July 18, 2008
Spend Wisely Abroad
Italy—it’s known for its biggest collection of art in the world, incredible food and high-end fashion. Needless to say, the two weeks I was there, it was difficult not to max out my “in case of emergency” credit card—and the exchange rate was an additional burden on my spending (while I was there, one U.S. dollar was approximately .65 euros).
Some notes on exchanging currencies:
- Don’t exchange at airports or hotels—their rates are killers
- Banks usually give good rates, but they all add a convenience charge. (Check your local bank before jetting.)
- Withdrawing money from an ATM seems to be the fastest way to get cash at a pretty good rate, but, depending on your bank you may be charged above the normal different ATM tariff.
- Charging it is your best bet. Most credit card companies give you the lowest exchange rate over the course of the month (talk to yours to see their policy). Plus, credit card purchases are often eligible for VAT tax refunds. Go here for more info on that dealio.
In Florence, I went to the outdoor market in San Giovanni, located near the Aurelian Wall off Via Sannio. It’s open Monday-Saturday, and is known for its great amounts of new and used clothing. There I made my proudest purchase: a saddle brown leather bag with adjustable straps. The price tag read 39 euros, but at outdoor markets it’s easy and appropriate to bargain down the vendor (whereas indoor establishments aren’t really fans of the practice). I bought the bag for 38 euros (59 dollars).
To make sure I didn’t go too crazy (especially when I found myself holding a pair of simple black hair clips), I always followed this spending criteria when I found something I liked:
- What’s the cost in U.S. dollars?
- Can I find it at home?
- Will I use it?
If you need an easier way to convert, try the XE Universal Currency Converter. That handy dandy BlackBerry can hook you up with the site before you can say, “I’ll take it.”
Posted by Lisa at 11:13 a.m.
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