Is it better financially to get cash advances or to use credit cards? I've called all of my credit card co.s and they all have a surcharge for cash advances.
Mizz Eve
summertime and the living is easy.......
This message has been edited. Last edited by: Kim,
You can find ATM cards with no so-called "transaction" or "currency conversion" fees.
Credit card companies (we found out!) are tacking on small but nevertheless bothersome, "Exchange Rates Adjustment" charges over and above an exchange at par for that date.
Posts: 479 | Location: Jacksonville, OR US | Registered: 25 February 2003
quote:Originally posted by Smitty: Credit card companies (we found out!) are tacking on small but nevertheless bothersome, "Exchange Rates Adjustment" charges over and above an exchange at par for that date.
Did you know that they (MC/Visa) lost a class-action suit for doing this but I believe it only applied to California Residents (so far - there's another one pending nationally) and it's being appealed - could be good news eventually though for the consumers.
Posts: 14347 | Location: Casa dei Cerrbiati, NJ, USA | Registered: 16 June 2001
I've been wondering what balance of cash, Traveler's Checks, credit card and ATM card to carry with me on my first trip to Italy. I've been warned to not carry too much cash but I've also been told that Traveler's Checks are cashed at a fee.
Dave Norris
Posts: 8 | Location: Seoul, Korea | Registered: 19 July 2003
THIS LINK to the FAQ has a bunch of previous threads on this very subject.
BTW, I heard from a group that was here earlier in the month that they had a dreadful time trying to cash traveler's cheques and ended up getting cash advances from their credit card instead.
HERE is a link to several threads on this topic in the FAQ forum. IMO, ATM cards (withdrawing funds directly from your checking or primary account) are the only way to go! You don't have to carry large amounts of cash with you or worry about cashing travelers checks. Those of you who follow the suspenders and belt method {hello Pauline!} might want TC's for backup, but you probably won't need them.
Posts: 13651 | Location: The Beautiful San Francisco Bay Area | Registered: 06 August 2001
Bottom line- those with the money/Gold make the rules."They" are going to get you no matter how you spend your money.If you buy euro traveler checks they make their money up front on the exchange, atm or credit when you use it, cash when you convert currencies.They sell for more and buy for less making money"coming and going".The fees tend to be more resonable for Atm cards in my case 1%,but that really overstates the charge as the conversion occurs at bank rates which are transactions of one million dollars and up,(the bank is converting a small amount of money but is giving you a better rate as if it was a large transaction)I don't know about you guys but I don't bring a million on my trips! Credit cards usually charge more although some might be at 1%.So getting a euro that is worth 1.145 or so costs 1.156,not bad considering that the average markup in business is 50-100%!
Posts: 6360 | Location: Culver City, CA, USA | Registered: 08 November 2002
One thing I have found using travellers cheques, is that oridinary Italian banks usually give better rates of exchange and charge less commission than the specialist bureau de change shops and booths that you find in larger towns.
Ricardo
Posts: 560 | Location: Surrey, England | Registered: 18 May 2003
I will be traveling 20 days on a "teacher's budget," so I need to save every penny that I can. In Asia, there are lots of Money Exchange shops that give a better rate than the banks. Is this the same in Italy, or would I do better going to a bank? Also, upon landing at the airport, how much of a beating will I take by exchanging dollars to Euros there? Should I just do as small amount as possible and then look for a bank the next day?
Dave Norris
Posts: 8 | Location: Seoul, Korea | Registered: 19 July 2003
Airport exchange generally is the most expensive,get the minimum unless there is a ATM from a bank (not a private one with a fee).In that case exchange what you need for 24-48 hours as the fee will be the same in town.RR
Posts: 6360 | Location: Culver City, CA, USA | Registered: 08 November 2002
I have found the post office a great place to change money and travellers checks! In Florence it is in Piazza REpublica, under the loggia on the left.. and the change window is upstairs.
Noting your APO address, I was thinking that there might be a financial facility at the Commissary which gives armed service families a better deal than the commercial banks?
