Graffiti Wall: ATMs & Credit Cards: Minimizing Fees

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ATMs & Credit Cards: Minimizing Fees: 2007

Throughout Europe, cash machines and credit cards are the standard way for American travelers to change money or pay for services. You get a much better rate than with traveler's checks but you do pay a fee, usually to your hometown bank or to your card issuer. And ATMs may not be as good a deal, as some overseas ATM vendors and US banks add a 2 percent or so fee to each transaction. How do you minimize fees when using ATMs in Europe? Are they still the best way to change money? Also, any comments about minimizing extra credit card foreign currency conversion fees?

Please Note: ATM and Credit Card fees change frequently. Contact your bank or credit card company for exact, up-to-date information before your trip.

Please don't post questions here. Use our Travelers Helpline.

Capital One is fine by me.
My Capital One experiences are the opposite of Jessica's. I don't understand the "phone only" comment as I can dispute a charge by hitting the dispute button when checking my charges online. I found out that you can request an American representative if you have trouble understanding their staff in Mumbai. That said, a lost or frozen card is going to be a hassle no matter who issued the credit or debit card.
Chip
IA USA Sat 12/29/2007

No ATM fees with Credit Union
Consider doing your banking at a credit union (CU)! I have traveled to Europe each of the past 3 years, and have used my CU ATM card as my source of cash without any fees or transaction charges any any sort. I have also used my CU VISA card for purchases, though I was charged a 1% foreign transaction fee. Because a credit union is a member-run, non-profit institution, it serves its customers without regard to maximizing profits to shareholders. I inform them each time I travel abroad so that both my ATM and VISA cards are not flagged by their security departments. As a backup in case of computer maintenance or other technological difficulties at my Credit Union, I also carry an ATM card for a bank account at a commercial bank. Their fees are high, so that ATM card stays in my money belt...with a couple hundred emergency US dollars. With the lousy exchange rate for the dollar recently, it makes sense to economize as much as possible to get the most out your travel budget and banking at a CU has helped me save money on fees.
Tim <email>
Lakeville, MN USA Sun 12/02/2007

Troubles spending money in the Netherlands
We just returned from a 10 day trip to the Netherlands. We have been to Europe several times and we always make sure we call the banks and inform them that we are going to be overseas so that they don't block purchases. When we arrived At Schiphol, I tried to take cash out and was informed that I had already reached my limit for the day. I never did find out why I was getting that message, but my husband was able to get cash so we were okay for awhile. Throughout the rest of the trip however, we continually ran into problems trying to spend our money. No one would take my Bank of America Visa with its Cirrus network although I had used it in the UK, Italy, Switzerland and France last year, in the Netherlands on previous trips within the last few years, and had tons of credit available. I thought the strip had been de-magnetized until I tried to get cash with it and was able to do that. We both had issues at times using our debit/credit cards on the Star network although those worked more often. The most frustrating thing however was that there were times when we could not use any card, at all. A Dutch person at the VVV told us that the previous year, some changes had been made in the Netherlands and it was even difficult for them sometimes because you need to have what they call a bank issued Pincard or ChipKnip. Meaning, to pay for parking at a machine, to buy a train ticket at a machine, to buy gasoline after hours, to pay for your meal in a restaurant, you could not use your US bank issued debit or credit card. The parking, train ticket and after hours gas machines did not take cash. The restaurants did, fortunately. We had to buy our train tickets from the windows where the wait is longer and they charge a minimal service fee. Several stores (and not small ones) did not take any of our cards so we had to load up on cash. As we were traveling well out of high season and we were in places that may not be visited by a lot of Americans, that could have been part of the problem, but it just seemed a lot more difficult this time. We are not first time travelers, I lived in Europe for 5 years and I have many relatives in the Netherlands and several friends throughout Europe so I don't think it was a lack of knowledge. Something changed. My advice would be to buy some Euros before you go, make sure you have enough cash on you at all times and make sure you leave yourself enough time and be there at the appropriate times to buy things that you need. come to think of it, last year in Paris, I had problems buying tickets for the Metro with one of my cards. Hey EU! We want to come and spend money in your countries! Perhaps you could develop some sort of temporary pincard/chipknip that we can put money on and use while we are there! Love you anyway and can't wait to go back!
Josi <email>
Long Beach, CA USA Mon 11/12/2007

ATM & Credit Cards
My wife and I were in Spain - Madrid, Valencia and Barcelona - the middle of October. We used our local bank's Visa debit card for ATM cash withdrawals, a Capital One Master Card and a WAMU Visa for some purchases. Our exchange rate on all three was very close to the Oanda rate, except for the initial cash withdrawal at Madrid's airport which was 5% against us. Capital One did not charge an exchange fee, WAMU did, 1%. My fault for not reading the fine print. We also contacted all three card issuers to alert them we would be using our cards in Spain and never had a problem. For kicks, I just looked up a 'cash before you travel' service. Looks like at least a 15% mark-up for them.
Gary Martin <email>
Perham, MN USA Fri 11/09/2007

Capital One Problems
Just came back from a couple weeks in Italy - will never, ever, use Capital One for anything again. I'll gladly pay a transaction fee. Based on their zero foreign transaction fee I ordered a card weeks in advance of the trip.I've never had so many "hassles" with a credit company. They are horrible to try to reconcile any problem with as they are "phone only" and have uninformed staff at the other end of the phone.They sent me the wrong card and after numerous phone calls I still had the wrong type of card (I had originally applied for a certain type of "reward" card, which I never did get, even though after spending an inordinate amount of time on the phone with customer "assistance" telling me I wasn't "qualified" for such a card (which is completely absurd as I have outstanding credit) I got a letter the next day saying they had err'd and that I'd be getting the right card in the mail. It never came. My husband was pickpocketed on our last day in Rome. We called the international number for lost cards and got a recording saying "they weren't open" After pursuing many other numbers we finally got someone in person who said they would have to transfer us and we were put on hold for 22 minutes before my husband hung up.Upon return, I found not one, but 2, more cards from them - none of which were the type of card I had applied for originally and no replacement for my husband's card that was lost. So I now have 3 cards in my name that I will never use!! Check out the blogs about them and you will read horror stories of people who have had problems not just with the issuing of cards, but with collecting "rewards" and interest rate switches, etc. I vowed to myself that I would take the time to share my experience with others - do not give them business.This kind of service should not be supported.
Jessica
Portland, OR USA Fri 11/09/2007

Italian Bancomats
Got back from Italy about 3 weeks ago. When I first arrived at the Roma airport from US, the plan was to get ATM/Bancomat cash to continue. Couldn't find a working machine in the airport, so used the high fee "guy behind the glass" exchange. Good thing I did, because at Roma Termini, still could not find working Bancomats. Don't know if this is Sunday afternoon or just bad luck. The last one I tried did work, thank goodness. No bancomat problems in Roma, but in the smaller towns in southern Italy you had to swipe your card to get into the Bancomat "room". None of us from US could get in (cards didn't work in the door). Spoke with a very nice Italian lady who spoke very good english (and owned an internet cafe) if she could let us in. She did! Ostuni, bar and internet cafe off the main piazza, great gelato! Thank you!
Stacie <email>
Olympia, WA USA Sun 11/04/2007

Charles Schwab fee-free checking
I just called Charles Schwab and the representative told me that there was no fees whatsoever for international ATM withdraws (they are all reversed), and that Charles Schwab will reverse the 1% Visa-originating surcharge on credit purchases make with the Visa check card on purchases abroad. This was specifically for the Charles Schwab Free Checking account that must be opened with a Free Brokerage account. No minimums for either account and Brokerage account can remain inactive if need be, or if you prefer.

