How much in Euros to take??

[agabbymama]

I hope you meant to say debit card and not credit card!

 

I wouldn't ever recommend using a credit card to get cash from an ATM machine. Credit card companies consider this a cash advance and charge an astronomical interest fee starting from the moment of withdrawal (i.e., no grace period).

 

As for debit cards, I used to only travel with one (since I travel solo mostly, or with my son, I only had one!). Since I opened my Cap One direct banking, I now carry (and primarily use) that card while traveling, but I bring my regular card as a spare, after reading accounts like yours. Still have never had a problem, but I have a backup in case (left in my safe or kept in a hidden pocket, along with my spare credit card).

 

Definitely a good plan. My friend had her card eaten (Here in the US) at her bank on a Sunday. She had to go to the bank on Monday, but they told her they couldn't retrieve the card, they cancelled that card and she had to wait 7-10 days for the new card. Imagine that happening in Italy???:eek: And if that was the only card you had with you.

 

I've done everything from taking the countries money (England in 1987)(Holland, Belgium & Luxembourg in 1996), and (Hungary in 2001) to Australian Travelers checks in 1995 (the only places that wouldn't accept them were US owned businesses like Sizzler, Pizza Hut, etc. All purchased here in the US before travel. I don't like arriving in strange country with no money.

 

And my debit card, tied to my bank account stays at home. I use credit cards and good old US currency at a local banks. Everyone has to do what's best for them.

[agabbymama]

Does anyone know how well discover/diners club is accepted in Italy? I currently have a discover that has 0% international fees and is accepted anywhere diners club or discover is accepted but I didn't know if I needed to plan on having a backup with a low fee. I'm also looking for debit/ATM cards that have low fees so that I can withdraw some cash.

 

 

I know this is the wrong forum, but any suggestions on Turkey?

 

Don't know about Diner's Club, but NO Discover card anywhere outside the US. Just not Internationally accepted.

[agabbymama]

I'm more stressed about what is the best way / cheapest way to obtain Euros. I came across your thread because I keep looking at all threads that are talking about Euros. I also plan on trying to take with me all the Euros that I plan on spending while on my cruise instead of trying to stop at ATM's.

 

AAA travel has packets of Euros. I don't remember the exact cost now, but I think the packet was 50 EUR and we bought two each to have some starter cash for transfer, taxi, bus, etc.

 

Then we went into the Amex office in Rome and exchanged without fee. Then a local bank on Corfu, as we ran out of money.

 

I've done everything from taking the countries money (England in 1987)(Holland, Belgium & Luxembourg in 1996), and (Hungary in 2001) to Australian Travelers checks in 1995 (the only places that wouldn't accept them were US owned businesses like Sizzler, Pizza Hut, etc. All purchased here in the US before travel. I don't like arriving in strange country with no money.

 

And my debit card, tied to my bank account stays at home. I use credit cards and good old US currency at a local banks. Everyone has to do what's best for them.

 

But don't stress over it. Have a great trip!

[AlwaysReadyToSail]

.

 

Then we went into the Amex office in Rome and exchanged without fee. Then a local bank on Corfu, as we ran out of money.

 

 

How and where do you do this? No fees? No increased rate? No catch??

[beancounterbeth]

Can I jump in here and ask a question?

 

I am so confused on all of this.

 

So say a local bank is willing to sell me Euros for $1 dollar converted to 1.34 Euro. No fee if I buy more than $200 dollars worth of Euros. My bank says that if I use an ATM in Europe they will charge me a 1 1/2% fee every time I use an ATM plus I will have to pay whatever fee the ATM I use charges. How is that a better deal? I'm just trying to uderstand. Are you saying that it is very likely that if I was in Europe at this very moment taking Euros out of an ATM that I would be getting them for 1.24 instead of 1.34 because that is what the Euro is valued at today?

 

I guess I just need someone to dumb it down for me a little further. :o

[cruisemom42]

Can I jump in here and ask a question?

 

I am so confused on all of this.

