Ok, need advise on money in Italy please/Classic Italy 4/26/23
AWESOME FORUM AND THANKS TO EVERYONE IN ADVANCE
Being the over-worrier that I am (profession is Tax and Financial advisor so money worries are my thing!)- I really want opinions on bringing or getting cash in Italy and or how much we will need. We are bringing our Capital One Venture X Visa card with no foreign fees as our 'main' card, our AMEX Platinum card as the 'secondary' credit card and then have our Wells Fargo checking account debit card for any cash withdrawals needed. I know about only going into the actual banks (or I heard Post offices) to use an ATM. What I'd really appreciate advice on:
-how much in Euros to bring from the US? Is that a better exchange rate or just easier-which is also nice?
-how much to carry around each day (I got great feedback here that the hotel rooms will have safes for all the extra $$ (including my small laptop), it is just my husband and myself. We plan to try lots of gelato places obviously and then small local places to eat when we are on our own. Souvenirs are going to be purchased but can't imagine anything that's over $100 at a single time.
-experience on places we will HAVE to use cash?
-can or should we tip housekeeping or any hotel services like when we have laundry done (which I think we will do a few times)?
-what would we want to keep in the room safe- worried about all the pick pocket stories I hear. I will have a crossbody Baggelini purse with non-rip fabric that I hope helps and my husband will keep his wallet in his front pocket which I'll make sure he does.
-should I make hubby use a money belt (see above)
Anyways -thank you all, This place has been an incredible resource for our first Tauck trip and our first ITALY trip!!
Comments
All tips including transport or hotel, bell hop and room maids are paid for by Tauck. Only the TD requires a tip, sometimes the driver, the final details will explain all.
This particular tour is in our future so I haven't done the stops yet but have done several European tours with tauck. We typically only get about $100 worth of the local currency after we've arrived at the hotel. I don't have anywhere locally to get foreign currency without a big fee and have never needed it.
Probably 80-90% of our spending is using credit cards. Cash mainly for small purchases like postcards or your gelato. Once in Germany I was buying some gloves (15 euros) in a small shop and the lady would not take credit. Other than that it's never been a problem.
In general you aren't expected to tip the hotel staff. That's part of Taucks inclusive approach. And as I said in your other post, the same goes for the driver who picks you up and takes you to your hotel. The tour director and coach driver are tipped at the end of the tour in cash. Tauck should have emailed your final tour documents which will provide give info on this.
Be very careful when out and about. I carry the smallest crossbody Travelon bag I can with the slashproof construction and locking zippers. My husband wears a money belt under his clothes in between hotels or in high crime crowded areas. My BIL didn't believe how good the pick pockets were in Paris til his wallet was stolen there. I recommend reading the section on Rick Steves website about money and theft prevention.I
Will look forward to reading your review when you get back.
You probably won't need much local currency. Claudia recommended about $100 worth and that's a good start. If you spend that down and need more, it's easy to get from an ATM in Europe.
Using a money belt, just remember you have to take it off at security. My husband has also used a money pouch that attached to his belt by a loop and when he took the belt off, at security, it fell down the inside of his leg. He could have lost it. Rick Steves's site says not to use the hotel safes. He prefers to slide things between the mattress, but I don't know if the hotels that he uses are in the same category as Tauck uses.
Always get local currency on the far end (most US banks are clueless and absurdly expensive when it comes to currency exchange), preferably from an ATM, though for most tours, you won't need any - a credit card will suffice almost everywhere, expect places like flea markets.. You'll get a better exchange rate with lower fees. Also, since there's a one-time ATM access fee, get what you need in one shot. DOn't keep going back to the ATM for small withdrawals.
FWIW, being a frequent traveler, I always have some Euros on hand at home. I keep no other foreign currency in my possession. Any leftovers are part of the TD's tip at the end of the trip.
Another way to use left-over foreign currency at the end of the trip: Use it to pay some or all of your hotel bill for incidentals (e.g., bar bill or spa charges). Put the remainder of the hotel bill, if any, on your credit card.
