ATMs & Credit Cards: Minimizing Fees: 2004
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.
Re: Local Credit Unions
Same with me. In September, I went Germany and used several ATM's and my credit union never charged a fee but my bank charged a $3.00 fee per withdrawal. Both cards are VISA-logo.
Merrell Ponder
Saginaw, Ala USA Tue 12/28/2004
Local Credit Unions
I just wanted to add my .02 cents. My wife and I recently went to London, Paris, and Rome this September(2004). We have a debit card through our local credit union. It has the VISA logo and can be used like a credit card to buy things. We were able to take out money from ATMs in all 3 cities with 0 problems. We didn't even pay a surchage on the withdrawl just the horrible exchange rates due to the poor dollar situation. I hope this helps some people.
Justin <email>
slc, ut USA Tue 12/28/2004
ATM experience in Morocco
I hope my experience is rare, but just in case, be aware. I tried to use an ATM in Marrakech. I needed to pay my hotel bill in cash, so I requested over $400 (still below my daily limit). The screen showed my transaction as completed, but then the cover slid down, and no money! I got my card back, so tried again, and then the screen refused my transation. I couldn't communicate with the bank (English is the third language in Morocco)so no luck there. When I got home, my account showed I was charged the amount I requested. I filed a dispute with my Credit Union when I got home. I'm keeping my fingers crossed (its been less than a week).
Anyway, the lesson is: when in Morocco, try to withdraw the smallest possible amount first, and then if it works, withdraw what you need. We had no problem in France and Spain. Note: we saw lots of others in Morocco having trouble with ATM machines taking their ATM cards and not getting them back. Don't assume that if someone before you had success that you will also.
Tom <email>
Sacramento, CA USA Fri 12/10/2004
Credit or ATM?
Sue, Apologies for not seeing your post and responding earlier. I think you misinterpreted the advice others have given. In general, credit cards are best for purchasing goods and services, but ATM/debit cards are best for getting cash.
I'm not surprised that your bank imposed a fee when you used a credit card to withdraw euros. Almost all banks consider obtaining currency via your credit card to be a "cash advance" (read: loan) and it's subject to fairly hefty fees even in the U.S. A debit-card withdrawal normally incurs a much lower charge since it's coming directly out of your checking account instead of appearing as a charge on your monthly credit card bill.
Of course, as banks constantly tinker with fees and impose more and more charges, all of these rules of thumb could change, no doubt for the worse.
JeffK
King of Prussia, PA USA Fri 12/10/2004
ATM gives lowest exchange rates
We took traveller's checks and cash, but mainly stuck to ATM withdrawals. The exchange rate via ATM was about $1.34/Euro versus $1.67 (yes, that's no typo) per Euro at money exchange places at Puerta del Dsol in Madrid.
Tim <email>
Houston, TX USA Fri 12/03/2004
Bank Fees
Our experience using ATM's abroad (Asia, mainly)
USAA: If you can get a bank account through them, you should! They charged us no fees to withdraw money from banks abroad, and we got a great exchange rate. You have to be in the military to get it, but it is great if you can.
Washington Mutual: We got smacked with a $5 fee every time we used an ATM. Ouch!
I have also heard that credit unions tend to have less fees in this respect, but I have never actually road tested this.
giselleacttwo <email>
USA Tue 11/30/2004
Bank of America and ATMs
BofA charged me a $3 fee for using a Deutsche Bank ATM in Sorrento. I was glad I withdrew funds in France at PNB Parabas before traveling to Italy.
Swan
USA Mon 11/29/2004
ATM's in Madrid's airport.
Hello everyone, I just got back from a week travel in Spain. Just a warning if arriving at Madrid's airport. I first arrived at Madrid's Barajas international airport assuming that every terminal in Barajas airport has an ATM. I asked the information booth where I could find an ATM machine, and I was told that the airport had taken them out, which seemed odd to me. I looked around the terminal not finding an ATM so I went to the nearest exchange bureau (got ripped off, of course).
Coming back home leaving from Madrid's barajas I've learned that the Barajas does have ATM machines, just not conviently when you arrive. The lesson learned? When in doubt, ask someone else. Other than that, the trip was great.
Oscar Sanchez <email>
Chicago, IL USA Sat 11/27/2004
Limit Withdrwal on ATM In Germany
There does seem to be some kind of limit on the amount you can withdraw from an ATM in Germany.We had our withdrwal request denied from several banks, until I lowered the amount from 300 Euros to 200 Euros. These were from banks in fairly small towns. i dont know if that had anything to do with it, but after requesting less I had no problem in getting my tranaction granted.
