ATM’s In Italy

Perhaps the most convenient (and least expensive) way to get money in Italy is at an automatic teller machine. ATM’s in Italy, like in the US, come in a variety of shapes, sizes, and bank-names. In Italy, ATM’s are usually called Bancomats! A Bancomat (sportello in Italian) may be just outside a bank, hanging on a wall in a small village, or inside a bank. Sometimes they are in glassed-off areas that you have to “swipe” your card to get inside to the ATM itself. As of 2008, there were more than 41,000 Bancomats in Italy!

All right, so you’re convinced that Traveler’s Cheques may not be the way to go anymore. Thank Goodness… as many shop keepers are glad to see the demise of the traveler cheque. Money talks – and that’s why you need to follow these basic steps to use a Bancomat.

ATM’s – Before leaving home!

There are many things you can do to enhance your “Bancomat” experience in Italy before leaving home. Not all of these may apply to ALL accounts, or ALL bancomat machines, but this list reflects general information.

First, if your PIN is longer than four digits
… go to your bank and change the number. Some ATM machines in the US will let you do this at an ATM. Others require you to go into the back and work through a representative. And then others will have to send you a new card…. So don’t wait. If you have a PIN number larger than four digits, get it fixed. Although some machines DO accept more than four digits, some older units do not.

MasterCard/Cirrus recommends a four-digit PIN for use with ATMs in its European network. The Visa/Plus network accepts four- to six-digit PINs. Frankly, I’d just go with a four digit code to be safe. There’s an “urban legend” that your code should not start with “0″ as the first digit. I’ve never heard of a “0***” not working, but just the same, I’d opt out of any PIN number starting with “0.” I have a US banking debit card that starts with a “zero” – and have had NO issues – but why tempt fate and the urban legends?

Next, if your PIN number is alphanumerical
… know that on many of the keypads at European ATM’s there are NO letters. Thus using your cat’s four digit name and spelling it out each time you go the ATM will not work over here… Learn your code by NUMBERS, not letters, as that may be all you see when you walk up to a Bancomat here!

If you’re new to using an ATM, or you just got a new debit card, TEST IT
Head to a bank near your house or at your home bank. DO NOT wait until you get to Europe to find out that your card does not work!

Make sure you write down your ATM card numbers.
Some folks give these numbers to someone they trust back home for safekeeping. Others make a copy of their cards but keep in a different location than they do their cards. If you have an issue you will probably need to know either you account number, ATM card #, or other pertinent information – especially if you have multiple accounts at the same bank.

ALWAYS take a 2^nd card!
My wife and I have a joint account so when we traveled she had her ATM card and I had mine. If one got eaten in a machine we always had a back-up card. Some folks take it farther than that and take 2^nd cards from DIFFERENT accounts. Thus if the first account gets “locked” for security reason – you lose your card, for example – than you have another “cash” option.

Move your money to your checking account (or primary account).
If you have joint checking and savings accounts. Some folks use the same ATM card for both their checking and savings and in the US pull from either account at the ATM. Not in Europe! Your options are usually limited to the primary account (checking) and thus you can only access money in Europe from the checking account. Almost all Bancomat machines DO NOT give you a choice of checking or savings. I asked my Italian friend why is this? HE replied, “What’s a savings account? Here we have ONE account with the bank.” OKAY…

You need to know what your daily US bank limit is.
When you go overseas there are two sets of limits put on your card. The first is the daily dollars you are allowed pull out each day. US ATM cards have default limits which are set by each bank. You can change these to whatever amount you need… then change it back once you come back from vacation.

The second limit is the machine itself. Say you have a $2,000 limit in the States. If you are at a machine that has a €250 limit per transaction than no matter what your limit in the States, all you will get is €250. Of course the good news is that you can complete the transaction and then out your card back in and take out another €250 and keep doing this until you reach your US maximum daily withdrawal amount.

Okay, the bad news is that each time you take out that €250 you’re probably paying an ATM withdrawal fee – I think mine was $5 for every European transaction. That can get expensive. If you find a specific Bancomat from a particular European Bank that gives you more than €250, you might want to make a note of that!

But some Euro banks DO ALSO HAVE a daily limit
If you have not exceeded your US limits for the day, simply go to another bank of a different name and pull more money out from that bank. My withdrawal amount is over $1,500 a day in case I have to “pay rent” from those funds, or an encounter an emergency. If this ever happens I’ll probably have to go to three or four banks with different names like Banco di Roma, Intesa Sao Paulo, etc.

Finally, concerning your daily limit… ask your bank when their 24-period is in effect.
Is it based on US time? Or is a day based on where you are located… Most are US-structured.

Ask your bank what partnerships they have with foreign banks
…so that you will not incur any fees. Some have many relationships in multiple countries. Often this information is on your banks’ website. If they do not have a NO FEES option available, then DO ask your bank what their fees are for withdrawing money from a European ATM. Is it a “fixed” figure, like $5?

Also, do they have any “additional” fees like a currency conversion” fee? This is also called a foreign exchange fee and often expressed in a %. Usually these fees run from 1-3% – Ask your bank! These ATM fees can add up from some smaller banks… Know before you go!

Write down the telephone number of your bank in the US.
Also write down the numbers on the back of your debit card. And forget about the 1-800 #’s. Many will not work from Europe. MAKE SURE you get the “toll” numbers as many will allow you

Do tell your bank – and all other credit card companies that you plan on using – that you are headed overseas.
This will prevent embarrassing moments for you if your card gets turned down. You’ll rarely get asked to show ID with a credit card or debit card in Europe so your bank will be looking for unusual activity – and certainly if you have not told them you’re headed to Europe, the fraud department will shut down your card.

