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Where to buy Euros?

Boynton Beach...
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Where to buy Euros?

We are traveling to Rome later this month. What is the easiest and/or least expensive way to buy Euros? Here in U S before traveling (and if so, from whom? Local bank)? Or, use ATM's in Italy.

I guess what I'm asking is: Is the exchange rate "padded" on either end, or is the rate the same regardless?

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Saint Marys, Ohio
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1. Re: Where to buy Euros?

Get a couple hundred euros here in the US to give you a start and then use the ATM's in Italy. You'll get the best exchange rate using the ATM and any fees are done by your bank, not the banks in Italy.

You can call your bank and let them know when you'll be in Italy so they don't deny anything, and also check on your daily withdrawal limit.

San Diego...
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2. Re: Where to buy Euros?

Didn't you ask this last month?

Boynton Beach...
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3. Re: Where to buy Euros?

Might have Jack, don't remember, lots on my mind as countdown to trip approaches. The issue is: My bank, Wells Fargo, charges $5 a pop, plus fees charged by Italian bank. But I guess the safety of not having large sums in pocket at any given time makes the expense worthwhile.

Ocean City, MD
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4. Re: Where to buy Euros?

Italian Banks do not charge fees, your bank does.

Sydney, Australia
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5. Re: Where to buy Euros?

Change banks. There are many that charge less, and some that don't charge at all.

Fort Worth, Texas
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6. Re: Where to buy Euros?

Hi,

What does a "pop" mean? Every transaction?

If that's the case, can you get a couple hundred here at home and keep the majority in your safe in your hotel room? Do not get any bills over 50.

I have read that some banks in Italy charge $20 ATM fees. Yikes.

Also, look up your credit card. Capital one is the best at 0% for foreign transactions.

M

Ocean City, MD
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7. Re: Where to buy Euros?

watford...Italian banks do not charge, your bank charges. My bank charges me $1.25 for using an ATM other than theirs (fortunately no conversion fee either).

Where in the world did you read some banks in Italy charge $20 ATM fees?

I always use my Capital One for my credit card with zero charges for a making a charge - not for cash.

NY
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8. Re: Where to buy Euros?

Ocean City - there were two reports fairly recently of the $20 ATM charge, but nothing since. This must be for some kind of rip off machine, nothing else reported since.

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Ocean City
Ocean City
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Ocean City, MD
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9. Re: Where to buy Euros?

Thx TravelSmith, I was not aware of the 2 reports. I returned from my annual 16 day trip (October 4th) and never experienced a problem. I was in Naples, Ischia, Procida and Rome on this trip. Must have been one of those rip off machines, which recently happened here in the US.

Edited: 06 November 2012, 23:25
Kansas
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10. Re: Where to buy Euros?

bigb,

To answer your question, the exchange rate at ATMs is set by the networks (basically Visa and Mastercard) and is usually within 1 cent of the wholesale rate, see …visa.com/personal/…exchange_rates_faq.html

The rate that US banks sell euro is 'padded' at least 5%, your bank is one of the cheapest 'only' adding 5%.

Italian bank ATMs (bancomats) do not charge for using their machines, private ATMs can charge what they like.