Where to Exchange Foreign Currency in Italy

A trip abroad can turn into a drain, and a waste of money, even for the most trivial reason: a blow to the currency exchange rate. It takes very little, starting with our own carelessness, to suffer the consequences of insane, opaque exchange fees, even hidden in obscure accounting records. Lurking to harass unwary travelers are the scammers, offering mind-blowing currency exchange rates.

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Where to exchange foreign currency in Italy

Have you ever arrived at a major international airport? You're surrounded by counters offering the possibility of exchanging coins and banknotes, both upon arrival and departure.. Well: you can be sure that the rates applied by these "last minute currency sellers" are similar, the competition from the many desks is pure appearance, and the commission costs are always very high. Bottom line: never change money at airports, or even at train stations, where excessive commissions are guaranteed.

There are solutions to obtain a correct and reasonable exchange rate, and a decisive help comes from technology, and in particular from online platforms that allow operations to be carried out quickly, without wasting time, and at low costs, without wasting money. But let's take a closer look at how to do it.

Where to change dollars

One of the most popular exchanges is for dollars. The best solution, as we said, is online. But beware: many promise "easy steps to obtain the desired currencies" and "competitive exchange rates." But then you discover that exchange transactions are expensive, precisely because of the fees charged, and also inconvenient: you still have to go to a physical location to obtain the requested currency.

The Revolut model

Certainly among the best options, in terms of efficiency and costs, there is the app that can be downloaded from the platform Revolut, not surprisingly the most popular among young people and the very young. It is a true digital bank, with which you can carry out various operations (including investments) and above all You get the required currencies anywhere in the world. It's just a matter of going to any ATM (Automated Teller Special), often called ATMs in Italian, and use the Revolut mobile app.

Currency exchange with Revolut is free on weekdays (Monday to Friday) up to a certain monthly limit, which varies depending on the plan chosen:

Standard PlanUp to €1.000 per month. Only if and when you exceed this limit will you pay an additional 1% fee on foreign exchange transactions. Additionally, you can withdraw up to €200 per month free of charge or make five withdrawals under this limit.
Plus planUp to €3.000 per month. Any currency exchange transaction above this limit incurs a 0,5% fee on each transaction.
Premium, Metal, and Ultra Plans: no exchange limits, and in these cases several extra benefits are provided, such as access to some airport lounges, but monthly subscription costs ranging from 10 to 45 euros are applied based on the services obtained.

In any case, there is one recommendation: avoid switching Revolut cards on weekends, as a 1% fee applies, regardless of the plan you choose.

Credit cards for exchanging money

Use of the credit card It's now essential for traveling, especially abroad. However, you need to pay attention to the exchange rate, which varies greatly depending on the card issuer (from American Express to Visa).

For two reasons: the first, of an economic nature, is linked to commissions, which can be very high, applied by banks and credit card companies; the second, of a practical nature, is the fact that not all shops accept credit card payments, especially for small purchases.

Analogous speech for the ATM, the card is not always enabled for withdrawals abroad and the fees are quite high.

Where is the best place to exchange euros?

This is the fundamental question we ask ourselves when we leave for a country outside the eurozone, where we need to stock up on local currency. There are three prerequisites. First: we leave with some currency from the country we are going to already in our pockets. Surely once we arrive at our destination, if we are forced to change money in a hurry, perhaps at the airport or at the hotel, we will suffer a significant financial loss. Second: before making our choices, Let's take a look at the prices onlineThe most reliable source is the newspaper's news page. Il Sole 24 Ore . Third: never exchange money on the black market. It's illegal and usually not even worth it.

Before leaving, find out the exchange rate for the currency in question, so as to avoid surprises. Another little tip, to optimize costs, is to to change a large sum of money just once, and keep everything in the safety deposit box of the hotel where you are staying.

Bank branchesWe can exchange money at the bank where we have our current account. This is certainly safe and convenient, but it should be done between ten days and a week before departure because, especially with specific currencies, they may not be available and the bank must literally "order" them. This is a solution recommended.
Post officesThe fee is a fixed amount plus a percentage of the exchanged amount, and not all post offices offer currency exchange services, which means you'll need to check in advance whether the one near you offers this service. Otherwise, you'll lose the convenience of having one nearby. Furthermore, only four currencies can be exchanged at post offices.^,Swiss franc, British pound, Japanese yen, US dollar. This is not a recommended solution.
Authorized exchange offices, or at airportsHere things get a little trickier and more complex, as the currency exchange desks at the airport, as we mentioned at the beginning, offer exorbitant exchange rates, with commissions that can reach up to 25%. This happens because, often, instead of giving you the market rate, they apply an initial exchange rate already surcharged with the commission. It's better to go to exchange offices in the city, which offer more favorable exchange rates than the airport branches.
Arrival hotelsYou can also opt to exchange currency once you reach your destination, if you have the patience to be without money in a foreign country for a few hours after your arrival. This seemingly convenient solution, but also the least economical, is a good option. And therefore definitely not recommended.
Old-fashioned traveler's checks: once widely used, a sort of traveler's check that guaranteed a refund in the event of loss or theft, but at a very high cost. Definitely not recommended.
Exchange currency online: as we saw at the beginning it is definitely the best solution. As long as the right person is chosen to exchange the money.

How to exchange money when returning to Italy

The same advice we gave for departure applies. We should add that, regarding online currency exchange, some sites offer the possibility of exchanging money left over from the trip at the same conditions as the exchange rate at departure, without additional commissions. If, however, we don't want to have to exchange money again, based on the amount of money we have left, we can decide to do some duty-free shopping, or, with a altruistic and big-hearted gesture, do a donation to a local charity. Always better than accumulating (and wasting) unspendable money in a drawer at home.

Where to change money when traveling