Euros not Dollars
The “Vatican Bank” (Institute for Works of Religion) is now extremely strict in monitoring fund movement. Only account owners are allowed to exchange currencies. They will ask you where you got your money, and how you will spend it.
For this reason, the PCF will be unable to exchange the Bishops’ US Dollars with Euros at the Vatican Bank. Also note, that it would be very expensive to exchange their Dollars at the airport, Italian Banks, money changers, etc. (because of disadvantageous exchange rates, high commissions, etc.).
Thus, it is highly suggested that for their expenses while in Rome, Bishops bring Euros from the Philippines, and not Dollars.
Their local banks might probably not have sufficient Euros on hand, so it might be necessary to reserve with the banks months ahead. It would be good to monitor the exchange rates via internet, to know when it is best to buy. Money changers in malls might have more advantageous exchange rates than banks (though there might be risk of fake currency?). Also note that Philippine Pesos cannot be exchanged in Rome.
Just to recap: as much as possible, PLEASE DO NOT BRING US DOLLARS TO EUROPE. otherwise, you will lose a lot of money, especially if you buy Dollars there in the Philippines and then exchange them here again, this time to Euros. It will be difficult to exchange Dollars here at a good rate, unless you have an account at the Vatican Bank and go there personally. Best would be to reserve Euros early, monitoring the exchange rates as well, either in the internet or in the bank.