Martin <email>
Livermore, Ca USA Wed 11/24/2004
Deutsche Bank also has ATMs in Italy & Spain
Deutsche Bank, which is a "correspondent bank" of the Bank of America, also has ATMs in Italy and Spain [in addition to, of course, its home base of Germany].However, I'm afraid I cannot vouch for "surcharge free" transactions for B of A account holders using Deutsche Bank ATMs outside of Germany.Hope this helps.
<email>
MA USA Thu 11/18/2004
Europe ATM withdrawal limits
I just got back from six weeks traveling throughout western Europe. Italy was the only place that had a maximum withdrawal limit (250 euros). The machines in the other countries were similar to the US - they would have buttons with specific withdrawal amounts listed (i.e. 20, 50, 100, 200 euros) but also have a button that allowed you to manually enter the amount you wished on the keypad in 10 or 20 euro increments. I made single withdrawals of 500 euros in both Austria and the Netherlands without problems.
As for the Bank of America fees - these must vary greatly depending on the state in which your account is located and the type of account you have. I was charged no foreign ATM withdrawal fee until my account balance dropped below $1000, then it was only $2 per withdrawal - plus I got the bank rate of exchange (rather than the tourist rate). Free withdrawals are nice, but even $2-$5 is a small price to pay for the significantly better (5%-7%) rate than you get for exchanging cash or T/Cs, assuming you withdraw more than 50 euros at a time.
Mike <email>
Las Vegas, NV USA Fri 11/12/2004
Bank of America ATM access fees
Read the fine print on your ATM agreements. My recent BofA statement included a notice that BofA will be charging a $5.00 non-american ATM access fee in addition to exchange mark-ups. The exception is that no access fee will be applied at the following bank machines:
Edgar <email>
Medford, OR usa Tue 11/09/2004
Bank exchange rates at ATMs
My bank statement from BofA for Oct. charged me $3 for each ATM withdrawal, and $1 for a dis-allowed withdrawal (I requested too much). The withdrawals that succeeded, in Haarlem at BankPost, were for 400 EU. Even with the bank charges the exchange rate was only 1-2 cents above the official rate. I consider this to be a good deal. I paid cash throughout Europe and didn't charge anything this time. In France I used BNP Paribas Bank and in Italy I used Deutschebank. I should not see a fee charged by BofA for these transactions.
Swan
USA Thu 11/04/2004
RE: Type of ATM card
Seems that all the machines have a pretty long list of cards they take. I have never paid much attention beyond looking for one of my symbols. I use three debit cards which have one or more of Plus, Cirrus, and Star symbols, and I have never encountered a machine in Germany I couldn't use.
Larry <email>
CO USA Thu 11/04/2004
WHAT TYPE OF ATM CARD
The cheapest way to buy foreign currency is with an ATM card. My card is Cirrus, Star and Pulse. I have never had a problem finding a machine to take it. In one airport I had to go to the second machine because the first would not take it, but otherwise I have had no problem.
MANHATTY
NY USA Thu 11/04/2004
DOLLARS OR EUROS ATMS OR TRAV CHKS
I read questions or comments almost daily regarding buying foreign currency. After traveling in over 50 countries and using ATMs in most of them I can say it is NEVER economical to buy foreign currency in this country. Larry (see below) says the least expensive way to get Euros is at an ATM. I agree. You don't need to be concerned about arriving without currency. All airports and rail road stations I have been in have machines available. I ask where to find one. I have used them exclusively (no Travelers Checks) from Thailand to Russia and all points between. The only time I had a delay was when the first machine I found in Frankfurt airport would not take my card. I walked down the corridor 50 feet to a machine which gave me 200 Euros quickly.
I also agree with the comments by Rodriguez below on 10/26. I never pay the fee regardless of how small it is to buy currency here. ATM machines are everywhere in Europe now--even in post offices in Switzerland and in hotels in Russia where you can obtain dollars as well as rubles. I find the advice in "ATMs minimizing Fees" section of "Money/Communications" section of Graffiti Wall quite helpful.
McGill
Point Creek Center, USA Fri 10/29/2004
Avoid AAA Visa Travel Money Cards
I wish I had read Mary Ann's advise before I bought the Visa Travel Money card at AAA. Fees, fees, fees! The card itself costs $4.95 for members (in addition to whatever money you load on the card). That I could live with. The rates given on transactions, however, I couldn't. The card adds a 7% "conversion fee" for all transactions conducted in a currency different from the one in which you purchased the card. This includes ATM withdrawals; adding insult to injury, they charge an additional $2 withdrawal fee.
