karens

Hi all. I know that it's best to get Euros using an ATM card.

I read that some ATMs have maximum amounts allowed to be withdrawn per day. Generally, does anyone know what that amount might be?

We have to pay our apt. fee in Euros when we arrive, so we will need Euros as soon as we arrive.

My husband wondered if there would be any benefit to get some at the airport, but instead of using our ATM card (which charges a fee), to exchange cash. Is cash a worse exchange rate than an ATM card? (I know the airport exchange places do not have great rates, but my bank discouraged me from getting any Euros prior to leaving the country).

I have read some of you mention getting some Euros before you depart, and was wondering what the thoughts are on this. Thanks.

ParisAmsterdam

Even though you pay a fee for ATM usage (to your bank... the French bank does not charge this) you will still save over using an airport exchange desk.

European ATMs may have a limit ... it varies. But you can do multiple transactions at the same machine. Just put your card back in and do another. If you do hit a daily limit on a machine you will not have far to walk to find another one so no worries.

The important thing is to raise your limit at your home bank and make sure they are aware of your travel plans.


Rob

LoveItaly

Hello, karens, I would have two checking accounts. You and your husband could each have an ATM/Debit card for each account thus you would have four cards. If one card does not work (that happened to a good friend who is a Fodorite in Europe the entire trip and yet his wife's card worked just fine). Also if one financial institutions errs and doesn't increase your limit or fails to make a note you will be in Europe you will still have the other account to use. I have a regular checking a/c with my local bank and also have a money market checking a/c through my brokerage firm. But if I didn't I would just open up a second checking a/c at a different local bank. Anyway, I like to have a backup plan when I travel. Best regards.

Seamus

The daily limit is set by your bank. Some ATM's will limit the amount you can withdraw at a single session, but it is your bank that sets the daily maximum. Check with them before you leave (you'll want notify them of your foreign travel, anyway) ask if the daily limit can be temporarily increased.
Also, it is advisable to withdraw the max at each session to minimize the total fees you pay.

LoveItaly

Well yes but the ATM's in Europe, well let me say at least in Italy, have a maximum that one can withdraw at one time. But that is easily solved by using a second card or just going to another ATM or two or so until one has the needed euro. I thought all the ATM's in Europe have a maximum allowable for each transaction but perhaps I am wrong. I like to use the ATM's when the banks are opened if possible.

treplow

Check with your (ATM card) bank. The daily limit varies by the issueing bank, depending on your standing with them. When you hit the daily limit, you have to wait until the next day. In other words, it is not a lmit per withdrawal, but a limit of what you can withdraw on that day. You can withdraw to the daily limit in one withdrawal.

I assume that your account may be a dollar account. If so, don't forget that the daily limit is in dollars (or whatever currency is your account), not Euros. Thus, a couple of weeks agoI got charged about $US238 on my VISA debit card for EUR200 This included thge excchange etc. fees.

I would get th EUROS at the airport when you arrive. Exchanging cash is not very cost efficient. After your bank tells you your aily limit, you can figure out if that is enough to pay for your lodgings. If not, take a card from another account along, or explain to the landlord that you will pay the rest the next day. They generally understand.

IMPORTANT: Notify your bank before you leave that you will be using your card(s)overseas, and in which countries on which dates. Without that info., they will lock up your account and you won't be able to withdraw any money.

Peter_S_Aus

There are two limiting factors.

Factor number one: Machines may impose a limit per transaction. We found a limit of 200 or maybe it was 250 Euro per transaction in Italy, and that is a limit created by the owner of the machine. But we could make multiple transactions at the same machine.

Factor number two: Your bank may have a daily limit on the transactions on your card. Fix this by having the bank raise the limit, and nyou should tell your bank that you will be travelling to Europe – otherwise a USA based bank might suspect that fraud is happening against your card.

We found that a fee was charged per transaction when we withdrew cash. It was one or two Euros per withdrawal.

Getting cash at an exchange / change / cambio / whatever is expensive, as the exchange rates are poor. It is nice to have a few Euro on arrival, but ATMs are common in airport terminals.

Using an ATM inside a bank is a good idea – makes it easier if the machine “eats” your card.

I would not travel without a couple of cards on different accounts. Just in case ....

swisshiker

You really do need the "belt and suspenders" approach with ATM cards. Having more than one is excellent advice.

Last month in Nuremberg, the ATM machine ate our card (didn't give it back and didn't give us any money!). The bank was closed (Sunday), and the next morning we left for Munich.

As far as getting enough for your apartment payment, we've generally had no problems paying the landlord in installments. When it's not possible, tho, it's important to get the daily limit increased and use more than one card.

Happy travels!

LoveItaly

Hi Peter, one time I used an ATM outside of a bank in Italy and the machine ate my card or there was some type of a problem. I got a good chewing out when the husband of the Italian friends I was staying with came home from the office, lol. Anyway he got it all worked out, I don't remember the details but over wine the next night I got a good long lecture about "it is always intelligent to use the ATM when the bank is open". And he was right of course. I am almost certain 250euro is the maximum allowed from any Italian ATM per transaction. I had and have a much bigger limit from my issuing financial institutions but it is the limit the Italian ATM's allows per transaction that rules.

