy to be carrying enough coins for a gelato or two.

immimi

Let your cc holder know where you are going in Europe and the
dates you'll be there plus get the phone # to call from Europe
in case you lose your card. I even notify my bank card carrier
so they tag my account.

Make sure your bank card is tied to Plus or Cirrus and your
PIN has 4 digits. Also, you will be using your chequing
account only (the system won't transfer funds from savings
to chequing).

You might want to bring aruond 50e from Canada as a starter
but it's really not necessary - ATMs (bankomats) are thick
on the ground.

We take 3 bank cards from the Cdn. banks we use - but then
we're uber-old. Getting money (and spending it) are really
no big deal at all...

kybourbon

>>>pinglee on Apr 10, 12 at 11:04am
How much euros do you guys normally take out at one time from the ATM? I am trying to determine if i should take the max out per time or hit up the atm several times so i do not have too much cash on me.<<<

Many machines I've encountered in Italy have a limit per transaction of about 250€ so I take that amount.

Griffy - Canadian cards aren't the same as US cards so you will need to check fees as most people responding on this thread are US. This chart on wiki shows the fees for many cards including Canadian cards (scroll down below the US chart). There are only ?? by the Canadian debit/atm cards.

http://www.flyerguide.com/wiki/index...reign_Exchange

sundriedpachino

Griffy, you should know that there is a charge for each withdrawal from an ATM. My Canadian bank charges $5 for each int'l withdrawal, as well as any local ATM charge, and the exchange rate.
This means that taking 40 euro at a time does not make sense. My bank suggested I change my chequing account into a full service account for the month I was in Italy. I paid about $30 for that, but it covered the ATM charges, and if you have more than $5000 in the account for the whole month, then it is free. That might be something to check with your bank.
Btw, if you are going to Puglia, Basilicata, Sicily, etc, in the south, you will find more places take cash only, and you should carry some small change, because they will tell you they have no change for your 20 euro bill or whatever you have.

StCirq

NO NO NO NO! There is NOT (or does not need to be) a charge for ANY withdrawal from an ATM machine in Italy. NO Italian ATM, except possibly a "private" one (not associated with a bank), charges a withdrawal fee! If YOUR bank charges one, then you should change banks.