Unless the representative was mistaken in what she clearly told me, this seems like the best deal out there. Also get free checks and a 4% APR on your checking balance.
Ian <email>
La Jolla, CA USA Sun 11/04/2007

Debit cards - checking or savings?
In Ireland recently, I had no trouble getting euros from ATMs with debit card until about half way through a two-week trip. Kept getting the "insufficient funds" message from various ATMs. Was able to use debit card for meals and travelling companions gave me their share in cash--that kept me solvent for the remainder of the trip. But upon arrival back home, my credit union rep told me that frequently debit card cash withdrawals automatically deduct from a savings account, not checking. In reviewing my account, about half came from each, no consistency. If I had talked with a human at a bank, CU rep said they could have clued me in. Another learning experience!
Bonnie Fuller <email>
Meridian, Idaho USA Sun 11/04/2007

Bank of America
I thought I had seen about every way for a credit card to gouge a customer, but here's a new way - Thw USAirways Mastercard charged me a three percent foreign transaction fee to buy Aer Lingus tickets even though the tickets were denominated in dollars (for a flight from New York). Now their card is as bad as their airline!
Al
Columbia, sc USA Thu 11/01/2007

just one quick thing. alot of people use atm/debit cards overseas for cash withdrawls. some of them do not charge any BANK foreign transaction fees. however all atm/debit cards (which go thru either visa or mastercard) charge the 1% visa/mc fee just like a visa/mc credit card does. this 1% charge is both for atm cash withdrawls as well as use using the debit card feature (like a credit card). If you totally want to avoid foreign fees, you need an atm ONLY card from a bank that does not charge fees. then you truely will be charged nothing extra. ufbdirect.com is one internet bank that offers this. I have used them for several years and they are great.

also capital one for a credit card. 0% foreign transaction fees and they eat the 1% visa/mc fee.

the other advantage of an atm only card is security. if lost of stolen an atm only card is worthless without the pin. an atm/debit card can still be used to buy things and be charged to your bank account.
brian
USA Wed 10/31/2007

WAMU Gold Card
I was in Europe for three weeks last summer and used my WAMU ATM gold card and never had any problems... I guess every situation is different.
Laura
Seattle, WA USA Tue 10/23/2007

Minimizing Problems with your Card
Regarding the postings about the WAMU cards. My daughter had a similar experience with her new Charles Schwab card (which we think is great - see posting below). Even though we told Schwab that she would be in France for the year I received a phone call the first day from the Visa Fraud Dept about "unusual activity" on her card. Part of this is probably because it was brand new with her first transaction occuring in France. It was explained to me that Schwab contracts with Visa Fraud to look out for their customers by alerting them to all unusual activity. They did not actually freeze the card but wanted to confirm that those charges were hers before they did anything else. As in prior trips my daughter carries 2 different debit cards from 2 different banks (as well as a credit card for emergencies). Sometimes, for no apparant reason, one card or the other will not work. This has never been a problem as she is just able to use the other card to get cash.

I was handled the Fraud Alert for her here in the States and there has been no further problem or alert on her card. Bottom line - carry different cards, continue to notify your bank ahead of time (even if this did not help in this case), carry the International phone numbers so you can contact them while you are traveling, explore cards/accounts offered by companies such as Schwab and Fidelity to get the best rates, and yes - ATM's are still the way to go!
Karen
Atlanta, GA USA Sun 10/21/2007

WAMU debit gold card
I also had trouble with a WAMU debit gold card in France. Although I had notified WAMU twice by phone in advance that I was traveling to France and would be taking out large sums of cash, a "fraud alert" was put on my account every time I used my debit card. Every day I had to call WAMU to request the fraud alert be taken off my account. After much complaining to the supervisor (I called the international customer service number) I was basically told that it did not matter that I had notify WAMU I would be in France, a fraud alert could be triggered for any reason - including withdrawing large amounts of cash, which is something I don't do at home. After a week, like the previous poster, my debit card eventually stopped working all together. When I called WAMU, they said my card was fine. I thought maybe it had been de-magnitized, but it worked fine when I got home. I still don't know what the problem was. Thankfully I did not have to take cash advances on my credit card since my husband had no problem with his WAMU debit card, which was withdrawing cash from the same account as mine. Go figure!
Amy <email>
USA Sat 10/20/2007

AmEx Cancels Travelers Cheque Cards
Check out the American Express web site. The Travelers Cheque card is being cancelled at the end of October, 2007. Perhaps the consumer saw this card for what it was: Heavy on fees and superfluous compared to the typical debit card.
Allen
Lafayette, LA USA Mon 10/15/2007

ATM
My husband & I also had issues with WAMU. We weren't quite as unlucky as the previous postee, but we were not happy with the response we received from WAMU's fraud department. We also informed them prior to arriving in the UK that we would be there for 3 weeks and would be taking out a large amount of cash related to the type of lodging and exchange rate. We were told no problem. NOT! Very frustrating and I am tempted to switch back to Wells Fargo where I never had a problem with traveling for an extended period of time. BTW...WAMU's response was to take traveler's checks next time.
sue <email>
San Ramon, CA USA Sat 10/13/2007

WAMU debit card in Scotland
Just returned from Scotland. Used WAMU ATM cards because they advertise no international fees. Both my friend and I were carrying WAMU ATM cards. We had called WAMU ahead to advise we would be in Scotland.

Our cards were rejected in Edinburgh at Bank of Scotland-- got a message that our bank wouldn't authorize the transaction. We spent 1.5 hours in a phone booth calling WAMU and waiting on hold. They fixed the problem. We both got cash from the ATM. The next day neither of us could get cash again from the same ATM. Spend 1.5 hours again in phone booth trying to talk to someone at WAMU. They said everything was ok on their end. I tried several ATM's beside Bank of Scotland, like Barclays. I finally got 100 pounds out of Nationwide Bank. My friend couldn't get any cash out of the same ATM. WAMU wouldn't help us. Luckily we had credit cards but as you know it is difficult to use credit cards for small purchases in restaurants. Our trip was hampered by our lack of cash. I'm waiting for an explanation from WAMU.
Linda
Spokane, WA USA Fri 10/12/2007

Charles Schwab Account
Many thanks to Donna for the posting on the Charles Schwab investor checking account. As a long time B of A customer I was very disturbed by their fees for foreign ATMs & other foreign Visa transaction fees. My daughter is in Strasbourg for the year and she and I have both opened up an account with Schwab.

I have been told that there is a 1% conversion fee for foreign transactions with Schwab (versus BofA at 3%). They do not charge you a fee for withdrawls from any ATM and they will refund any fees that you are charged by the bank you use. Though I have not had the chance to travel to Europe yet I have used the Schwab card at a local ATM (BofA as it happens) and was charged $3 for use of their ATM - this was refunded on the next statement by Schwab.

