Euronet will often exchange your currency at an even weaker rate. Many Italian ATMs at banks will exchange your currency at an exchange rate around 1% weaker than the real mid-market rate. Instead, they may do the math at a rate of 1% or 3% higher than the market rate. The local provider - who is taking your pounds, for example, and giving you back Euros - will rarely use this rate. using your debit card linked to your British (£) bank).Īt any given time, there is a so-called “ mid-market exchange rate” - this is the real exchange rate that you can see on Google, xe.com, or here on Monito. The exchange rate margin is a hidden fee that applies when travellers spend with non-local currency (i.e. While these ATMs are a better option for getting euros in cash than a bureaux de change at an airport, Euronet still remains near the bottom of the totem pole of recommendations by Monito experts.Ģ - Currency Conversion Fee, or ‘Exchange Rate Margin’ They also lure their users into hidden exchange rate margin costs, which we will discuss how to avoid later in this article. While convenient, these ATMs are notorious for charging higher usage fees than banks. To find ATMs in Rome, ATMs in Florence, and others across the country, have a look at these locators:Įuronet is a widespread ATM network throughout Europe that often places its ATMs in city centres and near touristic areas. For example, Unicredit is an international bank, active in 13 countries, that may offer privileged ATM access to non-Italian Unicredit customers. Check if your home bank is connected to a bank network in Italy. Other Italian banks will charge cash withdrawal fees to tourists and other users outside their ATM network. BNL (Banca Nazionale del Lavoro) Global Alliance ATM locator (free).BNL (Banca Nazionale del Lavoro) is the only Italian bank that currently participates in the Global ATM Alliance, which is a global network of banks that waive international ATM access fees.įor free ATM withdrawals in Italy, find a participating BNL ATM branch here: Italian bank branches host ATMs machines. Now, let's have a look at the main Italy cash machine providers below: Free ATMs in Italy The best way to find machines that accept your foreign debit cards and credit cards in Italy is to use an online ATM locator for Maestro and Mastercard, Visa, American Express, and Discover (Credit cards in Italy should work so long as you have a 4-digit PIN code). If you have ever travelled to a country that didn't use your home country's currency, you've probably been prompted by ATMs and payment machines to choose to pay in either the local currency or your home currency.Īs we will discover in this article, you should always choose to pay in the local currency - Euros (EUR), for the case of Italy.ĪTMs - called bancomat - in Italy can be found at airports, touristic centres, or banks in cities and towns all across the country. Should I Pay in Local Currency (€) or My Home Currency in Italy? Monito's guide to ATMs in Italy will help you find the best ATMs to use in Rome, Florence, and elsewhere, what fees you may be charged, and what debit cards and multi-currency cards you can use to avoid unnecessary charges. Some shops even offer discounts - or sconto - for paying in cash. Some taxi drivers may not accept digital or plastic money. Still, cash will come in handy if you want to leave a tip for exceptional restaurant service or if you want to purchase local produce at your neighbourhood market. This move towards digital money has only increased since the global pandemic. Along with much of Europe, Italy and its vendors and restaurants are moving quickly toward cashless payments in 2023.
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