Exchanging Dollars for Euros

Upon arrival in Venice, where will we be able to exchange our money into Euros? Is there somewhere in the airport? Will the buses, water taxis, etc. accept the American dollar? Is exact change needed for the buses? Thanks!

I think your best bet is to not leave home without them (Euros). Most banks will order Euros for you. You would need to order them at least a week before you go. This way you are not landing in a foreign country looking for a place to exchange your dollars

I agree it's good to take a few euros with you to get started. But ATMs are as ubiquitous there as they are here at home, so don't bother taking more than, oh, probably a hundred or two.

I would doubt very much if anybody in Venice would want to take US currency.

We are ordering Euros through Bank of America to take with us. Our hotel in Venice for the night pre-cruise wants cash payment and we do not want to spend time finding Euros on our first day in Venice! The exchange rate stinks right now, but it does not appear it will improve much in the near future. We are also taking our Capital One credit card which waives the usual 3% fee most bank cards charge on credit transactions.

That is likely to result in the absolute worst rate of exchange you'll get in Europe. If you want to leave home with some euros, buy they at home - in addition to getting them from your bank (and you WILL pay a premium for them if you get them before getting to Europe), AAA has vacation "packets" of euros in a couple of combinations (e.g., 100 euros or 300 euros or something like that). But the BEST way of getting euros is through an ATM once you're in Venice. I'm sure there are ATMs at the airport, but they are also everywhere you turn around in Venice (and throughout Europe) - look for Bancomats.

Sam

That is likely to result in the absolute worst rate of exchange you'll get in Europe. If you want to leave home with some euros, buy they at home - in addition to getting them from your bank (and you WILL pay a premium for them if you get them before getting to Europe), AAA has vacation "packets" of euros in a couple of combinations (e.g., 100 euros or 300 euros or something like that). But the BEST way of getting euros is through an ATM once you're in Venice. I'm sure there are ATMs at the airport, but they are also everywhere you turn around in Venice (and throughout Europe) - look for Bancomats.

 

Sam

Just trying to understand, Sam. WHAT will result in the worst rate of exchange we will get in Europe? Using a credit card or exchanging our money here in the US before leaving for Europe? So are you saying that we will get a better exchange at the ATM's in Venice (like Bancomats) than we will through a bank here in the US? Should we only use debit cards at these Eurpopean ATM's or would a credit card with no extra exchange fee like Capital One be a good choice?

Any one with exppience doing this recently? - Would love to hear what you found out.

Dear friends:

When you exchange cash (or travelers checks) for another cash currency you always pay a very high exchange rate.

However, if you take money out of ATM's, you will pay the wholesale rate (1.37 today, approximately) plus the mark-up of your bank or card issuer. Even with this mark-up, you will come out way ahead of the "cash" rate of exchange.

Have a great trip.

Kind regards,

Gunther and Uta

We have been checking sites for buying euro travelers checks to pay our tours with prior to our trip. However, after checking several banks and travelex (which AAA uses), etc, we found that they were exchanging at rates of 1.42 to 1.46 when the euro hit 1.36. Most were adding a fee for shipment on top of the high exchange rate.

Now I know, we can do better at the atm's in europe and since we are still months away from our trip we are doing a wait and see. Who knows what the rate of exchange will be. I find this similar to the stock market. Anything can happen. Will it hit 1.40 before the end of the year?

If it makes you more comfortable to have euros on hand when you land, then buy some before you leave home.

Julia

Dear friends:

 

When you exchange cash (or travelers checks) for another cash currency you always pay a very high exchange rate.

 

However, if you take money out of ATM's, you will pay the wholesale rate (1.37 today, approximately) plus the mark-up of your bank or card issuer. Even with this mark-up, you will come out way ahead of the "cash" rate of exchange.

 

Have a great trip.

 

Kind regards,

 

Gunther and Uta

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Thank you CruisinGerman!! Your explanation is the clearest I have read and really made sense to me. Thanks so much for ALL the wisdom you share on this board!