My daughter meanwhile cancelled her "free" student checking that earned 0% interest at BofA and would have cost her quite a bit to withdraw from while she is in Europe. She now has a really free checking account that earns 4.25% interest and she is able to use it anywhere in Europe at a much lower cost.
Karen
Atlanta, GA USA Wed 10/10/2007

0% ATM, Visa Fees from Commerce Bank
Now that my bank, Chase (JPMorgan Chase of NY) charges 3% fee + $3 per withdrawal at overseas ATMs, I opened an account with Commerce Bank in DC/Virginia. Got same day ATM/Debit and Platinum Visa. We just returned from 2 weeks in France, Switzerland and Italy and got bank and Visa statements showing the transaction amounts equaling the daily published interbank exchange rate. No fees, markups. I'm sold. I'm going to maintain a $2,500 min balance to avoid the fees entirely. Easy-peasy and good for Commerce Bank. Chase, you'd better shape up or we're moving all of our vast sums to Commerce. JOHN http://www.commerceonline.com
John Howell <email>
Brooklyn NY & Arlington VA, NY USA Tue 10/09/2007

AmEx TravChecks useless abroad
I'm in agreement with a previous poster re: staying away from AmEx TravChecks.. I had them in Euros to use in France and Belgium last month - no one takes them saying "we had too many problems with them".. you have to find an AmEx branch to cash them or take the hit in % at some exchange place. I'm not necessarily saying use ATM's, but unless you have a way to cash your TC's at an AmEx branch as soon as you arrive, you need another way to get money..
Darcy
Edmonton, AB Canada Sat 09/22/2007

No international ATM fees with Fidelity My Smart Cash ATM card
I applied for the Fidelity My Smart Cash Account before I left for France and Spain. I applied because they said there would be no ATM fees, transaction fees, or currency conversion fees. I withdrew money on 3 occassions while abroad. I was still hesitant of the no fees since last time I was abroad 5/3 bank charged me nearly $15 for every withdraw. I am home now and have checked my account, and I was not charged a single cent for any ATM withdraws made! This is the only ATM card I have found where this is the case. I HIGHLY recommend looking into getting this card for international travel.
Michelle S.
Cincinnati, OH USA Tue 09/18/2007

Foreign ATM Fees by Bank of America
I was in france last month and for the first time used my Bank of America ATM card at 3 different ATMs. I was surprised at the hiigh fees that BAC charges for such transactions - almost $10 for a 300 euro withdrawal. I confirmed these 'foreign transaction fees' with a BAC representative. My other financial institution, USAA, doesn't charge fees and the exchange is the same as posted in the WSJ. I recommend that anyone who uses overseas ATMs investigate their banks to avoid fee surprises
Don Edmonston <email>
Atlanta, GA USA Thu 09/13/2007

Using credit cards in Netherlands
In the Netherlands, local Dutch don't use credit cards quite as much as US folks do. While no problem in tourist areas, we discovered while living temporarily in Leiden that credit cards are NOT accepted at most local supermarkets and in some stores (like the bike shop where we bought used bikes). They will let you use a PIN card for charges in some stores-- which seems to be a Benelux debit/credit card, but our US debit card didn't work. Cash machines are abundant and most supermarkets will likely have a in store or close to store ATM. Also, if using a credit card in some restaurants, they may bring you a table top machine or ask you to step to the cash stand or corner of the restaurant so you can personally push the JA (yes) button to agree to the sale. Apparently it is illegal for the server to do this.
Carol
Windermere, Fl USA Mon 09/10/2007

ATM Fees
Just returned from Switzerland mid-August and was charged a 1% foreign transaction fee for every ATM withdrawal by Washington Mutual, and then a final charge of $2 per transaction at the end of my statement cycle. I had called before the trip and was told there were "no fees". I got the $2 per transaction charge refunded after I complained that I had not been given the right information.
K.
Bay Area, CA USA Sun 09/02/2007

ATM without lots of fees
We were able to use HSBC ATM without fees, our bank only charged a $1.50 per transaction. No other fees. POS with the ATM card had no fees. so we use our card for purchases. It worked great. Check with your bank first.
brittravelres
Lacey , WA USA Thu 08/23/2007

Three-pronged approach
For two days I have been talking to customer service reps and scouring websites to find the lowest possible fees for handling money overseas. The process was so grueling that at one point I considered buying traveler's checks in order to "keep it simple." But then I learned that in all of Kansas City, Missouri there is only one American Express office, and it's way out in the burbs, nowhere near local tourist sites. Rome, Italy? There are three offices, and for all I know they too are in the burbs. If I was lucky enough to find a European merchant who'd take my traveler's checks for purchases, I'd most likely have to factor in a merchant's surcharge.

Based on my research, here's my new three-pronged approach: Capital One Visa card when there's no merchant surcharge, cash for everything else using a Schwab Bank ATM card, with Bank of America ATM card as backup.

1) As of today, Capital One Visa says they still have 0% foreign surcharge as long as I use the card for purchases, not cash advances.

2) Bank of America ATM card has just the 1% conversion surcharge and no transaction fees as long as I stay in their network, which is extensive.

3) Charles Schwab needs to cancel their scary paint-by-number pod-people TV ads and start a new campaign: Schwab is heir to the Traveler's Friend throne that American Express appears to have vacated. With an Investor Checking account (no minimums, no fees, free checks and pays a generous 4.25% in interest) I can get an ATM card that has no fees whatsoever. No foreign exchange or conversion fees. All–-and they mean all–-ATM fees are refunded. I asked about any Visa/MC fees (I've read that just the logo on an ATM card means a surcharge) and they said no, there are none.

If I've misunderstood anything or been misinformed, please correct me. For the record, I have no connection with any of the above companies other than being a customer.

From a longtime ETBD reader, first-time poster.
Donna <email>
Kansas City, MO USA Wed 08/22/2007

Exchange Rates at Tourist Sites
We ran into an irritating practice of some of the large tourist sites in Ireland (Waterford Crystal Factory, House of Ireland shops, Jameson Distillary). When paying by credit card the clerk will ring your total up in dollars, collecting an extra 2% over what my credit card company charges including all fees. Be aware of this practice and ask the clerk to cancel the transaction and create a new transaction in Euros.
Kevin Payne <email>
Dublin , CA USA Wed 08/15/2007

Credit Card Surcharges
While most banks or issuers of credit cards have a surcharge of up to 3% for overseas purchases, Capital One Visa card is still free from such fees. Check them out.
Paul W. Hornung <email>
Landrum, SC USA Wed 08/15/2007

American Express Traveller's Cheques
I just bought some Euros and Euro denominated traveller's cheques from American Express. They didn't charge any fee on the traveller's checks, but their exchange rate was $1.50/euro when the published rate was $1.38/euro, for an 8.6% surcharge. For the cash, they charged $1.48/euro and added a $5 fee, for a 7.2% surcharge not including the fee.
Dave
Laguna Niguel, CA USA Wed 08/08/2007

