ATM Fees when withdrawing cash in Italy -- how to beat them?
Dec 23rd, 2003, 08:06 AM
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ATM Fees when withdrawing cash in Italy -- how to beat them?
I've searched this forum and read and read and am still unclear on the best card to use to withdraw cash from ATMs in Italy.
Considering withdrawing cash from ATMs was the strong recommendation on this forum, how do I minimize the costs charged for this?
Do I use my bank ATM card? I actually want to open up a new bank account and think this is a good time to choose a bank that doesn't charge fees when ATMs in Europe are used. Anyone have any recommendations for which banks are best?
Or is the best way to use my mastercard or visa to withdraw cash?
Thanks!!
Considering withdrawing cash from ATMs was the strong recommendation on this forum, how do I minimize the costs charged for this?
Do I use my bank ATM card? I actually want to open up a new bank account and think this is a good time to choose a bank that doesn't charge fees when ATMs in Europe are used. Anyone have any recommendations for which banks are best?
Or is the best way to use my mastercard or visa to withdraw cash?
Thanks!!
Dec 23rd, 2003, 08:12 AM
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I would NOT use a credit card to withdraw cash unless it also functions as a debit card (some do). Under no circumstances would I withdraw funds that end up being a "cash advance" on your credit card statement because the finance charges usually begin immedately and are exhorbitant.
Have you asked your financial institution what, if any, charges there are for using the card in a European atm? Are you planning to get a new ATM card from a "local" bank?
Have you asked your financial institution what, if any, charges there are for using the card in a European atm? Are you planning to get a new ATM card from a "local" bank?
Dec 23rd, 2003, 08:17 AM
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I don't know about Italy, but fees we had for withdrawing cash from ATMs in Paris and London (using my bank's ATM card, definitely not a credit card) were very small - under $2 for each transaction.
The best way to minimze the fees is to withdraw in larger chunks at one time, rather than getting small amounts many times. I don't know about banks that don't charge for European withdrawals, but I would only let that be a small part in choosing a bank. Fees for everyday usage should be much more importance, plus convenience, etc. Still, doesn't hurt to ask.
The best way to minimze the fees is to withdraw in larger chunks at one time, rather than getting small amounts many times. I don't know about banks that don't charge for European withdrawals, but I would only let that be a small part in choosing a bank. Fees for everyday usage should be much more importance, plus convenience, etc. Still, doesn't hurt to ask.
Dec 23rd, 2003, 08:23 AM
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Check with your bank..Bank of America belongs to A Global ATM alliance and there is no transaction fee for using foreign banks in that network, ie.in Uk , I use Barclays. It may be that one of the banks you are considering , has a similar arrangement.
That said , if it's more convenient for me , I do as Jenifer does, pay the $2.00 fee and forget about it.
That said , if it's more convenient for me , I do as Jenifer does, pay the $2.00 fee and forget about it.
Dec 23rd, 2003, 08:30 AM
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I would think you'd have some other factors that would make it easier to make a decision about banks than a couple ATM fees on an occasional European trip -- location, service charges, interest rates, premium customer services (my bank waives cashier check etc fees for me and gives me a higher interest rate on checking accts, for example), customer service attitude, etc.? I sure do.
These costs aren't that great regardless, I agree with that. The easiest way to minimize them is not to do is that frequently. I don't think I've ever read anyone say that using a VISA/MC to withdraw cash is the best way, but I don't know anything about those cards functioning as debit cards and don't own or want a debit card. As others said, you should never use a regular credit card to withdraw cash except in an emergency.
These costs aren't that great regardless, I agree with that. The easiest way to minimize them is not to do is that frequently. I don't think I've ever read anyone say that using a VISA/MC to withdraw cash is the best way, but I don't know anything about those cards functioning as debit cards and don't own or want a debit card. As others said, you should never use a regular credit card to withdraw cash except in an emergency.
Dec 23rd, 2003, 08:56 AM
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We used our Visa check card issued by our credit union and were only charged 75 cents per ATM transaction in Italy. I felt it was a very small price to pay for peace of mind in not having all that cash on me.
If you are opening a new account anyhow, try a credit union as they seem to charge less.
If you are opening a new account anyhow, try a credit union as they seem to charge less.
Dec 23rd, 2003, 08:59 AM
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Yes, your ATM card is usually the cheapest way to get cash overseas in local funds. The exact country is irrelevant -- it's your home bank that's charging for an overseas transaction. Hyde Park Savings Bank in Boston doesn't charge for overseas withdrawals.
Dec 23rd, 2003, 09:42 AM
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My bank does not charge me for ATM withdrawals outside the US. Since the foreign bank does not charge either, I have never had a fee for an ATM withdrawal outside the US, and I have used my ATM card in Europe, Mexico, China, etc.
You need to do some research, talking to several banks in your area, and as Christina said, there are a lot of other questions to ask as well.
Even if you get charged per withdrawal, the exchange rate on an ATM withdrawal is usually excellent, and how much money are we really talking about here? Let's say you make 2 withdrawals per week, for 3 weeks, at $2 per withdrawal. That's a whopping $12. Small price to pay for the convenience and security IMHO.
You need to do some research, talking to several banks in your area, and as Christina said, there are a lot of other questions to ask as well.
Even if you get charged per withdrawal, the exchange rate on an ATM withdrawal is usually excellent, and how much money are we really talking about here? Let's say you make 2 withdrawals per week, for 3 weeks, at $2 per withdrawal. That's a whopping $12. Small price to pay for the convenience and security IMHO.
