ATMs & Credit Cards: Minimizing Fees: 2005
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.
USING ATMS
Karla: In using ATMs in 13 countries of Asia and Europe I have noticed that even within one town the maximum amount you can withdraw from an ATM varies.
When I find that problem I move on to another ATM; it usually works.
It must be determined by the bank which owns the ATM. My guess is that it is impossible to know ahead of time.
You must wait to use each unit to find out. I doubt that calling your local bank will help.
They may not know the limits of each bank within a given city. My bank doesn't know.
H. J. J.
CHICAGO, ILL USA Mon 12/12/2005
Using ATM
In Italy, we found that we could only get 120 Euros at a time from ATM's and even that amount was only available once every 6 hours. If we had known this ahead of time, we wouldn't have gotten so anxious when the ATM screen said "Your card is invalid. Please call your bank."
Karla Barnes
USA Sun 12/11/2005
Don't Worry, ATMs are the BEST
Okay, after memorizing everyone's comments/advice regarding exchanging dollars prior to my visit to England, I felt it a must to give my two pence worth of advice. Just like most everyone else here in the States, GO WITH ATMs. GO WITH ATMS GO WITH ATMS. When I looked at the exchange rate at OANDA compared with what the bank charged me here in the US it was almost identical, maybe off by a couple of cents, no commission. If you can, go with a smaller town bank, they typically don't charge for use of other ATMs. And word to the wise, if you want to use your debit feature, make sure you have a card that has one of those funny microchip looking things on the front. Many stores wouldn't let me use my check card as "debit" because it didn't have one of those chippy things. The other point, don't call a bank and tell them you are going to be overseas, GO into a branch, sit town with a banker and have them put in your check card # that is on the front, it takes 2 minutes, but its worth it. Without having the actual check card logged and entered as the card that will be overseas in their system, the card typically will be declined; according to two head of banks here in Los Angeles. Thanks to you all and happy travels.
Adrian
Los Angeles, CA USA Tue 12/06/2005
ATM & Credit Card Fees
You need a two pronge approach to avoid atm fees on cash machine withdrawls and surcharges by visa/mc and your bank on credit card transactions.
ATM fees in europe can be eliminated if you use an atm card from a bank that does not charge for use at a different bank. I use UFB Direct. Also, get an atm card WITHOUT the m/c or visa logo. Then you avoid the 1% visa/mc foreign conversion fee. Bring one card for yourself and one for your spouse or traveling companion. If you lose one or one is stolen, it is useless without the pin, so you don't have to report it stolen, just use the other (if you are sure the pin has not been stolen). Remember it is only an ATM card, not an ATM/debit card since it does not have the visa/mc logo.
Capital One for the credit card. They do not charge the 1-3% that most credit cards charge for foreign currency conversion fees and they eat the 1% that visa/mc charge. So you get the pure wholesale exchange rate with absolutely no markup.
So there you have it. Cash from ATM's at pure wholesale and credit card transactions at pure wholesale. And you didn't even have to spend the hours I did researching this. What a deal!
Brian Kohn <email>
Snohomish, WA USA Fri 12/02/2005
Mastercard
This summer I used my credit union ATM Mastercard extensively in Italy and Ireland and had no problems whatsoever.
USA Mon 11/28/2005
Mastercard ATM in Europe?
From reading this board it seems that the fee situation is more favorable if you go through a credit union. Mine only offers a Mastercard check/debit card, not a VISA one. I'm going to Italy, would I be able to use Mastercard at an ATM there? I find that in the states, VISA is more widely accepted than Mastercard. So I am wondering if it is the same situation in Europe.
Lindy
CA USA Sun 11/27/2005
Trouble In Spain?
Karen, how about trying to go INTO the bank with your Mastercard and ask for money that way. You'll need your passport for ID. You can also likely use the card at exchange windows displaying the logo, but I assume the fees would be higher.
If Mastercard is blocking ALL transactions in Spain and not just ATMs, that would be BIG news.
USA Mon 11/21/2005
ATMs in Spain
We just learned from our bank that MasterCard is blocking ATM withdrawals in Spain due to fraud. Wish we had learned this before we left the U.S. with little cash or traveler´s checks!
Karen Burgi
Denver, CO USA Mon 11/21/2005
Credit Card fees
I'm going to Europe in January. Is it true that Capital One credit cards do not charge the extra foreign transaction fee? If so, would there only be the 1% from visa? Thanks in advance for your "travel knowledge"
Eric
San Diego, USA Sun 11/20/2005
UK post office exchange rate
Bob, I have an old Rick Steves VHS tape where he talks about currency exchange, and he says in essence, if the rate is good, it comes with a high commission, and if the commission is low, the rate is bad. Apparently, it still applies today.
Compared to Oanda's interbank rate for today, the UK's postal rate is 7%. In comparison, if you were a Wells Fargo customer, you could have bought GBP today for $1.79/per £, 4.3% over the interbank rate.
Although I agree that ATM rates tend to be the best, we have to carefully monitor what is going on. ATMs may not always give the best rate. Today, some banks are already hitting their customers with a 3% rate, plus a fee, making the total near 4%.
I agree that, usually, the ATM rates are still the best, but it is important to continue to compare all of the rates.
USA Fri 11/18/2005
re: Cash or no cash
Dear USA: You are correct that Atlanta IS in the US and that I did state I got some GPB there before my flight to England. There were NO BofA ATMs at Hartsfield (only the Travelex as you mentioned), and I chose to get a minimal amount of cash in case I needed it for transportation upon arrival. However, once into Gatwick I found I didn't need the cash (the various train services into London all took credit cards), and the 60 GBP I got in Atlanta was sufficient for my entire time in London (2 days) since so many places took credit cards. I still state that ATMs gave me the best rate, and using the major country banks (Barclay's in England and Deutsche Bank in Germany) provided the best exchange rates and lowest (or even non-existent) fees.
Richard
USA Fri 11/18/2005
Allen
Before buying any prepaid "travel" card, please read the fine print. Then compare and contrast the fees and flexibility of this card with one from your local bank. The difference could be big.
Lafayette, LA USA Thu 11/17/2005
Exchanging at Post Offices in the U.K.
The U.K. Post Office does not charge commission, but you have to look at the exchange rate as well. Full information is on the website at www.postoffice.co.uk. At today's rates, they will give you £1 for every $1.8394. If you want to change pounds into dollars, the rate is 1.6405. There are plenty of places in Europe where you can exchange dollars, but the rates are invariably better at an ATM.
Bob
Bristol, UK Thu 11/17/2005
Exchanging at post offices in the UK
Is it true that one can exchange US dollars in England at Post Offices without a commission?
Adrian
Los Angeles, ca USA Tue 11/15/2005
Rude Awakening with Credit Union ATM Card
We travel frequently and I have used my credit union ATM card all over the world to withdraw cash. I was shocked when I came home to find out that a 1% fee was charged on all my ATM withdrawals in Greece and Italy. I used various banks there so I know it must be stemmed from my card which has a VISA logo on it to allow merchants to debit it like a charge card even though it's a basic ATM card.
Ann
San Francisco, CA USA Wed 11/09/2005
AmEx travelers' cheque card
I have to disagree with the previous poster who claimed that the Amex Check card is THE biggest rip-off. Not even close. If used smartly, i.e. loaded to the max in US$ and max ATM withdrawals, the Check card will cost about 3.3% for cash in other currencies. That’s for the first load; reloaded cards can cost less than 3%. Compare that to the Visa check card, which charges 7% plus a fee, or to Travelex, which charges 7½% for foreign currencies online or 11% at the airport. I consider those to be rip-offs.
However, the weakness of the Amex card is the scarcity of ATMs that take it. Although Melissa claims to have had no problem using it at “any ATM”, her report is inconsistent with others on this board. You can look on the Amex website for ATMs in foreign cities. There are a lot in numbers, but not by percentage. If you go prepared with a list of ATM locations you should have no problems.
Credit Unions are fine, but they are not open to the general public. Most people cannot join one; you have to belong to some organization – employer, club, union, etc – to which a CU is attached. However, I get the same 1% and no fee from my account at Wells Fargo. I can also get 1% plus a fee amounting to ½% at my local bank, which does not deal in foreign currency.
At the same time, not all banks have good deals on foreign ATM withdrawals. US Bank charges 1% network plus 2% currency conversion plus a fee which is about ½% of a maximum withdrawal - a total of 3½% - more than an Amex card.
For a little more, 5%, you can get foreign currency at a Wells Fargo main branch and not worry at all about finding ATMs over there or if they will work for you.
So, there are a lot of options. Make sure you look at all of them. Amex Check card is not the best, but certainly not the worst.
<email>
USA Fri 10/28/2005
amex cheque card
In my humble opinion, the amex cheque card is one of the biggest rip-offs going. The fees they charge to load, reload, and get any remaining money back are unbelievable. The best advice I've gotten from this board: use a credit union ATM card! It's the best way to get the most from your money.
USA Thu 10/27/2005
money and credit cards
I used my ATM overseas in banks in the UK and was only charged a small conversion fee by my bank and none by the bank I was using. I bought an American express travelers cheque card in pounds before leaving the US and had no problems using it at any ATM. the fee is not much and it can be reloaded over the phone,charged to your atm card.I am glad I used it,because so many people now refuse regular traveler's cheques. I used a regular American express card for food etc and the travelers' card for transportation,small purchases etc. I actually came home with money.good news,banks in the UK are open on Saturdays,till 1:30! I was able to use my bank's ATM card for purchases also,as it is a VISA card as well.Three years ago,I couldn't.things have certainly become easier for travelers.
melissa miller <email>
concord, ca USA Thu 10/27/2005
ATM's
We just returned from a three week self driving vacation through part of Netherlands, Belgium, France and Germany. We had no trouble finding ATM's. We do bank with Bank of America, however, most of the time, the most convenient ATM's were not part of BofA's s worldwide system. We realized that the convenience of using a close ATM was much better than worring about going out of our way to avoid paying a few extra dollars in fees. It seem that if you can afford to travel, you should not be so concerned about penny-pinching every last cent. We had a great trip and used the ATM's only a few times. We took maximum amounts out each time to minimize having to always be looking for ATM's and always were prepared with cash in case certain places did not take credit cards. Don't sweat the small "cents $".
USA Wed 10/26/2005
cash here v there
You will always get a worse exchange rate when you exchange money at a bank than when you withdraw cash from a foreign ATM. Banks give each other a better exchange rate than they give to individuals, because of the volume of currency exchanged in a day from one bank to another. The banks will not tell you this. Even if they exchange your money here for "free", you are paying for it in the form of a much worse exchange rate. You are totally better off withdrawing cash from a foreign ATM, even with the fee your bank will charge for doing this (e.g., 1% for my credit union). Do the math and check it out for yourself.
USA Tue 10/25/2005
Why not get cash here?
USA-regarding your question - the main reason that I don't exchange my money here is that I do not want to carry around thousands of dollars of cash. We are a family of 4 so money for 3 weeks in Europe would be quite a bit. I also believe that there is also a difference in the exchange rate between banks here and using an ATM once you get overseas. But for me, it is the same as if I was going to travel somewhere in the states - I only carry $100 or so in cash with me both for safety and comfort!
USA Tue 10/25/2005
Money over seas.
I have a question for you guys. What's wrong with changing your money at the bank before a trip overseas. I just checked w/my bank and they only charge a $5 fee for exchanging my money into english pounds. This way I don't have to worry about all the charges that are charged to a credit card or to an ATM card. Whenever I travel I keep my money locked in a suitcase and I've never had trouble with it being stolen.