Upon arrival in Venice, where will we be able to exchange our money into Euros? Is there somewhere in the airport? Will the buses, water taxis, etc. accept the American dollar? Is exact change needed for the buses? Thanks!

Can I get on a bus or in a taxi in your town and pay with an English £5 note.........I think not ....

We do have ATMs in Europe.

There are money exchanges at the airport.

Thank you all for your VERY helpful suggestions! Someone also mentioned that a 'gift Visa card' might be a good alternative. It costs very little, but can be used anywhere. Whatever we decide to use, if we do exchange before arriving in Venice, how much actual cash in euros should we have to get us from the airport to the hotel? I'm not sure at all about cost for water taxis & buses. Do they require exact change and what approximately would that be? Thanks again to all!

Thank you all for your VERY helpful suggestions! Someone also mentioned that a 'gift Visa card' might be a good alternative. It costs very little, but can be used anywhere. Whatever we decide to use, if we do exchange before arriving in Venice, how much actual cash in euros should we have to get us from the airport to the hotel? I'm not sure at all about cost for water taxis & buses. Do they require exact change and what approximately would that be? Thanks again to all!

It all depends on how you get from the airport to your hotel. A water taxi could be on the order of 90-100 euro ($125 - 140) for the entire boat (not per person!). I don't know what a regular taxi to Piazzale Roma (where you can catch the vaporetto/water bus) cost (haven't done it). A vaporetto ticket is on the order of 4 euros per person as I recall (but you can get a 24-hour or longer pass that is cost-effective if you're going to be there and take enough vaporetto trips) - you are also supposed to pay for luggage on a vaporetto, but I don't recall the cost for that.

You have to use euros regardless. Just as American merchants don't take euros or British pounds or Japanese yen, European merchants don't take foreign currency.

Hope this helps.

Sam

Just a brief clarification on merchant acceptance of foreign currency. Major department stores throughout Europe (El Corte Inglés, Harrods, Selfridges, Printemps, Galeries Lafayettes, FNAC, etc.), and stores of the caliber of Gucci, Louis Vuitton, Prada, Loewe, Wempe, etc. oftentimes will take your foreign currency.

However, even if that be the case, "accepting" your foreign currency means converting it to Euros, pounds, etc. for you at whatever rate they, themselves, have determined, which is always to their advantage and not to yours.

Shop with your credit cards. You will get a much better conversion rate plus all of the other added protections that come with paying for merchandise with credit cards.

Of course, public services (metro, bus, etc.) do not take foreign currency, but it is becoming more and more prevalent to find ticket dispensers at the stops and stations that do accept credit and debit cards, apart from cash.

Kind regards,

Gunther and Uta

I flew into Marco Polo in March, and used the ATM in the airport. There is also an exchange bureau next to the ATM.

When you come through customs into the arrival area turn right, the machine and bureau are on the far end wall. There are offices for water taxis at the opposite end of the terminal. To get to the water bus you go from the ATM to the far end of the terminal past the water taxi offices, out the building and follow the signs and pathway (and everybody else) to the water bus stop. You buy tickets at a kiosk by the boat. The cost into main Venice is 12 euros each including luggage (cheaper for the shorter journey to the islands) by the normal stopping bus for a journey of about 1 hr 15, or 25 euros each for the fast water bus which I think is about 40 minutes.

If there are four or more of you it may be worth considering the water taxi, which may also take you nearer your destination than the stop for the water bus.

Paul S

Should we only use debit cards at these Eurpopean ATM's or would a credit card with no extra exchange fee like Capital One be a good choice?

http://www.ricksteves.com/plan/tips/moneytip.htm

http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

I am anxious about not having any Euros when we arrive so will most likely order $200 through our bank. What denominations would be best? Thank you for your help

We just returned from France and are leaving for Italy in two weeks. Be prepared -- the U.S. Dollar is the worst it has ever been!!! We changed money in the U.S. for Euros and it was the cheapest place to do it. When we got to France everything was skyhigh and the exchange rate was about 1.40. We did not buy anything since the prices were higher then in the U.S. We used our credit cards to charge as much as we could -- it was a better rate charging than using our Euros even with the bank charges for converting the money. The only thing I bought was a glossy book of Versaille.

