changing U.S. Dollars to Euros

[lssg]

My friend was informed by his bank here in the united states that it is cheaper to exchange his dollars to euros when he gets to Italy and to do it at a bank, that it was cheaper than getting money exchanged at his bank in the U.S. Is this true? We need more cash than an ATM can give us, we are paying with euros for our hotel stay. thanks for any information you can give me

[Hlitner]

My friend was informed by his bank here in the united states that it is cheaper to exchange his dollars to euros when he gets to Italy and to do it at a bank, that it was cheaper than getting money exchanged at his bank in the U.S. Is this true? We need more cash than an ATM can give us, we are paying with euros for our hotel stay. thanks for any information you can give me

 

Banks may or may not exchange money..depending on the bank and country. But there are always other places that will happily change money...although you will not get as good of a rate as you get from using ATMs. Most pay for hotels and restaurants with MC or Visa (Amex is not as widely accepted).

 

We travel, internationally, about 5-6 months a year and have never bought foreign currency in the US. If you do want to buy Euros at home, Wells Fargo runs a pretty active currency exchange program. That being said, we noticed that their exchange rate usually builds in about a 5-6% profit (for the bank).

 

Hank

[euro cruiser]

You really can't just walk into a bank and change money anymore. If you need more Euros than you can get from an ATM your best rate is usually from a bank here at home. Check with every bank you have an account with to see what fees they impose and what rates they use.

 

Wells Fargo is easy for me because they have several locations in Manhattan where I can just show up and buy Euros, but if you don't live in/near a major city they do mail them as well.

[TMLAalum]

My friend was informed by his bank here in the united states that it is cheaper to exchange his dollars to euros when he gets to Italy and to do it at a bank, that it was cheaper than getting money exchanged at his bank in the U.S. Is this true? We need more cash than an ATM can give us, we are paying with euros for our hotel stay. thanks for any information you can give me

 

How many nights are you staying? When we were given a nice discount for paying cash at Residenza Canali, we paid our euros each day which entailed daily trips to a bancomat. If your hotel doesn't accept credit cards, hopefully its daily rate is under your ATM daily withdrawal limit, and you can pay day by day.

[goncruzn]

From everything I've read here on CC as well as on the web, yes, it is cheaper to wait until you get to Italy and get what you need from an ATM.

 

I finally decided yesterday to purchase my euro here from Wells Fargo. I decided that the $40 (+/-) USD I would save by using ATM's in Italy wasn't worth it to me. Everyone's needs are different so you have to decide what's best for you. I didn't want to have to worry about daily limits and having to visit ATM's everyday. My schedule is going to be very tight when I arrive in Rome and that is now one thing I will not have to concern myself with.

[margeecruiser]

We feel the same way about not having the hassle of finding a ATM and getting euro when we get to Rome. Another issue I have not seen addressed is security at the ATM's themselves. We are careful taking out cash at home from ATM's and do not use them at night in unfamiliar places. There have been issues with robberies and it seem to me thieves and pickpockets would watch the ATMs to know who had the money. We got our euro from Wells Fargo and are comfortable with our decision. Our friends traveling with us are going to use ATMs and we will see how that goes. The will be a good comparison of each method.

 

Margee

[Hlitner]

We agree that for many cruisers, who spend relatively little cash in Europe, the exchange rate and fees are no big deal. For those of us who spend lots of money it does become an issue :). And personally, we prefer not to carry thousands of Euros in cash when traveling anymore then we would carry thousands of dollars at home.

 

Regarding ATMs, they are very common throughout Europe (more common then even in the US) and it is seldom that you would have to walk more then 1 block in any city without finding at least 1 ATM. At airports (like FCO) there are always multiple ATMs all over the airport and you can always find ATMs near the luggage pick-up areas and airport exits. The security surrounding ATM use is the same the world over. But given a choice of carrying several thousand Euros in cash, or using an ATM card we think the security issues are pretty obvious.

 

Hank

[maggie cruises]

We feel the same way about not having the hassle of finding a ATM and getting euro when we get to Rome. Another issue I have not seen addressed is security at the ATM's themselves. We are careful taking out cash at home from ATM's and do not use them at night in unfamiliar places. There have been issues with robberies and it seem to me thieves and pickpockets would watch the ATMs to know who had the money. We got our euro from Wells Fargo and are comfortable with our decision. Our friends traveling with us are going to use ATMs and we will see how that goes. The will be a good comparison of each method.