 

So say a local bank is willing to sell me Euros for $1 dollar converted to 1.34 Euro. No fee if I buy more than $200 dollars worth of Euros. My bank says that if I use an ATM in Europe they will charge me a 1 1/2% fee every time I use an ATM plus I will have to pay whatever fee the ATM I use charges. How is that a better deal? I'm just trying to uderstand. Are you saying that it is very likely that if I was in Europe at this very moment taking Euros out of an ATM that I would be getting them for 1.24 instead of 1.34 because that is what the Euro is valued at today?

 

I guess I just need someone to dumb it down for me a little further. :o

 

Okay, so let's say for argument's sake that you want to get 300 euros. (I selected this number because you said anything >200 euros has no add'l charge by your bank AND because most any ATM would be able to dispense that amount in a single transaction.)

 

Best Possible Exchange Rate: The golden achievement is 1.24, which is the actual bank-to-bank rate. If you could get that, you'd pay $372 for your 300 euros. This is the lowest/best possible exchange but generally not achievable. However, this is what you should measure any other exchange against.

 

Going through your Bank: So -- if you go through your bank and get a rate of 1.34, when the actual rate is 1.24, you will end up paying $402. So you've lost $30 on your 300 euro. That's 10%. If you wanted 1000 euro (not unreasonable for some travelers), you'd lose $100.

 

Using an ATM: Your ATM charges a 1.5% conversion fee. Plus (according to your bank) any charges assessed by the ATM you use. (Here's a funny thing, by the way: a great many ATM machines in Europe do NOT charge a transaction fee -- it is YOUR bank mostly that charges you for going out of network, NOT the actual bank whose ATM you use. Yet they always make it sound the other way around -- gotta love US banks....:rolleyes:).

 

Anyway, so we take your goal of 300 euro. With an ATM, you generally get very close to the going rate but not quite. So let's say you get 1.25. The cost to you is $375 plus 1.5%, which equals $380.63. And let's throw in an ATM charge of $5, since that seems to be the most common amount. So the grand total is $385.63 to use an ATM. A savings of about $16.

 

Granted, that's not a lot. But as I said, quite a few travelers will use more than 300 in euros. For 1000, you're saving about $50 (It would be $55 but I am subtracting another $5 ATM fee since you probably cannot withdraw 1000 euro in a single transaction.)

 

Using ATM with Account that does not charge fees: Now, IF you open an account that does not charge a conversion fee OR a withdrawal fee, you are clearly well ahead at $375 for the 300 euros.

 

As far as I know from reading other recent posts, Schwab is about the only one offering such an account at the moment. Capital One used to offer it (I have one) but apparently do not offer it any longer.

[rebeccalouiseagain]

Good run down of the options.

[AlwaysReadyToSail]

That has been extremely helpful! Thanks!!!!

[Sinppu]

I just came back from Rome. We ate out twice a day, didn't drink wine and we never paid more than 30 euros for a meal.

 

There were a few places where a Menu for the Day was offered for 10-15 euros per person. It included bruschetta, pizza/pasta, dessert and a drink (soda/water).

 

Do not eat near any sights and you'll get off a lot cheaper :)

[kcbmarek]

I just came back from Rome. We ate out twice a day, didn't drink wine and we never paid more than 30 euros for a meal.

 

There were a few places where a Menu for the Day was offered for 10-15 euros per person. It included bruschetta, pizza/pasta, dessert and a drink (soda/water).

 

Do not eat near any sights and you'll get off a lot cheaper :)

 

Awesome thank you!!!

[shoesonfire]

I just came back from Rome. We ate out twice a day, didn't drink wine and we never paid more than 30 euros for a meal.

 

There were a few places where a Menu for the Day was offered for 10-15 euros per person. It included bruschetta, pizza/pasta, dessert and a drink (soda/water).

 

Do not eat near any sights and you'll get off a lot cheaper :)

 

Do you recall the names of the places where you dined and was the food good?

[rebeccalouiseagain]

Yep-

 

My two favorite Rome restaurants are Alfredo

http://www.alfredo-roma.it/

This one is very touristy and has pictures of Famous people on the walls but it is a very fine restaurant and expensive.