The Italian bank ATM's do not charge a user fee but I understand nonbank ATM's can and will. Four pin numbers and if you mentally have your pin in letters be sure you know the corresponding numbers. As least that has always been my experience, no letters on the ATM keys.

ama22

When i have to pay cash for anything when I travel for guides or hotels, I always get Euros, etc. from my bank here in the US. I put the amount of money I need in an envelope, so I don't spend it on other things when travelling. I also get a certain amount of cash to use for incidentals. I also pay as much as I can using a credit card. During our travels I think we only used an ATM once. I feel safer having cash with me then to have to worry about ATM's while we are there. We leave most of the cash (including the envelopes) in the safe in our hotel room.

HappyTrvlr

I found the amount allowed to be withdrawn varied by country but often I could go to another ATM machine mediately and withdraw more.

Mimar

ama22, you are paying a premium when you buy your euros in the US, both in exchange rate and probably a fee to the bank. And room safes are not necessarily safe. I've read several reports of them being broken into. The hotel safe is better.

But I can't understand why you would feel more comfortable carrying cash around than getting smaller amounts as you need it from ATMs.

Personally I've never had an ATM eat my card. Though I do bring a second ATM card just in case. But, if you take the precaution of using bank ATMs when the bank is open, what's to worry about? And ATMs are extremely easy to find; they're all over the place.

macanimals

You've received lots of good advice on how and how much you can withdraw euros. We just returned from another series of apartment stays in Italy and I always pay with euros. I always plan to be able to withdraw 250 euros per account per day--I have two accounts to use as necessary. Regardless of my banks daily withdrawal limit, italian banks limit you to 250 per event.

One factor you should consider to ease your concern--I have never (in 10+ rentals) been requested or required to pay on arrival--it is always during or at the end of our stay. This is never formally stated but most owners are just interested in getting you settled and informed as to the place and payment is made later. This allows you to make withdrawals and accumulate the needed funds. Have fun--Paul

zorrosf

To avoid having your ATM card "eaten," my rule is to only use an ATM maching physically attached to (i.e., next to) an open bank or post office. This means some extra planning so as to avoid weekend need for cash, but after my card was "eaten" at an Italian ATM machine, I have become more cautious. Second rule: if possible, watch another person use the ATM machine successfully before you try to use yours. Final piece of advice: some banks have corresponding banks in Europe to avoid ALL transaction fees. For example, I have a Bank of America ATM and there are no ATM fees of any kind at BNP Parabas in France. It might be worth checking before you leave.

FWT

Check with your bank about ATM fees. Each bank is different. Chase is horrible as they have an ATM fee plus the foreign transaction fee for ATM withdrwals. Other banks will reimburse fees. Another option is to get a prepaid Euro card.

Seamus

FWT - as recently discussed on a couple other threads, the fees (many hidden) for those "prepaid euro cards" are usually higher than even the worst ATM fees. Not a good idea unless the only possible option.

FWT

Seamus-you bring up a good point but it really depends on the card. As with everything, even with bank ATM cards, a person needs to ask questions and read the fine print before deciding on an option. I recently traveled to Italy and got the TravelEx prepaid Euro. Because of a special promotion I paid no upfront cost for the card, usually 9.95. For ATM withdrawals it is 1.75 Euro for each withdrawal. No fees if used as a credit card. I also got my dollars back at the going exchange rate for the day return. I viewed all activity on line and no hidden fees were assessed. I drew from an ATM twice and used it as a credit card the remainder.

Pegontheroad

Good advice about using the ATM card only when the bank is open. I've always had my bank send me a second ATM card when I am going to take a trip.

My bank charges $5.00 per foreign withdrawal. My limit now is $500, and I always make large withdrawals so as to avoid to many of those fees. I wanted to see if I could raise my ATM limit to $1000 so as to save more.

I called my bank, but the teller couldn't answer an abstract question. She had to check with my account, which a balance of less than $1000. She said I couldn't raise the limit to $1000 until I had that much in the account.

So I still don't know. I'll have to wait till the end of the month to find out.

Seamus

FTW - did you compare the exchange rate you got versus what would have been available otherwise? There's no such thing as a single "going rate" - that's usually where they get you. On their website they don't even disclose what rate they use - just say "set daily by Mastercard" which is a red flag. With bank ATM card you generally get the best available interbank rate, but MC sets to whatever they darn well please, and it includes a premium markup for their service. They have to make their money somewhere!

michele_d

HI karens,
After landing in London last year after an overnight flight we found an ATM machine in the airport. I proceeded to try to withdraw 300 euros, my daily limit. It didn't work. No problem I thought, then I used my husband's card. It didn't work either. Neither did our two other cards from our second checking account.

I was on the verge of tears, and sleep deprived, thinking this wasn't the greatest way to start our 3 month adventure. I sat down and began dragging out the bank's phone number when it dawned on me...I could only withdraw $300 NOT 300 euros. Boy did I feel stupid.

Once I got that little problem figured out we never once had any problems with any of the four cards during our entire trip. A couple atms didn't give receipts so I would take out my notepad and write down the bank location, amount withdrawn and date in case there was any problem later on. But there never was.

Michele