USA Mon 10/24/2005
ATMs
Bank of America is part of a worldwide, six bank group called the Global ATM Alliance. If you use one of these banks ATMs, there will be no service charge. Included are Barclays in UK, Deutsche Bank in Germany, and BNP Paribas in France, as well as banks in Canada and Australia.
USA Wed 10/19/2005
ATMs
BofA charges $5 per foreign ATM withdrawal (except for Deutschebank (whatever) I believe). My advice - open a credit union account and use that. You won't regret it!
USA Wed 10/19/2005
PNC ATM charges
Go to PNC's website and find their fee schedule. Unless you have one of about five types of accounts with PNC, some of which have the word Premium in them, PNC charges $3.50 per ATM transaction in Europe. There is probably also a 1% charge from the "network".
If you don't have one of those accounts, and you are sure you can always find a Barclay's Bank, use BofA.
By the way, PNC credit cards add 2-1/2% (probably includes the normal 1% network charge).
<email>
USA Wed 10/19/2005
If you live in Alabama, Arizona, Colorado,Florida or Texas, Compass Bank has free checking with all ATM's worldwide free. You'll still pay the 1% Visa conversion fee.
Texas USA Tue 10/18/2005
PNC VS BANK OF AMERICA
You can read 20 posters on this page and get 20 different opinons. I suggest you call the two banks and ask questions.
How many outlets in the cities you will visit. What the U.S. banks fees are.
And what the foreign bank fees are. I have always found ATMs easy to find when I travel.
Seldom do I find one which wont take my card, but if I do I can walk down the street and find another bank which will take my card.
Only a minor inconvenience.
TEXAS USA Mon 10/17/2005
PNC vs. Bank of America
What bank do you guys think is better for using ATM's in Europe. PNC or Bank of America. Any comments would be appreciated.
USA Mon 10/17/2005
PNC vs. Bank of America
Has anyone banked with PNC Bank. I heard that they do not charge for ATM useage out of the country. I'm torn between using them or Bank of America when I go to England. Any comments.
USA Mon 10/17/2005
Cash or no cash
Richard:
Although I agree with you that ATMs are the best way to get cash over there, something in your posting confuses me. You said you took NO cash money when you left the US, but you also said you bought British pounds in Atlanta. Last I checked, despite the Civil War, Atlanta was still in the U.S.
As for the currency exchange at Hartsfield, the airport website indicates it would have been Travelex. I called the Hartsfield Travelex office today, and they were selling pounds for $1.96/GBP, 11.8 % over Oanda's published interbank rate at the time!! At the same time, Bank of America's rate was $1.8585/GBP, only 6% over the interbank rate, and no fee. Judging from your no fee ATM rates from Barclay's and Deutsche Bank, you must be a BofA customer. Hopefully, you brought home some foreign currency to start your next trip, but if not, next time, if you want foreign currency, get it from BofA.
USA Mon 10/17/2005
Foreign ATM and Credit Card Useage
I must have a great credit union. Just got back from Israel and the only charges I could see were for the standard $1.00 use for an ATM machine not belonging to them. I know I got the current exchange rate as I checked what it was for the dates that my ATM transactions posted and it was within cents of being correct. No sign of any fees charged by the Israeli banks. And some of the places we went charged my credit card in dollars vice shekels eliminating the fees that are sometimes charged by the credit card companies. Some of those have already posted to my accounts and they too were correct. Don't mind reasonably small fees for the use of my cards. It saves time and to me that is sometimes as valuable a commodity as trying to find some place to cash traveler's checks or looking for the cambio with the best rate. Bottom line is that you, the consumer, are going to pay for exchanging dollars to foreign currency at some point.
Judy
VA USA Mon 10/17/2005
Cash or no cash: that is the question
I just returned from a two-week trip to Europe that included London, Paris, Berlin, Munich, and several day trips from each. I took NO cash money when I left the U.S. and used local ATMs when I needed any. The most expensive place I got money was at the Atlanta airport (yep, right here in the good ol' USA) for GBP and was charged a $4.95 "fee" along with the worst exchange rate I got on my whole trip! Barclay's Banks in England do not charge a fee nor did any of the Deutsche Banks in Germany. I've gotten most of my credit card statements already, and the exchange rate on all of them was within a point or two of the official rate. In short, using the local ATMs for cash and my credit cards for most purchases gave me the best rates no matter where I went.
Richard <email>
AK USA Mon 10/10/2005
ATM's and fees
Paris, September 2005 --
I used the ATM at the post office (La Poste) several times. Visa charges a 1% fee for currency transactions, CitiCard said their fee was 3% (1% for Visa + 2% for Citi). My credit union said they didn't add a charge, but that Visa would still take their 1% cut. I used my CU Visa debit card (no cash advance fee if I'm just getting my own money out of my account) and indeed the add-on was only 1%. Not really bad for the convenience. I had brought traveler's checks, but never had a need to use any of them.
DaveL
Austin, TX USA Mon 10/10/2005
Whatever you do - call your bank before you leave for Europe. Tell them that you will be traveling and where you will be traveling. If not there is a very good chance that they will place a hold on your account the first time you try to use the card. You will then have to call home to have the hold released.
USA Fri 10/07/2005
ATM problem in Prague
I stayed in Prague this summer from June 7 - 10. I tried my ATM card 3 times one day, but I received no money. A message similar to "Withdrawal cannot be made at this time" appeared on the screen. One of those times, a receipt came out of the ATM reading "Cash Withdrawal", the account number X'd out, and the amount 7,000 czech krowns, which I tried to take out. I was frustrated that no money came out, and in a hurry to start my day exploring Prague, so I left the machine without thinking too much about it, saving the receipt. I walked to a bank to cash some traveller's checks (which I was glad I brought since my ATM never worked). I realize now that when I got that receipt that said Cash Withdrawal, I should have immediately walked into the bank and complained that no money came out. The money should have dispensed since I got a receipt. After my trip to Europe, when I came home and got the bank statement for my checking account, I was charged $286.86 for a cash withdrawal in Prague. I never got the money. I forgot about the receipt, thinking I didn't have one. I complained to my bank who did an investigation, which consists of their system sending a message to the bank system in Prague. My bank didn't and doesn't phone any live person in Prague. The system message received by my bank was that the transaction went through. I don't have any proof that I didn't get the money. Is this a scam? I don't know if the machine was broken. Has anyone else experienced this? Should I file a report in Prague (with the police?), to at least complain about it?
By the way, my ATM card worked in London and Paris, but not in Sweden, Prague, or Germany. Luckily I had American dollars and some traveller's checks to exchange.
Ann <email>
Sherman Oaks, CA USA Tue 09/20/2005
Prague ATMs/credit card usage
Just an advisory: In Prague, they still prefer or only accept cash in many places. However, be sure to increase your daily withdrawal limit with your bank before you leave home as you can quickly max out your debit card for the day with meals, metro passes, entrance fees, souvenirs, and beer :). The better restaurants and shops take plastic, but who can afford that all the time!
Nancy
Evanston, IL USA Mon 09/19/2005
PINs
For what it is worth, I have ATM cards from three different banks. Two have a 0 in the PIN (not the first digit), and I have used each of them multiple times in Germany over the last 5 years without a problem.
Before my last trip, I received a new ATM card that started with "00". I didn't have time to change it before I left. I used it one time in Germany, and it worked.
CO USA Mon 09/19/2005
ATM Fees
I just returned from 2 weeks in Germany and used my Bank of America debit card several times at Deutsche Bank ATM's and I was not charged a fee. Also when I checked the exchange rate after getting Euros from the ATM's, I found the rate I received was within fractions of a cent of the official rate. Once I used an ATM at an American Military installation where my son is stationed and the rate was off about 2% in the banks favor, but again no fees. Plenty of Deutsche Bank ATM's in the Frankfurt Airport too!
Steve
Anaheim, USA Sun 09/18/2005
PINs, etc.
Karen-I have used a 4 digit PIN starting with 0 for the last several years in many European countries - no problem. Be aware, however, that BofA is now charging $5 per ATM withdrawl from a foreign bank. You will want to take out as much cash as possible to minimize the effect. We always travel with an Debit card for ATM withdrawls (and can be used as a VISA as well) and then our AmX as backup. I never take cash with me unless I have some left over from a prior trip. This even worked well for us when we visited India instead of Europe this summer.
USA Sat 09/17/2005
PIN and ATM Fees
I am going to Germany for 2 weeks and have a few questions. I have read various things about PINs with "0" in them being a problem. Does anyone know if this is true? Do European ATM's accept 4 digit PINs that have zeros in them? I am planning to use my BOA ATM, with my VISA and MBNA Credit Cards as back-up. Does this sound sufficient? Thanks for any suggestions.
Karen
PA USA Sat 09/17/2005
Wells Fargo ATM fees
I am a Wells Fargo customer and my daughter works for them. WF has different rules for every state, so it is possible that the information you got was correct for Texas, but I don’t think so.
For those who bank in Colorado, foreign point of sale (POS) purchases (debit or credit card) are charged an additional 3% (1% network charge, 2% WF currency exchange). ATM transactions have a 1% network rate and a $5 ATM fee, which is waived for certain accounts (PMA).
I know this because I went to my branch a month ago and got the manager to print out the exact rates and fees. It also agrees with what I was charged in Europe last year. The fee schedule for each state is not on the Internet, but it is available to Wells Fargo bankers on their intranet. That is the only way to be sure. I suggest you do the same if you have time.
When you get back and get your statement, check every charge with the exchange rate shown on Oanda.com for the previous date. If WF charges you 2% for currency exchange, that should be listed as a separate charge, but the 1% network charge is buried in the $ amount.
<email>
USA Thu 09/15/2005
Wells Fargo ATM Fees
I just spoke with a Wells Fargo Customer Support rep (1-800-869-3557). She informed me that the ONLY charges I would incur when using my ATM card were: 1) If using it for a credit purchase - 1% fee; 2) If using for a debit/cash withdraw - a $3 fee.
I have seen many other comments contrary to what this rep told me so I'm not sure what to expect. I'm leaving tomorrow for Italy and will hope the rep was correct.
Kyle
Fort Worth, TX USA Thu 09/15/2005
ATMs
I have found that my credit union VISA is the best. Before I go, I put acouple of thousand on it, thus it becomes a debit card and I escape all the fees with an ATM transaction. Also, travelers checks are useless, no one wants them.
B.J. <email>
Reston, VA USA Wed 09/14/2005
Getting money at airports
Liz:
try calling a local office of Bank of America and find out where you can pick up foreign currency without shipping. I have tracked their exchange rate, and most of the time they are one of the two best at about 5 ½ %. Please email me for other information.
Kim and Carolee
Instead of buying Euro here, or relying on the first ATM over there, next time you return from Europe, bring back enough Euro to start your next trip.
<email>
USA Wed 09/14/2005
credit cards and exchange rates
We just spent 4 weeks in Europe. We called our credit card companies ahead to see what their fees would be for the usage. Each said they did not charge us an additional cost to use them. When we got home and started reviewing the bill, we realized that the credit cards, while not charging us a "fee" for use, the exchange rate they used to calcuate the exchange was absolutely terrible! In the future, I will question them as to tell what the real cost will end up being OR and just use cash to be safe!
Michele <email>
Sacramento, CA USA Wed 09/14/2005
Great ATM rate
If you have a Bank of America ATM card, you can get free access to Barclays ATM in the UK. That saves us a bundle, and the rate they used is very good. BofA have strategic partners in a few other countries (like Westpac in Australia, Scotia Bank in Canada etc). You can verify with BofA
Kevin
Seattle, WA USA Tue 09/13/2005
Maxing Out
I got 400 Euros at a time at ATMs in Europe last year. That's about $500 worth. I will make sure my daily max at my bank is at least $500 before I go again.
