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Need Advice: Best Way to Exchange Currency

 
 
Fri 24 Oct, 2008 07:58 am
I found a great deal on Kayak.com last month and booked a trip to Italy traveling in late November.

What is the best way to get the best currency exchange rates? When I checked online this morning 1 Euro = 1.269 USD. When I call my bank, the best rate that they can give me is 1 Euro = 1.36 USD and an $18 transaction fee. Is it better to wait until I am in Italy to exchange currency? One friend suggested that you can get your best rates when you use your bank ATM card to withdraw cash once in Italy.

Any recommendations would be much appreciated.
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Type: Question • Score: 3 • Views: 2,506 • Replies: 4
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CalamityJane
 
  2  
Fri 24 Oct, 2008 08:16 am
@islandgirl,
You can exchange a small amount at the airport, so you have Euros when
first arriving in Italy (taxi, etc.) and then use your ATM to get cash. Verify
with your bank first what the charges are for oversea withdrawal.
CalamityJane
 
  1  
Fri 24 Oct, 2008 08:39 am
@CalamityJane,
I forgot: Also ask the bank what their exchange rate would be when taking
cash from an ATM in Italy. It might be wiser to exchange in an Italian bank
altogether.
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hamburger
 
  1  
Fri 24 Oct, 2008 05:05 pm
@islandgirl,
check out the currency converter and take it from there :

http://www.xe.com/ucc/

we generally change a few $100 at our local currency exchange - better rates than banks and airport .
once overseas we use a credit card . while it costs a little in transaction fees , it's simply more convenient .
you can even get a cash advance at many savings banks overseas - again , it costs a little extra but don't like carrying money around that may get stolen - which happened to us in berlin - of all places !
hbg

islandgirl
 
  1  
Sat 25 Oct, 2008 11:40 am
@hamburger,
Thanks for the advice Calamity Jane and hamburg.
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