My first day in Europe I drew out 300 euros at Schiphol; I was charged $1.31 per euro, not counting the $2 fee. Later that day I used my regular bank ATM, getting euros for $1.24 with no ATM fee. Hotel purchases worked the same way, minus the ATM fee. I figure the costs to use this card are comparable with exchanging cash or travellers cheques.
Take my advice - put your money in your regular bank account and use your regular ATM card to get money in Europe. Even if you are charged $5 by your bank for an ATM transaction you'll save money, as long as you withdraw more than 50 euros at a time.
Mike Gillooly <email>
Las Vegas, NV USA Fri 10/22/2004
ATM "rates and fee"
I have the feeling that most people here don't understand what they are really charged for using ATMs in Europe. They seem to understand the fee their bank charges them, but they think that what they are charged for the rest of the transaction has no cost. Nothing could be farther from the truth.
I have tried for years to figure out what exchange rate I was charged. I could see what I was charged in $ for the Euro (DM) I got, but I could never compare it with the international exchange rate. After every trip, I would go to the library and get the back copies of the WSJ or USA Today and try to find the rates for the days I made the transactions. Sometimes the two papers would not agree on a rate. Sometimes it would look like I paid less than the interbank rate. These rates reported the next day are just not accurate.
Several weeks ago, Visa admitted to me that they charge 1% over the interbank rate (that is, they multiply the rate by 1.01).Yesterday I found, at the bottom of Rick's tip board for "Smart money changing" a link to Oanda.com. They have historical rates.I used their FX rates and backed out the German bank charges for my last trip - ?2,50 for one transaction and ?3,00 for the other. These are what those banks charged me to use their machines. The calculations were within a few cent of even values, which gives me good confidence in the results.
So, it you want to check out what you are paying, take what your bank charged you (minus their fee), divide it by 1.01 and then by the FX rate for that day. The difference between that amount and what you got from the ATM should be the European bank's fee.If you took out ?300 and were charged ?3 by the bankover there, then with Visa's 1% cut you should be paying 2% before any bank charges over here.
Larry <email>
CO USA Sat 10/16/2004
ATM, crdit cards, etc.
My husband and I just returned from a 3-week trip in France. We found a visa check card works the best 2/3 times at an ATM. Almost 1/10 chances that ATM/restaurant/hotel would except AMEX including the new travel card. Luckily we asked ahead and some B&Bs only take cash (or check)...so, we had to withdrawl cash accordingly to the daily limit. (That depended on the bank 300-500 euros/day)
C. Murphy <email>
Oakland, CA USA Sun 10/10/2004
Don't expext to use credit cards!
One very important thing which Rick neglects to make clear in his book: Unless you're dealing with a big hotel or major store, don't expect to be able to use your credit card. We had a very rude awakening in finding out that none of the B&Bs and hostels we stayed at in Ireland, Germany or Italy were equipped for credit card transactions. The same goes for most stores and other small businesses. We were forced to take out Cash Advances, which are charged at a higher rate than purchases.
Michael Rofkar <email>
Santa Rosa, CA USA Sat 10/09/2004
U.S. ATM card acceptance, modalities
I found ATMs to be very convenient, although the odds that a PLUS System logo machine in France would accept my PLUS System logo card were only about 2/3. Credit Lyonnais and BNP ATMs worked, but Credit Agricole ATMs gave a "This transaction is impossible" error message. I had a good laugh over that one.
As other travelers have reported, money is always withdrawn from your checking account. You cannot choose between savings and checking.
Currency exchange rates were about the same whether I exchanged money at a major U.S. bank before leaving the U.S., withdrew money from an ATM in Europe, or paid by credit card.
Paul Marcelin-Sampson <email>
Santa Cruz, CA USA Thu 10/07/2004
Swan
If I have to pay a transaction fee to my bank for using an ATM in Europe, I take out as much money as possible each time. In Holland last week, I was able to get 400E. Last year in France and Italy I was limited to 200-300. I will pay most of my bills in cash, since my credit card bank charges me a 2% "fee" for each use.
USA Sat 10/02/2004
CitiBank Fees
Citibank charges no fee for ATM withdrawal at one of their overseas banks. At any other bank they charge $1.50 per withdrawal. Frankly, that seems fair. They have a $1000 per day limit.
Jane Reed <email>
Pacoima, Calif USA Thu 09/16/2004
ATMs....
I carry cards from two different banks, for insurance incase there is a problem with one, and so that I can withdraw a double amount in one day if I want. My Bank of America debit card doesn't have transaction charges.
