There are several options for access to money in Europe, and every person seems to have his or her favorite strategy. The unit of currency in Italy is the Euro, as it is in many other European countries. In very approximate terms it is helpful to consider that 1 Euro (€1) is roughly equal to $1.30, although this is subject to exchange rates. In other words, this is not a fixed rate, but changes hourly, as you will discover when you start changing money over there. Moreover, every bank and exchange bureau charges a different commission. It is wise, consequently, to shop around. In our experience, the best option for access to cash abroad is at a local ATM, using a debit or credit card. A debit card that looks like a credit card is the most versatile, giving you access to your money at both ATMs and inside banks, without the finance charges associated with the use of a credit card. There are numerous banks with ATMs close to the studio where you can use these cards. Be sure to check with your bank at home about any service costs that they might charge for using your card overseas, and call them ahead of time to say you will be using your card in Europe so they don't think your card has been stolen.

 

If you choose to bring money with you, the best way to transport it is in the form of travelers' checks. American Express travelers' checks are perhaps the most well known, and thus the least likely to be refused. You can't use these in stores in Rome. Rather, you will want to cash these in for Euros at a bank or an exchange bureau. Remember to shop around for exchange rates. The rate differences between banks will amaze you. There are also often limits to how much you can change at a single time. Check around and share information. Our recommendation is to stick to the banks on the Via del Corso near Piazza Venezia. Travelers' checks are a good backup strategy in case one of your other strategies fails and you need cash.

 

We recommend arriving in Rome with €200+ in cash to cover transportation from the airport, room and studio key deposits, art history course packet, and other minor expenses. We recommend contacting your local bank about two weeks prior to your departure as most banks do not have Euros on hand and will need to procure them for you. You may also opt to use an ATM in the airport once you arrive in Rome. This can be done fairly easily as all ATMs operate in several languages, including English. Remember, though, you will have just survived a long flight and will have all your luggage with you, so searching for an ATM may not be the most enjoyable experience.

 

If you have access to an American Express card, you will have the advantage of being able to cash personal checks from your home account (any bank) in the United States at the American Express office in Rome (Piazza di Spagna, 38, next to the Spanish Steps) for up to $1,000 every 21 days, provided that this service is arranged between the card holder and American Express before leaving the United States. It also suggested that in cases where the card is in the name of a parent or guardian, its use by the student in Europe should be arranged with American Express in the United States prior to departure. This would also apply to any credit card used by a student that is registered in another name. Note that in cases where you want to cash a personal check with your American Express card at their office, it is best to take the money in travelers' checks, and then exchange them at another bank. We suggest this because American Express is typically not very competitive with their exchange rates compared to the banks.

 

As for other credit cards, a Visa or MasterCard can be used for some purchases, although not nearly as extensively as in North America. They are more practical for cash advances. You simply go to a large bank, such as the Banca di Roma on Via del Corso, or the Deutsche Bank on the corner of Largo Argentino near the studio, and request an advance, in Euros, that does not exceed your credit limit. Alternatively, you can use one of many ATMs around the city that displays your credit card's logo, as long as you have a PIN. Credit card exchange rates are typically quite good, and the whole process is much like normal banking. The drawback is that you will typically be charged interest immediately (i.e., no grace period as with purchases) on every cash advance. This can be avoided, however, by prepaying your credit card with as much as you anticipate spending, and then spending it much like you would with a debit card linked to your bank account.

 

Lastly, it is also possible to have someone in the United States wire money to you directly in Rome once you are there. Specific instructions, however, must be given to your bank in the United States from which the money is to be sent. For various reasons, the best place to telex money safely to in Rome is the Banca di Roma, Agenzia Via del Corso, Piazza San Marcello, 00186 Rome, Italy (Cod. ABI 03002; C.A.B. 05000) There are substantial service charges for wiring money, but the funds usually arrive in three days, and this bank is not far from the studio. If the bank in the United States sending the money is affiliated with another Italian bank, however, it is probably best to follow their procedures. In either case, it is critical that the sender (your parents, or someone else) inform you of the name of the receiving bank and the agency address in Rome; otherwise you will never know where your money is arriving. Western Union is another option.