 

Margee

 

I bring plenty of euro from home, several credit cards and at least 2 ATM cards when going abroad. I pay for hotels by credit card at check in and if they don't take cards, I don't stay there. I prepay any admissions and/or tours that I can from home by credit card, one that doesn't charge an exchange fee. I also use ships tours when I like them and their price as well. We found some of the Princess tours to be better priced and included more than what some private tour guides wanted in Greece and Turkey last year.

 

1 ATM card is attached to our travel checking account that is funded to a certain amount. The other card is attached to our regular checking account that will be used as a backup emergency method to get cash should there be an issue. This was a savior when we too were cloned last year as I have read happened to others. On our ship, we met several pax that head their own horror stories and I believe some posters here were also on our cruise out of Venice that had problems at ATMs.

 

regardless, ATM usage worldwide is both common and does carry some risks as well as convenience. But I will always have a backup. Period.

 

The smart traveler always has backup access to cash and credit cards regardless of the safety and massive usage of ATMs worldwide. Just in case.

[maggie cruises]

You really can't just walk into a bank and change money anymore. If you need more Euros than you can get from an ATM your best rate is usually from a bank here at home. Check with every bank you have an account with to see what fees they impose and what rates they use.

 

Wells Fargo is easy for me because they have several locations in Manhattan where I can just show up and buy Euros, but if you don't live in/near a major city they do mail them as well.

 

why wouldn't I be able to walk into an Italian bank branch during regular business hours and exchange say $300 in US currency into Euro? I haven't done that in years, but why is that not possible any more?

[maryann ns]

I think as we evolve into a cashless society it is becoming more expensive for banks to handle foreign cash.

 

ATMs and credit cards are the way to go, and you do want to have backup.

[maggie cruises]

I think as we evolve into a cashless society it is becoming more expensive for banks to handle foreign cash.

 

ATMs and credit cards are the way to go, and you do want to have backup.

 

oh I agree but I am still wondering about exchanging cash into Euro.. case in point..a relative of mine just made her first trip to Italy for her milestone bday. The trip was a gift from her family and she doesn't expect to be able to ever return due to financial inability on her part. All spending money and cruise etc. were covered for her for this trip. However, she was able to save about $200 to carry as an emergency fund. She brought this in US dollars with the intent of exchanging it in $100 increments should she need to either on the ship or at a bank. Yes, I and she, know all about the fees for such a small amount and as it turned out she did not have to exchange, but could she still have gone to a bank? Has anyone here actually had the experience of being turned away from an Italian bank when trying to exchange dollars to Euro?

 

This relative does not have an ATM card or a checking account of her own and does not use credit cards. Remember it is her personal situation we are talking about not what most travelers do or how most of us handle our finances.

 

When I found this out, I suggested that she exchange some cash to Euro here as she would not be traveling with any cards and as a gift I myself gave her 50 Euro for her bday.

 

All worked out fine and she was not traveling solo so she did have others with her to help out in an emergency.

 

Now, back to my question. Is it still possible to exchange US dollars to Euro in a European bank during regular banking hours using a human teller? lol Has anyone done this recently as that would be the definitive answer as opposed to "I don't see why not?"

[Elmartellama]

why wouldn't I be able to walk into an Italian bank branch during regular business hours and exchange say $300 in US currency into Euro? I haven't done that in years, but why is that not possible any more?

 

Simply because banks need technology in order to verify a bank note (that is to check it is not fake or forged). In Europe, by law, all euro notes entering a bank are verified by machines, and all euro notes in an ATM must be either brand new or classified "fit" by a machine. All "unfit" euro notes must be sent to headquarters to be "recycled". Unfit does not mean forged or fake, it just means not perfect.

 

In a normal branch where they seldom have people exchanging foreign money they won't have a fast and secure way to verify foreign currency, so they may only accept foreign notes from they're own clients, making a deposit in a bank account.

