Banks in Rome

[Barwick Cruiser]

We will be arriving in Rome on a Sunday morning and staying for a few days before boarding our cruise. I have some US$ that I want to exchange for euros but can't do from Canada without incurring lots of exchange and service fees for changing it to Cdn and then to euros. I was told that the best way for me to change my US$ to euros was to do it at a bank in Europe....are they open in Rome on a Sunday?

Thanks for any and all help on this!

Cathy

[cberge]

We will be arriving in Rome on a Sunday morning and staying for a few days before boarding our cruise. I have some US$ that I want to exchange for euros but can't do from Canada without incurring lots of exchange and service fees for changing it to Cdn and then to euros. I was told that the best way for me to change my US$ to euros was to do it at a bank in Europe....are they open in Rome on a Sunday?

Thanks for any and all help on this!

Cathy

 

I doubt very much you will find a banl open on Sunday in Rome.If you need some euro just use the ATM to get some until you can go to a bank on Monday to tide you over would be my suggestion. You will probably not get a good rate at the bank either,but I am not sure of this.

[cruisemom42]

Just as in any other city, banks will not be open on Sunday in Rome.

 

There are places that will exchange currency, but the rates are pretty dismal; I wouldn't use them unless I were desperate....

[lisiamc]

If you can use your USD on the ship, that would probably be the best solution. Use them for extra tips on board, or pay it in to your account for on-board credit.

[bugeater2]

If you can use your USD on the ship, that would probably be the best solution. Use them for extra tips on board, or pay it in to your account for on-board credit.

 

Ditto, Use the USD for your DSC or other on board charges and just use an ATM for Euros.

 

No sense throwing away money in horrible exchange rates.

[Barwick Cruiser]

Thanks everyone for the info. I was already prepared to take US$ for shipboard expenses as well as some of the tours we have booked. I was hoping to find a more economical way to exchange some of the US$ for euros. To make a withdrawal from a European ATM on my Cdn$ account incurs more charges than just exchanging the $ here before we leave. We have banks open on Sundays so I thought maybe there would also be in Rome! Oh well, I'll just do it before we go and save all the aggravation!

Thanks again!

Cathy

[cberge]

Thanks everyone for the info. I was already prepared to take US$ for shipboard expenses as well as some of the tours we have booked. I was hoping to find a more economical way to exchange some of the US$ for euros. To make a withdrawal from a European ATM on my Cdn$ account incurs more charges than just exchanging the $ here before we leave. We have banks open on Sundays so I thought maybe there would also be in Rome! Oh well, I'll just do it before we go and save all the aggravation!

Thanks again!

Cathy

 

My son and family live in Toronto,and they have a terrible time with the exchange rate.

[susanw814]

Can you exchange at the American express office in Canada at the airport? I always get some Euro at the airport (Boston so it's USD to EUR) we are departing from. Mainly need for cab and tips until we can get to the bank in Europe. Just a thought...

 

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[texancruzer]

OMG American Express gives the worst rates of anybody !!!! We exchanged some $$ at the Paris airport AE kiosk…… on our first trip to Europe….Wont do that again !

[maryann ns]

To make a withdrawal from a European ATM on my Cdn$ account incurs more charges than just exchanging the $ here before we leave.

 

I find that surprising. Most banks have a $5 ATM fee but the exchange rates at the ATMs is much better. You can avoid even the $5 if you get a ScotiaBank account and find member banks in the Global Banking Alliance. http://en.wikipedia.org/wiki/Global_ATM_Alliance

 

The worst thing to do would be to change the US$ into euros as you are paying double exchange fees. Save the US$ for things charged that way or for your next trip to the US or to countries which want $US (Cambodia and Myanmar for example.)

[bugeater2]

I find that surprising. Most banks have a $5 ATM fee but the exchange rates at the ATMs is much better. You can avoid even the $5 if you get a ScotiaBank account and find member banks in the Global Banking Alliance. http://en.wikipedia.org/wiki/Global_ATM_Alliance

 

The worst thing to do would be to change the US$ into euros as you are paying double exchange fees. Save the US$ for things charged that way or for your next trip to the US or to countries which want $US (Cambodia and Myanmar for example.)

 

I figured that statement was not correct.

 

When the OP waited a whole 3 hours for responses and then threw in the towel and said she was going to exchange at home anyway, I figured there was no point in continuing the discussion.

 

It was obvious she already had her mind made up long before she ever asked the question.

[twin123185]

ATM is best rate usually. In a pinch some hotels actually give a decent rate.

 

 

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[susanw814]

AMEX may be a bad exchange but it saves on aggregation and stress to have some Euros for day of arrival. If exchanging large sums do it at your local bank by ordering ahead of time. It's a drop in the bucket after all the other expenses leading up to the vacation - if I had unlimited amount of time the weeks before traveling I'd likely do better but time is money for us.

