Is it better to exchange cash in US or Europe?

In general, I avoid exchanging money in Europe; it's a big rip-off. On average, at a bank you lose about 8 percent when you change dollars to euros or another foreign currency. When you use an airport currency exchange booth such as Forex or Travelex, the hit can be as much as 15 percent.



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Convenience and accessibility are key considerations when deciding between exchanging currency at home or abroad. Exchanging currency before your trip offers the convenience of having local currency readily available upon arrival at your destination and you won't need to worry about exchanging currency abroad.

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The easiest and cheapest way is to use an ATM at the airport in Rome to get some Euros, although there is usually no need to get Euros before you leave. You can buy Euros in the US but you will pay a premium.

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Buy currency before you travel.
Doing so gives you time to shop around for the best rate. Plus, when you arrive, you won't have to immediately find a bank or currency exchange. Do some research ahead of time to see if US dollars are widely accepted at places you plan to go to.

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You hardly need any cash at all. You can use your credit or debit card wherever there is a PoS (point of sale) machine. Your card needs to be on the Mastercard or VISA international network to function. (Most businesses in Italy refuse Amex and Diners because they charge too much commission.)

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ATMs are the best way to access money abroad and are increasingly available. Your bank or credit card company may charge fees for withdrawals overseas and may have a limit on the amount you can withdraw daily, so be sure to consult with your bank about this.

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Tipping in Italy is not compulsory, in fact the majority of Italians don't generally tip huge amounts, that's if they tip at all. But, as tourists, you will be expected to leave a tip in Italian restaurants, when touring with a guide or taking a taxi ride.

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European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. If you need cash from an ATM, it's usually better to use a debit card, because credit cards often charge a high interest rate for a cash advance.

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