Most folks just call the 800# on the back of their card a few days before leaving the US! If it happens, remember, it’s in your best interest! Living here, it’s happened to me 5 or 6 times as they just don’t get it I’m living here – no matter how many times I tell them. But I do appreciate their assistance as I have lost credit cards in Europe!

Make sure your ATM card is compatible for overseas usage.
Does it have a Cirrus, Visa, MasterCard, or EuroCard logo? Make sure there are no restrictions. These are rare but with some banks their cards do not work overseas! Check with your bank or credit union.

Using the ATM’s in Italy

Look for an Italian Bancomat with the affiliations you need (Cirrus, Plus, Visa, etc.) In Italy, Bancomats are clearly marked and are found EVERYWHERE! Using most US cards, once you insert the card you are prompted to choose a language – if you are not prompted, look for “internazionale.” This will then get you to the language selection page.

If all else fails, hit “Annula” to cancel and get your card back… then start over, or head to anther machine that has English verbiage. In most cases, you will get to the English screen, but if not, the ATM’s are easy to use, even in Italian. Some key phrases are:

• Prelievo - withdrawal
• Annula - cancel
• Conto corrento – current account
• Stampa – print
• Confirma – confirm
• Ricevuta – receipt of activity

Once you’re past the “language” page, it’s just like using an ATM at home – well kinda like using an ATM at home. You’ll enter your 4 digit pin number, the machine will probably make a lot of noise (Maybe it has to think harder with a foreign card???),then sometimes it will ask you to confirm your name or the name that is on the account. Then you’ll get options for different Euro denominations. Select the one you want (usually the biggest) or select other amount and enter what you want. If you exceed the limit for the day, or you ask for more than the machine can give, it will say, “Option not available” or something to that effect. Just lower the amount, or choose one of the other pre-selects, and try again. If you’re being asked to go to an amount that is too low for your needs – hit Cancel (Annula) and head to another ATM.

Once you select your fund amount and it’s approved, your card will “pop out” so grab it. Don’t leave your card behind. Then your money will be dispensed in Euros and usually pretty quickly! Receipts are hit and miss — After all, T.I.I.

ATM tips

Get the most you can get each trip to the ATM –
Do not make small withdrawals. You’re going to have the pay fees on EVERY transaction so pull out the max at each opportunity.

Don’t wait too long.
We have a slogan… T.I.I which stands for, “This is Italy!” And often ATM’s run out of money or break down… T.I.I. so don’t wait until you are out – or almost out – of money. Better to be cautious with your money-gathering opportunities!

If you’re unsure about using an ATM
… only use yours when the banks are open… Banks are usually open from about 8:30 – 1:30 PM and then again from about 3:20 PM – 4:30 PM.

Messages on Italian ATM’s often explain NOTHING!
Often your card will just be rejected, with no explanation – or something that makes no sense to you. Frequently it will say, “Contact your Bank!” Don’t worry! This is often a “generic message” so don’t start worrying that you’re account has been compromised, or you’ll never be able to get to your money. Just try again, or head to another ATM. I’ve often got this message and then when I put my card back in it works… Of course if it happens on two or three machines, you probably need to call your bank!

Alternatives to the debit card

Some folks take pre-paid or “stored-value cards” with them.
These usually are bought at banks and have the Visa or MC logo and a fixed, pre-paid amount. They are secure, easy to use and you can’t overspend because when they’re used up… you’re DONE! You can give these to kids to handle pre-set spending, and you can usually easily get these cards replaced if they are lost or stolen. One disadvantage is that these cards are often purchased in dollars and then you’re now working in Euros… so you have to compute the “dollar-to-Euro” conversion.

And there’s always cash!
It’s not a bad idea to bring “some” Euros with you… so when you arrive at the airport, worn out and jet-lagged, you don’t have to go searching for an ATM machine. Perhaps better to wait until you had time to adjust to the time change and new environment.

I often get asked, “Should I bring dollars with me and covert them to Euros once I get here?”
I do not recommend this method. First, you have to bring “wads” of money with you to offset the exchange rate. That’s just not the safest route to take. Second, the dollar IS NOT the currency of choice in the World Money Markets as it used to be – it’s now the Euro. Third, you have to FIND a bank that wi l do your exchange – and this may be difficult in a small town – not to mention language barriers. Fourth, while often there is no “fee” to exchange money at a bank in Italy, they build the fee into the POOR conversion rate you will get to go from dollars to Euros. And lastly, if you cannot find a bank to exchange your dollars, you’ll either have to pull out Euros from an ATM anyway — or worse, go to one of those “money exchange” shops in the touristy area where you will pay 10-15% higher commissions to exchange your money. No, this would be one of the least recommended ways to go.

From BEST to WORST…. the places you can exchange money are as follows:

1. ATM or credit card (depending on fees)
2. Local Bank
3. International Exchange office such as an American Express Office
4. Your hotel!
5. Those money exchange “shops” located in small storefronts in tourist areas
6. The Airport – ALWAYS the worst place to exchange money – it’s a “captive” environment, especially leaving the country and converting back to dollars!

The good news… using an ATM is easy! And the ATM machines almost always provide the best exchange rate. So do the proper preparation and you’ll be ready to capitalize on the many ATM’s in Italy.

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