Posts: 2054 | Location: Suburban Philadelphia | Registered: 08 July 2002
I was on the Amalfi Coast in May for 6 days and traveled throughout Italy last May. Here is what I did and it worked nicely for me. Before the trip, I went to a local bank (in the U.S.) and got 200 worth of euros in case the ATM machines at the airport in Italy were not working. I kept $500 in my money belt for an emergency. Then I used ATM machines for money for all purchases. They work like a charm. You need a number ID (not letters). Just be sure the card(s) are working in the U.S. (if that is where you are from) and that your bank says they will work overseas. Also something new about credit cards and ATM cards I recently discovered. Many banks now require you to let them know when you are going overseas and planning to use your card - true of my bank and others. If you don't let them know, they will negate the use of the card once it is used overseas. Also, I take an extra ATM card in case an ATM machine "swallows" one or if the magnetic strip goes bad. And I also have a few credit cards as backup. Whatever euros I had left, I used to pay part of my last hotel bill and the taxi to the airport. I came home with 5 euros. Richard Hirschman
I agree that ATMs are the way to go. Whatever you use, you will pay for the service, and ATMs are the most convenient. Located everywhere, open 24 hours. And you get your money as you need it, so you don't have to worry about security with a lot of cash. t
Colleen, We had a thread which really got many afraid about one month ago.ATM's were taking money from accounts multiple times and various other errors.Did anyone ever resolve this or get a satisfactory answer as to why? My theory was the ATM's were not on the same network as the cardholder.RR
Posts: 6360 | Location: Culver City, CA, USA | Registered: 08 November 2002
ATM/credit/traveler's checks? Look for the signs that say "Bancomat". They all charge a fee, but you can usually do better than the currency chenging places. Fees range from $2-3 and I have seen them as high as $6, but you can still usualy do better than at the currency changer, provided you take out the max, since the fee isn't based on an amount. I say use a credit card whenever possible. i have found the exchange rate really good, and usually it's a better deal than paying an ATM fee, and always a better deal than the currency house. American express? Leave home without it!! No one wants the checks that were once king, and fees are typically 10%, unless you go to a branch of the company (AmEx, Cooks, Barclay's, etc) but that's a hassle. It's OK to carry cash, but shove a few euros in your pocket, and tuck the rest away in a really safe place, like your underwear.italy is rife with pickpockets and they are good at what they do.If you have a fanny pack, wear it IN FRONT and keep your hand on it. Hang your purse to the front and keep a hand on it.
Posts: 108 | Location: Redding, California, USA | Registered: 15 July 2003
I have to clarify a few comments in your post. By international agreement, foreign ATMs do NOT charge fees. Any fee you see on your receipt comes from your ATM card issuer. There are some banks (and most credit unions) that don't charge for ATM usage. I bank with a credit union and am not charged a fee anywhere in the world for ATM withdrawals.
I'm very sorry you feel "Italy is rife with pickpockets." That has not been my experience at all. On SlowTalk we try to talk in specifics - so what did you see or experience that led you to make that comment?
Posts: 13651 | Location: The Beautiful San Francisco Bay Area | Registered: 06 August 2001
Colleen, I've never been charged an ATM fee in Italy but I don't know if there is really any international agreement. For example, ATM fees are starting to take hold in the UK and about 30% of ATMs there *do* charge a fee.
I always use a combination of an ATM card for cash and a credit card (AMEX) for .... well, for the sorts of larger expenditures I use it for here at home. I also take my MasterCard, but almost never need to use it anymore.
In three trips to Italy over the past three years, I have only been charged an actual ATM fee twice --- at a particular Bancomat in Florence. Just as an exercise, I tend to check the actual conversion rates in my bookkeeping progam, Quicken, when I get home, and I've never noticed a difference between the rates at ATM or Amex. I agree that you must use a Bancomat ATM. But it's the same precaution as I used to take when I changed money --- do it at a bank and not a commercial cambio. Also --- all the airports I've been in have Bancomats somewhere before the exit, so you don't even need money for a taxi.
Posts: 6751 | Location: Montclair, NJ, USA | Registered: 16 March 2003
Hi, Colleen, Yes... pickpockets ARE thick in Italy. I have been visiting my family every year, often twice a year for the last 30 years and i know of whence i speak.I speak fluent italian, use the buses, and live like a native. These guys are so skilled they can open your backback in a crowded bus without your noticing it. A favorite technique is that they work in pairs. One will jostle you as you get on the bus, and his partner will pick your pocket or purse. In the stations you must hold onto your bag, always.If you set your bag down at your feet, one will distract you for a moment, usually on the pretext of asking a question. when you turn arouind, your bag is gone.My mom(born in Rome--- as italian as they come) was a victimIby one who took a razor and attemtpted to carefully slice her leather (yes-- i said 'lrather) backpack) with a razor, but didn't succeed. my dad (born in calabria and trusts no one) has had his stuff lifted. I could go on and on, but I won't. yes, I have seen it many times. You will be OK if you stay alert.Also, many ocals just don't want to get involved, so you can't count on them to say anything if they see a theft in progress (that's not universally the case, thankfully). So watch your stuff!!
Posts: 108 | Location: Redding, California, USA | Registered: 15 July 2003
Although I have never had my pocket picked anywhere in Italy, I know it happens. My neighbors just returned fromo their first trip to Italy and the husband had his pocket picked twice in one day in Rome. Of course he had his wallet in his back pocket, so I'm sure if he had been riding the subway in NY he would likely have had the same experience. Just exercise caution.
Posts: 6751 | Location: Montclair, NJ, USA | Registered: 16 March 2003
I now bank with Monte dei Paschi di Siena, MPS, about which my friend Gary says, "I don't call it millions per second for nothing." This is particularly regards the commission they charge to convert currency. I never have any trouble with ATMs or Bancomats. If I wire transfer Euro to MPS from my US bank or brokerage I just end up paying at this end, don't I? They are all MILLIONS PER SECOND!
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