Money matters

1
Money matters
2
What about my IDs?

• Have two forms of ID (passport drivers
  license)
• Copy passport and keep separate from original!
• Consider ISIC card (International Student
  Identity Card) (www.myisic.com) 22

3
How do I exchange money?

• Right now 1 0.7346 Euro (centesmi-coins)
• General rule cheaper to convert money in Italy
  than here at home
• Avoid airport exchange whenever possible (use
  when necessary)
• Consider exchanging 50 into Euro (before or in
  airport)

4
What about banks?

• When exchanging money, try to go to a bank
  (banca) or money exchange (cambio) (not as
  favorable)
• You lose money with every transaction
• Convert larger sums at one time
• Banks hours

5
What are my money options?

• Option 1 Travellers checks carry some in
  smaller amounts (dont take all 100s!) take a
  range of amounts
• Good idea to store money in variety of forms
  (ATM/ credit card, travellers, cash)
• Advantages of travellers safe, convenient,
  protection if stolen. BUT can be frustrating
  (why? fewer and fewer places outside touristy
  areas take them!)
• Get travellers at bank

6
Option 2 Credit cards

• Where they are accepted, often offer superior
  exchange rates (Mastercard, VISA most accepted)
• Offer other services (emergency help, etc.)
• Many places in Italy accept credit cards
  (however, some places still dont so dont be
  surprised!)
• Check with your credit card company before
  leaving
• Tell your credit card company youll be in Italy!

7
Option 3 ATM/Debit card

• My preferred method
• Access personal bank account from Italy
• ATMs get the same exchange rate as credit cards!
• BEWARE In Italy there is a LIMIT on the amount
  of money you can withdraw per day! (around 500
  per day)
• Surcharge per withdrawl (US 1-5 per withdrawl)
• TELL YOUR BANK YOU WILL BE IN ITALY GIVE DATES

8
What are the ATM machines like?

• All over Florence (easy to find one yay!)
• To use machine, you need your 4 digit PIN number
  (if yours is longer than 4 digits, ask your bank
  if you can use just the first 4, or if you need a
  new PIN)
• Watch out! If you have an alphabetic (rather than
  numerical) PIN, you might be thrown off by the
  ATMs (some have NO letters!)
• If you punch in the wrong PIN more than 3x, it
  will eat your card for good
• Dont be jerky or move too fast with the
  Italian ATMs (be patient, takes longer). NB BE
  CAREFUL AROUND ATM MACHINES!!

9
So what is the bottom line?.

• Have variety of money options (some American
  dollars cash some Euro credit card ATM/Debit
  card a few travellers)
• ATM is still best option for exchange rate and
  convenience (YOUR own checking account at home!)
• Save your withdrawl receipts (shows how many Euro
  you took out)

10
If I run out of money, what should I do?

• Cry
• Have someone at home (parents) make a deposit to
  your bank account (easiest and cheapest way!)
• Bank money transfer ask a bank in US to wire
  money to bank in Italy (takes several days
  wait!) (might get poor exchange rate, might
  release funds in local currency only)
• Money transfer (Western Union) faster, more
  convenient (comes at a price)

11
Tips for saving money while in Italy

• Best exchange rates use ATM card
• Take advantage of special days when you can get
  into monuments/museums for free (ask)
• Buy food at open air markets or at grocery stores
  instead of eating out (Mercato San Lorenzo, Santo
  Spirito, Standa, etc.). Buy bread, foccaccia at
  forno or pasticceria instead of panino at bar
• Avoid extra service charge at some bars
  drink/eat at counter dont sit at table
• Free internet access (libraries/tourist offices)
• Cafés and restaurants on SIDE streets (rather
  than on main piazza)
• Use your washing machine in your apt. and air dry
  clothes
• Buying drinks (cappuccino, espresso, beer, wine,
  bottled water) at bar eats up money SUPER fast!
  Be aware it quickly becomes expensive