Swan
USA Tue 09/13/2005
Deits Credits and Travelers Checks
Hi-I am going to Germany in a few days..I just bought $200 worth of Euros which came to 150 euros..I got them at AMEX travel store in Manhattan..the exchange was not too bad considering we always do better over there..but I wanted to have some in case..there was only a $3 fee for the service which I did not think was too bad either..I NEVER use traveler's checks I think they are a waste of time..I use my debit and credit cards wherever I go..I looked into getting the Amex Travelers Check Card..and not only do they have a lot of fees but you also have to give them either a credit card or debit card so if you go over the spending limit they can charge that card..dumb!! I would rather just use mydebit..the most I have ever seen for fees for my debit was $4..I am willing to do that rather than waste my time exchanging travelers checks..Happy traveling
KIm
Brooklyn, NY USA Tue 09/13/2005
Money in airports
no, the currency exchange at airports is not free. The Travelex desk at Dulles quoted me $1.36/EUR this morning. That is 9.6% over the interbank rate. I didn't ask if they had an additional fee.
USA Sat 09/10/2005
GETTING MONEY IN AIRPORTS
Don’t count on the Travel Money Service in the airport to be FREE. No exchange service can function without earning a fee. It may be hidden so you can't know about it.
I have found ATMs are in EVERY airport I have landed in. Before I flew to Frankfurt I checked on the web and found 14 of them listed on the map of the terminal.
When I found one which would take my card, I looked around and could see three of them from where I stood. They do charge a fee but it is small.
When I landed at Montreal last month the ATM at the terminal charged $1.75 Canadian. That convereted to $1.40 US. I can afford that!
If you go to your local bank you will find the exchange fee will exceed any ATM charges you may have to pay in Europe. Call the bank and ask how much the fee will be on the amount you want to buy. That’s the only way to compare cost.
My experience in withdrawing from airport ATMs has been so successful that I will never buy currency here again.
CAROLEE M.
DENVER, USA Sat 09/10/2005
ATMs
Just got back from a week in Italy and a week in Ireland. I had a debit card from my credit union (charged a 1% fee for each withdrawal), and a back-up BofA debit card (charged a $5 fee per withdrawal) in case I had trouble with my credit union card. We landed in Rome with no euros in our pockets (a little risky, admittedly), found an ATM in the Rome airport with no trouble, and withdrew E400. We pretty much paid cash for everything and had absolutely no trouble finding ATMs or withdrawing money from them. My credit union card worked perfectly and I never had to resort to my BofA card. I was able to withdraw E400 each day, with the exception of one ATM in Ireland where the max withdrawal allowed was E125. The ATMs mostly gave me E50 bills. And of course I used a money belt. Also, I notified both my credit union and BofA of my travel plans ahead of time.
USA Thu 09/08/2005
Using ATMs vs taking currency from the US
Two summers ago we went to London and Paris. We got $500 in GBP and Euros which cost us $10 at our bank to get (a 2% fee). We also got $300 in Travelers Checks which I promptly "lost" upon arrival at Victoria Station; fortunately, there was an AMEX office directly across the street and they replaced them the next day. There was a 2% fee for getting those, and we had to go to banks to get them excahnged for local currently, costing us even more. Last December we went, getting only $300 in local currency ahead of time and then using ATMs for additional cash (on our Wells Fargo debit card) or credit cards for purchases. We found we got the best exchange rate directly on our credit cards, and the max fee we paid when taking cash was $2 (in fact, we found that Barclay's Bank in London charged NO fee). I'm headed off again in two weeks to London and the Continent and intend to use only my debit card for cash and credit cards for everything else.
Richard
AK USA Thu 09/08/2005
Large denomination notes
Jeff, with most banks adding 2% to the 1% on credit card purchases and most bank still only charging 1% for ATM withdrawals, you are probably paying a higher rate for the card, so don't sweat the big bills.
CO USA Wed 09/07/2005
To C. Hand re ATM large denomination withdrawals
My experience in 5 different countries was that it's pretty difficult (i.e., almost impossible) to get small-denomination bills from ATMs. One trick that helps a bit is to ask for an amount that forces the machine to give you at least a couple of smaller bills. For example, instead of taking out 300 euros, see if the machine will let you withdraw 340 or even 345.
Depending on where you are travelling you may be able to change the larger bills at a bank or use them to make a more expensive purchase in lieu of a credit card. Yes, you lose the advantage of the card's exchange rate for that purchase but at least you can break some of the 200-euro notes that seem to be favored by many ATMs.
JeffK
King of Prussia, PA USA Wed 09/07/2005
Getting Money in Airports
Yes, I too was wondering about the wisdom of getting currency in the airport, specifically in my city of arrival, Amsterdam. According to the website for Schiphol Airport (schiphol.nl), there is a "Travel Money Service" which conducts currency exchange, ostensibly for free, and also eight branches of ABN Amro Bank with ATM's. However, I seem to remember reading somewhere that airport ATM's may charge their own fees for withdrawing money. Also, I am skeptical of the claim that the currency exchange is a free service. I wonder if I would be better off, or worse off, going to my local (Washington DC) Travelex office to get a small amount of Euros before going, rather than getting them from the airport ATM.
Liz
Hyattsville, MD USA Wed 09/07/2005
Buying currency in the airport - Pat
You mentioned in your post about buying currency at the airport. Did you mean getting it at the ATM, or did you mean using a currency exchange desk at the airport? I haven't actually seen one since 2000, but I haven't been looking.
Does anyone have an accurate idea of what they charge. "Accurate" means comparing their EUR/$ rate with someone like Oanda on that date.
<email>
USA Wed 09/07/2005
AE Travelers cheque cards
Last time I checked the fine print on the AE TC card, it was charging 2% plus $2.50 for foreign ATM transactions. All foreign currency ATM transactions get charged at least 1% by the "network" (Visa, ?); some banks (e/g. US BAnk) are adding another 2% for themselves. Other banks charge $5 for the fee. So, at the ATM, the AE card is more than most, less than some, but all in all not bad.
One the other hand, there is the $14.95 initial fee. It amounts to another 1% +/- depending on the initial load.
The biggest problem for AE is that, though a large number of ATMs in Europe do take the card, percentage wise most don't. You can't just walk up to any ATM and use the card. You need to get the locations in advance from the web and plan your withdrawals accordingly.
The card to avoid is the AAA Visa cheque card. It charges a 7% exchange rate, plus a fee.
USA Wed 09/07/2005
A E TRAVELERS CHEQUE CARDS
American Express cheque cards are the most expensive way to take money to Europe. The fees are excessive compared with other methods.
If you read this column all the way to the bottom you will find lots of advice about buying euros.
Also read the archives. Almost all travelers now agree that the ATM is the best, safest and most convenient method of buying currency.
Read this column for a variety of traveler experiences. You can buy currency in any airport and have money as soon as you need it.
PAT
TX USA Tue 09/06/2005
A.E. Travelers Cheque Cards
I'm going to europe in a couple of weeks and am still not sure how to take my money, has anyone used the american express cheque cards yet? they seem to have alot of fees.
Connie <email>
Oxnard, CA USA Tue 09/06/2005
ATM Fees
I recently spent some time in Australia and was told by my bank that if I used my visa check card I'd be looking at three different fees: 1. the $2.00 fee for using a different bank, 2. a conversion fee, 3. an international service fee of 1% of whatever I withdrew. After using ATM's several times I checked my account and saw that I was only ever charged the $2.00 fees. I'm not sure if this is a difference in Australia? Maybe the other two charges are only applied in certain countries?
Steve
NJ USA Tue 09/06/2005
Minimizing Fees
Here's what we are doing: we opened up a checking account, with ATM cards of course, with Sun Trust bank. We checked with them and there is only a $2 transaction fee for ATM withdrawals and no conversion fee. We are also getting a Capitol One Visa card for purchases. They charge only the 1% fee that Visa charges and no more. I'll let everyone know after my trip if it really works out the way it's supposed to, but so far, it looks like this will be the best way!
Liz
Hyattsville, MD USA Tue 09/06/2005
LIMIT ON ATM WITHDRAWALS
LIZ; Always ask for the amount you need. The machine will tell you if you are asking for too much.
Then reduced the amount each time and try as many times as necessary.
I have withdrawn an amount and repeated my request for the same amount and received it several times.
CYRA
NYC, USA Mon 09/05/2005
DOLLARS TO EUROS
Zorro: if you read this column all the way to the bottom you will find lots of advice about buying euros.
Also read the archives. Almost all travelers now agree that the ATM is the best, safest and most convenient method of buying currency.
Read this column for a variety of traveler experiences. You can buy currency in any airport and have money as soon as you need it.
G .G. CHANTLUR
DALLAS, USA Mon 09/05/2005
Dollars To Euros
I am considering changing dollars into Euros. Am I better-off doing it at home or finding a bank at my destination-Amsterdam?
If someone knows of a good place to change $$$ in Amsterdam I'd apppreciate hearing about it. And specifics about the rate/fee too (or where I can find it online.)
Thank you!
Zorro
USA Mon 09/05/2005
ATM Max
I don't think you will be charged for failed attempts. Your idea is a good one--start high and keep trying on your way down. I've done that. I think it may depend on the country your are in. I think somewhere between 200-400 euros, usually, would be the max. Once I figure out the daily max, I hit the ATM every day to stock up my cash supplies. I like to pay cash at hotels, so I may need more than one day's max to pay it.
USA Sat 09/03/2005
Limit on ATM Withdrawals?
How do you know how much you can take out from the ATM's overseas? I have heard it's not the same amount you can take out in the USA, so I guess it is controlled by the European bank to which the ATM belongs, but how do you know when you go to withdraw money?
I want to take the max each time to keep the transaction fees down, but I don't want to be charged for abortive attempts if I start high and work my way down ...
Any thoughts?
Liz
Hyattsville, MD USA Sat 09/03/2005
ATM large denomination withdrawals
I use my ATM card in Paris and like to withdraw around 200E per transaction so I do it less freq. But the machine always gives large denomination bills and the merchants don't like them. Any suggestions on changing them for smaller bills?
C. Hand
San Rafael, ca USA Sat 09/03/2005
Wells Fargo Card
In answer to Catherine's question, I have used my Wells Fargo ATM card in Germany and The Netherlands without any problems, other than the extra transaction fee of $5.
Mike
USA Thu 09/01/2005
DONT BUY FOREIGN CURRENCY FROM YOUR BANK
I agree that buying from a local bank is the most expensive way to obtain foreign currency. The bank must charge for keeping currency in inventory and then handling it for you.
Why pay extra when you can use an ATM as soon as you land in a European airport and have local currency handy.
The EXPERIENCED travelers use ATMs because they are convenient and inexpensive.
SAM
WACO, USA Thu 09/01/2005
Wells Fargo
I was just wondering has anybody used Wells Fargo atm card over in Europe? Any problems? What are the fees like? Any help would be great. I'm leavin for London and Paris in a month.
Catherine
Las vegas, NV USA Wed 08/31/2005
Don't buy foreign $$ from your bank.
Here's a Canadian point of view...
My wife and I decided to take a fair amount of currency with us to Europe (VISA/Mastercard/AMEX now has a new-ish extra 2 1/2% surcharge on ALL foreign purchases, and my ATM card now costs me $10 plus the currency exchange!) so I ordered 500 British pounds sterling plus 1000 euros from my local branch of Royal Bank. Waiting the few days for them to arrive, on a whim I phoned a currency exchange house out of the yellow pages, in this case Vancouver Bullion and Currency Exchange, and got a (preferred customer) quote. Then I called Royal Bank for a quote so it would be on same day, and I was quite surprised to find my own bank wanted $65 more!! I went in person when the money arrived and asked them to match the price... "NO WAY"! I told the teller I had been a customer for probably 40 years and deserved a price match, so she went to ask someone else... STILL no way. She told me the bank would always charge more compared to a currency exchange office. I passed on buying from them, but they did hit me with a $5 charge for not accepting the order.
