Currency Exchange in Italy: On our 14 day trip around Italy, we tried to convert American Express Travelers Checks into euros 11 times and succeeded four times. The first attempt required visiting four different banks, waiting in line in each, only to be told that we had to go to a different bank in the first three banks.The second time was a major disaster– five banks, four long lines, and when we finally found a bank that claimed they could do it, the computer screwed up and came up with a wrong result. For $150, we should have received 106 euros. The computer came up with 55 euros. I pointed out the mistake to the bank, which they at first didn’t believe was an erro
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Currency Exchange in Italy: On our 14 day trip around Italy, we tried to convert American Express Travelers Checks into euros 11 times and succeeded four times. The first attempt required visiting four different banks, waiting in line in each, only to be told that we had to go to a different bank in the first three banks.
The second time was a major disaster– five banks, four long lines, and when we finally found a bank that claimed they could do it, the computer screwed up and came up with a wrong result. For $150, we should have received 106 euros. The computer came up with 55 euros. I pointed out the mistake to the bank, which they at first didn’t believe was an error. After they finally realized it was an error, it took them almost 20 minutes to cancel the mistake. Then I left, as neither of us was in any mood to try it again.
Third attempt was at our hotel, which was easy but hotels don’t give very good rates– €67-€68 for $100.
Finally, we arrived in Rome, which was full of exchange offices suggesting that it is possible to exchange, but we headed straight to American Express where our American Express Travelers Checks where quickly converted into euros at a good rate, €71 for $100.
Before leaving home, we got euros from our bank in Utah for €70 for $100. This is not quite as good a deal as it looks compared to the exchange rates in Italy because the value of the dollar plunged between the time we got the euros in the USA and when we converted currency in Italy.
Cost of Living: Italy, especially Venice and Rome, are expensive places to visit, made even more costly for the tourist. In Rome $85 buys a decent, but by no means lavish diner– a good bottle of Chianti, one serving of lasagna, a modest sized piece of veal, two small potatoes, and a basket of bread at a modest neighborhood sidewalk café. Our table was in the street.
We took our first trip to Europe in 1968, and this year was trip 33. This year, we encountered something we had never seen before– souvenir stores in popular destinations that refused to accept US currency. The greenback used to open all doors. Now they want euros.
Other Money Matters: Although the exchange rate is usually poor in getting euros in the USA before you leave, it is handy to have some local currency on hand when you arrive. Otherwise, head straight to an exchange booth when you arrive at the end of your flight. Large American cities offer some choice in where you can exchange for foreign currency. We found that Deak regularly had the best rates, but Deak has limited outlets. In Utah, there is no choice
but the local bank. Most USA international airports have currency exchange booths, but not great rates. In Europe, the best exchange rate is at American Express, especially on American Express Travelers Checks. Next in order are banks with the word "Credit" in their name, other banks, exchange booths, and when desperate, your hotel.
Don’t be fooled by exchange booths that post excellent rates. That is the rate before they deduct their commission, which is invariably larger than banks or AmEx.
The big puzzle in currency conversion is how much to convert. The risks of getting too much local currency are [1] theft, and [2] getting dinged twice by bank charges when you have to convert it back to US$. On the other hand, every time you convert, you give up travel time, sometimes a lot of time, as with one of our failed attempts to convert which took almost three hours and pretty much ruined an afternoon of planned sightseeing.
Carrying currency in a money belt reduces the risks of theft, but money belts have limited space and they create another problem. One of the joys of travel in Europe is eating well, which means gaining a few pounds, so you don’t want to start out with tight pants, but if your pants are too loose, how are you going to keep them up when you remove your money belt to pay a bill?
I used to use a money belt, but for the last few years I’ve changed to an over the neck pouch that serves as a billfold and passport carrier. There is some risk from thieves who carry knives to cut the straps of such pouches, so I stick it inside the front of my shirt. This seems to me to be a good defense against all types of thieves except armed muggers, which are uncommon in Europe.
Package Deals: Do package deals save money? Not always if you are a careful shopper. We spent three days in Rome at the end of a cruise. The ship offered a three night Rome extension for two in a deluxe room at a hotel rated 4.5 on TripAdvisor, including transfers from ship to hotel and from hotel to airport for $2,600. The hotel we selected on our own, also rated 4.5 but was in a better location; train, cab, and private car transfers; and tips cost us $1,386 for a Deluxe room. For $1,800, the cruise company offered the package in a lower rated hotel in a poor location. $1,000 is a lot to pay for the convenience of gangway pick up.
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