Swan
CA USA Mon 09/06/2004
Figuring the exchange rate at ATMs
I use the ATM extensively in Europe. To keep a close estimate of the conversion I add 5EURO to the official exchange rate as posted in newspapers. So if the official rate if 1.20, I will calculate the exchange at 1.25 X the number of Euros withdrawn from my account. This comes out very close to what my bank statement will show. My bank doesn't charge a fee for the exchange, but we all know that banks are in business to make money, so it will always cost more than the official rate.
Swan
CA USA Mon 09/06/2004
ATM's are fickle
Not every ATM in Paris would accept our debit card! We tried several before we found one that worked: it was at a bank rather than a neighborhood ATM. So keep trying if yours won't work at the first attempt.
Ginny Lyman <email>
Wales, WI USA Sat 09/04/2004
ATMS - no problem
I've been all over Western Europe on 3 different trips in the past 3 years. I've used my ATM card extensively on every trip in every country without even the slightest problem. It's got the MoneyBelt and Plus symbols on it.
Tim Mynatt
Knoxville, TN USA Wed 08/25/2004
CASH ATMs CREDIT CARDS
Lee?..Look at the back of your ATM card for the listing of systems it will work in. Be sure you have an ATM card?.not a credit card.
I have a Guaranty Bank ATM card which lists Pulse and Cirrus systems on the back. When I try to use a machine I always check to see which systems it will take. Sometimes I have to check several machines in an area to find one which will accept my card. At other times it seems every machine I check will take my card! Call your bank to see if there is an interest charge when you withdraw. My ATM takes money out of my checking account without interest. So it is just like writing a check; except easier and quicker. The only fee I pay is 1% to my bank and nothing to the bank where I make the withdrawal. I have found ATMs in every country I have been to inclucing Russia, Estonia, Thailand and Malaysia. I can normally find one within a block of the point I start looking for one. Most banks have them in the front wall of their building, easily accessable from the sidewalk. In Switzerland you also find them in every post office.
HARWOOD
NORMAN, OK USA Fri 08/20/2004
ATM
We are now in Paris, ATM are harder to find and with lower limits, $100euros, the rest of France ATMs everywhere, for every 1 WC you see 5 ATMs . Germany had the highest withdraw $500, but, the ATM are usually in an entrance of a bank requiring special Card for access after hours. Germany, Switzerland, & Austria are CASH societies, hard to use VISA CC. France & Spain easy to use VISA CC. France/Spain Toll roads use CC if put in the machine properly(left to right, top up)
Jeff Robertson <email>
Centralia, WA USA Mon 08/16/2004
ATM fees
I opened an free checking account with Guaranty Bank online. They do not charge for ATM withdrawals and if you save the receipts for the other bank charges, they will refund them to your account within 6 months. You have to make a direct deposit of $250/month to get the refund.
Sandy <email>
Carlsbad, CA USA Sun 08/15/2004
ATM and Credit Cards
Best deal for currency exchange. Use an ATM card from a Bank that refunds all exhange fees. There are many who advertise this great deal. I have used First Republic Bank throughout Europe -- never an atm fee !
Go www. firstrepublic.com.
jon Haber <email>
San Francisco, CA USA Thu 08/05/2004
Vatican Bank
The Vatican Bank does not list a fee, but it charges an enormous hidden fee in the exchange rate it offers. Use your ATM card at a large bank outlet.
Charles M. Luther
USA Sat 07/24/2004
Cash vs. Credit Card
About 2% is added to the charge when I use my VISA card in Europe. I withdraw the largest amount possible at the ATM and pay with cash as much as possible. Bank of America apparently has deals with Barclays (Great Britain) and PNB Paribas (sp.) (I noticed that PNB has lots of branches around Paris)in France so that no fee is charged by BA. The fee that European banks charge seems to be built into the exchange, so you may not see it on the printed receipt. You can have your bank buy some Euros for you before you leave home, if that will make you more comfortable. It costs a lot for the exchange. The Travelex exchange booths at airports are supposed to waive their fee if you show them your AAA card. I haven't tried it. If you use them for an exchange they charge only one fee (about $5) per transaction, so you might as well get a large amount of European money. Try to relax about all this and enjoy your vacation.
Swan
CA USA Sat 07/24/2004
ATM Use
I used my ATM debit card in Paris, Italy and Germany. I was only charged $1.00 per transaction and limited my withdrawals. I had checked with my credit union before i left home and they made sure the card would work. Never had any problem. Then I would check my balance wherever I found internet. Free at the Hoel Helvetia- good location slightly dodgy at night but just as Rick advertised. I have unused traveler's check in my luggage- won't ever travle with them again. Vive ATM!!