Wow! I need to remember this- never buy foreign currency from my hometown bank... go figure.
Hope this might save you a couple bucks! If you can stand carrying that much cash, you avoid fees altogether.
Lon in Vancouver, Canada
Lon <email>
Vancouver, BC Canada Wed 08/31/2005
Compass Bank
Just opened a free checking account at Compass Bank to use for travel funds only. No account fees, free checks for life, no minimum balance, debit/ATM card, free online banking, etc.
When I asked about fees at overseas ATM's I was told that the only fee is the 1% conversion fee that VISA charges. The limit for ATM withdrawals is $500 per day, but that can be adjusted up. Purchase limit is $2000 to begin with. If any bank charges you a transaction fee at their ATM, save the receipt and Compass will reimburse you.
I'll try it in Germany and Austria!
Merrell
Alabama USA Sat 08/27/2005
here are Bank of America fee free european banks
Barclays (United Kingdom)
BNP Paribas (France)
Deutsche Bank (Germany)
Santander Serfin (Mexico)
Scotiabank (Canada)
Westpac (Australia and
New Zealand)
robert
ca USA Thu 08/25/2005
ATMs & Credit Cards: Minimizing fees
I too called BofA international dept. because they fail to have a Global partner in Ireland. I was told that BofA would charge $ 5 fee to use the ATM plus Visa would charge a cash charge, sorry I do not recall if it is 3%. Banks in Ireland do not charge a fee so no extra charge there.
I opened an account at USAA credit union where there is no charge to use an ATM at any site. AND the USAA credit card charges 1% conversion fee for cash.
There is a charge to use the Visa credit card. Usually in the USA the amount is paid by the store owner, but not when we travel.
I got the idea for the credit union after reading a comment here several months ago.
I do not know when you are leaving, but if you find a credit union or another institution that is better. You probably can get your new card within 2 days. The credit union tranferred the money for me via a phone call with my account number and sent the card to me in over night mail.
I think BofA is a BIG ripoff since they were bought out by a Carolina Banking Co. several years ago.
Good Luck on your trip.
Betty Ploeger
Sierra Vista, AZ USA Tue 08/23/2005
More Fee Woes -- BOA
I want to add that I contacted BOA customer service today and after some difficulty was told that in addition to the $5 transaction fee at non-Global Alliance banks, there is a 1% conversion fee for ATM withdrawals. She also confirmed that there is a 3% fee for VISA credit card use.
My credit union tells me they have no fee for credit card use, but I believe that can't be right. Doesn't VISA charge 1%? Does VISA charge the bank 1% or does it charge the 1% directly to the customer when the credit card is used? I haven't been able to get that question answered yet, so if anyone knows, please tell me!
I also haven't been able to find out the locations of any Global Alliance ATMs in the Netherlands (I know Deutsche Bank has a presence there, but that's all I've been able to figure out so far).
Liz
Hyattsville, MD USA Tue 08/23/2005
BofA Foreign ATM fees
Swan-FYI the foreign atm fees that B of A is charging is new as of this year. I have traveled for years with my B of A card with no problem until this year. They now charge $5 per foreign ATM withdrawl unless you withdraw from one of their Global Alliance banks. Compare this to their standard $2 for non-BofA bank withdrawls in the states. To me it seems like they are charging me exactly when it is the most difficult to find a "local" bank. Also, when I used my BofA card as a VISA card I was charged an additional 3% foreign conversion fee. I believe this might be true for all VISA accounts but it bears mentioning. Having said all this, it still seems to be the best financial deal to take an ATM card (or two as we do, in case one doesn't work) and also use credit/debit cards for other purchases.
Karen
Atlanta, GA USA Mon 08/22/2005
B of A
Last year I used my B/A card at a Deutsche Bank ATM in Sorrento, Italy. A fee showed up on my bank statement the next month, but was removed later without my asking. To keep track of my bank balance I add 0.05 euro to the exchange rate for my own calculations and come out very close to the actual exchange amount charged to my account. So, if the (newspaper) exchange rate is 1.22 USD for one Euro, I calculate at 1.27. Another way to keep close track is to put the bank account on the internet then check every few days. I an ATM card from another bank, but B/A is the one with no fees if I am careful where I do business. In France and Italy, there is a BNP Paribas or Deutsch Bank almost everywhere. I make it a point to withdraw money in advance of needing it so that I won't get stranded with no cash.
Swan
USA Mon 08/22/2005
BofA & Global Alliance -- a
In regards to discussions (here and on other forums) about Bank of America, their partner bank program "Global ATM Alliance" (specifically Deutsche Bank) and whether or not they would honor the "no access fee" pledge at a Deutsche Bank ATM located in Italy instead of their home base of Germany.
I queried BofA directly by e-mail and here is their e-mail reply...
Subj: Re: Interest Checking - xxxx Questions about ATM/Debit Card (KMMxxxxxxxxxxxxxKM)
Dear Eric xxxxxxxxxxx,
Thank you for your inquiry dated 8/16/05 regarding Interest Checking - xxxx Questions about ATM/Debit Card.
You can use your Bank of America ATM card anywhere you see the Plus or Interlink symbols that appear on the back of your card, including numerous financial institutions throughout the world.
While traveling outside the United States, you can avoid the access fee by using an ATM at the following banks in these locations:
- Barclays - United Kingdom - Deutsche Bank - Germany - Scotiabank - Canada - BNP Paribas - France - Westpac - Australia and New Zealand - Santander Serfin - Mexico.
Please note that some of the member banks listed above have a presence in other countries. ATM fees are waived for international transactions as long as you conduct the transaction at one of the member bank's ATMs, regardless of the country.
If we may be of further assistance, please contact us again by e-mail. Thank you for choosing Bank of America.
Sincerely,
Not sure whether or not you can trust ONE person (probably customer service) within BofA to give you the straight scoop... But at least people can quote the name above as a valid corporate "source" and possibly get bogus fees refunded.
Eric
Bothell, WA USA Thu 08/18/2005
B of A
I have had the same problem in Belgium with my Bank of America card. Even the Citibank in Brussels wouldn't take it! I'm hoping for better luck in the Netherlands.
Michael Leuchtenburg <email>
Boston, MA USA Wed 08/17/2005
Thanks
Thanks for the respones on the prepaid travel cards. I was prepared to live with the load and ATM fees but I completely missed the outrageous conversion fee. I guess I'll stick with my Bank of America ATM card and a MasterCard.
LD
Boston, MA USA Tue 08/16/2005
Local banks ATM's or ATM/debit card
Dee - The terms are used pretty much interchangeably. We've used both types in Europe with very few problems (some banks in Amsterdam took only European ATM cards). Make sure that your ATM card can withdraw from your checking account. See the posting on this forum, dated 05/04/2005 titled "Euro ATMs access checking accts only!". Make sure that you have a 4 digit PIN. Some people have reported problems with PINs that start with a zero. Good idea to bring some US currency as backup.
Rick Manyik <email>
Chicago, IL USA Mon 08/15/2005
Local banks ATM's or ATM/debit card
When you use the term ATM cards, are you referring to the ATM cards from your local bank that you can only use to withdraw money at a machine? Or are you referring to the ATM/debit cards that can be used to withdraw from machines and from banks and use to buy things? Are these terms being used interchangeably? I will only have a local ATM card to bring with me in addition to a Mastercard credit card and US dollars for back up. I'm confused. Thanks in advance for the help.
Dee
Illinois USA Sat 08/13/2005
Pre-paid cards not worth it
Generally, pre-paid "travel" cards have way too many fees and rules to make them worthwhile. Perhaps if you are unable to obtain a debit or credit card from a bank they might have some value.
The thing that really irks me about those cards is that not only do you pay a nice fee to initiate and "load" the card, but you also have to pay a fee to "reload" the card. And if you want to close the account, thats another fee. And most cards expire after a few years. So you have to start all over again with another fee to initiate another card.
This doesn't even take into account the fee you have to pay everytime you make an ATM withdrawal. There's probably a surcharge on the exchange rate as well.
Absolutely absurd.
Allen
Lafayette, LA USA Sat 08/13/2005
AAA Visa TravelMoney Card
Read the fine print. If you use the card to get Euro, they charge you 7% for the currency exchange. Even the boldest of banks are only charging 3% on their ATM withdrawals.
USA Sat 08/13/2005
B of A ATM use in Belguim
Just another note on Bank of America ATM use. Our experience mirrored what has already been written in this forum as far as fees and partner banks. However, we were traveling in Belguim (Brugge and Brussels) last month. We discovered the hard way that our BofA ATM card did not work in ANY bank ATMs in Brugge (their banks are part of Cirrus and BofA seems to have its own network). Has anyone else experienced this?
Amy
Westford, MA USA Sat 08/13/2005
AAA Visa TravelMoney Card
Has anyone had any experience (good or bad)using a AAA Visa TravelMoney card in Europe? I was thinking of getting one to use on a 1 week trip to Switzerland. Thanks!
LD
Boston, MA USA Fri 08/12/2005
in a group
Chris - That's called using your friends. We have friends who do this all the time and it's really annoying. It gets very tiring being the ones who have to make sure that we have the cash on hand. It's one of the reasons that we don't go out to dinner with them that often.
chicago, il USA Fri 08/12/2005
B/A ATMs in France
In France, BNP Paribas banks are in every neighborhood. B/A has a deal with this bank and doesn't charge a fee for ATM withdrawals here. Whatever BNP charges is included in your proceeds and you will not see it on your receipt. BTW the Paris phone book is easy to use to find banks, hotels, restaurants, etc. Each section is organized according to arrondisment, so you can find what you want in your neighborhood.
USA Wed 08/10/2005
in a group
if you keep a good watch over your credit card billings then this maybe a good way of avoiding the atm.
i studied in europe for 6 weeks. during the weekends i travelled. everytime i booked a hostel or hotel for me and my friends, i would charge it on my credit card and my friends would pay me back in cash. this allows me the best exchange rate on my card and my friends would pay me in cash. they use the atm not me. my bank is pnc and they charge me $3.50 alone for international withdraw.
another advice is withdraw in huge sums if possible.
chris
nj USA Wed 08/10/2005
Re: Bank of America ATM Card
Joe,
I would be interested to know where the BOA ATM was in Paris because I will be there in Oct. and I have a BOA ATM card. And when you say no fees, do you mean no transaction fees, no percentage fee, or both?
Thanks
Liz
Hyattsville, MD USA Tue 08/09/2005
Money issues
Check with the bank where your ATM was issued. Some US banks have reciprocating agreements with European banks. We bank with Bank of America and they had a no fee ATM access with Barclays Bank in the UK and also certain banks in France. In 2003 we visited London and Paris and paid no fees at the ATM associated wit Bank of America.
Joe <email>
Cambria, CA USA Tue 08/09/2005
Taking cash
Lynda - Yes, some of the responses were a bit harsh, but reread your post. (I just did, to make sure.) Your post basically said that you were planninng to take $600-700 for a 49-day trip, you weren't going to take an ATM card, and you were planning on putting the cash in your shoe. If you had some other plan, it wasn't stated. This is exactly why I proof-read my emails, to make sure they convey my true intent.