DON'T use AAA travel money cards!
i just crunched the numbers, by using a AAA travel money card (with a 7% exchange rate fee that's in the fine print) i wasted $120 on $2000 worth of charges in the UK (versus using my Visa card which has a 1% fee). these cards are supposed to be the alternative to travelers cheques (which are no longer issued through AAA due to the inability to cash them), but my credit card and bank issued check card had way better rates!
jen <email>
morrice, mi USA Tue 08/07/2007

After a month in Europe I paid 1% for the conversion but no fees. I belong to a Credit Union and have an interest checking account which means they don't charge for out of system ATMs. In Sweden, Denmark, Germany, Ireland and UK I found ATMs with "no fee charged" (my statement confirms this). I was surprised and pleased. My AmEx, although they charged no "fees," did not give me the bank rate (+ 1%) that my ATM card did. I ended up spending a lot more using that card than my debit card.
Linda <email>
Portland, OR USA Tue 07/31/2007

American Express Traveller Checks
Avoid traveller checks! On a recent trip to Germnany and Italy I wanted to take advantage of a Euro savings account I still have in Europe, so I turned some Euro cash into American Express traveller checks (just to carry not only cash and have some insurance). What a bad idea! Almost no shop or restaurant takes these checks. Two banks in Italy refused to cash them, one cashed a maximum of 150 Euro (after a 30 minute procedure that required a phone call and my passport) and charged a large fee. I found out that nobody in Europe brings traveller checks, and credit cards are not needed, either. Europeans have bank check cards that work in all countries of the EU. I tried my VISA card at the ATM of a post office in Italy. It did work, but, due to the unfavorable exchange rate, I did not do this too many times...
Wolf Homma <email>
Mission Viejo, CA USA Sat 07/28/2007

Article on using Plastic outside the US
I was just in my Chase branch last week, and I had them print out their list of fees and charges for ATM transaction, and it shows a foreign currency exchange fee of 3% on ATM withdrawals. They said that was in addition to a 1% network cross border transaction fee.
CO USA Wed 07/18/2007

Credit cards/ATM cards
It's worthwhile to ask at your financial institution about phone numbers to call them FROM EUROPE. The toll-free numbers that work in the US don't necessarily work when calling from Europe. My bank has given me their number to call and ask to reverse the charges. I've never needed to do this, but it's a good idea to ask the bank about this number.
Swan
Napa, CA USA Sat 07/14/2007

Article on using Plastic outside the US
I just found a great article on this topic that has a table showing the charges for using Plastic abroad.

http://www.smartertravel.com/travel-advice/foreign-exchange-101-update-plastic-charges.html?id=2365145&media=print

One thing the article fails to mention in the ATM cards section is the fact that CapitalOne Money market ATM cards (Plus only - not a VISA debit card) also have 0% foreign transaction markup and no transaction fee. Hopefully that article should clear up a lot of confusion here.
BD
Portland, OR USA Sat 07/14/2007

no fees
Got a Bank/America debit card before I left. Got money from ATMs in the UK from Barclays and from BNP Paribas in France without paying fees (except for currency exchange fees). Never had to go to a currency exchange. I used a non affiliated (with B/A) ATM a few times and got charged $5 each time.
J. Sinclair
Vallejo, CA USA Thu 07/12/2007

Wall Street Journal About Currency Exchange
I thought you would like this article from the Wall Street Journal. I hope the whole article fit in here.

How to Limit Travel Expenses While Abroad By LYNEKA LITTLE July 7, 2007; Page B1

What is the cheapest way to get your hands on foreign money?

It is the summer's travel season, and in the past year the dollar has weakened considerably against many foreign currencies -- making everything from hotels to cappuccinos pricier for Americans abroad.

THE RIGHT RATE

• Tips on finding good rates overseas: • Study up on fees, which vary widely among cards. • Watch out for ATMs and multiple charges. • Traveler's checks: denominate in the local currency.Meantime, banks and credit-card companies have fiddled with the way they handle currency exchange. In June, HSBC boosted the total fees levied for foreign-currency transactions to 3% (on par with most national banks) from a previous 1% on its non-"Premier" cards.

The easiest way to buy things overseas is to charge them on a credit card. That has its own perils and sometimes mysterious fees, so it pays to make sure you are using the most advantageous card.

First, find out the exchange rate used for each of your cards. Visa's fanwithaplan.com site estimates the daily rate for its network. For American Express, go to americanexpress.com/travel, scroll to the bottom and click on "see all travel tools," then click "exchange rates & currency converter" under travel tools. MasterCard recommends consumers contact their banks to request the daily rate.

Also ask about each card's per-transaction fee for foreign purchases. Typically, cards charge 2%. But there can be an additional 1% levied by the Visa or MasterCard networks, although some banks waive some of these fees. For instance, Bank of America charges 2% on foreign-currency transactions plus the 1% network fee, whereas Washington Mutual charges only the 1% network fee.

Bankrate.com has a chart of card fees. Search for "currency conversion fee policies" (in quotes).

For the most part, there is no difference in fees and exchange rates when using a credit card or debit card abroad.

Using ATMs can get pricey. There can be currency-conversion fees, as well as an ATM-withdrawal fee of a couple dollars charged by your bank, and also possibly another ATM-withdrawal fee of a few dollars charged by the local bank whose machine you're using.

With small withdrawals, the fees can take a big bite in percentage terms: On a withdrawal valued at $50, it is possible to pay almost 15% in fees. So if you need cash from ATMs, try for fewer, larger withdrawals instead of several, smaller ones.

Before departure, ask each of your card issuers what fees they charge for ATM transactions overseas, or if there are ATMs in the bank's network overseas that don't charge ATM fees. For instance, Citigroup's Citibank waives all fees when its cardholders withdraw from an overseas Citibank ATM.

Old-fashioned traveler's checks are an option. Buy them denominated in the currency of the country you're visiting -- not in U.S. dollars. (The reason: When spending dollar-denominated traveler's checks abroad, fees can be determined by the person accepting the checks.)

The bad news: Only a few major currencies are typically available.

The fees depend on the seller, so shop around.

American Express charges a 1% commission for non-AmEx-card holders, and no fee for card holders, for checks sold in its branches.

• Swipe your email to lyneka.little@wsj.com
Lisa
Austin, TX USA Sat 07/07/2007

bank atm and credit card international fees
calling your "bank representative" to get a straight line on anything is a waste of time. your likelyhood of getting the correct answer is between non-existent and zero. the only thing that counts is getting it in writing. ask that of a banker over the phone and what you will hear is a click. Instead, go to your bank in person, with your question in writing and tell the manager you are not leaving without the answer in writing and signed by the manager. If you are lucky, maybe they will do it.
brian
USA Fri 07/06/2007

Luck with banks
Brian - I'm not sure about your bank, but my wife banks at Wachovia and I at my state credit union. My wife stopped by a local branch and told a representative that we would be travelling in Europe and the dates.

I e-mailed my credit union's customer center and did the same. For the past three years we have had no trouble with cards being frozen.

