HEllo Everyone,

I am leaving in a few days and I just found out that my parents don't have an ATM card and it will take more than 10 days for the bank to issue them a new one. (Apparently they had one then cancelled it - don't ask me why)

What is the best way for them to get cash? I can take out the max from my ATM card but they want to bring cash with them and exchange money there. ARe banks our best bet? If so, are there certain ones that we should go to/avoid?

Oh these last minute hiccups!

Any large bank branch should be able to exchange dollars for Euro, but be prepared for lots of hand waving, drama, and (negative) shaking of heads ... most directed at the bank's systems not making this easy. In the end, they'll smile, give you the Euro, and you'll be smiling too! Patience and tenacity are the keywords.

Hope we hear the results of Julie's saga. Imagine planning to take ALL your travel money in one big American wad the size of your Buick. Parents, gotta love'em, huh?

(In all fairness, my Father and his partner did marvelously well in Paris with us the other year. Plus, as the result of a bet, he paid for the air and lodging. He's a brick! And yes, Father and the ATMs got along perfectly well.)

I am sure your parents have a credit card? If they do, establish a pin number and they can withdraw Euro against the credit card "cash reserve" line. You can do it with Mastercard, Visa and American Express.

It is not as big a problem as you think.

Also... notify your lender that they will be out of the country and for what dates so they don't get their card shut off when charges start coming through in Italy!!!

Buona fortuna!!
Doug

quote:

Originally posted by Doug S & Judith G:
I am sure your parents have a credit card? If they do, establish a pin number and they can withdraw Euro against the credit card "cash reserve" line. You can do it with Mastercard, Visa and American Express.

Doug

Just make sure they realize this method will reuslt in interest being charged from the date of withdrawal...this might give them quite a shock when they see the CC bill!

quote:

but be prepared for lots of hand waving, drama, and (negative) shaking of heads ... most directed at the bank's systems not making this easy.

I guess I'm one that goes against the grain here. I always bring the cash I think I will need and then exchange it at the bank. I keep the credit cards and ATM card for emergencies. For me, it eliminates too many impulse buys and I find I definitely budget my money better.

Only once have I had a problem exchanging dollars for euro. In Salerno I tried to change some money. The teller said I needed my passport - which was with the hotel clerk. I went back to the hotel, retrieved my passport and went back to the bank. The manager would not exchange the money then either - saying he could not confirm who I was. My friend, who lived locally tried to change the money for me. He was then called into the bank managers office and told he could not change the money either. (He was Italian. What would he be doing with dollars.) That's what they told him. Weird. My guess is they probably do not exchange a lot of money and just did not want to be bothered with the whole thing.

In Rome and Florence I have never had a problem. I walk into a bank - get in line - show my passport and walk out with euro.

Any bank in Italy, in any branch, no matter how small is the village HAS to change them.
I have changed them so many times EVERYWHERE.

Torile, you are right, the bank in Salerno didn't want to be bothered. For future references, threat them to call the Carabinieri if the keep refusing it even after the documents have been given. I did it once. They were refusing the exchange in Cava de' Tirreni, on the Salerno coast, because they didn't know me. They asked an ID card, when I gave them they asked for a driving licence, when I gave it they asked for a Fiscal Code card, I got upset, but I gave it to them nonetheless. The man looked at me and asked for my passport - I AM ITALIAN- but for mere coinidence I HAD IT, so I gave it to him. He copied ALL, went to the director that came back in and REFUSED to exchange the money with the same stupid question...Why do you have US dollars? I litterally said, "I just robbed a bank in New York, and I am calling the carabinieri" he asked me why and I told him that I didn't see why 3 government provided document that were good enough for police/carabinieri werent good for them, and this was a power abuse he was making. He looked at me rather skeptically, but when the carabinieri arrived -because they arrived- he run to them telling them that all was allright and it was just a misunderstanding. He changed to me the whole sum, that was 185$ in 1996.

quote:

Just make sure they realize this method will reuslt in interest being charged from the date of withdrawal...this might give them quite a shock when they see the CC bill!

Not only will interest be charged from the date of withdrawal, there is also a very good chance that it will result in a poor credit rating.

The rules are obviously different from country to country, bank to bank, but here in Canada it is the case.

We discovered it after my husband had used his credit card numerous times to take out cash whilst on business trips (don't ask.. he is an engineer, he does odd things).

The thing I found most irritating about this situation is that the ability to withdraw cash is advertised as a benefit of the credit card .... but then if you use the benefit it counts against you! Luckily we have a good record with the credit card company and were able to have the rating reversed immediately.