Rick Manyik
Chicago, IL USA Tue 08/09/2005
Taking cash
WOW - you girls were pretty harsh - just asked a question since I've never been to Europe. Dah, did you think I was taking that little money for a long time and keeping it in my shoes? Sorry, you misread my message. Absolutely am taking a security pouch w/ATM card and credit card but thought it might be a "smart" idea to take some $100 bills in case I could use them - y'all are REALLY HARSH but thanks for the feedback anyway - I THINK!! :) :(
Lynda
Charleston, SC USA Tue 08/09/2005
PLUS cards
just got back from a 2 week trip and didn't have any problems finding a ATM that took a PLUS system card even in smaller towns. The other people I traveled with brought cash to exchange as they went and they had a harder time of it:
- outside of touristed cities some exchanges wouldn't take USD in any denomination at all.
- the really low rate you'd sometimes get when in a bind but that's a given.
Ed
San Francisco, CA USA Mon 08/08/2005
TAKING CASH
Lynda: You ask what we think. I think yours is a stupid idea....no other way to put it. They don’t take U. S. 100 bills in most places because they are counterfeited too often.
ATM fees are not costly. Wait til you try to buy local currency with your $100 bill. Thats when you learn costly.
Havent you heard of a neck pouch? Thats where you keep you money....not in your shoe.
ANNABEL S.
TX USA Mon 08/08/2005
Lynda's shoes
Perhaps she was speaking figuratively about keeping money in her shoes... in any case, it's clearly not enough money for an extended visit, and she'll get the best exchange rate out of an ATM anyway.
USA Mon 08/08/2005
Taking Cash in Shoe
Dear Lynda:
First of all, when you go to dinner what are you planning to do when the bill comes??? Take out a stinky wadded up $100 bill and hand it to the waiter??? Guess what - they don't take $$$ they take EUROS! The whole problem is converting $$ to Euros so your idea is a little lame.
Second, if you're planning an extended European vacation on 6 or 7 $100 bills then you best stay at home.
Amanda
Knoxville, TN USA Mon 08/08/2005
Shoe Money
I don' think that's a very good idea, comfort-wise. That wod of bills will start feeling like a paperback book after a few miles of walking. You're going to have to wrap them in something to keep them dry, which adds to the bulk.
I really think money belts are the way to go.
Steve
Richmond, Virginia USA Mon 08/08/2005
Taking cash?
Am leaving for extended European trip in 49 DAYS - yea - question is I was planning on taking about 6 to 7-$100 bills and tuck them in my shoe to avoid costly ATM fees over there. What do y'all think?
Lynda
Charleston, SC USA Mon 08/08/2005
atm cards: plus vs cirrus
On the back of my bank's debit card are the icons for PLUS and INTERLINK. I know that some posters mentioned having the CIRRUS icon on debit cards- in terms of having a useful card to use at ATMs. Is the PLUS icon as common/useful as CIRRUS?
nj USA Sun 08/07/2005
No Commission Credit Cards
Anyone know of banks that don't charge a commission for either using there credit card or to use there atm when used outside of the US.
Sunny <email>
Minneapolis, MN USA Sat 08/06/2005
Savings Account Debit Card
I tried to use my Credit Union Debit Card in Germany today, which draws from a savings account. I have tried to use it at 4 different banks and it has been refused. The ATMs do not ask if you wish to withdraw from checking or savings, they automatically choose checking. The card has the Cirrus and Star emblems by the way´. If you know a bank in Germany that allows access to savings please post it.
Robert DeHaney <email>
Munich, Germany Fri 08/05/2005
Strange pieces of paper
Jeff - I can sympathize with the bank employee explaining how ATMs in Europe will operate. I've talked to people here in the States who are surprised that Hawaii uses US currency. DOH - with sprinkles! At least your bank employee was well-informed, unlike Todd's.
Rick Manyik
Chicago, IL USA Fri 08/05/2005
ATM cards rejected in France? Non!
Todd, admittedly my last trip was some months ago, but I had NO problems with either of my cards in locations ranging from Paris to small towns.
The idea that political differences between the countries' governments will affect ATM transactions is just plain false. It was no doubt some sort of hearsay or off-base assumption that morphed into "fact" in the mind of the person at your bank. Unfortunately, that kind of misunderstanding seems all too common. When I contacted my own bank about using their card in France, they gave me a careful explanation about how I should not expect to receive dollar bills from a European ATM, and would have to content myself with strange pieces of paper called euros.
To quote Homer (Simpson, that is), D'oh!
JeffK
King of Prussia, PA USA Thu 08/04/2005
France addendum
Oh, forgot to add.
That business about France not being USA-friendly is nonsense.
If your card is rejected, it is likely because of France's use of the "chip-and-pin". Cards from the USA don't use this technology, yet.
Because of this, you MAY see your card rejected by ticket vending machines, but probably not by ATMs which are set up for both chip cards and the old magnetic-strip ones.
Allen
Lafayette, LA USA Thu 08/04/2005
ATM Card Rejected? Don't fret.
That's why I always bring 3 pieces of plastic to access money.
Primarily, there is my VISA debit card to access the checking account.
Failing that, I can use a VISA credit card with a PIN to get a cash advance (yes I know its more expensive but it is for back up and I have not needed it in 8 years).
My third back up is a Mastercard credit card with a PIN.
I personally don't feel a need to get a back up debit card from another bank. But thats up to the individual.
Alternatively, if the ATM rejects your card, try bringing it into the bank and have the teller manually give you a cash withdrawal from your checking account.
Allen
Lafayette, LA USA Thu 08/04/2005
ATMs in France
Rick suggests in his guide books to contact your bank to make sure your ATM card will work in Europe. I contacted my bank and was shocked by the response I got. I was told that the card would work fine at ATMs in London and Italy, but that I may have "problems" in France. I was told, "France is not a US friendly country... and that MasterCard may reject the transaction." Our the political differences between the US and France really going to affect my ability to withdraw funds?
Todd <email>
Boston, MA USA Thu 08/04/2005
Minimizing ATM fees
The easiest way to minimize ATM fees is take alot out at a time. If you only take 20 Euro, your gonna get charged quite a bit when you withdraw a small amount that will barely last two hours. I usually take out at least 100 Euro, so i wont need to visit an ATM so often. The less you visit ATM's, the less fees you get charged. It works!
Jack
Tacoma, WA USA Wed 08/03/2005
ATM Fees vs Travelers Cks.
I learned the hard way when I returned froma month in UK and France.
I was charged $5.00 plus $1.78 by Bank of America for EACH transaction I made at a NON BANK OF AMERICA ATM!!!
Would someone please inform me where there IS a Bank of America ATM in the UK or France. Previously I had been able to use my Bank of America ATM card at any bank ATM which displayed the appropriate logo on the back of my ATM card WITHOUT CHARGE.!!
I had bought VISA Travelers Checks in Sterling at Triple A (no fee) and was able to cash 300 pounds Sterling at a bank for a fee of only 2 pounds sterling, and only had to pay that because I did not want to bother going to Barclay's Bank where there would have been NO FEE.
Happy Holiday!!
Jean Easterling
Savannah , GA USA Tue 08/02/2005
Exchanging Dollars for Euros
If you bring American Dollars with you to Ireland do not bring $100 dollar bills as banks will not exchange them for Euros. Bureau de Change will but you won't get as good an exchange rate.
Randy Nease
Dallas, Texas USA Tue 08/02/2005
Buying Euro's now or later
Depending on when you are leaving for Europe, buying Euro's here might be wise since the Euro is down against the dollar right now. If you buy them now, it might save you money as opposed to buying later when/if the exchange rate changes
Steve
Richmond, Virginia USA Tue 08/02/2005
atm
somebody wrote in use Washinton mutual debit card for cash- it costs $3 per transaction from WAMU! OUtrageous. I'm using it because I have it but i'll let them know it's not acceptable.
jeff
USA Tue 08/02/2005
USING ATMs
DOM; If you haven't bought your euros, don’t. Because you wont need them and they cost more here. You can always buy them at the airport where you land much cheaper. That is what I do. My ATM card lists Plus and Cirrus on the back and I have never had a problem withdrawing currency in the 20 countries I have been in.
L. K. DAAB
DALLAS, USA Mon 08/01/2005
ATM's
Going to Italy soon and I'm concerned with having cash. I'm going to have a good amount of Euro before I go, but what if I need more? I would rather use my bank's debit card (PLUS) than accumulate huge charges taking cash advances from my visa credit card (Cirrus). I heard Cirrus is plentiful, but the PLUS network is only at one particalar bank. Any advice?
Dom
Kenosha, WI USA Mon 08/01/2005
USAA ATM card
I spent three weeks in Ireland and London in June. Used my USAA ATM card for everything. No problems whatsoever. If you are elegible for USAA, use it. No fees either
Steve A
Canon CITY, CO USA Sun 07/31/2005
ATMs vs Banks
Liz. No one is going to exchange money for you without making a profit. Reisebank, a major bank in Germany, lists on their website that they will buy dollars for 5% under the exchange rate with a 5 Euro fee. That, apparently, is for cash. They will also charge extra for cashing traveler's checks.
USA Thu 07/28/2005
Large fees on
I am currently in Europe with one thing to say about ATM fees. Avoid International ATMs in Germany. The word, "International" was printed clearly on the front of it. I was charged $27 for withdrawing in the Berlin Zoo train station. I'd say for sure, stick to ATMs on the street side of banks. I am using a Washington Mutual Visa Debit card.
Jeff
GH, WA USA Thu 07/28/2005
Thanks for the response
Thank you, Allen. I appreciate the insight. I am thinking about opening up a separate bank account since it seems that my bank (Bank of America) charges some of the highest fees on ATM withdrawals in Europe, based on others' comments on this board. I must also check my credit card to see what rates they charge. Again, thanks.
Liz
Hyattsville, MD USA Thu 07/28/2005
ATMs vs. Banks
Good questions, Liz.
In my experience, banks in Europe (and in the USA) will not exchange dollars for the local currency at the current exchange rate without either adding a commission or "burying" the commission in the form of a worse exchange rate. And sometimes, you pay for both. How much specifically is this? It ranges from 5-20%. Its so much easier and cheaper to use your home town banks's debit or ATM card there(must have PLUS, Cirrus, Mastercard or VISA logo). But you have to check with your bank to see what the fee is. Mine charges 1% on all foreign tranactions (purchases and ATMs). Never use the credit card for cash advance unless your primary debit card isn't working.
As far as credit card fees, everything seems to be in flux at this time.
I do know that AT THIS TIME, my Capital One just charges 1% on foreign purchases, while my Citibank Mastercard is on the order of 3-4%.
Allen
Lafayette, LA USA Thu 07/28/2005
ATM's vs. Banks, and other questions
OK -- I may be confused, but why is it not possible just to go into a bank in Europe, hand over dollars, and make an exchange? I did that with no problem about 10 years ago traveling in the middle east. There was no fee, just an exchange at the current exchange rate.
Also, as far as using a credit card, is it possible to make the transaction something other than a (costly) cash advance? More like an ATM withdrawal here?
Finally, has anyone had a positive (low-fee) experience with using a US bank's card in Europe?
Thanks for any insight. This will be my first trip to Europe and I'm trying to be as prepared as I can be.
Liz
Liz
Hyattsville, MD USA Wed 07/27/2005
Wells Fargo ATM Cards
I don't know if this is the answer to the Wells Fargo ATM problem, but I was told yesterday by Wells Fargo Customer Support that certain ATMs in Europe will not accept a Wells Fargo ATM with a pin that begins with a zero (0) - I don't know all countries where this may apply - but this was the response I received to my questions about its use in the Czech Repulic, Austria, Slovenia, and Italy.
Allison
Austin, TX USA Wed 07/27/2005
Bring more than just one ATM card!!