We still made sure we had VISA's toll-free number with us, just in case.
Steve
Richmond, VA USA Fri 07/06/2007

steve:

i guess I was not clear on what I was referring to. I am referring to the fees and exchange rates charged on atm and credit card transactions outside the U.S. On the other hand, calling the FRAUD department of the bank that your credit card or debit card uses has always worked for me.
brian
USA Fri 07/06/2007

call your bank and credit card company BEFORE YOU GO
You need to call your bank and credit card company and notify them you are going overseas or they will not work, Our fees were based on how much was takin out of a machine or CC used one Draw was 75 Cents cost 2 cents one was $600.00 cost $13.00
Joe <email>
Louisville, Ky USA Tue 07/03/2007

ATM's and Fees
Not to sound rude or anything, but this discussion is taking on a life of its own. My opinion is that this is real simple: First, contact your bank and find out what fees are involved when using debit/credit cards for foreign transactions. If you feel the fees are too high, find another financial institution or take the chance and carry large sums of cash (but if you do that, then you will have to read all the posts over at Tourist Scams). Second, use the tips that have already been posted here to reduce fees - such as minimizing the number of transactions. Third, always notify your bank that you are travelling in a foreign country. To say that a card won't work if you don't do this first is not entirely correct - it will work UNTIL your bank's security folks pick up on the transactions and put a hold on the card. Lastly, decide what your comfort level is about carrying cash vs using a card.

Personally, I think the debit card system is the greatest thing ever invented. Over the past three years we have used our VISA cards in London, Paris, Brussells, Trier, Cochem, Rothenburg, Berlin, Budapest, Prague, Munich, Salzburg. NEVER had a problem and the exchange rate used by VISA was good, and the 1% charged by Wachovia is reasonable considering the convenience and safety. While I agree that some banks charge excessive fees, we, as consumers, have choices. Exercise your freedom to choose. However, it seems sometimes that the idea of a financial institution actually CHARGING for their service is more than some readers here can bear! As far as I am concerned, the idea of whizzing into a foreign city and walking up to a machine and getting some local currency and, often times, a receipt WITH YOUR BALANCE on it is the greatest thing since sliced toast. And, I am willing to pay for that convenience.

End of rant.
Steve
RICHMOND, VA USA Tue 07/03/2007

atm network fees
It is my understanding and I have read that the 1% network fee comes from either visa or mastercard, not from cirus, plus or the other networks that visa and mastercard pay. That is why I have an atm only card (not an atm/debit card). As the transaction then does not go through visa/mastercard and therefore there is no 1% fee. And my bank (ufbdirect.com) does not add on any fees like boa or most other banks do. That makes sense, otherwise your atm withdrawls in the U.S. (which also use the cirus, plus system would charge you a 1% fee on your U.S. dollar atm withdrawls, or europeans would pay likewise when at home in europe. Now if anyone can direct me to any third party financial or other authoritative website to prove me wrong, I would like to see it. otherwise I say you are only hypothesising on what you think you know, but you may not really know.
snohomish, WA USA Fri 06/29/2007

bank atm fees
U.S. banks do not pay foreign transactions in euros or any other foreign currency. they are already converted for them into U.S. dollars. that is why their fees are such a rip-off. They charge 2-3% for doing absolutely nothing more than they do for you taking money out of any U.S. atm.
snohomish, wa USA Fri 06/29/2007

RE: ATMS and Fees and Conversion rates
What makes you think you were given the "exact" conversion rate? Did you sit down and divide the dollars you were charged by the Euro you got? Did you compare that rate to the rate published for that day on Oanda.com or XE.com? Or do you think that you got that rate because your statement does not show any charge?

When you make an ATM withdrawal in Europe, the "network" (Cirrus, Plus, et al) pay the European bank, bill your bank in US$ or Euro, and take 1% for the service. The only way your bank can charge you the "market rate" is to reimburse you the 1% network charge. I doubt that they do that.

Today, most major U.S. banks pay the network in Euro and charge you an additional 2% or 3% exchange rate adjustment for themselves. The bill from the network does not have to be disclosed; it is just included in the billed amount. They are, however, required to show separately what they add to it.
Lee <email>
CO USA Thu 06/28/2007

ATMS and Fees and Conversion rates
We used our ATM cards in Italy during our two-week vacation. We bank with Credit Union of Texas. They charged us only $1 per transaction which we were very pleased with. And for each transaction we made, we were given the exact market rate for conversion. We were very pleased with the whole experience.
Laura Lozano
Irving, TX USA Wed 06/27/2007

No FEES
Here's what I did recently in England. I have properties I own, several with Countrywide. They offer a smart mastercard that allows you to use the equity on your property, like cash or credit. I checked with them and there absolutely no conversion fees, ATM charges etc. So in England I took money out of ATM's particularly Barclays, and there were no charges at those ATM's either ( and in England, they tell you which ones are free or not) So, I got the best rates on cash and NO charges. I then sent payments via my bank on the web to Countrywide to pay off the loans as we went along,so there was very little interest paid. This worked great! Other home equity lines of credit companies may do the same so check with them. NOTE: order your card and request a pin number so you get that in plenty of time before your trip.
Barry
Boulder, CO USA Sat 06/23/2007

ATM and Credit Card fees
In the Everett/Lynnwood/Edmonds area of Washington: I use All City Credit Union. I deposit cash for a trip there and use their ATM card in Europe (UK, former Yugoslavia, Bulgaria, Romania, etc.) and they have no charge or fee. I use Capital One Visa for charging as they have no fee either (yet).
Susan Netherton <email>
Edmonds, WA USA Sat 06/23/2007

Bureaux de Change rates
I use an ATM card. I just checked Travelex, who do most US airport currency exchanges. They are charging $1.4546/€; or about 8.5% over the interbank rate of $1.3414/€! That makes 3% on a credit/debit card look pretty good. www.travelex.com

Overseas banks are usually your best bet if you will not use a card. 5% is a common upcharge, although diligent searches before travel can turn up better rates.

The exchange question should always be "How much foreign currency would I get for this many dollars?" The answer should include all fees and make comparison shopping easier. Watch out for being short changed.

You see why I use an ATM card.
Chip
USA Mon 06/18/2007

Exchanging cash
Does anyone use cash anymore? Yes, my ATM and my credit card both charge 3% and the ATM has a fee on top of that. In over 29 countries I've only been mugged once...perhaps it's luck. I plan to take MONEY with me when I leave for France and Spain on Monday...now the question... there really a difference in exchange rate between the forex at the airport and elsewhere? Many thanks!
Sarah
Rockville, MD USA Fri 06/15/2007

ATMs & Credit Cards
We just returned from our trip to Italy. I'm looking at my Washington Mutual statement. I used their ATM card. For a 200 Euro withdraw, I see $269.46 on my statement. This is a 1.3473 exchange rate which seems correct. Then, they charged me 1% or $2.69. This service charge of 1% is not bad.
Larry S <email>
Elk Grove, CA USA Wed 06/13/2007

No-fee ATM's in Europe
If you have a US Citibank account, you can withdraw Euros or other foreign currencies at Citibank ATM's throughout Europe (UK, Italy, Germany, Greece, Poland, Spain, Belgium) without paying any fee at all. We just got back from Italy and stopped at both Florence and Rome ATM's and got a terrific exchange rate without add-on fees of any kind.