Dec 23rd, 2003, 11:56 AM
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You might also look at the USAA bank (available to non-military, unlike the insurance). It's all mail and on-line banking and they will rebate your ATM transactions as they have no local banks outside of San Antonio. Their online banking system is fantastic if you travel a lot. Check out their ratings--I think epinions.com has user reviews.
Dec 23rd, 2003, 03:13 PM
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Regarding above: I use my Wells Fargo in Europe all the time and am always charged the $1.50. It is hard to do less than 2 per month and I did not even know this existed.
My recommendation is to not worry about these fees as they are all so small. You can save more by skipping one large meal on your trip. Plus, the convenience of ATMs is worth the fees!
I started out in the 70s doing all Europe travel with cash. Then the stupid traveler's checks. Then credit cards and now ATMs. The system is great. They need to make a few bucks to keep it up and going. Use em and have a great trip!
My recommendation is to not worry about these fees as they are all so small. You can save more by skipping one large meal on your trip. Plus, the convenience of ATMs is worth the fees!
I started out in the 70s doing all Europe travel with cash. Then the stupid traveler's checks. Then credit cards and now ATMs. The system is great. They need to make a few bucks to keep it up and going. Use em and have a great trip!
Dec 23rd, 2003, 04:26 PM
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I have yet to encounter an ATM machine in Europe that charges a fee, unlike the ones all around where I live in the USA, which charge me anywhere from 99 cents to $2.50 unless I'm using the ATMs at my own bank. And since my bank doesn't charge me a fee for overseas withdrawals, I've never paid a cent to get money out of my checking account while in Europe.
Shop around for the best deal!
Shop around for the best deal!
Dec 24th, 2003, 05:32 AM
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We have used our USAA Mastercard to obtain cash from ATMs while traveling(great exchange rates and great customer service). We send in (or online pay in) amount we think we will need just before we leave on trip, so when we use credit card to withdraw abroad it charges the cash advance against the credit balance in the account--thus no interest charge.
Dec 24th, 2003, 06:07 AM
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I use my Mastercard for cash advances and then pay the entire balance when I receive the bill. The interest is minimal, I get a great exchange rate, and I pay no ATM fees.
I use my Visa checkcard the same way -- I get a great exchange rate, pay no ATM Fee, and the money comes right out of my checking account.
If you are being charged transaction fees, ATM fees, or any other types of fees, my advice to you would be get another credit card company that doesn't charge those fees. There are plenty of them out there.
I use my Visa checkcard the same way -- I get a great exchange rate, pay no ATM Fee, and the money comes right out of my checking account.
If you are being charged transaction fees, ATM fees, or any other types of fees, my advice to you would be get another credit card company that doesn't charge those fees. There are plenty of them out there.
Dec 24th, 2003, 07:23 AM
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Kay2:
What a great idea. I have used my USAA ATM card which allows 15 withdrawals a month without fees, but never thought about "prepaying" my USAA credit card to use for cash withdrawals. Thank you!
Jane
What a great idea. I have used my USAA ATM card which allows 15 withdrawals a month without fees, but never thought about "prepaying" my USAA credit card to use for cash withdrawals. Thank you!
Jane
Dec 24th, 2003, 07:37 AM
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I am always amazed a people who spend hundreds/thousands of dollars to travel to Europe and are concerned about things like ATM fees!
Even if you have to pay ATM fees they can still be a bargain if you account for the preferential foreign exchange rates that you will receive. If you do use ATM, ensure that you have two cards that can access and don't carry both with you in your wallet (I had my wallet stolen but fortunately had a second card at the hotel).
Even if you have to pay ATM fees they can still be a bargain if you account for the preferential foreign exchange rates that you will receive. If you do use ATM, ensure that you have two cards that can access and don't carry both with you in your wallet (I had my wallet stolen but fortunately had a second card at the hotel).
Dec 24th, 2003, 08:42 AM
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Why would you want to prepay your USAA credit card? Wouldn't using your Check Card be more logical for cash? Comes right out of your checking account.
Use your USAA credit card for purchases, restaurants, hotels, rental cars, etc. Pay the bill when you return and no interest/fees will be charged to your account.
My credit card cycles around the 12th of the month. Any purchases I make after that time will not be due until the end of the following month. That gives me 45 days before I have to pay my credit card balance. Why would one want to prepay something you haven't used?
Use your USAA credit card for purchases, restaurants, hotels, rental cars, etc. Pay the bill when you return and no interest/fees will be charged to your account.
My credit card cycles around the 12th of the month. Any purchases I make after that time will not be due until the end of the following month. That gives me 45 days before I have to pay my credit card balance. Why would one want to prepay something you haven't used?
Dec 24th, 2003, 12:51 PM
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The one poster above brought up a good point with all credit cards/ATM cards. My wife and I use two credit cards. When we are in Europe she has 1 card in her purse and I carry a different card. That way, if one of us gets picked, the one that did not get picked still has a good card to use.
We have had friends that carry the same card, get picked, and then have no card until they get the replacement. A hassle. I also go throught the hassle of notifying my card company that we will be out of the country and using the card. They are very security minded now and it saves them having to decline something to talk to me. I do not do this 100% of the time, but do when I think about it.
We have had friends that carry the same card, get picked, and then have no card until they get the replacement. A hassle. I also go throught the hassle of notifying my card company that we will be out of the country and using the card. They are very security minded now and it saves them having to decline something to talk to me. I do not do this 100% of the time, but do when I think about it.
