How do I check banks' exchange rates and where's the best place to exchange dollars?

Visas to Italy
1

I wanted to know how to check banks’ currency exchange rates and, basically, where it’s best to exchange dollars. How do you choose between banks and exchange offices?

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Currency exchangers in Italy come in two types — some operate with no documents at all, cash-to-cash, and their rates are so-so; others require a passport and are more official. In banks they theoretically accept dollars too, but the rate there is usually worse than at specialized places. I’d compare a few locations before exchanging a large sum — the difference can sometimes be noticeable.

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You can exchange money at Poste Italiane — few people know. I searched for “poste italiane change dollar rate”, and the very first link is a PDF listing regions and towns where the post office accepts dollars. The rate isn’t great, but at least it’s official and not through shady outfits.

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4

In Rome, the Termini area is the worst option — they charge about 5–7% above the market rate; I checked myself. Good exchange spots are in non-touristy neighborhoods — that’s where the real rate is. They don’t publish it online; you have to go in and check the board. About 20 minutes to walk around three places and compare.

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5

Skip the airport — I once changed money in Bergamo and the rate was so bad I regretted it for ages. Banks generally won’t take dollars, only exchange offices, and the farther from tourist spots the better the rate. Also, if the money is in Russia, Unistream is working now; in Rome it pays out via ValuTrans — one girl said it came out to about 62 rubles per euro.

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6

Unistream (Юнистрим) is a lottery. There’s a per-city limit — it’s not even certain that your city has a payout point.

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7

It’s always like that at airports — I fell for it myself in Pisa; I ended up about 6% below the market rate.

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One more thing about amounts — at many exchange offices the rate varies with the size of the transaction. At a couple of spots in Prati they offered rates 1.5–2% worse on small amounts, while the normal rate only kicks in from about €200–€300. If you’re only changing a little, the gap with tourist areas will be smaller than you’d expect.

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