 

and

LaScala, which is on a little side street in the Via Veneto. There is more than one La Scala so be sure to have the address written down. Awesome food!

http://www.ristorantelascala.roma.it/

[Loonbeam]

Capital One Direct banking has a no fee debit card, its online banking only, you cannot get it via a branch. There is a minimum balance to start the account and may be a monthly minimum. I should say the last time I used this in Europe was early 2011, it's been lurking ever since so there is a possibility things have changed.

 

 

 

Okay, so let's say for argument's sake that you want to get 300 euros. (I selected this number because you said anything >200 euros has no add'l charge by your bank AND because most any ATM would be able to dispense that amount in a single transaction.)

 

Best Possible Exchange Rate: The golden achievement is 1.24, which is the actual bank-to-bank rate. If you could get that, you'd pay $372 for your 300 euros. This is the lowest/best possible exchange but generally not achievable. However, this is what you should measure any other exchange against.

 

Going through your Bank: So -- if you go through your bank and get a rate of 1.34, when the actual rate is 1.24, you will end up paying $402. So you've lost $30 on your 300 euro. That's 10%. If you wanted 1000 euro (not unreasonable for some travelers), you'd lose $100.

 

Using an ATM: Your ATM charges a 1.5% conversion fee. Plus (according to your bank) any charges assessed by the ATM you use. (Here's a funny thing, by the way: a great many ATM machines in Europe do NOT charge a transaction fee -- it is YOUR bank mostly that charges you for going out of network, NOT the actual bank whose ATM you use. Yet they always make it sound the other way around -- gotta love US banks....:rolleyes:).

 

Anyway, so we take your goal of 300 euro. With an ATM, you generally get very close to the going rate but not quite. So let's say you get 1.25. The cost to you is $375 plus 1.5%, which equals $380.63. And let's throw in an ATM charge of $5, since that seems to be the most common amount. So the grand total is $385.63 to use an ATM. A savings of about $16.

 

Granted, that's not a lot. But as I said, quite a few travelers will use more than 300 in euros. For 1000, you're saving about $50 (It would be $55 but I am subtracting another $5 ATM fee since you probably cannot withdraw 1000 euro in a single transaction.)

 

Using ATM with Account that does not charge fees: Now, IF you open an account that does not charge a conversion fee OR a withdrawal fee, you are clearly well ahead at $375 for the 300 euros.

 

As far as I know from reading other recent posts, Schwab is about the only one offering such an account at the moment. Capital One used to offer it (I have one) but apparently do not offer it any longer.

[shoesonfire]

We have a visa credit card through our financial institution UBS without any annual membership fee, and were told that we can use it with our pin number at ATM's Internationally with no transaction fee and they take care of any ATM fee up to $3.00 as long as we have the corresponding cash in our operating account. There is a transaction fee when we use the card for purchases. Perhaps other financial plans offer this service with visa or mastercard they offer their clients

[cruisemom42]

Capital One Direct banking has a no fee debit card, its online banking only, you cannot get it via a branch. There is a minimum balance to start the account and may be a monthly minimum. I should say the last time I used this in Europe was early 2011, it's been lurking ever since so there is a possibility things have changed.

 

Apparently Cap One is no longer offering this deal to new customers. Read this recent thread, especially posts 24-28:

 

http://boards.cruisecritic.com/showthread.php?t=1652498

 

I have this account and it's very useful to me. I hope they do not change the terms for existing customers....

[cruisemom42]

We have a visa credit card through our financial institution UBS without any annual membership fee, and were told that we can use it with our pin number at ATM's Internationally with no transaction fee and they take care of any ATM fee up to $3.00 as long as we have the corresponding cash in our operating account. There is a transaction fee when we use the card for purchases. Perhaps other financial plans offer this service with visa or mastercard they offer their clients

 

Yes, but despite all of this, you MUST check to see if they treat a withdrawal from an ATM with a credit card as a cash advance. These are the key words. If they do (and I believe this is a VISA policy, not a bank policy), then you will be hit with a large interest charge for any withdrawal using a credit card instead of a debit card.