WARNING: If you have a Wells Fargo ATM card, be advised that they are currently experiencing problems with Interlink, so that many ATMs in Europe will not accept your card!!! Fortunately, I had brought some travelers checks as a back-up. I was only able to use my ATM card twice on the whole trip; the other machines kept telling me my card was invalid for Internationl use. I was furious. I called the 800 number repeatedly from Europe. To add insult to injury, I was charged $5.00 for each of the two transactions that did go through, and there was one ATM withdrawal listed on my statement for which I received no cash. They are currently investigating this. My advice: Take 2 ATM cards, some Euros (which you can get at some American banks) and American dollars as a back-up... They are easier to convert than traveler's checks.
Susan
N. Hollywood, CA USA Mon 07/25/2005
No fees in Canada!
I just used my USBank atm/debit card in Canada to pay for my hotel stay and at the ATM to get cash and I was NOT charged a conversion fee nor was a percentage of the transaction amount taken. I looked at my receipts and did the conversion myself and sure it enough, they were exact. Perhaps Canada is an exception to the rule because I was charged a conversion fee for a purchase I made in Spain.
USA Fri 07/22/2005
Debit Visa versus Credit Visa?
FYI... I just phoned my bank in my hometown... it's a small local bank and they are a SUM bank (no fees to use ATMS of other banks who are in the network) and they told me that there is no fee at all for using my debit card overseas as long as I use CYRUS or another type of ATM listed on my card. Not even 1%. Maybe the best way to travel is to get a nice hefty no fee overdraft associated with your account and just try to pay it off before you get socked with the interst. The logo on my card is Visa. Does this 1% thing just not apply to debit cards, being that it's your own money? It almost sounds too logical. Can this be true?
USA Thu 07/21/2005
Credit card use overseas BEWARE of WOLVES
I just canceled with Bank of America (formerly Fleet). They actually charge 3% for every single conversion or use of your card... and they can charge a fee on top of THAT. It all goes in there pocket, well at least 2%. (nearly 1billion already) Chase Visa does the same thing, I called them up! Can you imagine, these corporate rapists actually call themselves international banking centers. What a joke. I'd rather take a travelers check for free and pay the 40$ for AAA. Shop around. While many large corps charge the 3% -some only pass on the 1% that is charged to the bank by Visa or Mastercard for the conversion of currency.
Robin
Boston, MA USA Thu 07/21/2005
US BAnk ATM
Cathleen, as far as I KNOW, US Bank is the only bank currently charging that 2% extra on ATM withdrawals.
USA Wed 07/20/2005
ATM Fees
I just returned from Italy and used my US Bank ATM/Visa card for cash withdrawals. My bank statement reflects a $1.25 "ATM Withdrawal At Other Network charge" per withdrawal, a 1% Foreign Transaction Fee and a 2% Currency Exchange Fee. As you can imagine, on a 4 week trip, the charges really added up. As an example, on a 500 Euro w/d (612.00 USD), in addition to the $1.25 flat fee the 3% charges totaled $18.36 which is a total charge of $ 19.61 or 3.2%.
If anyone has a cheaper alternative, I would love to hear about it.
Cathleen Miller <email>
Livermore, CA USA Wed 07/20/2005
AmEx companion ticket
Read the terms and conditions. You have to buy your tickets from API, a company that doesn't even have a webstite so you can't even shop around for the best price. How do you know that API is going to give you a good price. Of course, maybe it doesn't matter much, because you have to buy a RT ticket for at least $350 (off season). Most of the year it is $380. I found plenty of cross country RT tickets for way less than $380.
Lastly, you can't even find out about availability until after you buy the card. That doesn't sound to me like the dealings of a reputable company.
The companion ticket doesn't sound like it is worth $14.95. And, remember, once you put money into the card, it cost $2 per ATM withdrawal and there is almost no way to get it all out.
USA Wed 07/20/2005
AMEX COMPANION TICKET
Amex had a similar deal about 2 yrs ago, where you got a companion ticket when purchasing a certain $ amount. I did that one back then, and the black out dates were ridiculous. Never ended up using the companion ticket. Just and FYI.
USA Tue 07/19/2005
US Bank and Visa
Liz, I'm not convinced you are being told "exactly" the truth yet. First, the website says the ATM fee is $2.00 not $1.50. That's 50 cents in money but a mile in accuracy. Second, according to the Visa website, Visa now charges a 1% "International Service Assessment", whether or not your bank charges a currency conversion or not. That makes 3% total. This 3% rate was also confirmed to me in an email from US Bank.
The Visa website says nothing about charging 2% if the bank doesn't. According to Wells Fargo and a local bank here, they pass on Visa's 1% and that's it.
I don't know who your MasterChard is with, but call that bank and try to find out what they charge.
BTW, Wells Fargo now charges most customers $5 for foreign ATM transactions.
USA Mon 07/18/2005
OK, I finally spoke to someone knowledgable!! Yes, there is a 2% conversion fee and a $1.50 atm fee. Apparently, this is the new standard for cards with the Visa logo. If your bank doesn't charge you the 2%, Visa will. Mastercard isn't too far behind in implementing this too, according to her. Maybe in the meantime, I'll just use my mastercard so as to avoid the percentage fee.
Liz
Grand Forks, ND USA Mon 07/18/2005
Confused....HELP!!
I'm confused. USBank just told me they only charge the conversion fee when the card is used as a credit/debit card, but not for cash withdrawal. Is this true?? Let me call again. I read the info on the web page, but it doesn't clearly stated whether it's on withdrawls. The thing is I live in Grand Forks. There are only 2 major banks here. Wells Fargo and US Bank. I have had nothing but bad experiences at Wells Fargo, so I switched to US Bank and they have been great.
USA Mon 07/18/2005
US Bank ATM conversion fee - Liz
Whoever you talked to at US Bank is either misinformed or a liar! (What can I say - what they assured you of is NOT in accordance with the banks "Terms and Conditions" for their cards, as stated on their website). Go to www.usbank.com, and click on "check cards with rewards" under Select a Product... Then click on any of the cards - on "apply now". (You have to actually be buying the card before they tell you the terms) At the bottom of the page, click on "account disclosures, terms, and conditions", then on "consumer pricing information" Select Noth Dakota. At the bottom of the ND section, under "U.S. Bank ATM/check cards", you will see, "foreign currency conversion fee 2% of transaction amount". Note how well they have concelled this information. In an email from US Bank, I was told that this 2% is in addition to the 1% that Visa charges.
I know of no other bank that charges this much for foreign ATM withdrawals (yet), although, to their credit, they are also one of the few banks that publishes it. GET ANOTHER BANK!!
<email>
USA Mon 07/18/2005
2nd Emergency Card
Liz, I suggest you get a 2nd card of some sort to take with you to Europe. If you want to stay with the same bank then ask them for either a plain ATM card or an ATM/Debit card (with Visa logo) - get whichever one you don't have now. That way if one card is stuck (though this has never happend to me) you will have a 2nd card. I would never just take cash and have had success in all our travels by having a separate card for my husband & myself. For my teenage daughter who traveled around Europe last month, I opened a 2nd bank account with a different bank as I was a little paranoid about her not being able to withdraw cash and there was no "adult" to rely on to fix it.
USA Mon 07/18/2005
Money & ATM's
I just got off the phone with U.S. Bank and they informed me that they charge $1.50 for each ATM transaction abroad plus whatever the bank in Italy charges, but no conversion fee. I was thinking of just taking cash and exchanging it there, but from what I have read on here, that may not be such a good idea. I am fearful of my card getting stuck in the ATM machine (i.e. scam!), which brings me to my questions. Is it better to rely on my ATM card to get cash? Does anyone know what the fees in Italy are? Is it true exchanging cash in Italy is more costly than just getting it from the ATM? My friend bought $2,000 worth of Euro, and I am afraid she got ripped off!! They gave her a horrible exchange rate plus a $10 fee. I got a few hundred because our hotel requires the bill be paid in cash upon check-in and since I am the first one arriving, I am the sucker that has to pay it in full and she will pay me her share upon arrival (We live in different states). Any suggestions or experiences you have had will be greatly appreciated!!
Liz
Grand Forks, ND USA Mon 07/18/2005
Great Account for Canadians
I used the Select Serve account from TD Canada Trust for my 3 month trip. If you can support the 5000 dollar minimum balance this account is ideal because ALL fees (including international withdrawals) are waived. But don't let the account get below 5000 dollars or you will have to pay a 30 dollar monthly fee.
CB
Vancouver, BC Canada Sun 07/17/2005
AmEx
Bob has stated that he was told that the limit on withdrawals is 250E. AmEx continues to advertise that they accept withdrawals up to 350E. I am not a lawyer, but it seems to me if they are advertising one limit while enforcing another, lower one, they are committing false advertising, at best, or consumer fraud. Does anyone here know of how he can report this criminal activity to the appropriate federal athorities?
USA Sat 07/16/2005
Bob, the fact that ATMs taking the AmEx card are limited has been well publicized (not only in the last day, but many times in the past) on this board. The AmEx website includes a link where you can find sites in Europe that accept the AmEx card. While I agree that it is totally unacceptable from a consumer service aspect for there to be no AmEx ATMs at Munich airport, I think the information is available from their site. According to their site, there are two very accessible AmEx ATMs in Munich, at a ReiseBank at the train station, and at a Deutsche Bank on Marienplatz. If you found these ATMs on the Net before you went, and they did not, indeed, accept the AmEx card, you have a legitimate complaint. However, if you just walked around randomly trying ATMs, you have no complaint. So, what is it? Are you complaining because of your own naiveté, or have they actually misrepresented their ATMs.
USA Sat 07/16/2005
Bob, you need to publicize this information more widely. Why not send e-mails or letters to the major news organizations, travel websites and other message boards such as Fodors, Thorntree, Frommers, Flyertalk, Eurotrip, etc?
USA Sat 07/16/2005
More on Amex
1) It was Amex in the US who told me the limit is 250E everywhere. The ATMs all showed higher limits in every country, including Italy. When you request more, your transaction is rejected with NO information. The only way to discover the problem is trial and error or to call a number in the US.
2) No ATMs in the Munich Airport acceped the card. The Amex Office in the Munich airport did not accept the card. At BEST, 20% of ATMs accepted the card in Salzburg, Vienna, Venice, Bellagio and Munich, all major tourist destinations. I never found a single ATM in Munich that worked; I ehceked at least 8 ATMS there. That is unacceptably low coverage.
3) I called Amex before leaving and got the 800 numbers for each country where I would be. None of the country offices had any knowledge of the card. That is unacceptable customer service. I knew I was paying for using Amex, thinking I would get great service. Instead, the service stank.
I thought Amex was a solid, service oriented company. Their execution on this product is simply abominal. They apparently know this, as the name has already been changed from TravelFunds to something else.
Bob Carlson <email>
Eugene, OR USA Fri 07/15/2005
AmEx TravelFunds Card
Bob~~I agree that the AmEx card is not a good idea, but not as bad as you indicate. I wouldn't call the exch rate a fleecing. The terms and conditions list it as 3%, and I followed it for a month and found it averaged 3-1/4%. It is hard to figure because they set it based on the rate at some time during the day and the actual rate varies all day long. Three percent is more than most ATM cards charge, but not all. It is less than buying Euro over here. They showed you the rate when you ordered the card.
Loading the card in foreign currency is not a good idea. It costs more up front (3% vs. 2%) and you have to go through the exchange rate all over again if you bring anything back - but that is true with cash, too.
As for the 250E limit, AmEx sets the limit at 350E. Some ATMs, particularly in Italy, set there own 250E limit. That limit applies to everyone, not just AmEx card holders. How would you feel if you were a WellsFargo customer paying $5 per ATM use?
As for the problem getting the last out of your card, I have never had a card, but I figured out that one. You can always cancel the card, but that costs $10. If your original preload was $1000, that's another 1% you are paying.
