We are going to Italy on a 13 day tour. We will be bringing funds, of course, my question is where is the best place to exchange my US dollars to the local currency? I have been warned the Airport is not the best place? We will also be bringing a travel visa with us, so as to not have any debit cards tied directly to our bank accounts. Any suggestions?

The first suggestion is that you should use a debit card because that gives you your best exchange rate by far. But, since you have already reject that idea, then it becomes a choice of who will rip you off the least. Hard to tell. How are your bring US dollars?? If you are using a preload VISA you will pay an 8 to 12% premium. Using money exchanges in the cities will probably run close to 10%. There have been some reports that some money exchanges will not accept US dollars. If they do, the exchange rate probably is increased substantially. If carrying US dollars there are no good alternatives once you are on the ground in Europe.

On the European forum everybody says an ATM card to use there is the best way to go. Not cash, not travelers checks, but ATM for local cash currency.

The only reason to bring cash to Europe is if you are buying drugs and don't want to leave any tracks.

Use the ATM. Easier. Cheaper. Faster.

The best way is not to "exchange" at all, but rather draw local currency directly from an ATM attached to your home checking account upon arrival. You seem to feel some concern using your own bank account in Europe? Is that the issue?

The airport is a fine place to exchange a small amount if you need to do so to get started.

A "travel visa" if you mean a pre-loaded travel type card is a very bad way to go because of the various fees (to load it, to add to it, to close it, etc.). You need to read the fine print, but generally speaking these are THE most expensive way to get funds. For whatever reason you do not want to use your normal bank account, just be aware you are paying extra for this convenience (safety?).

If you are uncomfortable using you usual bank account, it is MUCH more cost effective to open a new, separate normal bank account with an attached ATM card (instead of using the "travel visa&quot.

Hi!

We purchase some currency at our local bank before we leave. We are given an interbank rate, and the fee for as many and as much of each currency as we want is the same...10 USD..
Which is actually much cheaper than we you calculate ATM fees.

I agree that you should set up a seperate travel account prior to leaving to have an ATM card that is not accessed to your main accounts.

One thing to consider, though you probably know this is for ATMS..

how much are you allowed to withdraw in a 24 hour clock..
is it 300.00 USD? that isn't that much when you convert it.

also where is this 24 hour clock based? this can trip up the most saviest and experienced travelers.

When we know that we will need large amounts of money to pay for a hotel or private driver that could cause a problem in withdrawing enough we have set up 2 seperate atm accounts before we leave...

Now when it comes to currency exchanges ~ I've noticed in some of the TI offered books there were discount coupons for a better exchange rate that actually were quite good..(we did do a price comparison to check it out and make sure it wasn't some gimmick)

I think a combination of arriving with Euros already and then a Travel bank account ATM is your best bet.

Though you didn't request this other tidbit..I think you will find it useful....

In Italy there are Euroshops also known as TUTTO 1 Euro. These are comparable to our dollar stores...great for bottled water, sodas, snacks and even funky souveniers!

We have our own travel journal website..just for fun ~ if you go to the link below, into journal and into money.. the company link is there..check out the Negozi section for locations!

http://when.do.we.leave.googlepages.com/


Buon Viaggio!

Hi M,

>.. We will be bringing funds, ... We will also be bringing a travel visa with us, so as to not have any debit cards tied directly to our bank accounts. Any suggestions?<

You have chosen the two most expensive ways to convert USD to Euros.

A: Charge everything you can to a credit card. CapitalOne offers a cc with no conversion fee.

B: When you need cash, get it from an ATM. Your bank can give you an ATM only card.

C: If you are concerned about having your bank account accessed, open a new account only for travel.

Enjoy your visit.

Misbourgeois, while most of us were quick to criticize your method for handling money, it would be helpful if you returned and discuss what you were trying to accomplish using cash and a travel card. You may have some valid reasons for your choices. That way maybe we could make some recommendations that would more accurate fits your needs rather than just saying, "Don't Do It !!!"

I hope she checks in again too.

But I didn't mean to say "don't do it" rather to point out that she had chosen ways that would costs a bit more. That's OK if there's a good reason and she realized the cost and it's worth it to her.

I carry travelers checks for emergencies sometimes, even though everyone says they're not the way to go, for example.

We opened a separate atm account at a different bank (that eats the atm fees) and so it is not linked up to the account the paycheck goes into.

I also plan to bring some funds just because that is me. I don't like arriving without money in hand.

I plan to apply for the capitol one card for visa usage. I will also bring a couple of cards just in case.