One thing we do at ATMs is I use the machine and have my husband turn away from it to keep watch. There is a natural temptation for both of you to be watching the process on the machine. Try to resist it.
Another use for currency you don't want to keep - Swiss Francs, Hungarian Florints - is many airports have charity donation containers. They'll gladly take your small change.
My bank pays fees that an international, bank based ATM charges (I think they call those fees something like "network fees"). You might check with your bank and see if they have the same policy.
My experience is that an ATM at a bank does not charge a fee that is deducted from the amount you obtain, but there may be a fee that is included in the exchange, which is what my bank pays. If you get money from a private ATM (not at a bank), they often deduct a fee from the amount you get, and my bank does not pay that fee.
My wife and I always carry local currency. For land tours you will need to tip the tour director. The small group tour we took last year the bus driver and local guides were tipped by the TD. We did tip the fantastic local guide that we had for three day. For the TD it was roughly 8-10 euro per day from each of us. So you will need to account for that. Otherwise we carry roughly roughly 150 euro each for small purchases including public transportation outside of our tour and bathrooms. Public restrooms are not free usually on or two euro. If you bounce into a cafe to use theirs you will need to buy a small beverage. We will typically leave a couple of euro each morning on our pillows for the hotel cleaning staff. Any left over, we use on the next trip. Believe it or not some European currency actually expires and you will need to convert it at a bank.
Ben - Gratuities for the hotel cleaning staff are handled by Tauck and are included in the price of the tour, so if you leave an additional amount it is over and above what they will receive from the Tour Director.
Also, similar to what Claudia mentioned about airport charity containers, most international airlines also collect money for a charity that they support - usually related to children. I have witnessed this first-hand on British Airways and Emirates Airlines (and possibly American?), but I am sure the other carriers do it as well. They will accept funds in any currency (bills or coins), and this would be another way to unload any remaining and unwanted foreign money. The flight attendants typically make an announcement about this toward the end of the flight.
StephFairlie, just for an example : I just returned from Australia and New Zealand, after I arrived in Australia I took $50.00 Australian dollars out from a bank ATM, I struggled to spend it all, in New Zealand I only used my credit card. A Visa or Master Card is a must as some places will not accept AMEX.
Ben, the recommended tip for Tour directors has been $10 for several years now, it used to be $8. $10 per person per day of tour is the minimum we give. I would prioritize giving the TD more money than a member of hotel staff who has already had a good tip from Tauck.
While on tour, any bathroom stops that require payment. The tour director will either pay a group payment or give each of his group the money required. It’s only when out and about on your own that you may need it.
I like having local currency for incidentals and always purchase it in the U. S. since I am not charged fees by my financial institution. My husband has shirts and trousers with hidden, zippered pockets that he wears exclusively for travel. They work out well for securing cash and credit cards. We have never used money belts since we believe they scream, "I am a tourist." This is merely our opinion.
Regarding gratuities, we always remember the housekeeping staff, and sometimes others, when we have pre- and post-tour days. Regarding not wishing to return home with unwanted foreign currency, why not "pay it forward" by asking the cashier at an ice cream shop or bakery to apply the nominal cash you give her/him to the bill of the individuals behind you in line? A simple act of kindness can go a very long way, and the sheer joy of the children is priceless when they learn their scoop of ice cream was paid for by a stranger.
Again, have a wonderful adventure and please post a review.
Tauck covers all of the ‘normal’ tipping for services that all Tauck travelers receive. If you receive personal services like room service, ice deliveries, or other special requests tipping may be appropriate. We carry one hundred one’s, twenty five’s, and ten ten’s in U.S. currency for that purpose. Service people know how to ‘change’ the currency to their own. I’ve never tipped anyone using U.S. money who was not visibly pleased and thankful. On the other hand when trying to get small denominations of euros for tipping purposes, I’ve found that to be difficult.
