The bank teller informed me that the exchange rate for converting $600 USD to EUR was 1.1985.
Thus, my USD $600 will equal 500 euros.
Is that appropriate, or should I do it when I get to Italy at an ATM?
Regards
First, locate a bank (like Capital One) that does not charge fees for international transactions.
Step 2: Create an account at this bank for checking.
Step 3: Pay using a debit card at ATMs abroad. Make sure you always trade in foreign currencies.
It is nearly always advisable to choose this option.
What sort of exchange rate does your bank provide you with? That’s why I use Wise; even though my bank didn’t charge for overseas transactions, I was still getting a rather bad exchange rate. The spot rate, or the rate at which the purchase and sell are equal, is what wise provides. On their rate, my bank was keeping a margin of almost 9%.
You’d get a far better deal from something like Wise or Revolut.
I use Wise to send and receive money to/from bank accounts in different countries, but as a vehicle just to get local cash when traveling it’s an unnecessary complication.
Just verify your US bank doesn’t add fees and gives you a decent exchange rate and use your regular debit card at an ATM.
Forget about converting currencies. Simply travel to Italy using your standard ATM card (i.e., one without any international transaction fees) and withdraw cash from an ATM using the local currency. Reclaim funds in local currency by declining any currency changes.
Ensure that you use a bank ATM and not one from Euronet!
I second Wise. I’m very happy with the rates and fees I get with them, even better their “Auto conversion” feature where I can setup “convert USD$X to EURs at :insert rate that you want:”.