Leaving for Pisa in 16 days, suggestions on taking cash, using credit cards, should I bother with travelers checks? I'm just not sure whether I want to carry alot of cash around. Help.

This message has been edited. Last edited by: Kim,

Your question has inspired me to create an FAQ forum (frequently asked questions). We had a long thread about this topic a month ago, and I just copied it to the FAQ forum. Here is the link to it:
http://www.slowtrav.com/cgi-bin/ultimatebb.cgi?ubb=get_topic&f=16&t=000001

I like to take several hundred dollars with me in lire (sometimes I need lire immediately to pay a car and driver or a deposit on a vacation rental), travelers checks which I never use (just for emergency), a few hundred dollars in US cash ($100 bills - take up no room - just for emergency), an AMEX gold card and blank checks so I can go to an AMEX office and write a check from my home account (can't do this with AMEX Optima - only the regular AMEX cards), and then use ATMs when I am there. Steve and I are a bit compulsive about being sure we have several types of money available. We do a lot of traveling and have run into situations where we needed all options.

Others like to go with no cash and use the ATM in the airport.

A sensible approach might be to go with about $200 in lire, your ATM card, two different credit cards.

I thought I remembered another thread about this, but can't find it now. If I do, I will put it in the FAQ forum.

If we don't hear from you again before your trip, have a great time!! Take lots of notes - the area you are staying in is new to many of us and we would love to hear all about it (Italian seaside near Pisa). Plus any pointers you pick up from your Italian relatives!!

The only cash I take is US dollars and not much of it. Perhaps $100. My first stop at the airport is the ATM, there are usually many to choose from. But I guess if I couldn't find one that worked I would have some US$ to change. It's never happened.

I take a debit card and a Visa platinum in case the debit card doesn't work...it always does. I also take a copy of these cards and my passport and keep these copies somewhere tucked away in my suitcase. I understand it's a lot easier to get back in the US if you have a copy.

Jack

Thanks for the info Jack and Pauline, I feel like I'm ready to go, only one minor detail, to pack all the gifts I'm taking to my relatives. The Slow Travelers Message Board and web sight has been a tremendous help, keep up the good work. Ciao

I like to take along some of the currency of the country I'm travelling to. I've often stood in long lines at the airport ATM's, when I really want to be getting to the front of the line at the rental care place, or the front of the line at the lost baggage desk!
I also take some US money, and also two different bank cards. We have had the sad experience of one bank card being sucked into an Italian ATM. We've also found that many places (particularly in Italy) do not accept credit cards. (The Coop supermarkets use their own cards!)I also haven't needed traveller's checks in Italy, since every village has at least one Bancomat. Still, it's a good idea to have some along, just in case.

Pauline,

I'm curious. Why do you carry a hundred bucks in US currency?

I mean, if there were an emergency, wouldn't you just have to find some place to convert it into lire anyway?

Brian

There are many possible scenarios:

Credit card gets cancelled (in error, of course). ATM machine broken. Traveler's checks spent. I can go into a bank and convert my $100!

Bandits waiting on a lonely stretch of the highway. We drive along. They stop us and are going to rob us, when I pull out my $100 bill and give it to them. Horrible situation diverted!!

World economy collapses. Daily double digit inflation. A wheelbarrow of Euro's buys a loaf of bread. I have my stash of $100 bills (I bring more than one). You can count on the good old US economy.

Pauline spaces out. All Italian cash spent. No travelers checks. Restaurant doesn't take credit cards. I convince them to let me pay with my $100 bill.

You may think we are paranoid (and you would be right) but back in the late 80's we gave up our Vancouver apartment, sold everything we owned and traveled by car all around the US for a year before going to Europe for a year and our AMEX cards were cancelled because AMEX thought they had been stolen and were being taken on a spending spree down the east coast. I remember being in a phone booth in Disneyworld arguing with AT&T to reinstate our long distance credit card so we could once again make phone calls. So, now we wear a belt and suspenders when it comes to money when traveling.

there's also the practical scenario that next to many bancomats in larger cities are machines that convert foreign currency to lira. you put in dollars and get lira. in dec. i used up some swiss francs i had leftover from a trip a few years ago. it seemed like free money to me, so i immediately bought a beautiful silk scarf!!