 

By the way, I don't see how it is safer travelling around the world with big amounts of cash than withdrawing small amounts through a local ATM! Even if you are very very unlucky using an ATM you diversify the risk by simply obtaining small accounts each time. What is the likelyhood of being robbed every single time you use an ATM?

 

I believe the safest way to travel is taking several credit cards of at least two people. If you use an ATM and are so scared just do it in daylight time at bank opening hours in a normal safe area.

[maggie cruises]

Simply because banks need technology in order to verify a bank note (that is to check it is not fake or forged). In Europe, by law, all euro notes entering a bank are verified by machines, and all euro notes in an ATM must be either brand new or classified "fit" by a machine. All "unfit" euro notes must be sent to headquarters to be "recycled". Unfit does not mean forged or fake, it just means not perfect.

 

In a normal branch where they seldom have people exchanging foreign money they won't have a fast and secure way to verify foreign currency, so they may only accept foreign notes from they're own clients, making a deposit in a bank account.

 

By the way, I don't see how it is safer travelling around the world with big amounts of cash than withdrawing small amounts through a local ATM! Even if you are very very unlucky using an ATM you diversify the risk by simply obtaining small accounts each time. What is the likelyhood of being robbed every single time you use an ATM?

 

I believe the safest way to travel is taking several credit cards of at least two people. If you use an ATM and are so scared just do it in daylight time at bank opening hours in a normal safe area.

 

Please read my post #11. also, have you tried recently to exchange in a bank? Do the hotels still exchange US for euro? Doesn't pertain to me btw, as evidenced in my above referenced post.

 

I am just interested for my own knowledge if anyone here has recently exchanged in a bank or used travelers checks in a bank to exchange as I am always asked these things since friends and family know I travel abroad often.

 

While I don't do either, I do know of some people who still want to use travelers checks. I have no idea where they would even get them though.

 

recent experiences anyone? or does one have to use the exchange booths on the streets or the airports? As in a way to get rid of extra Euro before flying home. I know the exchange is poor but if one is not going back any time soon it usually is a viable choice. again, the individual I know does not use ATM cards or credit cards so any exchange would be greenbacks to euro.

[chrispb]

Banks in Europe are not like US. Most will change currency without any problems and usually have a foreign exchange desk.

 

You may also see exchange shops (especially in tourist areas) with rates displayed outside, so just pick the best you see.

 

I haven't used TCs for ages and the only place I had a problem was in US - I assumed it was like home but no, not all banks exchanged them.

 

I think most people get a better rate within a country than they can in their own. Like you, I take a mix: a little local currency to start me off, then sterling and cards. It's the only way to travel:)

 

Perish the thought that an ATM would swallow my only card, plus us Brits are ripped off with silly charges.:mad:

[nolimits]

Yes I used a bank in Rome. In March we had minor problem in Rome .Our credit card also doubles as ATM it was turned off by Bank due to our usage .We had notified the Bank prior to our traveling but no one read it.We needed Euros had US went to 5 banks before found one that had exchange.So this was not as easy as just walk in.Not knowing how soon card problem would be over We didn't want to use a lot of cash for fees at Exchange centers that where everywhere .It was all resolved in 4 hrs.Our card was back on no problems.We exchanged 500$ at better rate than Exchange center with no fees. Friend exchanged same amt of money on street they recieved 35 euros less than us.My wife is bank employee so we pay no fees at ATM except that days exchange rate.Going to bank hurt a little but definatly shows there still a need to have cash on/ in hand

[Hlitner]

After reading the last post we feel compelled to repeat that no all European banks (or branches) will do foreign currency exchange for their non-account holders. This seems to be an increasing trend. Part of the problem is that there is a lot of counterfeit US money in Europe (mostly $100 bills) and there are also a lot of old counterfeit Travelers Checks. One banker (in Norway) told us that it was not worth the hassle to do that kind of business...although they would still bend over backwards to serve their own account holders. There are usually plenty of money changing kiosks throughout Europe, but they do not always give very good rates of exchange and sometimes charge additional commissions. Every European airport we have visited (and that would be quite a few) does have one or more currency exchange places...although not always at attractive rates. You can also find some currency exchange vending machines scattered around some large European cities... These are nifty machines where you can simply insert your currency and it vends your requested currency. They also do not offer the best rates. For those looking to get the best exchange rates it will always be out of an ATM....assuming that your own bank does not impose any silly fees. There are also some credit cards that impose no currency exchange fees...one of the most popular being the fee-free Master Card issued by CapitalOne. Most US credit cards impose a foreign exchange fee ranging from about 2% 0 3.5.%.

