I need advice from frequent travelers to Europe(Italy)

[meridian]

Let's take a break from the partisan bickering for a minute.

My wife and I will be visiting Italy this summer, and I need advice on monetary matters. We have not been to Europe for 10 years. Even then, it was London & Paris. And I am sure a lot of things have changed since.

She wants to carry euro all the way; her friends advise her to.
I say no, we will carry some euro but not all since they charge commission for the exchange, going in and coming out.

Dick Steve says that, in his Internet column, ATM is the best. It is safer and cheaper, he says.

Some say Visa takes care of everything. BOA person says Visa is good since there's no exchange fees involved in transactions. What about Amex?

Thank you in advance.

 

[tt68]

We did ATM/Credit Card primarily and when I checked the exchange rates

later, we got a better deal in those venues than we did exchanging money in the traditional methods. We did take out about $300 or so worth of Euros before we left just in case. And, it was nice to know we had them just in case.

 

[zeke4ahs]

I almost always used cards

Only place it was an issue was in markets. Didn't carry much cash ever and used ATM when needed.m

 

[mjvcaj]

Go ATM

assuming you do not have foreign transaction fees. Exchange rates at ATMs weren't much different than currency exchanges.

 

[mjvcaj]

Yep, we used AmEx and Visa for 95% of our spending

if you shop at high end boutiques, you can negotiate a discount for using cash vs card.

 

[Noodle]

Amex charges an exchange fee on every charge overseas

I don't recall what it is, but it's pretty small. However, the Amex exchange rate is the market rate. You will get hosed on the exchange rate anywhere else, other than an ATM or Visa/MC. Do not exchange money at an airport money changer. They are by far the worst of all.

Don't know about Visa service fees but it probably depends on your particular bank agreement. I imagine the Visa exchange rate is similar to Amex. Also, be prepared for everyone to ask for your PIN for charges. Just tell them you don't have one and only need to sign. They should all know the drill, but all credit cards in Europe have a chip and you use your Pin rather than signature to complete the transaction

This post was edited on 4/20 11:49 PM by Noodle

This post was edited on 4/20 11:50 PM by Noodle

 

[hootch1]

I would search for overseas charges for each of the cards that you have. For example, Capitol One has no foreign transaction fees. Citi offers this for only some cards.

If you have a Schwab account, you can set up a high yield investor checking account and not have fees for ATM withdrawals.

I would not carry a significant amount of money and I would not get that money until I am in country.

 

[twenty02]

Definitely, get a credit card with no foreign transaction fees, and use that for everything you can. Just get some euros for walking around cash.

 

[mjvcaj]

Amex charges an exchange fee on every charge overseas

I don't recall what it is, but it's pretty small. However, the Amex exchange rate is the market rate. You will get hosed on the exchange rate anywhere else, other than an ATM or Visa/MC. Do not exchange money at an airport money changer. They are by far the worst of all.

Don't know about Visa service fees but it probably depends on your particular bank agreement. I imagine the Visa exchange rate is similar to Amex. Also, be prepared for everyone to ask for your PIN for charges. Just tell them you don't have one and only need to sign. They should all know the drill, but all credit cards in Europe have a chip and you use your Pin rather than signature to complete the transaction

This post was edited on 4/20 11:49 PM by Noodle

This post was edited on 4/20 11:50 PM by Noodle

Depends on the card. My wife has a CapOne w/no foreign transaction fees and my Amex is the same.

 

[mjvcaj]

I would search for overseas charges for each of the cards that you have. For example, Capitol One has no foreign transaction fees. Citi offers this for only some cards.

If you have a Schwab account, you can set up a high yield investor checking account and not have fees for ATM withdrawals.

I would not carry a significant amount of money and I would not get that money until I am in country.

I have Fidelity and also have no ATM fees. If you are still paying those, you are behind the times.

 

[Rusty G]

1) piling on...ATM exchange rates are best
2) Let your credit card company know in advance (fraud detection can disable your card and that's an unpleasant surprise)

 

[mjvcaj]

1) piling on...ATM exchange rates are best
2) Let your credit card company know in advance (fraud detection can disable your card and that's an unpleasant surprise)

Also your ATM provider. Mine was turned off in Brazil b/c I forgot to inform them.

 

[meridian]

Thank you guys! I will treasure all your comments and advise!
And I will definitely tell my wife that her friends' advise are full of it!

 

[BrickShooter]

A few more comments. If your ATM PIN is more than 4 digits, then change it to 4 digits. A 4-digit PIN is often required. If your ATM card doesn't have a chip, ask your bank if they can issue you a card with a chip. Besides being more secure, I have come across ATMs that do not work with just magnetic strips.