Patti <email>
Germantown, MD USA Sat 07/24/2004
ATM & Barclay's
I noticed that in London, a bank chain, Barclay's boasted of no fee. I looked through my statemnts and did not find an ATM charge for the withdrawal I made while in London.
rheann <email>
Corsicana, TX USA Fri 07/23/2004
Watch out for machines on the Champs-Elysee
I used the ATMs all over Europe last summer, my bank (Northern Trust) did not charge me any additional fees. However, my cousin is with Washington Mutual and ended up with fees up to $30 for money withdrawls. My friend is with Wells Fargo and she also ended up with fees around $30. They both found the largest fee was for money taken from a machine on the Champs-Elysee in Paris. I didn't get charged from that particular machine. I don't know if my cousin and my friend used the same machine, we weren't all travelling together. However, I know they both commented about the machine in Paris as being outrageous!
Have fun, wish I was going back this summer.
Rachel
Phoenix, AZ USA Thu 07/22/2004
AmEx TravelFunds
I just returned from three weeks in Spain and Portugal using the AmEx TravelFunds card. All the ATMs recognized the card and I never had a single issue with it. The clear advantage that it has over your bank ATM is that it is not linked to your account back home. Therefore, theft or loss is not as big a concern. Also, it is easy to reload at AmEx offices across Europe or via telephone. The fees are in-line with normal Cirrus ATM fees, so the only additional cost is the purchase, which I think was $14.95. This card was all that I took in addition to some cash, which allowed me to leave my credit card and ATM card safely at home. And, no I don't work for AmEx.
Sandy Hamilton <email>
San Francisco, CA USA Tue 07/20/2004
No Fee Card
My Capital One card has no cash withdrawal fee, nor does it tack on any fee to what MasterCard (or is it Visa?!) charges. I don't know if you can still get this card, however. We've had ours for 3 years or so.
Karen <email>
NC USA Mon 07/12/2004
ATM charges (and lack thereof)
I've read quite a few posts here by people who were not charged any fees for withdrawing money from ATMs. I was curious which banks you use here in the states, because I would very much like to avoid being taken to the cleaners when withdrawing. Any info would be much appreciated, thanks
Brian <email>
Park Ridge, IL USA Mon 07/12/2004
USING ATMs IN EUROPE
After reading the comments in this column I have decided EVERY traveler should first call his bank and ask what fee will apply to withdrawals...those in Europe and those at your bank....don't take other travelers experience to be the same as yours.... only your bank can advise you on the cost of using your ATM card.
HARVEY
NEW YORK CITY, NY USA Sat 06/26/2004
Who needs large amounts of cash-ATM and Credit
We have travelled all over Europe with just our VISA and ATM. We bank at a credit union and never incurred an ATM fee anywhere, from either end. We carried less than $200 at a time and had no travelers checks or exchange hassels. Our only advice, try to use the ATM when the banks are open in case it eats your card-you can get it back. We also sent an email to ourselves with all our pertinent info for online banking , phone numbers etc. We could access the info anytime at an internet cafe without risking carrying around the info on ourselves.
Happy and safe travels
Jodi Pickens
Huntington Beach, CA USA Thu 06/24/2004
ATM Machines for Plus and Cirrus
We just returned from Italy and in 2 weeks did not find any ATM machine for Plus -- all were Cirrus. We were glad that we had a debit card for both with enough money in each for the trip. Our bank did not charge a transaction fee and neither did the Italian banks. But we wished we had requested an increase in our maximum withdrawal before leaving -- no one at the bank suggested it.
Anne Marie Steeneck <email>
Freehold, NJ USA Wed 06/16/2004
ATMs
ATMs are definitely the way to go. #1 you don't have to worry about having excess cash with you and #2 they are located EVERYWHERE. I was in Italy, Germany, France, Netherlands, Belgium and England and never had ANY problems. I also never had any fees charged from the foreign banks. Fortunately my bank doesn't charge transaction fees either. If you can, definitely use ATMs...you also save all the "commission fees" that places charge you to exchange money/cash travelers checks.
Janet
USA Wed 06/16/2004
ATM's
Going to Italy in 2 weeks. Asked Washington Mutual about waiving the $3.00 fee. They said no way. Anyone one have other solutions let me know. 2 years ago used the ATM's in Europe and it was such a blessing not to depend on banks.
Jimmy <email>
Los Angeles, CA USA Thu 06/10/2004
ATM fees
Just returned from four weeks in France where we used the ATM at many different banks and at the LaPoste (post office.) No fees at all and a very competitive exchange rate. If you travel regularly if pays to shop for a home bank that doesn't charge.
George
Philadelphia, PA USA Thu 06/03/2004
Avoiding ATM fees
Call your bank to find out if they waive the withdrawal fee for any banks in the country you will be traveling to. B of A does this for withdrawals from BNP Paribus in France.