 

Read here for more info:

 

http://www.bargaineering.com/articles/avoid-credit-card-cash-advances.html

 

 

And here's a really good article with lots of information on travel and money from Rick Steves:

 

http://www.ricksteves.com/plan/tips/money-travel-tips.htm

 

(See paragraph #5 under "Cash Machines" for the same info about credit cards and cash advances....)

[shoesonfire]

I am going to double check with my financial investment firm, however, they said my withdrawal is not considered a cash advance, rather a cash withdrawal from my cash account similar to a debit withdrawal and as long as there is sufficient funds to cover the withdrawal amount there are no transaction fees, interest charges, etc. I think I read where Schaub does this also, perhaps other investment firms that offer their clients credit cards do as well.

 

Just saw this online regarding the UBS Visa card and thought I'd paste it here in case it's helpful for a similar card holder:

 

Cash access without the fees

The CashConnect feature of the UBS Visa Signature credit card allows you to get cash at banks and ATMs worldwide without paying cash advance fees or finance charges, provided there are sufficient available funds in your UBS account to repay the cash advance that night. These advances are automatically repaid each business day from the available funds in your UBS account.2

 

Even better, you receive unlimited ATM fee rebates (up to $3 per transaction) each time you use your card to get cash.

[gregeol]

Using an ATM: With an ATM, you generally get very close to the going rate but not quite. So let's say you get 1.25.

 

Can you really get this close to the official exchange rate? Is the rate available at certain ATM's or can you just go to any ATM? Our experience, in Germany, is that the exchange rate was very close to what the banks in the states were charging. When you add in the fees which I think are more the rule rather than the exception, the rate seemed very high. All this being said the difference is relatively minor in terms of percent and seems more to matter to the individual in terms of convenience or security.

[cruisemom42]

I am going to double check with my financial investment firm, however, they said my withdrawal is not considered a cash advance, rather a cash withdrawal from my cash account similar to a debit withdrawal and as long as there is sufficient funds to cover the withdrawal amount there are no transaction fees, interest charges, etc. I think I read where Schaub does this also, perhaps other investment firms that offer their clients credit cards do as well.

 

Just saw this online regarding the UBS Visa card and thought I'd paste it here in case it's helpful for a similar card holder:

 

Cash access without the fees

The CashConnect feature of the UBS Visa Signature credit card allows you to get cash at banks and ATMs worldwide without paying cash advance fees or finance charges, provided there are sufficient available funds in your UBS account to repay the cash advance that night. These advances are automatically repaid each business day from the available funds in your UBS account.2

 

Even better, you receive unlimited ATM fee rebates (up to $3 per transaction) each time you use your card to get cash.

 

Ahh, I see -- it's because they are taking the money from another account linked to the one you're using. Still; it's a viable option if needed.

[cruisemom42]

Can you really get this close to the official exchange rate? Is the rate available at certain ATM's or can you just go to any ATM? Our experience, in Germany, is that the exchange rate was very close to what the banks in the states were charging. When you add in the fees which I think are more the rule rather than the exception, the rate seemed very high. All this being said the difference is relatively minor in terms of percent and seems more to matter to the individual in terms of convenience or security.

 

Yes, I can. Remember that the exchange rate is actually fluctuating all the time. When I come back to work and submit my expenses after overseas business travel, there is a procedure ensuring that the "real" exchange rate is checked versus what one gets in exchange at an ATM or other methods of changing money. (My company recommends using an ATM, for what it's worth.)

 

I did the same myself just a few weeks ago when I was in France. The difference was very slight, actually probably even less than I used in my example.

 

As I've said before, for the occasional traveler, it doesn't make that much difference if you can find a reasonable bank exchange rate without a fee before leaving vs. using an ATM on arrival. It just pays to know what kind of deal you're getting though. It's worth doing the math. ;)

[Sinppu]

Do you recall the names of the places where you dined and was the food good?

 

Hi, we ate at a small restaurant on a side street off Termini station, right where the airport buses stop. There were plenty of nice places.

 

Then we ate twice at Corso Trieste but that is quite out of the way. Our hotel was there and we ate at Ettore's and San Marino.

 

Also the small streets off Piazza di Spagna had nice restaurants and they weren't (all) terribly expensive.