 

I should add that although these fees may not have a lot of meaning to an infrequent visitor or cruiser....it can amount to real money for those who spend a lot of time (and money) in Europe. We personally figure that we save over $600 a year by using the proper credit cards and ATMs.

 

Hank

[LondonTowner]

As to whether you can change USD to Euros in a bank will depend where you are. I live in central London and it is easy to change major currencies at banks, post offices, exchange bureaux, main department stores etc. It can also be done in banks in central locations in major cities throughout Europe, but not in small branches.

 

Travellers cheques are almost obsolete in Europe and in general, will only be changed in very few very touristy areas.

 

I am intrigued to know what sort of hotel doesn't accept CCs????

[Hlitner]

 

......................

I am intrigued to know what sort of hotel doesn't accept CCs????

 

Fair question that deserves an answer :). Larger chain hotels will usually take a travelers check, but we have run into several issues with smaller European-style hotels and B&Bs (we love to stay in European B&Bs) where they will only take cash (local currency) or Visa/MC. And we actually had a B&B in Bruges refuse our credit cards because they could no longer process the magnetic strip cards used by nearly all Americans. A smaller popular hotel on the Left Bank of Paris (in the 5th) actually had a sign on their desk that they would no longer accept any Travelers Checks. When I asked Madam why...she told me "too many counterfeit." We had a good laugh when she also said she would not accept US $100 bills for the same reason.

 

Hank

[goncruzn]

When I arrive in Italy, my schedule will be so tight that as I mentioned previously, the slightly extra cost of purchasing euro in the US wasn't that big of a deal. I will use credit cards while there to pay for hotel and restaurants.

 

Although I have traveled on land through many countries in western Europe, my three traveling companions have never been and this will be my first actual cruise through the Med. There are places they would like to see in Italy prior to the cruise and the only way to accomplish that was to hit the ground running. We will be touring as soon as we get there as well as the next day with a trip down to the Amalfi Coast from Rome. On the third day, we make our way to the port to board the ship. This is why I'd like to avoid stops at ATM's each day to make sure we have enough euro in our pocket to pay cash for all the tours we will take before and during the cruise.

 

Everyone's needs are different and for me, I like to have cash on hand for small items, cash only items and any unforeseen issues that may require cash. I always have a couple of credit cards to use for higher dollar items and as a backup.

 

The reason I like these boards so much is that so many people have different reasons/opinions for doing things different ways. It gives you the opportunity to see all sides and then decide what will work best for you.

[cruisemom42]

recent experiences anyone? or does one have to use the exchange booths on the streets or the airports? As in a way to get rid of extra Euro before flying home. I know the exchange is poor but if one is not going back any time soon it usually is a viable choice. again, the individual I know does not use ATM cards or credit cards so any exchange would be greenbacks to euro.

 

I'm not sure how recent you want, but my parents were in Rome last Fall for several days before a cruise. They aren't overly fond of ATMs. They did want to exchange some dollars for euros prior to boarding their ship. I believe they had to try 3 banks before they found one willing to do the exchange for them.

 

Based on what others have said, this sounds about par for the course. While I wouldn't go so far as to say that banks will NOT exchange US cash for foreign currency, I think one could safely say that it shouldn't be counted on as automatic and that you may have to go to several banks, which could eat up a fair amount of time.

 

I am intrigued to know what sort of hotel doesn't accept CCs????

 

I don't think any hotels in Italy that I've been to refuse to accept CCs, but some may offer a discount for payment in cash. I can easily see a smaller B&B or inn (or apartment owner) also preferring cash and possibly not accepting a CC.

[Elmartellama]

Please read my post #11. also, have you tried recently to exchange in a bank? Do the hotels still exchange US for euro? Doesn't pertain to me btw, as evidenced in my above referenced post.

