sarahmarie

I'm an American who has an Italian friend arriving for a summer visit. I know how to use the ATM to get Euros in Europe, but i don't know what to advise my friend about changing her Euros into dollars.
She's a college student so I don't know if she has a bank account since her parents are financing her trip.
Does anyone know if ATM's are the way to go here as well, or of any other options that are a good value and easy to use?
Thanks,
Sarah Marie

LoveItaly

Hello sarahmarie, when friends from Italy have come here they use our ATM's to get US dollars. But they of course have a checking account in Italy.

You should talk to your friend and if she does not have a checking account along with an ATM card she should acquire one before she visits you. She should explain to her parents that this is the only way sensible way for her to acquire US dollars. It would be good if she had a Visa or MasterCard also.

Have a lovely visit with your Italian friend!

gail

ATMs. Since her parents are financing the trip, I agree with LoveItaly - I also think it is important that she have a credit card, if at all possible, for the trip, even if just for emergencies. Both of my kids have been to visit friends in Europe or on semi-organized trips even while teenagers and I made sure they had a credit card in their own name. It is easy - parents can call their credit card company and get one in her name on their account. If they want, they can take it back when she returns.

If the parents don't have a credit card, then it is more difficult.

J62

I have friends who insist on carrying $US denominated travelers checks when they visit the US. They have no problem cashing them for face value here in the US at stores, with no fees whatsoever.

What it cost them to get them before departure in Europe I don't know. We've had the philosophical discussion about exchange rates, ATM's etc and they insist TC's are the best way to go. (always has been, always will be in their book). I don't argue with them.

Anonymous

Travelers checks? How quaint!

I agree that if the girl is old enough to visit the US on her own, she's old enough to have her own bank and credit card accounts. At the very least, get her ATM and credit cards that she can use on her parents' accounts, or on an account set up jointly so the parents can deposit funds into it if needed.

Debi

I also recommend the ATM - I have alot of business partners that come to the US from all over the world (from Asia/Latin America/Europe and Africa) - and the ATM works great. I really don't recommend Travelers checks. Especially in the US, sometimes there are issues using them... I hope she has a great time!

kelliebellie

Can you open a separate account at your bank in your name and just have her deposit her euros into it when she arrives and let her have the atm card? She would probably avoid bank fees that way every time she withdraws.

bookhall

If you're trying to exchange euros, or any foreign currency, into dollars here in the US, you might be in for a rude surprise. Unless you have an account in a big-city bank, the charges may be near-prohibitive.

MikeT

No one should be flying to another continent (or even going to another state) without access to a credit card /ATM card that can access cash.

sarahmarie

Thank you all for your advice. Now I can email my friend's mom and let her know she should bring an ATM card and also a VISA/Mastercard.
She may already have an account since this is not her first foreign visit--I met her while we were studying at Oxford. I just wanted to make sure I gave her mom the best option.
Kelliebellie, I also thought about your idea of letting her deposit euros through my bank account, which I believe is a good second option.
Again, thank all of you.
Sarah Marie

NeoPatrick

I know that many of us DESPISE traveler's checks in Europe, but I wouldn't be so quick to eliminate them as a good possibility for a European visiting the states. I don't know what it costs them to buy US dollar TCs in Europe, but here in Naples, Florida which is teeming with European tourists, virtually every restaurant and shop takes them for full value. Some may ask for an ID, most do not. One waiter friend of mine says hardly a night doesn't go by that he doesn't get at least one foreign tourist paying with TC's. The restaurant actually likes them as they deposit them as cash, as opposed to losing 3% on all the credit card sales. And my BofA big branch in downtown will not under any circumstances exchange foreign currency to anyone who isn't an account holder, but they happily cash American Express traveler's checks at full face value for no charge at all -- and according to my usual teller, they do it a LOT. What's more I have yet to hear of any business here that charges a fee for accepting them as payment.

I think some of us are trying to apply the rules we've learned for Americans visiting Europe. The reverse is NOT necessarily the same, nor are ATM bank charges even the same in reverse as many Europeans have posted in the past.

flanneruk

I've travelled to the US lots of times without a credit or debit card: it's just a myth, clung onto by inexperienced Americans who've never tried anything different, that a credit card's essential.

True, it can get challenging (though, contrary to many Americans' delusions, not impossible) to hire a car or stay in a hotel. But otherwise, a stash of travellers' cheques will get you anywhere.

I can't imagine for a nanosecond sarahmarie's friend hasn't got a bank account (how could she have survived nine terms at Oxford?) or actually needs handholding about the trivial matter of taking the right money to a foreign country.