We ate lunch at takeout sandwich shops and bought bottles of water there also. A cup of hot chocolate at our hotel was $9.00 U.S. My granddaughter wanted one, so I said, "Sure!"

We travel a lot and I won't let the low value of our dollar stop us. We will be back in Italy and London in October. The British pound is now the highest it has been against the U.S. Dollar -- two to one. We are using our American Express and Marriott points to book the hotels there. If the hotel is free, you won't be worried about exchange rates for food, cabs and tours. Use the public transportation as much as you can. We used the buses in Paris and got to see the beautiful city very cheap.

Just go and have a good time and charge as much as you can on credit cards.

Sheila

I am anxious about not having any Euros when we arrive so will most likely order $200 through our bank. What denominations would be best? Thank you for your help

I am comfortable waiting to get my euro from an airport ATM on arrival. Buying €200 euro here costs me $13.60, but only $2.72 from a foreign ATM.

We just returned from France and are leaving for Italy in two weeks. Be prepared -- the U.S. Dollar is the worst it has ever been!!! We changed money in the U.S. for Euros and it was the cheapest place to do it.

. When we got to France everything was skyhigh and the exchange rate was about 1.40.

Sheila

Are you sure about this rate? At an ATM?

My wife just returned and she did not pay that so curious where you saw that rate of exchange?

PTC

I just got off the phone after a long conversation with an expert on currency exchange from my bank, Bank of America. It took several phone transfers to finally get to speak to the RIGHT person but I just kept insisting. Here is what I found out.

First I needed to have our debit cards notated that we will be in Europe for the specified time so our cards don't get blocked (this actually happened to us in Great Britain a few years ago. NO FUN!). Our bank representative verified what is stated in the links shown several posts above, like the excellent advice from Rick Steve's. When you use your bank ATM at ATM's showing the same bank network (for instance for Bank of America Visa debit card it is the Plus network or machine showing the Visa sign) you will pay the least possible fees and it will be as close to the actual current currency exchange rate as possible. (Don't use Deutch Bank ATM's as they charge an extra fee!)

Bank of America charges a 1% conversion fee ONLY - no other fees IF the ATM used is in the Plus network. If you trade your dollars for Euros here in the USA before your trip it will actually cost you MORE in fees and handling charges than if you use your bank's networked ATM's in Europe! Even if you purchase the AAA Euro pack plan you WILL pay more then waiting to use the right ATM's in Europe! Seems crazy, but after much research have decided that this is the way we will do it and get our first euros at an airport ATM (with the Plus Visa symbol) in Venice. You can actually go on line and FIND where the correct ATM's for your network are located and map these out in advance. Fortunately our network has a great number of member ATM's in Italy. We will get the largest anount of Euros possible at that first transaction and then keep them safe in our money belts, having only a small amount in a front pocket for expenses at a time.

<p>where Did You Find The Website For The Bank Of America Atm Locations In Italy?</p>

Here is the Bank of America websiter for ATM locations: http://visa.via.infonow.net/locator/global/ResultsDisplayAction.do?uid=X859787-1178208926-ac120564

The problem I am having is trying to find one that will not charge high fees at the Marco Polo Airport. Can't seem to find one. If anyone has specific personal knowlege about the ATM's at Marco Polo airport please share! Are there any in the Plus network?

Thank-you for sharing the results of your research.

:) :)

You're quite welcome, Love Cruis'n! I did find that there is a PLUS Atm at the Marco Polo airport: http://visa.via.infonow.net/locator/global/ResultsDisplayAction.do?uid=X866982-1178215982-ac120564

The ATM is from CASSA DIRISPARMIO DI VENEZIA

The reason I couldn't find it before is that the Marco Polo Airport is actually in the town of Tessera, Italy!