Patricia1202

Hi All:

I'm going to Italy next week and I'm trying to figure out whether it would be best for me to take Euros with me, purchase them over in Italy or just use my ATM while in Europe.

Any and all advice would be appreciated.

Thanks.

Statia

You'll get the best exchange rate with your ATM. I bring some euros for immediate expenses upon arrival, but most people say it's not neccessary with airport ATM's. However, stick with the ATM for most of your trip spending.

Ryan

One caveat about using your bank ATM card, some banks will tack on an additional fee for "Foreign Currency Exchange." Fleet tried this a few years ago by adding a $10 fee onto an ATM withdrawal, after I did the transaction. (They subsequently waived it when I complained.)

You may just want to double-check with you bank about fee's and withdrawal limits on oversea's transactions.

Statia

And, let your bank know you'll be traveling so they don't freeze your card thinking that it's been stolen.

Statia

Oops...forgot...you'll also need a four digit pin.

suze

I never purchase ahead, because there are usually fees and/or bad rate of exchange. But you can check with your own home bank about this.

I do take: US cash to exchange, an ATM card for Euro withdrawl (BoA charges $2 international fee per transaction), and have some travelers checks and a Visa card for emergency use only.

You can immediately get Euro at the airport either from an ATM or an exchange window using your US cash to get your started.

zippo

Check with your bank first before depending on ATMs, there have been reports on this forum of banks deciding that a withdrawal in Europe is a "suspicious transaction" and freezing the account after the first transaction.
As Statia says, you need a 4 digit PIN.
Also remember that your 24 hour withdrawal limit will probably click over at midnight on your bank's local time.This can be a pain if you dont expect it but useful if you do.

jody

It all depends on YOUR comfort level...if you want a 100 or 200 Euros with you for immeadiate expenses, then even though it will cost you all of 2 or 3 dollars, get them.

If you don't want to wait in line for an ATM at the airport, or chance it not working take some with you. Your bank may have to order them , and it may take 2 or 3 days to get them but you have the time before you depart.

All this talk about exchange rates comes down to a few dollars..in perspective to what you are spending does 50 dollars add or subtract from your comfort lever?


Call your bank before you leave, check what your daily withdrawal amount is and tell them you will be away. Depending on the status of your account(s) you may have anywhere from $250.00 to unlimited withdrawals..and you may be eligible for no transaction fees. I have 5 different accounts at the same bank..I pay no transaction fees and have unlimited access to my money.

Call your credit card company and give them your travel dates.

I may pay a bit more using credit cards but I like the miles I get even if I am paying for them with the 2-3% fees. I just think of them as something for nothing. But usually you get a good exchange rate on CCs anyway.


Do what makes YOU comfortable, even if it costs a few bucks. Life is too short to sweat 10 or 15 dollars!

Andrew

As others have said: check with your bank ahead of time, but using your ATM card over there is usually the best way to go. Find out if your bank charges a fee for withdrawl. The banks in Europe most likely do not (they did not in France and Holland last fall, anyway). Even so, if your bank charges a fee, just take out a large amount each time so you minimize withdrawls.

Credit cards work too in many places, but you usually get charged a fee buried in conversion rate (an extra 1% or more). I used credit cards only when I could not or did not want to use cash.

You might also take some traveler's checks as an emergency backup. I get my tr. checks for free from my credit union and have not used any of them on my last two trips abroad - I just cashed them in when I got home.

I didn't take any Euros with me on my last trip - my bank card worked well.

Andrew