 

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[Barwick Cruiser]

I figured that statement was not correct.

 

When the OP waited a whole 3 hours for responses and then threw in the towel and said she was going to exchange at home anyway, I figured there was no point in continuing the discussion.

 

It was obvious she already had her mind made up long before she ever asked the question.

 

Wow, that was pretty harsh...especially considering you don't even know my situation as well as the terms of my bank. Just fyi, my bank charges $3 per withdrawal outside of Canada as well as the currency exchange rate in addition to a fixed charge of 2.5% of the withdrawn amount. Might be economical to exchange US$ to euros at an ATM for you but certainly isn't for me, personally. It was suggested to me by a bank official here to change some of my US$ to euros at a bank in Europe to get a decent rate. You can't change US$ to euros in Canada. I never "threw in the towel" but rather got some helpful responses and made my decision from there.

[LondonTowner]

BarwickCruiser

 

You won't find any European banks open on a Sunday. You have now probably changed your money, but don't Canadian banks change Canadian Dollars to Euros? We buy foreign currency in a particular exchange bureau in London where they give the best rates I can find. You can order almost any foreign currency from them.

 

For those posters suggesting in changing currency at the airport, you will find airports give the worst exchange rates anywhere.

 

Not all exchange bureaux give bad rates of exchange (as previously explained). I have just been to Bruges for a weekend and noticed in passing an exchange bureau there offering reasonable rates.

[lisiamc]

Wow, that was pretty harsh...especially considering you don't even know my situation as well as the terms of my bank. Just fyi, my bank charges $3 per withdrawal outside of Canada as well as the currency exchange rate in addition to a fixed charge of 2.5% of the withdrawn amount. Might be economical to exchange US$ to euros at an ATM for you but certainly isn't for me, personally. It was suggested to me by a bank official here to change some of my US$ to euros at a bank in Europe to get a decent rate. You can't change US$ to euros in Canada. I never "threw in the towel" but rather got some helpful responses and made my decision from there.

 

Actually, if you are still of a mind to change your USD in Italy, you would probably get a better rate at the Post Office than at a bank. Unfortunately, the Post Office is not open on Sunday either.

[Barwick Cruiser]

BarwickCruiser

 

You won't find any European banks open on a Sunday. You have now probably changed your money, but don't Canadian banks change Canadian Dollars to Euros? We buy foreign currency in a particular exchange bureau in London where they give the best rates I can find. You can order almost any foreign currency from them.

 

For those posters suggesting in changing currency at the airport, you will find airports give the worst exchange rates anywhere.

 

Not all exchange bureaux give bad rates of exchange (as previously explained). I have just been to Bruges for a weekend and noticed in passing an exchange bureau there offering reasonable rates.

 

Yes, Canadian banks change Canadian currency to euros, however I was looking to change US$ to euros, which I can't do in Canada without incurring double service fees. Just needed to know if there would be banks open in Rome on a Sunday and my question has been answered. Thank you!

[Barwick Cruiser]

Actually, if you are still of a mind to change your USD in Italy, you would probably get a better rate at the Post Office than at a bank. Unfortunately, the Post Office is not open on Sunday either.

 

Haha, thanks lisiamc...I still have a month or so before we fly out so I've got some time to figure out what I actually need for the first day or so and then I can always take you up on the post office idea and change more US$ into euros there on our Monday before we sail on the Tuesday. Our post offices don't do money exchange so I never would've thought to try there!

[bugeater2]

Wow, that was pretty harsh...especially considering you don't even know my situation as well as the terms of my bank. Just fyi, my bank charges $3 per withdrawal outside of Canada as well as the currency exchange rate in addition to a fixed charge of 2.5% of the withdrawn amount. Might be economical to exchange US$ to euros at an ATM for you but certainly isn't for me, personally. It was suggested to me by a bank official here to change some of my US$ to euros at a bank in Europe to get a decent rate. You can't change US$ to euros in Canada. I never "threw in the towel" but rather got some helpful responses and made my decision from there.

 

I may have been a bit harsh but I am having a hard time accepting that a regular ATM transaction is $3 + 2.5%.

 

I recently looked up my own banks policy (Wells Fargo) and misread their terms at first. I initially thought that they charged $5 + 3% but upon re-reading the terms it was actually only the $5 fee for an ATM transaction. The 3% only was charged if I walked into a foreign bank and requested cash using a live teller.

 

I would encourage you to re-read your banks terms for your account.

 

I may be wrong, and if so, I am sorry but suspect I may be right.

[cruisemom42]

I may have been a bit harsh but I am having a hard time accepting that a regular ATM transaction is $3 + 2.5%.