Rachel
San Francisco, CA USA Thu 06/03/2004
BofA Charges Fees in Italy
Just returned from 12 days in Italy (Venice, Florence & Rome)ATMs are everywhere. My wife banks with BofA and was charged $3 for every withdrawal regardless of bank affiliation or system. Curiously, I bank with a smaller bank that charged nothing on my one ATM withdrawal with the Plus system network. I would think it should have been the other way around. I guess bigger is not always better.
GC
San Francisco, CA USA Thu 06/03/2004
Sainsbury bank in London
The Sainsbury supermarkets in London have their own Sainsbury bank with no fee atms and the stores + atms are practically verywhere. The atm charges no fee but your bank may still charge you. We went to shop for some milk and juice and much to our surprise found their no fee atm .
Nithya Miyar
San Jose, CA USA Tue 06/01/2004
ATM Fees
We just got back from 15 days in London, Bruges, and Paris. After checking my bank statement, none of the banks in Europe charged us a fee for the ATM's, only my bank charged us $2 per withdrawal. We used NatWest & Barclay's in London, the ATM by the post office in Bruges, and various ATM's in Paris.
J Abbott
Siloam Springs, AR USA Tue 05/18/2004
Global ATM Alliance
Bank of America customers can use Global ATM alliance ATMs without fee. See this link for members:
http://www.scotiabank.com/cda/content/0,1608,CID4710_LIDen,00.html
I was charged a fee using DB branch in Italy, but not for DB in Germany.
Michael Thomas
Houston, tx USA Fri 05/14/2004
Atm Cards No Problems
no problems using washington mutual
check cashing debit card...i first used this card in 1998 and since then have used it in paris, london
amsterdam in 2000, 2001 and 2003.
the fees were small no more than using a non system bank would be over here in the usa. I also used
a card that is a savings only card
from wells fargo bank and I had no
problems using it either. Both cards worked at most of all the banks in Paris and Amsterdam. I did find that when I used it in the Post Office linked banks I seemed to get better rates...you can also use your cards to buy stamps saving some long lines
Susanne
Fairfax, ca USA Sat 05/08/2004
Canadian Debit card in Europe, free transactions!!!
If you have a Scotiabank card from Canada you can take advantage of the Global ATM Alliance. This enables you free transactions at Barclays in the UK, BNP Paribas in France, Deutsche Bank in Germany, and even BofA if you are headed to the US. If you are an American with BofA you can come to Canada and use Scotiabank machines (very popular) to withdraw cash free.
Young couple here looking for people to hang out with in Europe, email me and we can chat.
Michael Nitz
Thunder Bay ON, ON Canada Sat 05/08/2004
ATM fees
In April I used a Bank of America ATM card and was not charged fees at BNP Paribas in France or Barclay's Bank in England. Credit card payments had a 2% fee added by the (Visa) bank. I conclude that it would save $ to pay cash as much as possible, using a fee-free ATM card.
Swan
Calistoga, CA USA Fri 05/07/2004
Minimizing your ATM fees
B of A has a cross agreement with Deutche Banc. If you have a 4 digit PIN, you can use your ATM with out any bank charge. We used our card in Munich and got 200E for $248 US. NO fee, no charge. I agree, you need to contact your bank to let them know you are going to Europe. You should also make sure you have the collect number to call if you loose your card.
B. Wood
CA USA Fri 04/16/2004
BECU
I've been shopping around at the local banks here in Seattle to see which offer the best deal on ATMS. If you can join BECU, do so. They do not charge to use an ATM, ever, not even in Europe. If you pay any fees, it would be to the local bank. They also offer foreign currency with free delivery at the standard 5-6% bank mark up if you feel like you need cash in your pocket when you arrive.
caroline
Seattle, WA USA Wed 04/14/2004
Calling cc companies may not be enough
I called all of my credit/debit card companies before I left for Italy, informing their fraud departments (not just the first person who answers the phone) of my departure dates, where I'd be traveling and for how long. Well, on my very first day, on my very first purchase (on the Ponte Vecchio, no less) MBNA shut my card down. Then the collect number on the back was out of service, so I called the other number directly and worked it out. They had no explanation for the card shutting down, other than to say it was "automatic", despite my advanced warnings.
My advice is to call to let the company know, but also make sure the collect number on the back of your card works!
