We have rented an apartment in Rome. The owners want to be paid in cash. Where is the best place to exchange our money? Should we get euro's here in the States prior to leaving or should we wait until we arrive in Dublin where we change flights? Or at the airport in Roma? Is it better to take travelers checks
The owner will probably not take travelers checks. Nobody hardly does in Italy. I myself change my rental money at home and carry it with me in my money belt. I am typically picked up at the airport and taken directly to the apartment from the baggage claim area.
Many people here have remarked that you get the best exchange rates at ATMs and get their rental money there. in order to get such a large sum of cash, you have to get your bank to raise your limit before you leave the states and you have to use an ATM that will allow a larger withdrawal. Some Banks ATMs have per day limits on how much you can withdraw. In which case you have to visit more than one ATM to get the totla amount for you apt rental.
Sometimes the ATMs work OK and sometimes they don't. This is why for a crucial sum such as for my lodging rental, I just get the euros ahead of time from my bank.
Posts: 3594 | Location: St Paul, MN | Registered: 10 February 2006
I have found that the best exchange rate from my bank, etc. is to use the ATM machine. I typically wait until I get to Europe, usually at the airport and take some money out at that time, making sure to put it in a money belt inside my clothes.
However, all the places I've rented have always asked for the money at the end of my stay, not when I first get there, so I can also wait until I get to town to use the bank ATM's there.
I think Traveler's checks are just too much "red tape" to redeem, but am not positive that's the reason they aren't used too often.
hank you for your advice I greatly appreciate it. I did email the owner to ask about taking travelers checks. Why aren't they used in Italy?
Nobody in France wanted them either. I had some euro ones and had a hard time using them up. it is because of the extra fees it costs to redeem them at the bank.
Some people like to carry them around and redeem them at the American express offices (there is one at the Spanish steps). The exchange rate you get at the American Express office is not as good as at the ATM. In a pinch you could get a cash advance off your credit card. It is expensive, but if you pay it off as soon as you get back to the states, it is not that bad, and probably cheaper than the fees and bad exchange rate with a Traveler check.
I have stayed in four different apartments in Rome and they all wanted their money on day 1 on arrival from the airport.
Posts: 3594 | Location: St Paul, MN | Registered: 10 February 2006
If someone pays me in travellers cheques, my bank will charge me a commission when I bank it, sometimes as high as 8%, depending on the type of travellers cheque. American Express euro denominated are the lowest commission, around 1-2%. It used to be that my bank accepted them without charge, but alas no more. Travellers cheques are very rare nowadays with so many ATM machines
Thank you, I did hear back from the agency and the owner will accept Euro travelers checques. I was somewhat surprised after all you had to say, especially the extra fees to cash them. I have to pay on day one and certainly understand that.
Originally posted by Tcocktail: I did hear back from the agency and the owner will accept Euro's.
Of course the owner will accept Euros. That's their national currency. I assume you meant to say the owner will accept travelers checks in Euro denominations.
Cash is still king in Italy and in all cases they'd rather have cash in hand than some instrument that must be passed through a bank before they can spend it. Perhaps it has something to do with income tax avoidance.
________________ When life gives you lemons, make limoncello.
Are you getting charged a decent rate for the euro traveler's checks? And why did the owner want payment on the first day? I've not heard of that except for a deposit on a villa perhaps.........
And why did the owner want payment on the first day? I've not heard of that except for a deposit on a villa perhaps.........
Requiring payment on the first day is really normal for most apartment rentals in Rome. You usually only see the landlord/agency person on that first day unless there is some kind ogf maintenance problem. When you leave, you just leave the key on the tabel on the last day and head to the airport.
Posts: 3594 | Location: St Paul, MN | Registered: 10 February 2006
I guess since I mostly stay in the country there's a different protocol. Or maybe more trust than the Romans have for travelers. Now that you mention it I did have an apartment in Rome once that we had to pay the first day....forgot about that...still my experience renting villas and houses in the country has been quite different. ciao, Cheryl
I can certainly understand why the owners want payment upon arrival. It is just good business practice. Then no one is bothered about the money issue and everyone is happy.
THe euro traveler check rate is the same as cash but the processing fees are high. So I think I may get half the euros prior to going then get the rest in europe. We stop in Dublin I might be able to find an ATM at the airport.
Perhaps it has something to do with income tax avoidance.
Definitely. Boycott those thives. If anyone says "we only accept cash" move to the next hotel/rental. Besides being considered just as guilty by Italian law if you don't leave the place with receipt, it's also a moral duty. You wouldn't want your own country to be deprived of due funds, would you?
I thoroughly searched rental apartments and not one of them accepted credit cards. I know someone that just informed that their hotel stated cash only. That i have never heard of anywhere. It is a better known hotel in Roma too.
I'm suddenly concerned about the difference in traveler's checks. My agriturisimo said they take them....but I didn't get EURO checks as my bank gave me AmEx in USD of course. I hope they will take them as they didn't tell me any different. If not, I guess I'll have to find an AMEX office somewhere to get them cashed. I have no idea if I pay upon arrival or departure but I thought probably arrival.
Originally posted by Cheryl Alexander: I have found that the best exchange rate from my bank, etc. is to use the ATM machine. I typically wait until I get to Europe, usually at the airport and take some money out at that time, making sure to put it in a money belt inside my clothes.
However, all the places I've rented have always asked for the money at the end of my stay, not when I first get there, so I can also wait until I get to town to use the bank ATM's there.
I think Traveler's checks are just too much "red tape" to redeem, but am not positive that's the reason they aren't used too often.
Ciao, Cheryl
Posts: 11 | Location: TX USA | Registered: 09 May 2008
If I had to take an educated guess, I would say they they will NOT take Amex travelers checks. Either cash them in here prior to going and get euro's or place them in your ATM account and withdraw them in euro upon arrival. I would certainly find out if you will need to pay upon arrival or after.
Personal experience last May 2007 proved that regardless of our increased ATM daily withdrawal in the US, "all" Italy ATMs we used would NOT allow greater then 200,00 euros withdrawal per day. Although we found ATMs to have the best exchange, you have to withdraw every day for lengthy rental or shopping excursions.