 

I recently looked up my own banks policy (Wells Fargo) and misread their terms at first. I initially thought that they charged $5 + 3% but upon re-reading the terms it was actually only the $5 fee for an ATM transaction. The 3% only was charged if I walked into a foreign bank and requested cash using a live teller.

 

I would encourage you to re-read your banks terms for your account.

 

I may be wrong, and if so, I am sorry but suspect I may be right.

 

 

Perhaps Wells has changed, but in the past they definitely charged a fixed withdrawal fee ($5) plus the foreign transaction fee of 3% of the total amount withdrawn.

 

It's one reason many have switched to online banking accounts like Capital One's that do not charge any foreign transaction fee.

 

Edited to add: It's worth noting that even with the fee and % charged, withdrawing from an ATM is STILL often a better deal than the poor rates of exchange offered on board ship, at hotels, at most moneychangers in airports, etc. Banks will often tell you they charge no "fee" for changing currency, but their rates are much worse than the "real" daily exchange rate.

Edited May 6, 2014 by cruisemom42

[euro cruiser]

It's worth noting that even with the fee and % charged, withdrawing from an ATM is STILL often a better deal than the poor rates of exchange offered on board ship, at hotels, at most moneychangers in airports, etc. Banks will often tell you they charge no "fee" for changing currency, but their rates are much worse than the "real" daily exchange rate.

Exactly. Hotels and ships do not want to be in the banking business, so they add fees to compensate themselves for the extra work. They provide the service as a customer service for their guests, but it's not what they want to be doing.

 

Regardless of how/where you change money there will be fees involved, as this is a business for those providing the service and they have to cover their costs and make a profit. As Cruisemom points out, sometimes the fees are clearly called out and sometimes they are buried in higher rates.

Edited May 6, 2014 by euro cruiser

[LondonTowner]

Lots of banks have high charges for foreign currency transactions and purchases. I have a card with low cost on withdrawing money from an ATM and no charge for buying goods or services. BTW the post office in UK also changes money. In large towns and tourist areas I am sure there would be no problem changing major currencies. In a small place they have to order it in.

[puppycanducruise]

OP, here's my suggestion ...

sell your US dollars to a friend or family at the current exchange rate (I know lots of people around here who save US$ for trips to the states, I'm sure you do too) then take that cash and buy Euro at your bank.

Hope that helps.

Have a great trip.

[3dashers]

I may have been a bit harsh but I am having a hard time accepting that a regular ATM transaction is $3 + 2.5%.

 

I recently looked up my own banks policy (Wells Fargo) and misread their terms at first. I initially thought that they charged $5 + 3% but upon re-reading the terms it was actually only the $5 fee for an ATM transaction. The 3% only was charged if I walked into a foreign bank and requested cash using a live teller.

 

I would encourage you to re-read your banks terms for your account.

 

I may be wrong, and if so, I am sorry but suspect I may be right.

 

I spoke to Wells Fargo and was told I misunderstood..it was $5+3% when using an ATM. I'm not saying they were right my point is there is a ton of misinformation out there.

"Wells Fargo will assess a $5 fee for ATM cash withdrawals made outside the United States and an International Purchase Transaction fee which is 3% of the transaction amount for each purchase made with your debit card in a foreign currency that has been converted into a U.S. dollar amount by a network."

 

For the op can you exchange at the airport?

[bugeater2]

I spoke to Wells Fargo and was told I misunderstood..it was $5+3% when using an ATM. I'm not saying they were right my point is there is a ton of misinformation out there.

"Wells Fargo will assess a $5 fee for ATM cash withdrawals made outside the United States and an International Purchase Transaction fee which is 3% of the transaction amount for each purchase made with your debit card in a foreign currency that has been converted into a U.S. dollar amount by a network."

 

For the op can you exchange at the airport?

 

Wells Fargo ONLY charges a flat $5 fee for ATM withdrawals.

 

Wells Fargo ONLY charges 3% when using your debit card to purchase a product.

 

Wells Fargo charges ONLY a 3% fee if you walk into a foreign bank and use a teller to withdraw cash.

 

Wells Fargo DOES NOT charge both the $5 and the 3% fee for simply using the ATM to get cash,

 

I really hate how Wells Fargo wrote the sentence above. They took two totally different transactions and combined them into one sentence that does nothing but cause confusion.

 

There should be 3 separate sentences for 3 separate types of transactions like this:

 

Wells Fargo will assess a $5 fee for ATM cash withdrawals made outside the United States.

 

Wells Fargo will assess an International Purchase Transaction fee which is 3% of the transaction amount for each purchase made with your debit card in a foreign currency that has been converted into a U.S. dollar amount by a network."

 

Wells Fargo charges a fee of 3% of the transaction amount for over-the-counter cash disbursements.

Edited May 8, 2014 by bugeater2