 

I am just interested for my own knowledge if anyone here has recently exchanged in a bank or used travelers checks in a bank to exchange as I am always asked these things since friends and family know I travel abroad often.

 

While I don't do either, I do know of some people who still want to use travelers checks. I have no idea where they would even get them though.

 

recent experiences anyone? or does one have to use the exchange booths on the streets or the airports? As in a way to get rid of extra Euro before flying home. I know the exchange is poor but if one is not going back any time soon it usually is a viable choice. again, the individual I know does not use ATM cards or credit cards so any exchange would be greenbacks to euro.

 

Like others have stated above, exchanging USD to EUR is not that common in many banks. It is understandable that they might refuse to make that transaction since the "customer" is unknown to them, and there is risk of forgery. So you simply can't count on it for sure. Maybe you'll be lucky and they will exchange currency, maybe not.

 

Anyway, banks charge twice when they exchange currency, one the explicit comission and the other the buy/sell spread in the exchange rate. That's why is better to use credit cards as much as you can in businesses and secondly in ATMs

[peterm]

Fair question that deserves an answer :). Larger chain hotels will usually take a travelers check, but we have run into several issues with smaller European-style hotels and B&Bs (we love to stay in European B&Bs) where they will only take cash (local currency) or Visa/MC. And we actually had a B&B in Bruges refuse our credit cards because they could no longer process the magnetic strip cards used by nearly all Americans. A smaller popular hotel on the Left Bank of Paris (in the 5th) actually had a sign on their desk that they would no longer accept any Travelers Checks. When I asked Madam why...she told me "too many counterfeit." We had a good laugh when she also said she would not accept US $100 bills for the same reason.

 

Hank

 

If you need a new credit card for foreign travel make sure your get one with a CHIP (E.g. from Bank of America and others) Chip technology is a feature available on select credit cards that offers you simple, secure transactions when you use your card abroad. American cards with magnetic strips are on the way out in Europe (and other continents). And lot of places do no longer accept the good old Travelers Checks. Same problem withy US $ 100 bills (Most counterfeit bills in the world!). Make sure your debit- and credit cards have a four (4) digit PIN code for the ATMs.

[slidergirl]

If you need a new credit card for foreign travel make sure your get one with a CHIP (E.g. from Bank of America and others) Chip technology is a feature available on select credit cards that offers you simple, secure transactions when you use your card abroad. American cards with magnetic strips are on the way out in Europe (and other continents). And lot of places do no longer accept the good old Travelers Checks. Same problem withy US $ 100 bills (Most counterfeit bills in the world!). Make sure your debit- and credit cards have a four (4) digit PIN code for the ATMs.

 

One thing on the cards: It needs to be a CHIP & PIN card, not a CHIP & SIGNATURE card. Most US-issued cards are the C&S cards, which won't do any more than mag strip cards. You can't use the C&S cards in the self-serve train ticket kiosks, gas stations, toll booths, etc. If you do a brief search, you'll find some threads where a few credit unions in the US DO offer the C&P cards.

[pjn]

If you need a new credit card for foreign travel make sure your get one with a CHIP (E.g. from Bank of America and others) Chip technology is a feature available on select credit cards that offers you simple, secure transactions when you use your card abroad. American cards with magnetic strips are on the way out in Europe (and other continents). And lot of places do no longer accept the good old Travelers Checks. Same problem withy US $ 100 bills (Most counterfeit bills in the world!). Make sure your debit- and credit cards have a four (4) digit PIN code for the ATMs.

 

When I asked about a chip card from my Capital One Visa rep, he stated businesses accepting Visa must accept your card. They could punch your numbers in. If they refuse, they must be reported and they could lose their Visa privileges. Any thoughts on his remarks to me?

[lisiamc]

When I asked about a chip card from my Capital One Visa rep, he stated businesses accepting Visa must accept your card. They could punch your numbers in. If they refuse, they must be reported and they could lose their Visa privileges. Any thoughts on his remarks to me?

 

When you are trying to buy a train ticket late at night at an unmanned station, and your magnetic-strip card is not accepted, who are you going to quote this to? There won't be anyone at the station to listen. There are many businesses that can't/won't accept cards without chip and pin, and not one of them has lost their Visa privileges yet.