Amy
Beverly, MA USA Tue 04/13/2004
Wells Fargo Bank Fees
I bank at Wells Fargo and was told recently I would be charged the following to use my Wells Fargo Visa debit card overseas: $3.00 for each cash withdrawal, and $3.00 PLUS 2% each time I used it for purchases (that is, with its "credit" feature for any shopping, etc.). I didn't think the cash w/d fee was too bad. Also, I've read a statement by Rick that there is no daily limit when using a debit card for purchases (not cash withdrawal), but Wells Fargo maintains a $500 daily limit on purchases. If my card is stolen and used in its credit feature (which doesn't require a pin as it does when withdawing cash), then the bank is only liable up to $500--with no liability to me. I did get my daily cash withdrawal limit raised temporarily for my upcoming trip.
Julie <email>
Fort Worth, TX USA Wed 04/07/2004
No fee ATMs in Latvia
I have found a bank in Riga whose ATMs do not charge a withdrawal fee - they are called Unibanka, and they have locations all over Riga, as well as larger towns in Latvia. Your bank, however, probably will tack on a fee, depending, but if you need cash, this one is the way to go.
John Benningfield <email>
Beaverton, OR USA Mon 04/05/2004
Wells Fargo and U.S. Bank Visa Fees
I just called two institutions.
U.S. Bank Visa:
3% total fee (2% Visa, 1% Institution) based on wholesale market rate
Wells Fargo:
ATM: 2% Conversion fee + $3 fee. Based on market rate
Check card (Master Card): 2% per transaction
Noel
San Jose, CA USA Sun 04/04/2004
WaMu
Just an FYI for anyone out there that banks with Washington Mutual. I emailed them about charges on international ATM withdrawls and they charge $3 per transaction in addition to what any local bank may also tack on.
caroline
Seattle, WA USA Fri 04/02/2004
AMEX Travel Fund Card
Regarding the AMEX Travel Fund Card...I think its not worth the bother if you already have an ATM card, debit card and/or credit cards. I can't think of one advantage it has over your existing cards.
Allen
Lafayette, LA USA Sun 03/28/2004
Contacting banks
There are many excellent suggestions on the board. Just remember to call the home bank ahead of time for two reasons: first, to find out if there have been any changes in their policy in converting currency and, second, to have them note on your account that you will be in X country and likely to spend X amount of dollars.
Jane Martinez <email>
Roseland, nj USA Fri 03/26/2004
Lowest ATM fees in the UK
If you live in the UK, get yourself a Nationwide Credit Card, this has the lowest fees of any Credit Card in the UK for withdrawing money abroad. There is no hidden 2.75% commission unlike many Credit Cards, and the cost per transaction is only 1% with a minimum of ?1.00.(until recently it was 0.50 pence! So the conversion rate is based on the national daily rate issued by Visa. The card also has introductory interest free period of 6 months, they seem quite strict though, so make sure you apply before you finish your job before travelling. Please note I have no link to the above company and this information is gained just through experience of many credit cards while traveling.
Adam Jarvis
Wales, UK Thu 03/25/2004
ATM Charges
I talked with Guaranty Bank(Formally Western Financial)and they told me they charge a $1 charge per Transcation when using there card in Western Europe
Mike <email>
SF, ca USA Mon 03/22/2004
Bank of America ATM cards
We just returned from a week in Paris. Our BofA ATM cards worked fine. Even with a $2.00 transaction fee, we got a rate of less than $1.25 to the Euro which is only 2 cents higher than the prime exchange rate. Pretty good.
Alan <email>
Missouri City, TX USA Mon 03/22/2004
Fees in Europe
I've lived in Italy and Greece for the last few years. I have an E Trade Bank Visa/Check card. The only time I've been charged a fee is when using an ATM located on the different US Military Bases here.
I also have a ATT Universal Visa Charge card. Here's there SOP: "Your transaction is converted into U.S. dollars based on a wholesale market rate or a government-mandated rate. Visa increases that rate by 1%, and Citibank increases the rate provided to it by Visa by 2%." Try to stay away from it!
Tim
Livorno Italy, USA Sun 03/21/2004
Bank of America ATM cards
My husband and I traveled all over Western Europe for four months in 2002 and never had one problem with our Bank of America ATM cards. They worked perfectly every time.
Traci <email>
Houston, TX USA Fri 03/19/2004
I bank at the Citizens Bank, which is owned by the Royal Bank of Scotland. In November I plan to be in London and plan to visit a RBS branch to use my debit card to withdraw cash. I hope I am not slapped with a fee. A few weeks ago I emailed the RBS to see if I would be charge a fee. I did not get a clear answer from them. My next step is to ask the folks at Citizens Bank what the story is.