 

[FremontFlash]

Let's take a break from the partisan bickering for a minute.

My wife and I will be visiting Italy this summer, and I need advice on monetary matters. We have not been to Europe for 10 years. Even then, it was London & Paris. And I am sure a lot of things have changed since.

She wants to carry euro all the way; her friends advise her to.
I say no, we will carry some euro but not all since they charge commission for the exchange, going in and coming out.

Dick Steve says that, in his Internet column, ATM is the best. It is safer and cheaper, he says.

Some say Visa takes care of everything. BOA person says Visa is good since there's no exchange fees involved in transactions. What about Amex?

Thank you in advance.

You might want to consider a Chase Sapphire Preferred. It is Chip and Signature, and no foreign transaction fees. You will receive 40,000 points (essentially $400) if you spend $4000 dollars within the first three months. If you use the points toward travel on their Ultimate Rewards website you will get a 20% boost ($500 value). When you use the charge card elsewhere, you also get two percent-back rewards on travel and restaurants and one percent on everything else. It is free the first year, but $95 in future years. You can easily cancel before the year is up and cash out or switch to the Chase Freedom card which also uses Ultimate Points.

The 20% bonus on travel and no foreign transaction fees only apply to the Chase Sapphire Preferred. I've chosen to keep the Sapphire the last few years for the bonus on travel. I've also added the Chase Freedom card for which I got a $200 bonus (20,000 points) (at the time) and use it primarily for spending on the 5% quarterly bonus categories. It is one percent only everything else. Last quarter was a 5% bonus for grocery stores, and this quarter is 5% bonus for restaurants. I can commingle my ultimate rewards from both cards and thereby get the 20% bump on travel on all the points, regardless of source. You can choose to use the points as cash-back rather than rewards.

BTW, my experience in Europe, including Italy, the past few years is that Amex is not accepted in quite as many places as Visa and Mastercard. Several years' ago, I purchased a couple of tip packs (total of $150 or so of Euros) from AAA before heading to Europe and then depended on ATMs. Subsequently, I usually return with a couple hundred Euros in reserve for the next trip. I know this was long, but perhaps helpful.

 

[mjvcaj]

BTW, my experience in Europe, including Italy, the past few years is that Amex is not accepted in quite as many places as Visa and Mastercard. Several years' ago, I purchased a couple of tip packs (total of $150 or so of Euros) from AAA before heading to Europe and then depended on ATMs. Subsequently, I usually return with a couple hundred Euros in reserve for the next trip. I know this was long, but perhaps helpful.

Of course it is not, just as it is less accepted in the U.S. But, we were able to use it in more places than I expected and Amex customer service and fraud protection are superior to others IMO. They also provide some level of insurance for travel booked through the card.

 

[FremontFlash]

Of course it is not, just as it is less accepted in the U.S. But, we were able to use it in more places than I expected and Amex customer service and fraud protection are superior to others IMO. They also provide some level of insurance for travel booked through the card.

I have had very good service from Amex as well. Sapphire also provides a similar level of insurance for travel booked through the card. Chase Sapphire has very good customer service that is dedicated to just the Sapphire card. Two years ago, I was about to leave Jamaica and noticed an email from Chase indicating they thought there may be a fraudulent charge on my account for $99.00 from Japan that morning. (I had notified them I was going to Jamaica) When I arrived back in the States and took my phone off airplane mode, I saw I had also received a phone message and a text. I telephoned Chase, informed them that wasn't my charge and they overnighted a new card to my home. I am not trying to get into a pissing contest on which is the better card. I was just suggesting an alternate card that might be beneficial, depending on his circumstances. I wouldn't feel comfortable traveling without tucking away a back-up card anyway. This might provide a bit more info for Meridian. http://europeforvisitors.com/europe/articles/using-credit-cards-in-europe.htm

 

[meridian]

A few more comments. If your ATM PIN is more than 4 digits, then change it to 4 digits. A 4-digit PIN is often required. If your ATM card doesn't have a chip, ask your bank if they can issue you a card with a chip. Besides being more secure, I have come across ATMs that do not work with just magnetic strips.

I don't quite understand this "chip" thing.

Also, my ATM is issued byy KeyBank. Will that do or should I get one from Bank of America, which I also bank with. I also have MasterCard from BoA as well as KeyBank. Will either do or should I carry just BoA, which is a much better known company? But then, Vias is Visa, regardless which bank issues it, isn't it?