Just print your maps of relevant locations before you go and you're all set.
John <email>
Fort Worth, TX USA Fri 06/08/2007

ATMs in Germany and Central Europe
I live in Bavaria, but get paid in US dollars to an American bank account, so I make Euro withdrawals all the time from my credit union account in the States. My CU has absolutely nothing to do with foreign exchange, and does not charge me any fees for my withdrawals, as I'm just a little out of their area...

German bank I've found consistently closest to the midmarket exchange rate, without charging extra fees: Sparkasse. Their logo is a red "s" with a dot on top, which is good to know when travelling to places like the Czech Republic and Croatia - they're called something else outside of Germany and Austria.

The Raiffeisen/Volksbank group are also widespread and pretty reliable for fair rates without excessive fees.
Amanda Owens
Amberg, BY Germany Fri 06/01/2007

Cards don't work in Portugal
We always carry two different credit cards when traveling. My wife carries one and I carry the other. This is in case one needs to be cancelled due to theft or loss. We then carry one ATM card each on separate checking accounts (both MasterCard with Washington Mutual accounts). We always inform our ATM and charge card companies where we are traveling so that they do not put a stop on the cards do to an unusual pattern of use.

With this pattern, we confidently began our spring travel on the Iberian Peninsula with Spain. Our ATM cards worked well and every time in Spain so we entered Portugal without much cash. When our cash was low we went to make a withdrawal and got the message "This card is not authorized for use in this machine." No panic, we have in past travels encountered machines that would not work for us. After a dozen machines had rejected both of our cards we decided it was time to call our card issuer. The said every thing was fine at there end. We then talked with the manager of a Portuguese bank. He informed use that every bank machine in Portugal was the same company (Multibanco) and that there was no hope. Theoretically we could have done a cash draw on our credit cards, but never having used them for cash we had no idea what the PINs were. We ended by driving great distance to re-enter Spain to get cash.

I don't know whether the problem was with them being MasterCard ATMs or with Washington Mutual accounts, but this needs to appear in the Rick Steve Portugal book.
Terry Hanna <email>
Everett, WA USA Fri 06/01/2007

ATM Problems
When I tried to use my ATM last fall in the Czech Republic, for the second time, I found that it had been cancelled despite my pre-trip calls to the bank to let them know that I would be using it. Upon my return, I learned that I should have called the banks FRAUD department to let them know that I would be using it. Evidently, they don't necessarily read the same comment section.
Marcia
Houston, TX USA Sat 05/26/2007

ATM Use In Europe
I have used debit cards in several countries with no problems at all. I have always called the number on the back of the card before the trips. They always ask for the dates of travel and I add an extra day or two in case of flight delays.
MP
USA Sat 05/26/2007

ATMs & Credit Cards
My wife and I have a cooking class in Florence the day after arrival. Cash only. After reading comments on this and other sites, we were concerned that we couldn't amass enough cash from ATMs given limits and problems. Daughter works for a bank. On 5-14, we purchased 500 Euros. Cost was $21 (3%) over rate shown on CNBC. Regular exchange rate would have been 5% over. For us, $21 was great peace of mind to know that we have the up front cash we need.
Larry S <email>
Elk Grove, CA USA Wed 05/16/2007

Wachovia Debit Card Fee
FYI: We just got back from two weeks in Europe. Wachovia charged my wife a 1% foreign transaction fee for each VISA debit card usage.
Steve
Richmond, VA USA Tue 05/08/2007

ATM cards
I just came back from Hungary and the Czech Republic. I used my atm card for the first time in 25 years of travel. I was leary of using my atm card after hearing about pin theft and stuck cards. The best thing I did was to establish a relationship with my local National City bank teller manager. I told her where I was going, the concerns I had and we discussed what we would do in an emergency. Despite having to pay atm fees I felt that the peace of mind and the relationship with my bank was like having an insurance policy and was worth the extra money.
Barbara
Chicago, Il USA Thu 05/03/2007

Keypoint Credit union.
I have a Keypoint credit union debit visa check card and wanted to use it in Uk and rest of Europe both to withdraw cash from ATM machine and also as a point of sale card (as a credit card). I called my Bank and they told me there will be no fees (no transaction/conversion fee) for both the transaction but there have been times they have given me incorrect information. Therefore wanted to check with you all if someone did use Keypoint Credit Union.
Sam_cal
San Jose, CA USA Wed 05/02/2007

ATM in Praha
Just returned from week in Praha. ATM worked well at all locations as most were multibranded with Mastercard and Visa logos. When we took our first withdrawal at the train station we took 8000 only to get 4 2000 denomination bills - as others said not much use when buying something for 20! But our recommended tour guide gave us a hint from her husband - take out an odd amount like 7800 and you will get a mix of smaller bills. It seems that the 2000 denomination bills just came into distribution at ATMs last year.
Don
Walnut Creek, CA USA Sat 04/28/2007

ATM in Praha
At the Holesevice train station ATM in Prague I requested 4000 Czech crowns. The ATM (without asking what denominations I wanted) spit out 2-2000 Kc notes (about $100 each), which weren't much good for anything, since the fruit vendor and tobacconist didn't want to break that large a bill. Fortunately, a business nearby was happy to do so, and I got all the change I wanted with my Big Mac, fries and Coke. Plus they were right next to a Metro station and tram stop (by the way, the pay telephones at the station took both Czech and Euro coins).
Chris Kerstetter <email>
Renton, WA USA Fri 04/20/2007

ATM fees
The best bank is UFB direct. It's all online and they do not charge any ATM transaction fee's anywhere in the world. Plus they reimburse up to $4.50 for what ever that particular ATM might charge. By the way all those new smart cards have RFID chips in them along with the new passports. RF means Radio Frequency. Someone can read the chip from a distance if the have the right equipment.
Shawn
Santa Cruz, CA USA Wed 04/11/2007

SmartCards the trend in Europe
I travel to Europe often on business. More and more automated machines (like train ticket machines) and some retailers will only accept credit cards with a smart chip. These are more secure than the magnetic strip on credit cards, but almost no U.S. banks issue this type of card. I am only aware of AMEX Blue and MasterCard PayPass that use this technology, but I don't know if it will work in Europe smartcard readers. Your regular magnetic strip cards will still work in most face-to-face transactions, but almost never in a machine, and even with some merchants. So make sure you have the cash before ordering at the restauant with the Visa or Mastercard sign out front.
Alan
Missouri City, TX USA Thu 04/05/2007

For some reason the link for "wiki" information and comparison charts for Credit,Debit,ATM Cards, and Foreign Exchange has changed from http://flyertalk.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange to http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange
Chip
Iowa USA Wed 04/04/2007

ATM 3% fee!!!
ALWAYS check and double check with your bank about using the ATM overseas. I have an employee account (so I'm not naming the actual bank) and so I thought I was in the free & clear (most of the usual fees are waived on my account) but when I got back and checked my account online I was charged a 3% fee by my bank for every withdrawal overseas! I'd been using cash from ATM for nearly all transactions so it added up. In fact, I would suggest getting it in writing if they tell you there is NO fee. My credit cards, what little they were used, I had no problem with. Wells Fargo Visa and the Costco AMEX.
Anonymous
USA Sat 03/31/2007