Elisabeth Evans <email>
Harrisburg, PA USA Wed 03/10/2004
ATMs: Minimizing Your Fees
This might of been posted before...I have an account with Bank of America. When I was in Germany last year, I didn't have to pay any withdrawl fees or exchange fees as long as I went to a DeutcheBank ATM. Saved me quite a bit of $, but DeutcheBank isn't everywhere (this I found out when I visited Austria)
Esteban
USA Tue 03/09/2004
Bank of America
We recently went to London and have a Bank of America checking acount. We called the customer service department to tell them we were going to London and Paris so it wouldnt raise any flags on our accounts. They said if we used ATM's at Barkleys Bank in London and Paribas Bank in Paris we wouldn't have to pay a B of A fee. It was very useful info. It helps to check with your bank before you go!
Laura <email>
Fremont, CA USA Tue 03/09/2004
No ATM Fees from Europe's Banks
When discussing ATM fees and how to minimize them, keep in mind that your own bank is slapping you with the fee, never the European bank. So if you find a U.S. bank or credit union with no fee for foreign withdrawal, that solves your problem.
Allen
Lafayette, L:A USA Thu 02/26/2004
No ATM Fee w/ Bank of America
Certain American banks have relationships with European banks. I am a Bank of America customer, and my bank has a relationship with BNP in France. So I never have any large fees when I use their ATMs. Ask your bank which ATMs you should use in Europe.
Jennifer
Los Angeles, CA USA Thu 02/26/2004
ATM Withdrawal/Purchase Fees
I went to Italy and France last year and was surprised at the fees for using an ATM, as I did not see them on my statement when I did the same trip in 2002. I called Bank of America and they promptly reversed the fees ($94!). When I asked why they were showing up on my statement, and not in the previous year, they said that they now break out the fee from the original transaction amount. I don't know if they will reverse in the future, but now I know to take out more cash, rather than always using my ATM for transactions (including purchases). Also, I was able to go over my $500 limit with no problems, and I did not notify the bank before I left on my travels. I was not hassled when I asked for the reversal, either.
Denise <email>
Belmont, CA USA Tue 02/24/2004
Accessing cash in Europe
I go to Europe once a year, and for the last 3 years I have been getting hit with the conversion fee, esp after the switch to the Euro took place. I called my c/card company and asked them to remove the fee from all the transactions that I made, and when I got the answer no, I explained to them that they were not the only game in town and I was going to cancel that card. Well, every time I got the same answer: "We can do this for you this time, but next time you will have to pay the fee." OK, that's fine with me. So far every year I call the same c/card company and get the fee removed.
Is this right to do? Well, I use my c/card for 90 percent of my purcheses since it's a flyer mile card. They can charge us 15 to 25% interest so why not re-coup a fee that I think is just a b/s fee.
Also, my bank told me that if a ATM is not around, go into a bank and get a cash advance on your bank debit card. You get the cash you need and there is no fee as there would be with a regular c/card. But so far I haven't been in a city that didnt have a ATM so I haven't tried it.
George <email>
PA USA Tue 02/24/2004
ATMs are the best
ATM debit withdrawals are definitely the best way to go. My bank did not charge me any fees for my ATM usage in Europe, nor did the bank(s) in Europe (unlike what you can encounter here at home when you make a withdrawal at a bank other than your own).
When I got home from the trip, I compared the exchange rate I received through the ATM to any same day CC transactions, and it was consistently 2 to 3 percent better with the ATM (and the ATM exchange rate compared favorably with the "mid market" rates posted on the internet.) I bank with Wachovia and have a regular checking account, so I am not receiving any special treatment that I know about.
It is important to know what your daily withdrawal limit is on your bank ATM and you should take that into consideration when withdrawing euros, etc.
john russell <email>
charlottesville, VA USA Tue 02/24/2004
Getting the most money for your money
On all our trips to Europe, spanning many many years, we have always traveled with credit cards, debit cards, and travelers checks. In recent years, we've rarely broken into the travelers checks. There is no question that the ATMs provide a convenience and invariably an exchange rate that is extraordinarily valuable to anyone traveling in Europe. I now can shake my head at the time I wasted waiting in a line to change travelers checks into whatever currency I needed. We continue to use the credit cards for most major purchases, not only for convenience but also for the record keeping and the support of the credit card company if any discrepancy arises down the road.
One of the most helpful tips I can offer after all these years of trying to travel well, and economically sensibly at the same time, is to ask your hosts if there is a discount for paying in cash. Rick recommends quite a few establishments in his guidebooks where this is indeed the case, and there are (in our discoveries) hundreds more out there. If you learn to request the discount in the local language, you will be even more succesful than if all your requests are in English. We have been offered a discount for paying in cash most frequently in hotels, but we have also saved a few euros in restaurants and shops as well.
Ken <email>
Naples, FL USA Mon 02/23/2004