 

[BrickShooter]

What I do is carry 2 cards: a debit (ATM) card and a credit card. I use the debit card only for ATMs (you generally don't want to get cash using a credit card). I use the credit card for credit purchases because the protection is better (an erroneous or fraudulent charge won't be debited from your bank account). It's also nice to have two cards should something happen to one of them. I'm guessing your KeyBank ATM is fine. You should also be good with either credit card. And you're right, the issuing bank shouldn't really matter.

As for the chip, you can see it on the card below above the "4000." Your cards may have a chip. All new BoA ATM and credit cards now have them. They have been popular in Europe for a while, and are more secure than reading the magnetic strip. I've come across ATMs that don't work on cards that don't have an embedded chip.

 

[FremontFlash]

I don't quite understand this "chip" thing.

Also, my ATM is issued byy KeyBank. Will that do or should I get one from Bank of America, which I also bank with. I also have MasterCard from BoA as well as KeyBank. Will either do or should I carry just BoA, which is a much better known company? But then, Vias is Visa, regardless which bank issues it, isn't it?

Here is the Bank of America FAQ on Chip cards: https://www.bankofamerica.com/privacy/faq/emv-chip-card-faq.go
Chip = microchip embedded in card with your information, similar to what is embedded on the magnetic on the back of most current US cards.

 

[BrickShooter]

Chip = microchip embedded in card with your information

Thanks for that. I should have been more clear.

 

[jughaid]

Having a chip in your american credit card is not always the same as the European chip cards. We go to France every year and we got our first chip credit card last summer. Didn't work in France. We could still swipe at most places, but it is a pain, especially at those places that don't see a lot of americans. However, if you stay within the populous/heavily traveled areas, you should be fine. Only real problem we had is with the toll booths. But if you carry some euros with you, you should be able to cover that. And ATMs are great because you can not worry about carrying around lots of euros on you.

 

[Noodle]

I don't quite understand this "chip" thing.

Also, my ATM is issued byy KeyBank. Will that do or should I get one from Bank of America, which I also bank with. I also have MasterCard from BoA as well as KeyBank. Will either do or should I carry just BoA, which is a much better known company? But then, Vias is Visa, regardless which bank issues it, isn't it?

I don't think it matters which bank issued your ATM card, as long as it is included in one of the major networks (look on the back of your card). For credit cards, I don't think it matters at all as long as it's MC, Visa or Amex (as some pointed out, not always accepted everywhere). I would be surprised if your KeyBank ATM card did not work. If you look on the back it will list the ATM networks they are affiliated with. Plus (Visa), Interlink and Money Pass are on mine. Plus, for example, has over 1,000,000 ATMs in over 200 countries.

Heck, I used my ATM to withdraw money in Beijing with no problems at all. Only problem I had with money in Beijing is when a street hawker gave me change in Belarusian Rubles rather than Yuan (which look a bit similar to one another). Instead of receiving 70 Yuan (about $11) in change, I received 70 Belarusian Rubles--worth about $0.00007! The current exchange rate for the Belarusian Ruble is nearly 15,000 Rubles to a dollar.

 

[mjvcaj]

I don't think it matters which bank issued your ATM card, as long as it is included in one of the major networks (look on the back of your card). For credit cards, I don't think it matters at all as long as it's MC, Visa or Amex (as some pointed out, not always accepted everywhere). I would be surprised if your KeyBank ATM card did not work. If you look on the back it will list the ATM networks they are affiliated with. Plus (Visa), Interlink and Money Pass are on mine. Plus, for example, has over 1,000,000 ATMs in over 200 countries.

Heck, I used my ATM to withdraw money in Beijing with no problems at all. Only problem I had with money in Beijing is when a street hawker gave me change in Belarusian Rubles rather than Yuan (which look a bit similar to one another). Instead of receiving 70 Yuan (about $11) in change, I received 70 Belarusian Rubles--worth about $0.00007! The current exchange rate for the Belarusian Ruble is nearly 15,000 Rubles to a dollar.

LOL. That is hilarious. I'm sure it happened to me as well.

 

[Noodle]

LOL. That is hilarious. I'm sure it happened to me as well.

Oh, I forgot the best part (sort of). After I got the Belarusian Rubles, I unwittingly tried to spend them in a store outside the Forbidden City. The shop owner got very mad at me, pushing the money away and saying something in Chinese. It was only then that I noticed that the bills looked different. Suddenly I had fears about being thrown in a Chinese jail for trying to pass off foreign currency.

 

[mjvcaj]

Oh, I forgot the best part (sort of). After I got the Belarusian Rubles, I unwittingly tried to spend them in a store outside the Forbidden City. The shop owner got very mad at me, pushing the money away and saying something in Chinese. It was only then that I noticed that the bills looked different. Suddenly I had fears about being thrown in a Chinese jail for trying to pass off foreign currency.

