Lucire
The global fashion magazine November 3, 2024 
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Travel essentials, encore


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Caveat emptor: Stanley Moss warns of getting your money changed on the high street with a real-life example in Venezia
October 27, 2024/2.33


Here’s a fundamental lesson learned the hard way.

At all costs, steer clear of the High Street and airport money changers.

That is, unless you want to surrender 15 per cent or more of your money for the convenience of a secure transaction at a window. Change your money at your home bank before you go, or learn to use legitimate foreign cash machines from reputable, big-name banks. Don’t bother with the scab machines at every corner, where the highest and worst rates are charged and identity theft is a possibility.

Last week, while in Venezia near the Rialto Bridge, I personally observed (and unsuccessfully tried to help) an Australian family who had made the mistake of plopping down A$1,000 at this place, ill-named Best and Fast Change. It’s all official and legal, yet the posted exchange rate only sounds reasonable, while the commission added is extortionate.

When the exchanged euros were handed over, the unfortunate antipodean family suddenly found themselves A$150 poorer. When they tried to dispute the amount and reverse the transaction, the vendor was inflexible, refused, said the terms were clearly posted, which they were. Caveat emptor, baby. The family called the police—no luck, no speak-a da English. When they tried to enlist my help—and I identified myself as a travel journalist, the teller again refused. You can’t win with people like this.
 
Exterior of Best and Fast Change
Above: Certainly not the best, but maybe the fastest.
 

Your bank branch at home will usually sell you currency at the best exchange rate with about a week’s advance notice—it may take a special order, but most banks do it. If you must use an overseas cash machine (known as a bancomat in Italy), take your funds without conversion to your home currency; stay in the local currency. In that way you will receive the best rate available and avoid a second conversion fee, though there may be a $5 charge added for using a foreign machine. Be sure it’s a big bank machine and not some smaller player nobody ever heard of. Still cheaper than getting roundly fleeced by the money changers.

Since we’re talking about seasoned traveller strategies, at the risk of repeating myself, may I list once again a few more important tips, learned from years on the road?

The most important thing to remember prior to any trip: pack half the clothes you think you need and take twice the money.

The most critical rules for travel in India (or anywhere else).

1. If it can go wrong, it will.

2. You have to be happy wherever you are.

3. Everything happens at the last minute.

Safe travels, folks!
 
Stanley Moss is travel editor of Lucire.


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Categories
India / Lucire / travel / Volante
Filed by Lucire staff