Is it better to change US Dollars to Euros here in the U.S. or in the Italy?

Question

Is it better to change US Dollars to Euros here in the U.S. or in the Italy?

Answer 1

Exchange some here, not at the airport, do it at your bank. You wouldn't want to travel with too much cash. So try to estimate as much as possible. Remember most US Credit cards are accepted in Europe. There are ATM's out there, but check with your bank to see what charges they have (the ATM itself will have charges too). The last thing you want to do is exchange at the Airport, good luck!

Answer 2

I suggest you go to your bank and ask them what the exchange rates are both at the bank and currently in Italy, realizing, of course, that the rates change constantly.  Another consideration is that it can be difficult to change dollars to euros overseas since there are folks who pass counterfeit.  For example, my brother had a very difficult time exchanging dollars for pounds in London.  Even the American Express office didn't want to help him there, although he had his AmEx card with him!  Luckily dollars are welcomed in most areas in England.  The same is not true in Italy -- they only accept euros.  In the event you might be on a ship en route to Italy, the purser will probably make the exchange for you on board.  

Answer 3

You'll get a much better rate of exchange if you use your ATM card when you get to Italy. You'll find that ATMs are everywhere -- all you have to do is stick your card in like you would at home, enter your PIN, and take out the amount you need. The exchange rate at the ATM is set according to Wall Street's exchange rate for the day, so you'll be getting the absolute most current conversion, and you won't have to pay commission like you would at a bureau de exchange or via a bank.

One thing to remember is that your bank WILL charge you a rate of somewhere between 1% and 3% of the total amount you take out of the ATM -- it depends on your bank, but Bank of America charges 3% and Wachovia charges 1% (or at least they did a few years ago when I used my Wachovia card overseas.) Sure, it's a fee, but it's less than you'd pay in commission, PLUS you're getting a better rate of exchange.

If for some reason you don't have an ATM card, your second best bet would likely be to change your dollars to Euros in the States; primarily, you can make the transaction in English so you know exactly what you're getting, but also because it's likely going to be easier to offload US dollars in the US, rather than abroad, where you may potentially get a lower rate for them. Shop around for the best rate of exchange and the lowest commission, and try your hardest to avoid the places in the airport; that's where you're most likely to get ripped off on the exchange rate!

Hope this helps -- have a fabulous time in Italy.  

Answer 4

The suggestions to use your ATM card to get cash here are right on the mark. When you're here look for a Bancomat (the Italian name for an ATM) - they are widely available and most are on the major international networks. Just don't make a lot of small withdrawals if you're charged fees for using the ATM.

Ususally, I just use my Italian Bancomat card, but I use my US card here sometimes. My bank not only does not charge me for withdrawals from another ATM, but reimburses any fees charged by the other banks. If you can set up your account to do this, it's a great way to deal with the exchange rate. It does require certain minimum account balances though.