Emergency Cash?
If you go to cabelas.com they have belts (the ones that hold pants up) with a zipper on the back. I found out I can fit at least $1200 in one belt. 4 $100 bills folded together 3 times plus important numbers. Its a great way to stash back up money. I have been doing research and it looks like UFBbank.com is the best deal.
Shawn
Santa Cruz, CA USA Fri 03/30/2007

RE: Alex, Troy, OH
Alex: Last year, I sat down and figured out how much a 31-day tour of Italy would cost. For food, hotels, sights, and souvenirs, it was about $8400. So your $7000 figure for three weeks sounds about right. Since you have some specific questions, my advice to you is read the archived posts from 2006 on the RIGHT SIDE OF THIS PAGE. There is a lot of great advice about ATMs, fees, etc. Have a great trip!
Joseph
Harlingen, TX USA Sun 03/25/2007

My wife and I are going to Europe for for the third time in four years. The last times we went it was with a group from school where I teach and we took travelers checks because the trips were on ten days to two weeks. This time we are going with the school(Greece) but staying on our own for 3 weeks(countries: Germany, Switzerland, Austria, Netherlands, France and Great Britain). The first question I guess I have is how much money to take. We were thinking around $7,000 with credit cards. Is that about right or is that too much. Second, like I said we have always taken travelers checks but I am not comfortable with taking that much. I was thinking about ATM's but everytime I talk to a bank they say I would get killed in fees. So any help you could be I would greatly appreciate.
Alex
Troy, OH USA Fri 03/23/2007

credit/atm card fees
Capital One (the credit card) does not charge you any foreign transaction fees on credit card transactions. They are the only credit card I know of that charges absolutely no foreign transaction fees FOR CREDIT CARD USE.

If you use your Capital One credit card (or any credit card for that matter) at an atm using the pin they give you to get cash, you will get hosed-big time in fees. Don't do this unless an absolute last resort emergency.

That is where a no fee, no foreign transaction fee ATM only card (not an atm/debit card) is handy (to get cash from atm's). I have used UFB Direct (ufbdirect.com) for several years for atm use here in the U.S. and all over europe and south america without a hitch.
Brian
USA Tue 03/20/2007

Fees (UGH!)
Thanks Carrie(reply 3/09). Your post helped, sort of. I still don't know what the bottom line is (What I am paying to use the card...in an ATM). Does it mean that on my Capital One credit (not debit) card used in an ATM (in Italy) no charges will show up on my statement? But, I am paying for the use of the card aren't I? Some way, some how? May be in the conversion rate? Even Rick's attempts to explain his use of credit cards eludes me. Oh! To be 21 again (42 years ago) and absorbing information like a sponge!
SB
Seattle, USA Mon 03/19/2007

Capital One
I don't know about Capital One in the US but maybe because Canada restricts foreign offering of financial services they only offer the use of their Mastercard/Visa cards in ATM's overseas. There is no other card (debit/bank) available. I phoned a rep in Ontario and he said the currency conversion rate is charged on your card(s) at 2.5%
Barry
White Rock, BC Canada Mon 03/19/2007

foreign currency conversion fees
No. In fact, you DO NOT want the merchant to convert from their local currency to U.S. Dollars. They are not doing you a service. They are ripping you off, as they are using a conversion rate far worse than you will get from your credit card.

And yes, use Capital One. They are the best, for foreign transactions as they charge zero fees.
Brian
USA Fri 03/16/2007

Avoiding DCC fees
To avoid getting charged the DCC fee using a CapitalOne Visa, do you just have to demand to be charged the purchase price in the local currency?
LA, USA Thu 03/15/2007

No Charge ATMS Spain
I recently studied abroad in Spain and for all those who are traveling there in the future Caja Madrid bank which has a green bear logo and is located all around the country advertises that it does not charge an atm withdrawl fee. It depends on your home bank whether you will be charged for the transaction on the U.S. side, but overall excellent bank while abroad because of their fee-free atms.
Laura
Seattle, WA USA Fri 03/09/2007

Thanks Re: How much cash?
Just wanted to thank everyone for their advice regarding how much cash to take. I think for our first trip in the UK, I'm just going to go right down the middle and take $150 cash along with our Capital One and Washington Mutual Cards as well as a debit card. Thanks Again, Carrie
Carrie <email>
Bloomington, IN USA Fri 03/09/2007

Fees - UGH!
SB, I found the link that Chip posted farther down on the page very helpful in determining the fees of quite a variety of debit and credit card - Capital One included. Hope this helps! Carrie http://flyertalk.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange
Carrie <email>
Bloomington, IN USA Fri 03/09/2007

Fees (UGH!)
(see Marshall, Seattle, 02/13/2007) To confirm, BA (Bank of America) has no partner in Italy. I was in total shock when I saw my bank statement a month after I returned from Italy in spring 2005. I used my BA credit/debit card (at least 10 times) and there was a $25 debit every time I had used it. I always withdraw the maximum ($300/$400)to pay hotels in cash, etc. per Rick's advise. Also, BA just whacked me (2/2007)with a $5 "international transaction fee" because the Hotel Smeraldo (Rome) charged my card, the one I used to hold the room, for one night.

I now have a new CapitolOne credit card. If you can find out what they charge you are more persistant than me. It's not on there website; they won't tell by e-mail; they refer you to a phone number that has only recorded information...no fee option to choose. I figured out that by going to the lost/stolen part of the recording I could get a real live custom service representative (after 20 min on hold and several drop calls). That person told me to refer to my customer service agreement. UGH! So what do the charge? The 3% cash advance fee?
SB
Seattle, WA USA Thu 03/08/2007

credit card yes, but mastercard or visa?
i just got back from paris and as usual, i always bring my debit card plus 2 credit cards as backups. i was at the airport RER train station trying to buy a ticket on the machine and guess what? all my cards were not accepted - turns out they only accept visa and EU mastercard. Eh??? EU mastercard??? I got the usual mastercard so i had to join the line to the ticket counter. not sure if this is common but i guess the type of credit card you carry matters. hope this helps.
CA USA Tue 03/06/2007

Carrying $$$
I take about $100 for needs in the US at the beginning and end of trips. So far I have never needed it in Europe. I suppose it could be used as a backup if all other means of obtaining Euros or GBP failed. The last time I used Am Ex travelers' checks it was very inconvenient and expensive to cash them. Now I mostly use cash from the ATM and have had no problems but the occaasional empty machine. I plan ahead for cash needs so I don't have to rely on last-minute trips to the ATM. I carry a CapitolOne credit card as sort of backup and will use it once or twice during a trip.
Swan
USA Sat 03/03/2007

Emergency Cash?
I will also chime in on the need for several hundred dollars in cash for emergencies. Its strictly a personal decision. Rick Steves says in his book he brings $400 in his money belt along with debit and credit cards. I don't feel the need to do this. Any cash I bring along is just for airport meals and drinks for those long layovers or flight delays, usually $40-$50. I find that bringing a debit card and two credit cards is quite adequate in this day and age.
USA Sat 03/03/2007

HOW MUCH CASH
Carrie: I never take cash. I used to buy foreign currency and travelers checks and take USA currency on every trip.

Now I take only my ATM card and buy currency as I need it every few days.

