Exchange Rates

I'm going to a foreign country, when should I buy the currency and how much of it?

Because I am going to Italy for four months and will have to pay for rent, etc. it is super important that I take plenty of foreign currency with me and figure out their policies for my debit and credit cards. One major tip: it is never too early to inform your bank that you will be using your card(s) abroad. You can call their 1-800 number and give them the dates and countries that apply. This way, you avoid any fraud prevention security holds on your card.

I think it is important to take a comfortable amount of money with you because you want to settle into your new home before you get lost looking for an ATM. Of course, I am sure it isn't too difficult to find a bank. That being said, to avoid foreign transaction fees, you should research any alliances your bank has with foreign banks. For example, Bank of America is a member of the Global ATM Alliance. This means that once in Italy, I will have to find a BNL D'Italia bank. There are different banks allied to BofA in every country.

Discover Card's European partner is Diners Club International. This means that I can only use my Discover credit card when the logo is shown. Discover Card is great because there are zero foreign transaction fees when used abroad. But, it doesn't hurt to have multiple credit cards just in case your one card isn't accepted somewhere. Also, for security, try having a credit card linked to a family member. My sister linked me to her Capital One Visa card. This card is pretty much accepted everywhere.

Now, because the euro is more expensive than the dollar, it became my obsession to watch the fluctuations in the exchange rate before I purchased any. So, there is no shame in doing the same. Buy as much currency as you feel comfortable with at the exchange rate you find appropriate. But, try to buy your currency at least one month before departure. It only took me a couple of days to have my euros shipped to a bank near me, but I live in a banking city. There is no guarantee that you will get your foreign currency quickly. Better safe than sorry!

Note: don't get upset if the exchange rate goes down once you have purchased your currency (it happened to me!) because chances are, it'll go up again in a matter of hours (which also happened to me!).

Final tip: I have been told that cash is used much more often in Italy than plastic. So, find a wallet or clutch that you can comfortably have on you at all times. Pit-pocketing is a real thing over there, so it's important to be cautious and responsible! Guys: don't put your wallets in your back pocket.

25 days until departure!