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Member since 4/19/11
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Posted on: 11/25/19 7:12 PM ET
My granddaughter will be in Florence Italy next semester and I'd like to know which payment system makes the most economical sense.

I believe Florence is cockful of restaurants, museums, retail stores, etc, that will take credit card payments. Is there a preferred card to use? One that we can set up in the US before she leaves? One that we can replenish at this end for her?

I'm totally ignorant on this subject.
  
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Posted on: 11/25/19 9:53 PM ET
I spent 5 weeks in Florence in 2017. I took about 2000 Euro in cash with me and then used my debit card to take cash out of bank machines while I was there. I did not use my debit card when shopping. I did use my Visa a few times.

Only use bank machines that are inside of banks.

Apertivo is a wonderful thing in Florence. Cocktail bars serve appies, ranging from a light snack to a full meal each evening.
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Posted on: 11/25/19 11:01 PM ET
Choose a card that does not have a 3% conversion charge. Credit cards need to have pin numbers now in Europe. Tell the cc company you want to use the card in Europe.
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Posted on: 11/25/19 11:11 PM ET
In reply to Kippysan
We usually spend two or three months in a country when we visit. In some ways, it’s easier if you open a bank account in a bank in the general area where you’ll spend the most time. Throw a sum into the account, and the bank’s card will make things way easier. You won’t make any interest on your deposit; that’s not how it works over there. It’s just a matter of convenience. In a sense, you’re a moneyed semi-citizen with references.
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Member since 6/3/15
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Posted on: 11/25/19 11:14 PM ET
I've heard that cash apps are now very common in Europe--meaning, you pay using a phone app that scans a code (?), not a card or cash. She may want to look into that, especially if she already uses her phone to pay for thing sometimes.
  
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Posted on: 11/26/19 2:58 AM ET
Cash apps are becoming very common in Europe. Especially with younger people. I agree with Elona, best way to do this is to get a local bank account, throw in some seed money (by bank transfer, don't handle cash) and the bank probably supplies the debit card, the app, and maybe a credit card. Students generally get real good bank deals, too. Banks will speak English. Americans have more forms than others to fill out, but it's not super complicated.

Both my daughters were in school in other European countries, and this is what we did and it worked out well. When they needed more money, we could quickly contact our bank and do a re-supply, the transfer usually took only a day. You need a SWIFT or IBAN number for both the outgoing and in-coming bank. Just ask your bank. Also her school/s should have good info on banking during her time abroad. They might recommend particular (student friendly) banks, even.

Assume she knows already to also get a local SIM card for her phone?
-- Edited on 11/26/19 at 3:02 AM --
  
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Posted on: 11/26/19 3:38 AM ET
In reply to Kippysan
banking in Florence for students

this blog post is useful. The big hold-ups to getting the bank account will be that you need an Italian tax id number...some banks might help you get that. But it's essential!

expect to pay about €30-€35 just to open the account. And circa €3-5 per month for various fees. Don't expect any interest.

It's going to help, too, if you have a local address (even a student dorm). This was the sticking point for one of my DDs...we tried to do this all in advance but we did not yet know where she would be living (no local mailing address) so the bank wouldn't process anything before everything was complete.

https://fififinance.com/us/bank-account-italy#best-bank-accounts-in-italy^

I think this site is an ad for an on-line bank...but it has good general info. Using an online bank is an option to think about. Anticipate that everything you want to do will be harder as the student is coming from the USA rather than the EU.

Using the post office as a bank is very common in Europe, and might be a cheaper option than a big bank. I don't have lots of confidence in Italian bureaucracy, but do look into it...it is convenient, inexpensive and lots of people are happy there. It tends to be old fashioned, but simple to use if your financial needs aren't complex.

Go into your US bank and ask for help now! See if they can offer a better deal. They may have a "sister bank" in Europe (especially if you do banking at some big international bank.) They may be able to help set up an Italian account before you get there, which would be a huge help.

Watch out for credit card fees. Using your credit card as a debit card, in Europe anyway, is a really expensive thing to do. No one carries cash in Europe anymore...never carry more than €100 around. It will just get stolen.

-- Edited on 11/26/19 at 3:56 AM --
  
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Posted on: 11/26/19 7:54 AM ET
In reply to Michelle T
Quote: Michelle T

Only use bank machines that are inside of banks.


Best advice ever.
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Member since 12/24/11
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Posted on: 11/26/19 8:54 AM ET
Charles Schwab doesn’t charge foreign transaction fees on their debit card. From their website: “The Charles Schwab High Yield Investor Checking Account has the best debit card for use outside the US. When you withdraw cash from an ATM, or use it for transactions, you do NOT get charged ATM fees or foreign transaction fees. And you get a rebate for any fees charged by overseas ATMs.”

We set up a checking account specific for foreign travel and use the debit card. Easy to set up and you can add to the checking account any time, no minimum.
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Member since 4/19/11
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Posted on: 11/26/19 4:49 PM ET
Thanks to everyone for the suggestions which are all helpful. Most likely will open a Schwab account.
  
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