I would have to think it takes more than that for the Chinese to start and international incident. I felt safer in China than in many places in the U.S., particularly at night, knowing that if anything happened to us, heads were going to roll. And we aren't just talking about the offenders heads, but likely those of their families as well.

 

[Noodle]

I would have to think it takes more than that for the Chinese to start and international incident. I felt safer in China than in many places in the U.S., particularly at night, knowing that if anything happened to us, heads were going to roll. And we aren't just talking about the offenders heads, but likely those of their families as well.

I absolutely agree. I think the only aggressive thing I experienced from any government official was a guy who insisted that our ticket line at the Forbidden City had to be perfectly straight (even though no other line was), and he was physically trying to move people to make certain of that. Other than that humorous incident, I felt extremely safe everywhere I went, including at night. In fact, I had a great time in a couple bars in a college area of Beijing, even running into two Purdue students who were there on a summer program. Also met some great Chinese students, including one guy who know A LOT about Big 10 basketball--his dream was to play for Tom Izzo at MSU, but he was familiar with IU and Purdue as well.

 

[mjvcaj]

I absolutely agree. I think the only aggressive thing I experienced from any government official was a guy who insisted that our ticket line at the Forbidden City had to be perfectly straight (even though no other line was), and he was physically trying to move people to make certain of that. Other than that humorous incident, I felt extremely safe everywhere I went, including at night. In fact, I had a great time in a couple bars in a college area of Beijing, even running into two Purdue students who were there on a summer program. Also met some great Chinese students, including one guy who know A LOT about Big 10 basketball--his dream was to play for Tom Izzo at MSU, but he was familiar with IU and Purdue as well.

Small world. Do you have any plans to get back that way?

 

[DrHoops]

Let's take a break from the partisan bickering for a minute.

My wife and I will be visiting Italy this summer, and I need advice on monetary matters. We have not been to Europe for 10 years. Even then, it was London & Paris. And I am sure a lot of things have changed since.

She wants to carry euro all the way; her friends advise her to.
I say no, we will carry some euro but not all since they charge commission for the exchange, going in and coming out.

Dick Steve says that, in his Internet column, ATM is the best. It is safer and cheaper, he says.

Some say Visa takes care of everything. BOA person says Visa is good since there's no exchange fees involved in transactions. What about Amex?

Thank you in advance.

If you have American Express, you can use it for no transaction fee (may be by cardholder? I'm not sure). I would advise using ATMs. DO NOT go to the currency exchange places at the airports. If they don't take AMEX, we usually pay cash. We try to just be careful about how much we take out at a time from the ATMs. Sometimes at the end of the trips, we end up with some extra Euros, but we can always use them next time. I've been to Italy prolly 12 times or so....where are you going? If you need any advice, tips, etc. email me at andy@coburngroupllc.com You'll have a GREAT time there!!!!!!! Don't get too caught up in the minutia of fees and such. In the long run it won't be THAT big a deal.

 

[NPT]

Thank you guys! I will treasure all your comments and advise!
And I will definitely tell my wife that her friends' advise are full of it!

I'll bet you will (tell your wife that).....let us know when you get out of the hospital.

 

[meridian]

I'll bet you will (tell your wife that).....let us know when you get out of the hospital.

Now that you said it, I am on my way to the emergency room in an ambulance, and thank you for your blessing, NTP!

Just kidding.

 

[Zizkov]

Your ATM card will work in 99% of the ATMs in Europe. It doesn't matter if you have a swipe or chip cards, they will work in 99% of the shops and hotels.

Most of Europe have now actually gone to touch cards where you just touch your card to the machine and the transaction is complete. Very fast,easy and safe.

I have the old fashion American swipe card from my bank in the US and have never had an issue using it and I have lived over here for 11+ years.

The biggest issue is what your bank will charge you for out of network withdraws although it's never a huge amount, but multiple small withdraws can add up over time.

 

[mjvcaj]

Your ATM card will work in 99% of the ATMs in Europe. It doesn't matter if you have a swipe or chip cards, they will work in 99% of the shops and hotels.

Most of Europe have now actually gone to touch cards where you just touch your card to the machine and the transaction is complete. Very fast,easy and safe.

I have the old fashion American swipe card from my bank in the US and have never had an issue using it and I have lived over here for 11+ years.

The biggest issue is what your bank will charge you for out of network withdraws although it's never a huge amount, but multiple small withdraws can add up over time.

Again the reason to get a no ATM fee account. Plenty of options for them. Then only worry is foreign transaction fees, but. Most are around 1%