USA Fri 07/15/2005
Avoid Amex TravelFunds Card like Plague
The TravelFunds card is almost worthless. I wanted one to get Euros and lock in the exchange rate. (I was wrong on that one, but that's my fault.)
When you buy the card you pay a fee and get fleeced on the xch rate. Then you can ONLY use the card at certain ATMs. Only one ATM w/d per day and 250 Euro per day. On a 16 day trip to D, A, and I, I visted at least one ATM per day, sometimes several. I was not able to withdraw all the funds by the time I returned, becaue there are so few ATMs that work for the card. They have a limit of 250 Euro on withdrawals. They don't tell you this until you call up and ask why the ATM keeps aborting your transactions. When you call the country office of Amex, they say they know nothing about TravelFunds, you have to call the US number.
They charge $2.50 per transaction at the ATM. The 250 Euro limit keeps this transaction cost high. I wanted to take larger withdrawals, to lower the cost ang get enough cash to pay my hotel bill (an 8% discount for cash. If you visit an Amex office, they cannot give you cash on the card, ATMs only.
Then, when you return home, with money still on the card, there is no way to get all the money off. Choices are to use an ATM - $2.50 fee, 2% xch fee, plus you can only get $20 increments. You could try to spend with the card directly, but you have to contrive to spend exactly the amount left on the card. If you go over the merchant just gets a "refused" message. They cannot issue you a check. You cannot go to an Amex office and get money. They basically have your money and there is no way to get it back from them.
Bob Carlson <email>
Eugene, OR USA Fri 07/15/2005
US Bank charges over 3% for ATM
I just received this in an email from US Bank, "There is a 2% foreign currency conversion fee whenever you use your US Bank Visa Check Card at an ATM outside of the United States. This fee is assessed along with the Visa foreign currency rate of 1%, so the total conversion fee is 3%." Consider this when selecting a bank.
<email>
USA Fri 07/15/2005
Amex Traveler's Cheque Card
I am NOT promoting the Amex TC card! I merely pointed out that $300 will get a free companion fare - I intend to use mine as cash here in the US meaining the companion fare will cost me $14.95. For my up-coming trip to Europe I will use a Charter Bank ATM and credit card which I've learned on the forum is the least expensive.
Shirley
USA Fri 07/15/2005
AmX cards & Changes in ATM/Visa cards
RE: the AmX travel card. I love using my AmX card for points, however, I have found it increasingly difficult to use in various European countries. My daughter's friend took an AmX Travel card last month and had to call home to get more $ put on a Visa Debit card as she found very few places to use her card as an AmX card. I guess if you are using it strictly as an ATM card it would not matter.
Also - I stress the need to shop around right now, even if you have used credit/debit cards in the past with no problem. I have happily used my BofA Visa Debit card for trips all over Europe these past 7 years with no fees and no transaction charges. This year they started with the $5 per foreign ATM withdrawl fee (unless using one of their 4 Global Alliance banks). They also charged a 3% conversion fee on all items charged as a Visa transaction. I have since opened a new account at Wachovia who will only charge $2 per foreign ATM and they say there are no transaction fees for items charged as Visa. I will hope that their customer service reps are up to speed on this.
Atlanta, GA USA Fri 07/15/2005
AmEx travelers' cheque card
I have to object to Shirley’s promotion of the AmEx TC card!! While most of us are still paying 1% currency conversion plus maybe 0.4% in ATM fees, the AmEx card takes 2% of every transaction for currency conversion, at least .62% for the ATM fee, and at least ½% for the card purchase fee. Using this card, you will pay over $3, maybe a lot more, for every $100 you withdraw.
However, keep your eye on it. Mainline banks have currently identified foreign travelers as sheep that need to be fleeced. Banks will soon be taking 2-3% for “currency conversion” and $2-$5 for ATM fees. If AmEx doesn’t jack up their rates proportionally, they may become a good deal.
USA Thu 07/14/2005
amex traveler's cheque card
AND if you choose standard shipping, USPS up to 10 days, there is no shipping charge
Shirley <email>
Albquerque, NM USA Thu 07/14/2005
amex traveler's cheque card
there is a special offer now thru 10/15/05 for a free companion air fare with a $300 minimun purchase or "load", see http://www10.americanexpress.com/sif/cda/page/0,1641,23076,00.asp which makes the card well worthwhile
shirley <email>
albuquerque, nm USA Thu 07/14/2005
ATM Fees
Most banks are now charging a $3.00 - $5.00 fee for taking cash from an overseas bank. First Republic Bank, located in San Francisco, CA offers a Rebate Checking Account. This account does not charge a fee for ATM withdrawals and they refund ALL ATM fees worldwide. I spoke to Joe Brown in their downtown office in San Francisco and he was a great help in sending me information and disclosures about this product. His e-mail is jbrown@firstrepublic.com. Send him an e-mail with the subject "ATM REBATE CHECKING and he will send you account applications and disclosures to avoid the charges for taking cash from an ATM worldwide.
Craig Demeter <email>
Cleveland, OH USA Wed 07/13/2005
MONEY
Nick; you will find all kinds of advice on this page. Personally, I always take 50 dollar bills to negotiate with. And never have I used all of them. I never buy currency here before I go. That is the most expensive way to do it. I always use my ATM card in the airport where I land so I have money immediately. You will find ATM machines everywhere and easy to access. Just ask someone where the closest machine is. Using them means you can carry a minimum of money without risk. As for the credit card....I use mine for larger purchases like meals, accommodations. Tom below is wrong on the cost of the euro. The current exchange rate is about $1.20 cost for a euro.
S. ZOYSE
TULSA, USA Mon 07/11/2005
Europe Money Advice
My advice on money when traveling in Europe is the same advice for traveling in the USA. Pay for everything possible with credit cards as long as the credit card company doesn't add an extra 3-4% for foreign purchases. Check with them.
Use an ATM or debit card with 4 digit PIN for pulling out local currency for smaller expenses. The debit and credit cards should all be of the VISA and Mastercard variety. As a backup, have PINs enabled for the credit cards should there be an issue with the debit card. But only take out cash advances on credit cards if absolutely necessary. Notify all credit card companies and banks of your travel plans or they may freeze the account when overseas purchases start appearing on the computer screen.
I take one VISA debit card, a VISA credit card and Mastercard credit card.
I have been traveling to Europe for 15 years and never bother with purchasing foreign currency prior to the trip, nor do I mess around with traveler's checks. The commissions and poor exchange rates are simply astounding when trying to exchange traveler's checks or buy currency. However, I do bring along $100 and only exchange this money as a last resort, emergency situation (Never needed to do this).
In recent years, there has been a dramatic increase in credit card acceptance, even among small hotels and pensiones and taxis. If arriving in any large city in Europe, you can likely use a credit card to pay for the taxi, shuttle van, or airport train to town. So your need for local currency immediately upon arrival isn't as great as in the past.
However, in smaller cities and rural areas, credit card accpetance is very skimpy. Even so, ATMs can be found in even the small towns just like in the USA.
Allen
Lafayette, LA USA Mon 07/11/2005
MONEY
Nick; you will find all kinds of advice on this page. Personally, I always take 50 dollar bills to negotiate with. And never have I used all of them. I never buy currency here before I go. That is the most expensive way to do it. I always use my ATM card in the airport where I land so I have money immediately. You will find ATM machines everywhere and easy to access. Just ask someone where the closest machine is. Using them means you can carry a minimum of money without risk. As for the credit card....I use mine for larger purchases like meals, accommodations. Tom below is wrong on the cost of the euro. The current exchange rate is about $1.20 cost for a euro.
S. ZOYSE
TULSA, USA Mon 07/11/2005
Re: Money
Nick- I would recommend getting money out from ATM over the course of your trip. During a two week tour of central europe my wife and I hit an atm about 4 times. We pulled out enough money to last 3-4 days. We didn't want to walk around with a large amount of money. Call your bank to see what/where they charge fees in Europe. We used our credit card very infrequently. I think the exchange rate is 1.20 euro for $1US. ATM's give you a good exchange rate. Good luck and have a blast!!
Tom
USA Mon 07/11/2005
ATM in Great Britain
Just got back from Great Britain. I found ATMs everywhere (if arriving at Heathrow Terminal 3, they're located after customs and baggage claims) and had no problem using them. Barclays did not charge a fee nor my Credit Union ATM card. I don't know what the rate was the days I used the ATMs, but it was around $1.82 for a pound before I left the U.S. and AE quoted 1.90 with a $5 fee. Doing the calculations when I received my bank statement...it was alot better than AE. Also, I always try to use the ATM machine during business hours (do not wait until you are low on cash) and with a friend as a lookout. I also watch others use it to make sure the machine is working (see scams re: ATM malfunctions).
California USA Mon 07/11/2005
Money
I was just wondering what people here recommend for taking moeny. Im going to Europe for 18 days and I will more than likey end up spending moeny.
Is it wise to just carry a huge load of cash to Europe and spend that. Or just take an ATM card? I don't have a creit card. Should I just get one of those and bring that along. Also how amny Euro's to you get pre 1 American dollar if someone could answer these questions for me I would be greatful!
Thanks
Nick <email>
Wa USA Mon 07/11/2005
ATMs in Prague
ZUKASE ~ Thanks for reporting your experience. I'll give it a try, nervously. pat
Pat
Brooklyn, MI USA Sun 07/10/2005
ATMs IN PRAGUE
Pat~~~~We were in Prague last year, but did not use our ATM card. ~~~~ However, we did use it in two smaller towns we passed through in Czech Rep. ~~~~ You will find it as easy to use in that country as in any European country.
ZUKASE
DALLAS, USA Sat 07/09/2005
ATM
Before my wife and I embarked for a two week honeymoon through Germany, Austria, and Switzerland I called our bank to alert them of our travel. Two observations. The banks greatly appreciated us letting them know and told me to let my friends know to do the same when traveling overseas. She said many customers have run into problems by not reporting their travel. So, friends, be sure to call your banks. We never had one problem using our Bank of America ATM cards.
Tom
Nashville, TN USA Fri 07/08/2005
Amex Cheque Cards
Carrie,
Gotta tell ya, the biggest problem with the Amex Cheque Card isn't just the fee. It's the fact that so few merchants in Europe take Amex. I've been throughout Europe, and I can tell you that Amex just isn't accepted anywhere near as much as Visa. It's a pain, frankly. I finally just got rid of my Amex card. Amex charges merchants higher fees than Visa or MC, so they don't want to take it. Plus, it's not as widely recognized. So if the card's not that widely accepted, you can bet the cheques will not be warmly received in any but the largest shops or hotels.
Alfred
Aubrey, TX USA Fri 07/08/2005
Capitol One ATM fees
What kind of a "card" did you get? If you got a credit card, be aware that using an ATM for cash is considered a cash advance, at 3% on top of the 1% currency conversion. Also, unless you had a positive balance to draw from, you pay interest at 19.8% from the day of the cash advance.
If you open a Capital One Money Market account,you can get your own money out at foreign ATMs. The FEE is $2 for foreign transactions on top of the 1% currency conversion, pretty much what banks charge.
All this information is available from the "disclosures" on their website.
USA Thu 07/07/2005
ATM Fees
I heard that Capital One did not charge a fee to convert foreign currency at an ATM. I applied for the card and asked about this when I activated the card. I was told that I would have to pay the 1% that Visa cgarges, but nothing more to Capital One. I have not yet used the card abroed so I can't comment any further.
Jack
Encino, CA USA Thu 07/07/2005
European Bank Account
I have an account in the UK which was not difficult to open. You needed to show your passport and some other ID. I have an ATM card just like here, but it also covers other types of ATMs - or ATMs with outh logos - than my North American Bank Card.
In the UK there are "Building Societies" which are like our trsut companies and they generally do not charge a fee and you will get interest on an account which is accessible with your ATM card.
