Money in Venice

ATMs, credit cards, and currency exchange

ABOVE: Visa and MasterCard are accepted by many (but not all) shops and restaurants in Venice.

Money is the fuel that powers your Venice holiday, so it pays to know a few basic rules about cash, currency exchange, and credit cards before you leave home.

The euro

Italy is part of the euro zone. (The lira, Italy's former currency, was retired in 2002.) Don't be one of the rubes who try to pay Italians in U.S. dollars or pounds sterling--use the local currency, just as you'd expect foreign visitors to do at home.

Using ATMs or cashpoints

Your best source of cash is an automated teller machine (ATM) or cashpoint. You'll find ATMs on bank buildings all over the city, and most of them have instructions in several languages.

Here are a few tips on using cash machines:

• Make sure that your home bank knows you're traveling. (Some banks disallow foreign transactions for security reasons unless they've been notified ahead of time.)

• Be prepared to use a four-digit numberic PIN. (If your bank uses a combination of letters and numbers, or if it requires a six-digit PIN, ask the bank to change your PIN or give you instructions for using ATMs overseas.)

• Be aware that many banks add both transaction fees and surcharges of several percent to cash withdrawals outside their own networks. If your bank is greedy, you may want to switch banks.

• If possible, carry ATM cards for two different banks, just in case one of your cards doesn't work. (Also, don't wait until you're almost broke before getting more cash, since international ATM networks sometimes go offline for a few hours.)

Exchanging cash for local currency

ATMs nearly always have the best exchange rates. Currency-exchange offices and hotel reception desks tend to offer poor rates, and sometimes their commissions are outrageous. (The last time we checked the Travelex office near Venice's Piazza San Marco, it was charging an 8.5 percent commission on U.S. dollar notes, plus a €3,50 handling fee.

If you must exchange cash or traveler's checks, try to limit the quantity, because changing money twice (from your currency to euros, and from euros back to your own currency) will mean two hefty commissions.

Using credit cards

Visa and MasterCard are accepted by most shops and restaurants, though smaller merchants, some neighborhood restaurants or bars, and food vendors may not take plastic. (Also, restaurant tips are normally given in cash.) American Express is accepted at higher-end boutiques and restaurants that cater to tourists.

Warnings:

• Many credit-card companies now impose surcharges on foreign transactions, and these surcharges can range from 2 to 4 percent or more. If you have several credit cards, learn which one has the lowest surcharge, and use that card for your trip.

• Some credit-card issuers refuse foreign charges unless you've notified the company of your trip ahead of time. It's a good idea to call the toll-free number on the back of your card before departure, just to make sure that your card will be honored while you're abroad.

For more information about cash, credit cards, tax-free shopping, and other money-related topics, see these articles at Europeforvisitors.com:

Photo: Visa.

Home

Copyright © 1996-2008 Durant and Cheryl Imboden and their licensors.
All rights reserved.

Privacy Policy