Julie perhaps one way to avoid interest charges etc. would be for your parents to make a deposit to their credit card putting it in a credit position. Surely the c.c. company will not charge them interest on their own money???? Might be worth a call.

I have read that paying a large amount on your credit card in an effort to defray the interest cost of cash advances does not work. I don't know why, or if it applies to all credit cards.

Julie, where do you live? I am able to get excellent exchange rates in Vancouver - about 2% over the interbank rate.

Hi Everyone,

Thanks for all the advise! I got back a week ago but only now do I feel seminally human - we did a whirlwind trip to Italy and then to South Korea.

The money situation worked out well enough while in Italy. My parents deposited some money into my account and since I got there a few days before them, I kept taking out the maximum amount everyday. Also, they had a Capitol One credit card (which I made them get) that they used. But my Dad being my Dad, also brought cash with him and exchanged some at the bank. All of these methods worked well for us but a friend who didn't know of these things exchanged some money at a currency exchange shop in Florence and got charged a whopping 20% fee! Can you believe that? That's robbery in broad daylight. Hopefully she won't be making that mistake again in the future.

Thanks again for all your help!
Julie

Your parents need to open an account at a bank that can turn a card around in minutes (deposit money get card go on trip). Cards are just blanks that are programmed at the bank. SHould not take them more than 45 minutes. Call around local braches see who has fast service.

RRJ

I think that there are sometimes services offered by banks for travellers--such as a special travel ATM card that you load with X amount of dollars for that trip ... it allows you to bring an ATM card without hte risk of losing your real one or gatting frauded andlosing more of your balance, etc..

I kind of think WAMU has something like that... I could, however, be projecting thet on them... and maybe it was somethign offered by my german bank while I stilllived overthere?? I think it is worth looking into--it's like a temporary travel ATM card... and I think it seems like it would take less than 10 days to set up...

Another option is American Express offices and cash... old fashioned way, but still works.

Sounds like you should go to AAA and get a Debit travel visa card. Load it with how much $$$$you want and then use it like a credit card overseas. Web site will even tell you where the ATMs are that take them which is just about everwhere. They have a small fee for ATV's but to use it like credit card I did not get charged a fee. Forget travler checks, people dont like them anymore.

While the OP has gone and returned, the last two posters need to know that travel cards offer little above debit cards that can be obtained at almost any bank.

Here is a repost of a previous answer:

Check with your bank, most have daily limits per card not per account so you can take out the daily limit and your partner using a different card on the same account can take out the daily limit. If the bankomat you use has a lower transaction limit than your bank's daily limit just let the machine reset then do another transaction.


Visa travel money card is a poor substitute for a debt card. While the fees are without end the biggest problem is the 7% (that's right seven) fee for foreign exchange. There is also a daily limit of $350 and a weekly limit of $850 on ATMs.
Fees:
Activation $4.95
second card $2.00
Cash out $15.00
Each ATM use $2.00 (international)
Cash advance (in bank)$10.00
plus inquiry fees and statement fees.


Amex is not widely accepted in Italy. The Travel card offers little above what you get with a debit card. The fees are usually higher than a debit card.
You can call banks in your town and get a no fee checking account with free debit card. The card will get you the bank rate plus 1% at ATM's in Italy (there is no fee by the Italian banks) plus an out of network fee of 1 to 5 dollars (find one around $1). Make sure they do not add a conversion fee.

Amex gets $15 to buy the card (and $10 to ship) then charges 2% over whatever rate they like and $2.50 for each withdrawal. And if you have trouble with a purchase you're on your own.
(https://www68.americanexpress.com/bol/common/Terms&Conditions1.html ). If you had the card in euro they got 3% above the bank rate. They may replace the card in 24hrs but any money taken out by someone else may not be replaced until they investigate (the fine print in the agreement is where they take care of themselves and shaft you).

ATM's will give you the best rate (about 1% over the international banking rate). There is an ATM in the baggage claim area at FCO.
Make sure your daily limit is high enough to get the amount you need (your bank can raise your limit).
If your bank won't raise the limit call around to other banks in your town. Find one with low out of network ATM fees, no conversion fees, and no monthly fees on checking (fees levied by the check) and free ATM cards. Deposit half your vacation money in the new checking account and now you have doubled the amount you can withdraw.

Traveler’s checks are not accepted by most businesses in Italy. Banks will charge fees to exchange them. AmEx office charges about 5% over the international exchange rate.

Henry

My AAA travel debit card worked fantastic for me. My only other debit card was with my checking and savings accounts and if lost I lost that one I was afraid who ever found it could have a field day and one wild spending spee so that why I went with AAA.

Sue