Iain
Edmonton, AB Canada Wed 07/06/2005
ATMs in Prague
Does anyone have experience using an ATM card in Prague?
Pat Drabant <email>
Brooklyn, MI USA Wed 07/06/2005
ATM
Thanks to comments on USAA bank which does not charge fees (Military and former military and dependents and former dependents are eligible). I have a ATM without a Visa or MC logo, therefore no charge at all for using an ATM unless the foreign bank charges.
Bettye
Sierra Vista, AZ USA Wed 07/06/2005
Shop your banks for best deal
Carrie-I agree with the previous poster. Shop your local banks to find a better deal than what you currently have. I was appalled that B of A would charge $5 per ATM withdrawl (again, unless you use a partner bank). I solved this by opening a new account with Wachovia, who only charged $2 per withdrawl (after the first 2 for fee)and no conversion fee. The exchange rate was at approximately what was stated at the paper for that day so I feel like I got a pretty good deal. This was for my teenage daughter who then took the two cards with her to Europe and used the BofA card when she could find a Global Alliance bank and the Wachovia card otherwise. B of A also charged 3% for all Visa transactions, but no additional fee on the ATM withdrawl.
USA Wed 07/06/2005
AmEx traveler's cheque card
Carrie, read the website carefully.
In addition to the $15 initial fee, there is $10 shipping - $25 total. If your initial load is $2500, that's 1%; for $1250 it's 2%. That's before you ever use your card?
Especially, read the fine print. If the card is loaded in US$ and used to get Euro, they charge 2% over the HIGHEST Interbank exchange rate for that day. I think most US bank card ATM withdrawals are still 1%. When I was last in Europe 15 months ago, my bank only charged 1%.
I have never heard of a US bank charging 3% to 5%, but I HAVE heard of banks charging a FEE of $3 to $5. BofA charges $5 unless you use their partner bank in that country, then it is free. AmEx's fee is 2 EURO, 1.50 GBP or $2.50. One of my banks charges me $1.50; another one charges no fee.
The best deal is still to shop your local banks for the best deal at foreign ATMs.
USA Tue 07/05/2005
AmEx traveler's cheque card
It costs $15 to load the card for the first time, then $5 each time you reload after that. Seems like a rip-off to me.
USA Tue 07/05/2005
amex traveler's cheque card
I figured there was probably a catch to opening up an overseas bank account. But I just heard about the American Express Traveler's Cheque Card. It seems pretty good, but has anyone else tried it out? There's an ATM fee of $2.50 but that's cheaper than the 3-5% the banks charge. Thoughts? Experiences?
Carrie <email>
KY USA Tue 07/05/2005
opening a bank account
Carrie, great idea and good creative thinking, but nothing some of us haven't already considered. You probably can't beat the "system".
The first problem is getting money from your US account, in USD, into a European account. If you convert it into Euro over here, you will pay about 5%, min. Last time I took USD traveler's checks to Europe (2000) I paid over 2% to cash them. Companies like Travelex are going to charge you a high percentage, plus an arm and a leg, to give you a cashier's check in Euro.
I looked into a European checking account a few years ago, not to save conversion rates, but to have a secure source of cash over there, and I couldn't find accounts that didn't have nonthly fees.
The bottom line, shop around for a bank with low ATM exchange rate and low fees, and use cash, not credit cards.
USA Sun 07/03/2005
opening a bank account
I'll be in Europe for 3 months, based in Luxembourg. My bank and my credit card both charge a 3% fee for purchases/withdrawals. My question is: how difficult is it to open up a bank account in Europe? I figure I'll save myself a lot of money on fees and such. Has anyone else ever done this?
Carrie <email>
KY USA Fri 07/01/2005
Credit Card Freezes
Rick mentions in some books that it can be wise to tell your bank that you're going abroad. I took a more pro-consumer action, although it relies on my having a second credit card! I wrote to my bank and told them that if they froze my account, I would cancel the card. After all, an internet or phone transaction is very risky because the physical card and signature are not presented. But the risk (of a "chargeback") all falls on the merchant. So the bank cares less, let's say, about fraud, and encourages these transactions. When the physical card is swiped, the merchant is typically guaranteed that the receivable will be "bought" by the bank. So all the risk is borne by the bank. But the fraud rate is *lowest* on physical card swipe transactions. Why should the bank always come out on top? Because they can! Just one opinon.
Timothy Buchman
Wyckoff, NJ USA Wed 06/29/2005
A Word About Credit and Debit Cards in Europe
Make sure that you take your bank's local telephone number, not the 1-800 number, as US 1-800 numbers do not work from Europe, (or at least from Italy), if you happen to lose your card. Let them know beforehand that you will be traveling and using their card so that they don't block it as a security reason. Also request a PIN number if you plan to use a Credit Card for getting cash out of ATM's (I do not recommend this since they will charge you a cash advance fee, but in case of an emergency. For an ATM, always try to use a Debit Card instead. The fee will be much smaller).
Angelo
Orlando, FL USA Tue 06/28/2005
Bonnie, with ATMs so reasonable, I have not tried to use travelers checks in some years, but the last time (2000) I had European currency TCs, I could use them freely at hotels. I had to cash my USD TCs at banks, but the rate was not that bad. Considering the high cost of currency exchange to buy them, and the fact that you would have to exchange them back, and pay another exchange rate, if you brought any back, I would no longer use foreign currency TCs.
USA Thu 06/23/2005
ATM's & Credit Cards
Can someone tell me if I will be charged a fee if I present a pounds sterling traveler's check at a bank or post office in Britain to change for pound notes. I assume it would have to be the same brand of TC (like VISA). I'm trying to save on conversion fees at the ATM.
Bonnie <email>
Howell, MI USA Thu 06/23/2005
Correction
Sorry...regarding First Republic, you still get the free worldwide ATM usage with a balance below 2.5K, but you will be assessed a monthly service charge...
Michael J
San Fran, CA USA Tue 06/21/2005
Cutting out ATM Fees
After going through the entire history of this topic, I've come to the following conclusions:
(1) First Republic Bank's unlimited ATM withdrawals worldwide w/out the fees (as long as you maintain 2.5K minimum in the account w/0.05% interest) or
(2) B of A's "Global Alliance" with free ATM usage in the UK, France, Germany, Canada, Mexico, & Australia/New Zealand provided you use the specified bank in the above host countries. or
(3) Compass Bank (No ATM fees anywhere in the world) (I don't know the specifics since Compass Bank is not active in CA where I reside)
So which of the above do you think is the best deal??
Michael J
San Francisco, CA USA Tue 06/21/2005
BofA ATM fees
I had to ask for a refund of the fees, and BofA did credit my account, but told me it was a one-time courtesy. I exchanged 8 emails with the customer service department before someone could confirm that ATM fees are charged when you use alliance banks' ATMs outside their home countries.
Linda
USA Mon 06/20/2005
B/A ATM fees
I used my B/A ATM card at a Deutsche Bank ATM in Italy last year. I was charged the fee and figured the deal for no-fee ATM use at Deutsche Bank was good only in Germany. Months later I was given a refund of the fee (without asking). Go figure.
USA Fri 06/17/2005
BofA global ATM alliance not as advertised
BofA claims you can use ATMs that are part of its global alliance. What they don't tell you is that those rules only apply to ATMs within the bank's home country. For example, Deutsche Bank is a member of the alliance, and has ATMs outside of Germany, such as Italy. But if you use a Deutsche Bank ATM in Italy, you'll get charged. So much of Europe is not covered by BofA's so-called global alliance. This alliance has been much covered by the media of late but I had to discover this rotten loophole on my own, the hard way.
Linda
USA Thu 06/16/2005
change money at the post office
I just returned from a trip to London last week. I brought some cash to buy pounds at Heathrow and was charged a hefty fee for $50. I later found out that the post offices in London do currency exchanges without a fee. The rates were decent too.
Diana
Chicago, IL USA Wed 06/15/2005
PLAN
Don't get down to last buck they (atms) are on every corner and then dissapear and then you find one broken ---you wouldn't go to death valley on a quarter tank of gas !! Also some banks have agreements so use is free
If B of A has agreement with Deutsch Bank Which makes first idea more valuable !!
John Brangwin <email>
Bellevue , WA USA Tue 06/14/2005
Credit Union Credit Cards now have Exchange Fees
Heads up to CU users. My CU changed from running their own credit card to letting MBNA run the credit cards. MBNA charges the 3% fee. I'm bummed. But will probably still use the credit card as I just had the limit raised to handle some of the trip.
But it does mean that the Costco Amex Card (cash back) will probably end up seeing more use than I had planned.
Lisa Harrigan
SAN JOSE, CA USA Mon 06/13/2005
Problems using Washington Mutual ATM Card in Sweden
It is too late to help your friend with her ATM dilemma, but I am wondering if she had a four digit PIN number. That is a must for using any ATM machine abroad. Any PIN with more or less will not function in Europe or UK, to the best of my knowledge.
Doris W.
***, *** USA Sun 06/12/2005
Sign your card
Be sure and sign your mastercard or Visa. The French actually look at your signature and compare it to your charge slip. I had to show my passport at Le Bon Marche because my card was unsigned.
Scott Moore <email>
Ft. Worth, TX USA Fri 06/10/2005
B of A affiliate ATM's
Does anyone know where there is a Bank of America affiliated ATM (Barclays, Deutsche Bank, BNP Paribus) in Amsterdam, Rome, or Charles De Gaulle airport? Just askin. Thanks.
dave
Denver, CO USA Wed 06/08/2005
VISA 3% seems best.
Bank of America says it charges 3% currency conversion fee on my VISA check card with no ATM fees from their affiliate banks in Europe. One agent told me there is no 3% charge on ATM withdrawals, while another one said there is. I am going to inquire about if the fee is less with just an ATM card and will get one if need be. It seems that buying euros or even fee-free Euro travelers checks would lose me money compared to the flat 3% fee, so I am gonna go that route and leave home without my AmEx travelers checks. Sorry Karl.
greg
LA, CA USA Wed 06/08/2005
ATM vs VISA fees
I just got off the phone with my credit union (Meriwest CU) to ask about fees. The standard fee is up to 1%. No transaction fees. My ATM card has the VISA logo on it, but if I use it as a credit card, I still only get the up to 1% fee charged. Funny, because if I use my VISA card from the same CU, I get a 3% charge. I can even get cash out of the VISA machines, and it'll come out of my checking account like an ATM withdrawal. This will definitely be my card of choice. I will only take my VISA credit card as backup.
Carrie <email>
Saratoga, CA USA Tue 06/07/2005
Buying Euros Before Going to Europe
I wanted to arrive in Paris with my Euros. I assumed I would be tired, jet-lagged, and wanting some food. I looked up a site recommended in my RS pre-tour handbook for foreign currency purchases in the US: www.oanda.com. I purchased 150 Euros for $199.50. The rate was 1.33 E to 1 USD. This was very fair considering the pure exchange rate was 1.29 the day I made the purchase. This would appear to be a 4 US cent commission per Euro. It was actually cheaper than using my bank card at an ATM. The rate has since lowered in tandem with the devaluation of the Euro in the wake of the EU constitution rejection by the French and Danes. The shipping charge was $8 for 2-Day FedEx. If you are looking for the insurance of arriving at your destination with Euros in hand I would highly recommend this website, as has Rick Steves.
Roger
Boise, ID USA Thu 06/02/2005
BUYING EUROS AHEAD
Terre~~~Your experience confirms what I have long believed....buying currency here is not only unnecessary, it is costly. People selling foreign currency are in business to make money. Why should you pay high commission if you really don?t need to . You can find an ATM in every international airport in Europe so you can buy currency as soon as you a