With regard to getting local currency’ from your bank in the US, it is almost impossible to get many currencies, Euros, the British pound and Canadian dollar’s are easy, many other ones are not, or if available may need to be ordered two weeks in advance. We live only twenty miles from a huge US city and the nearest bank that we can get any foreign currency is ten miles away. A few months ago, we needed some Euros for an independent trip and although that bank is supposed to have Euros on hand, they only had a few. We cleared them out even though we only wanted about 50 Euros.
My husband is old school and hates using credit cards for our foreign travels. That decision was cemented in his mind when my credit card was hacked several times in various countries. It was never out of my RFID wallet. We live in a very small town but have had absolutely no issue getting both usual and unusual foreign currency. Our bank fee is nominal, and we have the money in two days. We carry only the amount of cash we anticipate needing for the day. If I want to make a major purchase, I do use a credit card as insurance.
Although tips are Tauck included, we do find that we always tip the bartender, luggage porter and any other service employee that has gone the extra mile.
Loves2travel, I guess it must depend on where you live in the US. Maybe no one travels out of the US in our area. When we originally started trying to get money for exotics places our bank was gobsmacked. Our bank doesn’t charge any fee to exchange money.
I may have missed this in the thread. These days I get local currency when I arrive. Buying foreign currency in US use to mean a lousy exchange rate. Does anyone know whether US banks are now offering market rates? It's not just the fee/no fee that matters. Last year I turned in some old British pounds that were about to be worthless. I was not in UK, and rate was not the best.
No US bank is going to give you a competitive rate for some other country's physical currency. Having the currency sitting around costs them money. The best rate always involves using an electronic payment to acquire the local physical currency. That's why ATMs or credit cards are the way to go. Some credit cards charge up to 3% for currency conversion. If you shop around, you can find a card with no conversion fees. The best deal for ATMS that I know of is Charles Schwab Bank (the bank, not the brokerage). They charge no conversion fees when you get money from a foreign ATM and rebate any ATM fee at the end of the month. Can't do better than that.
We may get $200-300 worth of local currency on a trip for small things. Considering the cost of the trip, the fees and exchange rate are (what another contributor to this forum calls) “budget dust”. Not worth spending time or effort to find the best rate.
Yes, both Schwab and Fidelity refund all ATM fees anywhere in the world, which is why I always get my cash "locally." I understand some are ok paying a premium for the convenience of arriving with cash on hand. I like to return from Europe with a small supply of euros and some tour companies (Tauck, Natl Geo) are so generous with occasional meal money that several times I haven't needed an ATM at all!
The OP raises several points: 1) how much cash will they need and how best to get it? We’ve traveled for many years and most of our non-hotel expenses were handled with cash, a combination of leftover currency and ATM withdrawals. On our recent trip to Spain (2022 and Italy will be the same) we used very little cash, never hit an ATM. We paid for almost everything with a contactless credit card. The only cash we carried was a tip for the Tauck TD and the bus driver.2) safety. If you need to use a ATM use one either in or outside a bank during normal banking hours in case it eats your card. For credit cards and small amounts of cash we used our money belts. They are worn under your clothes so how the poster above feels this marks you as a tourist is beyond me. Having a wallet in a front pocket makes it a viable pickpocket target. I would discourage that. While Rick Steves personally is not fan of hotel safes we’ve been on may of his tours and all the tour guides emphasized the need to use them. When arriving at a new hotel I unload my valuable into the safe as well as a single shoe which prevents me from forgetting to empty it. Whether using a debit or credit card you may be prompted to choose whether you want this transaction in dollars or Euros. This is dynamic currency conversion and if you choose dollars you will pay a very high exchange rate. Always choose the currency of the country you are visiting, in your case, Euros.
I always laugh at the "fear of looking like a tourist" comment while on a group tour when much of the time we have our Vox audio sets with their Tauck printed neck straps around our necks and phones/cameras madly taking 📷. Nothing wrong with looking like a tourist. Just avoid looking like a clueless mark for thieves.