Euros

Business topic - quick chat about cash management and handling. (I've got time - totally caught up on essay scoring for final exams - don't need to hear about Life of Pi for a while)

You have several options for how to carry non-cash money for a trip:
N.B. * - I encourage this!
***1. Debit card (check card), attached to an account which parents can view and control -
Benefits:there are Bancomats everywhere in Italy (heck, Siena is the spot of origin for banking!), and you only pay your bank's ATM fee to withdraw (no payment for exchange). If a child gets low on money, you can control the account. If they see some fabulous expensive thing you'd want, you can control the account. :)
Downside: you have to keep an eye on their account
2. Travelers cheques.
Dollars: You can get these from any financial institution
Benefit: You have leftover travelers' cheques in dollars if your kiddo doesn't spend them all.
Downsides: your kiddo loses money in the exchange and in the fees ($10-15 on every $100), and they spend most of their time looking for deals at exchange spots
Euros: You can get these from exchange groups like Travelex (there are three in the Dallas area alone, one in Preston Center).
Benefit: Less money to lose in exchange
Downside: The only hinderance your kiddo has is finding a vendor who is willing to take them, and then pay back the kiddo in leftover cash. Usually, banks will allow you to get cash for exchanging them, but, again, there might be a fee. Also, if not everything is spent, you have to pay for the exchange back to dollars
3. "Cash Passport" - Travelex has started offering these, where you can buy a debit card which is pre-charged with Euros (rather than a home bank's card, attached to your account of dollars).
Benefits: Less money lost when using Bancomats ($1-3 per use)
Downside: If not everything is spent, you have a useless money card sitting at home

If you want to pre-purchase cash itself for a trip, this will have to be done at an exchange location (or at a bank which functions internationally, like Citibank). With the way the Euro is falling, it might be better to just wait until we arrive into Rome to get cash from the Bancomat. But if you're just wanting a little security, I can tell you that Travelex is RIGHT NOW offering a coupon online for a $0 service charge when you get Euros-cash at their store: http://www.us.travelex.com/US/Home/ Also, Citibank offers deals on exchange for people who are Gold card members. Other groups may be offering deals, but I'm just not aware of them - feel free to comment on this blog if you know of one!

Off to more final exams!

grazie,
Laura :)