Keep the information comming folks, you have no idea how helpful it is, our departure date is arriving fast and we are very busy getting ready to leave (Aug. 29, British Airways direct from Tampa to London Gatwick, connecting to Pisa.) Ciao
Ramon

Oh, I don't think you're being paranoid at all. Having cash on hand is a good thing. I just don't understand why you keep it in dollars.

You said you take some money with you in lire. Why not have all your spare cash in lire? The robbers would be just as happy with that. And if you actually do run into an emergency, why would you want to have to go looking for a bank?

Just curious.

Brian

I carry extra spare cash in lire - that does make the most sense. The 100 dollar bills are tucked away in our travel wallets at the back and never get touched. It really is a "peace of mind" thing.

I don't understand why more of you don't use traveler's checks? Am I that out of it? I've been to Europe only twice before but both times went with ONLY traveler's checks (and credit cards as back-up)....then just exchanged when I found a bank with a good rate - or the AmEx office. Are there downsides to traveler's checks that I don't know about?

It is much easier to walk up to an ATM machine. They are everywhere. Travelers checks are good if you need a large amount of cash - to pay for a vacation rental in cash for example. The small towns in Tuscany do not have AMEX offices and the banks are only open in the morning - they reopen for an hour in the afternoon, I think. Plus those Italian banks, where you enter through a high security space capsule kind of thing creep me out!

Well, I always sort of liked the space capsule thing - sort of makes me feel safe in a way.

I thought I remembered the European ATMs having really high fees...I could be wrong, though...is it just the standard $1 or $1.50 as when you use your card at a different bank in the states?

And where do you get your lire before you leave? Are you able to find good rates?

There is an ATM fee. I think it is $2.50 at my bank. I ordered lire through my bank. There was a small fee and the exchange rate was okay.

I also take some US$$ with me. One other reason for doing so is if you go to any antique/flea markets. Bring some $50 bills also. Often they'll take American cash and give you a better price - this has happened to us a few times.

When taking US$, make sure that it is the new style of bills. I've seen many signs in Italian banks stating that they no longer accept the old style American money.

I usually go with a pile of lire, simply because they're left over from the last trip. If you rent villa by the week, you get your security deposit back at the end. I'm leaving this year with almost 1 million lire in my pocket, just left over from last year.

I also do not take traveler's checks. You've got to go to a bank to cash them, and you're charged a fee to do so. Using an ATM card is much simpler, plus you get the intrabank exchange rate, which is better. ATMs are everywhere in Italy (the word in Italian is "Bancomat"). I also take my credit cards with me (AMEX and MC/Visa). They prefer the others over AMEX, as AMEX charges the merchants higher rates.

And finally, ask your bank how much they charge (if anything) for overseas ATM withdrawals - you might be surprised! My old bank (Fleet Boston) charged $5.00 for each withdrawal(!) - just one reason I left them. My new bank (Citizens) charges me nothing.

i agree that it's a good idea to ask your bank about charges from foreign atms. i also left fleet boston for another bank, and have an account with a credit union that has no fees if the atm is in another country.

and keep in mind- in italy there is a 500,000 lira limit per 24 hour period, on withdrawals from the bancomat. this applies to everyone, regardless of what your own limit, if any, is at your bank at home.

quote:

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Originally posted by goin to italy:

I thought I remembered the European ATMs having really high fees...I could be wrong, though...is it just the standard $1 or $1.50 as when you use your card at a different bank in the states?

And where do you get your lire before you leave? Are you able to find good rates?[/QB]

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Just a note about ATM fees - the ONLY fee you may see will be imposed by your own financial institution. They may charge a fee for using a "foreign," i.e., not in *their* network ATM, but the ATM that you're actually using in, say, Siena, will not charge you any fee.

Some banks are charging an additional fee for international ATM withdrawals - it's a good idea to ask your bank about their fees.

As others have noted, local banks are good sources for small amounts of foreign currency prior to a trip. Also check out American Express, Thomas Cook, and a fairly new service from Chase - "Currency to Go," which will deliver the currency to your home. http://www.currencytogo.com

(I haven't used traveler's checks since 1994. My ATM card, MasterCard, and a few personal checks along with my AMEX card are enough to make me feel secure. I do take about $100 worth of Lire with me, so I don't have to worry about finding an ATM immediately.)

Well you all are very travel savvy! I'll check with my bank today. I can't believe I was going to go with a whole pile o' travelers checks! How gauche!

Thanks for the great info. I am so behind the times.