But if she hasn't: don't take euros, get some USD cash before leaving Italy and bring all your funds in dollar travellers cheques.

gail

Mr/Ms Flanner - At least in my post, I indicated a credit card was good to have in event of emergency. One can certainly travel without one. But if it were me, I would feel much more comfortable with one in event of unexpected expenses, stolen cash, need to fly home early, medical emergency. When in a foreign country, there are few things that can not be solved with a passport and a credit card.

november_moon

Yep - although you can travel without a credit card, it is nice to have one as a back-up. It is also nice for the convinience.

NeoPatrick

flanneruk, I'm curious if it is possible at all for a foreigner to rent a car in the US without a credit card. Last I knew most agencies will not rent one to an American without a credit card. Some now will accept a debit card and may actually require a cash deposit from that card, but unless things have changed I thought the rule was "no card -- no rental -- period".

nytraveler

It is usually possible to rent a car with cash - but generally you must put down a sizeable deposit - as in whatever the insurance deductibel is - $1000 or so - and naturally have to take all of the insurance.

There are a lot of places here in NYC where you would be laughed out of the place if you tried to pay with Travs Checks - since the store or restaurant has no way of knowing if they're legit - or stolen.

As for depositing euros in a US bank - it can;t be done. You would first have to exchange the euros for dollars - at a very bad rate, then deposit them and withdraw.

The answer in the US is the same as in Europe - all 21st century banking is electronic. She needs credit cards and an ATM card attached to a checking account.

NeoPatrick

"There are a lot of places here in NYC where you would be laughed out of the place if you tried to pay with Travs Checks - since the store or restaurant has no way of knowing if they're legit - or stolen."

Really? I'm a fairly observant person, and I've seen many, many people pull out TCs and pay for meals in restaurants. I've never seen it raise an eyebrow. Can you be more specific? I find it hard to imagine calling any restaurant or major store in New York and being told "no we do not take Traveler's checks".

More specifically what specific places can you tell us you have personally tried to pay by TC and have had them refuse (or laugh in your face). I'd really like to know as this baffles me. If you have not tried yourself, how do you know this is an issue?

Heck, even the TKTS booth in NYC which won't take any credit cards gladly accepts Traveler's checks.

nytraveler

I haven't tried to use TCs here in New York since 1) I live here and 2) I haven;t used TCs in more than 10 years.

However, I have seen tourists try to pay here with Trav checks in drugstores (chain, not local), supermarkets and several restaurants. There are a couple of hostels in this area and apparently someone has told european young people to bring TCs.

In the drugstores and supermarkets they were told TCs are not accepted (they are considered checks, which the drugstores don't take at all and the markets take only from approved cardholders).

I have seen TCs turned down in at least 3 local restaurants. I asked in one place we eat in a lot and the manager said they had been burned by people paying with TCs that they had already reported stolen. So - now they take only payment methods they can be sure of (cash or a card they can check on the spot).

I'm not saying they won;t find any places that take them. But - there are a lot of places that won't. Credit and ATM cards can be used anywhere.

sarahmarie

Neopatrick, Thank you for your ideas, and to all other posters as well I thank you for enlightening me and at least giving me points to ponder.
I thought I might find Europeans on this board who have experienced dealing with the euro/dollar exchange. I probably need to go to a European chat for that.
I met my friend while doing a 3-week summer course at Oxford (she as a h.s. student, and I as a grad student). That's why I wasn't sure if she had a ATM/credit card--she could've just had euros on her since her R&B was prepaid.
My friend will be a guest in our home, and since I'm her parents' age, I wanted to gather as much info as possible before I responded to her mom's question. I have since asked if she has a VISA/ATM.
I'll let you all know what she decided to use and how it all hopefully worked out after her visit this summer.
This is a great website!
Ciao,
Sarah Marie

NeoPatrick

Regarding using TC's in New York. Here's an idea. Duane Reade drugstores (aren't there about a zillion of them -- one on every other block?) "cheefully accept American Express Traveler's Cheques for all purchases". You of course can get change from them as well and there is no charge for using them. They (as most places) require one piece of ID when using them.

I would still be leery of people saying that they are hard to use in New York -- especially from people who have never tried, but "heard" that to be true. Generally speaking they are accepted the same as cash in the US most places. There is a lot of counterfeit cash as well as TC's (more than TC's, in fact), but few places refuse to take cash for fear of counterfeits either. I balk at the idea that "many" places refuse to take TC's because they could be counterfeit.