ATM machines are easy to find and to use. I buy only what I need and don't carry extra currency.

You will find ATM machines everywhere in the UK.
USA Fri 03/02/2007

How much cash?
Thanks for responding Michael, I will indeed bring a good amount of emergency money. I'm just a bit leery after having my purse snatched in Vegas, but I purchased a money belt for this trip and hopefully will not have to go through that again.
Carrie <email>
Bloomington, IN USA Fri 03/02/2007

How much cash?
Even if you intend to use mostly plastic in your travels, you should carry about $200-$300 in cash in case of an emergency. Store that cash in a money belt or in-room safe.
Michael Schneider <email>
NY USA Thu 03/01/2007

How much cash?
We are making our first trip to Europe this May and I'm concerned about how much cash to take. I'm planning on taking Capital One and Washington Mutual cards because they have some of the lowest fees. Do I need to take cash as well? Are there many places that do not take credit cards? Does anyone take a set amount like $50 cash per day or something similar? We are going to London and Ireland. Thank you, C
Carrie <email>
Bloomington, IN USA Thu 03/01/2007

Find excellent "wiki" information and comparison charts for Credit,Debit,ATM Cards, and Foreign Exchange at this link: http://flyertalk.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange
Chip
IA USA Thu 02/22/2007

dynamic currency conversion fees
dynamic currency conversion fees are a rip-off, pure and simple. What these dishonest merchants will tell you is that they are doing you a favor and/or saving you money by converting to dollars. They are doing neither. The conversion exchange rate they charge is significantly higher than any credit card you probably use and you will not be avoiding foreign currency fees most credit cards charge either.

Remember, when you buy something outside the U.S. with a credit card, almost all credit card companies will do the following: 1. convert the foreign currency charge to U.S. dollars at pretty close to wholesale rates and 2. usually add a 2-4% foreign transaction fee. The foreign transaction fee is added whether or not the merchant in the foreign country has already converted the charge to U.S. dollars.

Always insist on paying the charge in the local currency you were quoted and if the clerk gets snooty, ask to see the manager and just put your foot down. And better yet get a credit card that gives you wholesale currency exchange rates and charges absolutely no foreign currency transaction fees. This would be a Capital One credit card.
USA Tue 02/20/2007

DCC Fees for Visa?
I read on another site about something called "DCC" or Dynamic Currency Conversion fees. Does anyone know any more about this and are they avoidable? It seems to only apply if the merchant itself overseas charges you in USD and adds this mysterious fee? Can you just ask to be charged in the local currency?

Thanks for anything anyone can provide on this.
Blake
CA USA Sun 02/18/2007

Using Debit Cards
We used debit cards from both SunTrust and our local Credit Union (GTE) while we were in Europe in October 2005. We had called both banks before we left to tell them the dates we would be in Europe. We used them both for purchases and in ATM machines. (Countries: Germany, Italy, Switzerland, Austria and France)
Karen
Tampa Area, FL USA Sun 02/18/2007

I know about Bank Of America and Barclay's in England. Does Wells Fargo have something similar with an English Bank??
USA Fri 02/16/2007

Travelers Cheque Card from American Express
I researched the card and decided not to use it. It is a better deal than the ripoff AAA Visa TravelMoney Card, with 2% foreign exchange fees instead of 7.5%. There is a $14.95 issuance fee per Card. ATM fee is $2.50. Cancellation/redemption fee is $10. Reissuance fee is $5 plus $9.95 for rush delivery fee.

You may also purchase the card in euros or pounds sterling. This seems a more expensive option, with 3% conversion fee and higher ATM fees, reissuance fees, etc. My ATM card is still a better deal.
Chip
Iowa USA Tue 02/13/2007

ATM with no fee
If you are a Bank of America checking account/debit cardholder, they have a reciprocal arrangement with Barclays Bank (Britain), BNP Paribas (France), Deutschebank (Germany), WestPac (Australia),Santander Bank (Mexico) and Scotiabank (Canada) that charges no foreign currency fee when you use their ATM's.
Marshall <email>
Seattle, WA USA Tue 02/13/2007

Calculating Bank Balance
I use an ATM card that doesn't charge a fee for withdrawals. In order to make a fairly close estimate of my balance I calculate the exchange rate by adding 0.05 to dollar/euro of the transaction. So if the rate is $1.29 per euro, I calculate the rate (for my own balance calculation) at $1.34. I've been using this system for several years and have come out very close to the balance that my bank statement shows. The internet bank balance that B of A shows is so delayed that I don't pay much attention to it.
USA Sun 01/14/2007

Knowing Your Balance
Although this is not in real time, you can always check your account on-line if you have set up your account for internet access.

I will say that when I withdrew money at an ATM in London, my available balance (in dollars) was printed on my receipt, just like at home.
Steve
Richmond, Virgin USA Mon 01/08/2007

Using ATMs overseas
I don't see anyone posting how to see how much is deducted, in dollars, when I use my debit card in an ATM in €uro-land. I think it would be a good idea for me to know how much is left in the piggy bank back home. Whenever I have asked before, I'm told that it will be on my bank statement. Don't you think I'd want to know how close I am to overdraft, while still over there?!
bob <email>
Goldsboro, NC USA Sun 01/07/2007

We are going to England this spring and are hoping to be able to use our visa debit card there. I gather that using it at ATMs should not be a problem but that we might not be able to use it for making purchases, paying in restaurants or paying our hotel. Does anyone have any personal knowledge about this?
USA Fri 01/05/2007

ATM Paris Nightmare-Cheated on Withdrawl
Warning: Don't use the LCL (Le Credit Lyonnais) ATM machines at 14 Rue Rambuteau in Le Marais in Paris. When I was there at Christmas 2006, I asked for 200 euros from one of their machines, and only 90 euros came out. The receipt, however, listed the withdrawl as 200 euros.

I had just arrived after a long flight from the States and naturally I was upset. In my fractured French I explained the problem to a bank officer (most ATMs seem to be outside their home banks), and she told me that at the end of the day when they settled accounts, they would realize there was "too much" money in that ATM and would give me a credit. I didn't believe her and went back a few minutes later with a friend who spoke much better French. He found out that this is NOT the first time this has happened at these ATM machines. We wrote out a long letter and they copied all my information from my debit card and promised they would credit my account. Of course, when I got back to the States, none of this has happened and the withdrawl is still listed at 200 euros.

I am currently contesting this with my American bank, but I don't think I will ever see the lost 110 euros (about $150) in my lifetime.

I can't say for sure, but I think my mistake was not to press a button for a set amount, but rather use an option for a custom amount to withdraw. The rest of the time in France, I was very careful to just use the set amount options, and of course, I never used an LCL machine again.

Itold this story to my counsin's daughter, who is living in Toulouse, she told me the SAME THING happened to her at an ATM there.
Tom Griffin <email>
Seattle, WA USA Thu 01/04/2007

atm & credit cards
We have both the French Carte Bleu as well as a Chase Check card. We simply tell the cashier when we hand her the card that is is "carte etranger," and they know they have to swipe the card, and put it in the CB slot.
hdiehl
Grenoble, France, IL USA Tue 01/02/2007