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About Cimba |
Financial Issues |
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Currency
Students will need to learn how to convert currency, and use the Euro. If you practice making conversions from U.S. dollars to Euros, it will help you figure out quickly what an item costs and help to stay on budget. U.S. dollars can be exchanged for Euros at banks and exchange bureaus. Exchange rates vary from place to place and over time, so shop around for the best rate. The sign for the Euro is an €. The bills come in denominations of 5, 10, 20, 50, 100, 200 and 500. Coins come in 1 and 2 euros, and 2, 5, 10, 20, and 50 cents. Euros are valid currency in all participating member European Union (EU) countries (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain). Other non-EU countries have their own currency, which will have to be converted separately.
ATMs and Credit Cards
ATMs, or bancomats, are widely available and easy to use. ATM cards from bank accounts in the U.S. can be used to obtain cash in Euros. Generally, the exchange rate is similar to the posted stock exchange rate. A small fee will be charged, similar to using an ATM that does not belong to the bank holding the account. ATMs are by far the easiest method for obtaining cash abroad. Before leaving home, make sure to check that the ATM card and pin number will work abroad. Generally, the card will be accepted if it carries the CIRRUS or PLUS logo on the back. Know the numerical equivalent for the PIN as many international ATMs do not have letters on the key pads. You should also find a non-800 telephone number for your bank because 800 numbers to the US from Italy usually do not work.
Credit cards are good for emergencies or major travel expenses. Many places in Italy accept credit cards; however, Italians do not charge minor expenses like people do in the U.S. Even if credit cards are accepted, they may not be for small purchases. Cash is the most dependable method for payment when abroad.
Traveler's checks
Traveler’s checks are a safe way to carry money abroad. If lost or stolen, they can be replaced. However, the conversion rate usually is poor. Traveler’s checks can be purchased in U.S. dollars and exchanged at banks or exchange bureaus in Italy. A few traveler’s checks may useful in case of emergencies, but ATMs almost always offer a better exchange rate. Be sure to record the toll-free service numbers for credit card companies, banks and the company issuing the traveler’s checks. If credit or ATM cards or traveler’s checks are lost or stolen, immediately contact the issuing company for instructions on replacement.
Tips for Keeping Money Safe:
- Exchange money only in banks or authorized exchange bureaus;
- Hide PINs when entering it into an ATM and make sure to remove the card quickly upon finishing a transaction;
- Carry only as much money as needed for a day;
- Do not leave personal belongings unattended, even for a moment;
- Be aware of any hanging items, such as a backpack or purse that can be opened or slit discretely. This includes pockets on cargo pants;
- Money belts worn under the clothing are a safe way to carry money and other important items like passports;
- Leave important information, such as account numbers, with a trusted person at home in case of an emergency;
- BE AWARE OF YOUR SURROUNDINGS!
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