Cash vs ATM

"Is there a disadvantage in exchanging cash vs ATM"

Yes - several
1) security
2) exchanging cash for € will get you a much worse exchange rate than using an ATM
3) European banks don't charge a fee to use their machines.

all in all - it is MUCH better to use an ATM card

(I'm surprised at you You've posted so many threads asking questions about your trip - a quick search would have turned up MANY threads w/ this exact info)

janis, I read alot about travelers checks, cc's, ATM's, but didn't see so much info about cash. It does seem intuitive that cash would be too easy to lose but didn't know that about poor exchange rates. No fees are charged by the banks for ATM use? I can't even go accross town to another bank and not get hit by 2 fees, one on either end. Then I have gathered some charge "conversion fees" on top of the service fee. The bank I use WAMU is listed as one of the better ones but have not yet looked into whether they have a European affiliate. Getting around to that soon when I notify them of my travel destinations and dates. From reading all the posts one getes the impression they WILL get you comming and going. Grin and bare it I guess!

thereyet

Ok, I found a good, short thread that pretty much explains it given all the variables.

http://www.fodors.com/forums/threadselect.jsp?fid=2&tid=34990149

I still can't help the feeling that I am going to have to learn the hard way somewhere along the line.

thereyet

I opened a free checking acct at Compass Bank - they do not charge any ATM fees, ever. I put my vacation savings in this account and access it by making ATM withdrawals with the Debit card - the exchange rate is the best you can get anywhere and there is a 1% Visa conversion fee added.

DH and I always get Euros at the bank before we leave for Europe. When we run out, we go to an ATM. We've done this for all the trips we've done in the past 5 years and it has worked out very well.

" . . . and it has worked out very well."

It has worked especially well for your bank. They thank you, I'm sure.

If your bank is charging you for using other ATMS you have a GREEDY bank - and should change to one that doesn;t do that. Theowner of the ATM will of course charge something for the use of their equipement - in the US. In Europe commercial ATMS (in stores, hotels etc) may charge a fee - but is usually minimal ($1 or so).

So - you can pay a fee of $1 to $2 and and 1 or 2% fee and get the interbank rate of exchange via ATM. Or you can change cash - no fee - but usually 7 to 10% worse than the interbank exchange rate. Never mind the risk of carrying all that cash.

There is no way to change currencies for free unless you're changing millions of dollars - and the bank really needs your other business.

The ONLY place I ever pay a fee to an ATM machine to get cash is here in the States. So no, you will not be hit up for fees at a European ATM machine, as long as it's one tied to a bank.

make sure your bank doesnt charge a fee

i meant to say make sure your bank doesnt charge a fee, like a foreign transaction fee, like some credit cards do, or an exchange rate fee, or a fee to use a different machine. its ridiculous but it happens

Definately use your debit card to withdraw cash at the bank machines in Europe. I'm in Canada, and yes my bank dings me for the foriegn transaction, but I'd get dinged (probably for more) regardless if I exchanged cash or used travelers cheques.

Besides, you don't want to have to worry about losing a big wad of cash.

In Edinburgh a couple of years ago, we couldn't find a bank that would take our US $'s and exchange them for Pounds unless we were a customer of their bank! If you use a currency exchange kiosk, you get lousy rates, so it's best to go with your ATM card. My bank charged me $3 per transaction so I would get several hundred Euro or Pounds at a time.

Getting euro notes in the US usually results in a 5% mark up over the wholesale rate.

The bank makes a profit on those kinds of transactions.

I suck at math which is one of the reasons I asked the question. No, I don't want to spend 7-10% converting cash on foriegn soil and I get that changing money before the trip is doing the bank a favor. Thanks Janis. I understand that airports do not offer good exchange rates. Bank ATM's, which don't charge transaction fees have better conversion rates but still aren't free because they have to make money somehow.
Question: It seems intuitive that I will need some local currency very shortly after I arrive. Do I eat the unfavorable exchange rate at the airport upon arrival with my banks fees and 1-3 points? Or do I get cash stateside (small amount) with the 7-10% unfavorable exchange rate and no other bank fee for foriegn ATM use?
Still freaking confused,

thereyet

ps As an example could someone use a $100.00 figure so that my thick brain could wrap around something?

lordy thereyet....use your ATM card and dont sweat the small stuff! you are making a mountain out of a molehill here. you sound as if someone named Guido is gonna appear and brake your legs if you use an ATM especially at the airport.
you do NOT want to lug around alot of cash on hand which is just begging the pickpockets, thieves etc. to flock to you like bees to honey.

If it puts your mind at ease, get a small amount of £ (you are going to the UK?) at your bank before departure. It will be worth the extra cost so you don't worry about it all the way across the Atlantic.

The airport ATMs are tied to banks, (Barcays, etc), and give you the same rate as ATMs in their own premises.

Large sums of cash are required to be declared by some countries. Tourists need to understand that currency conversions are simply another trip expense. Debit/check card conversion rates are usually 1%. The conversion rate will be the sell rate. There is usually an ATM use fee. Every large city has venues to change dollars for local currency.

I boarded my last flight to Europe with only $4 USD in my pocket. Alcohol was free on British Airways in Economy. When I got to the ATM at the airport, I got Euros.

You can't beat using cash in a pub in Europe, but for larger expenses, use a credit card.

I bring to Europe two debit cards and place them in different areas when packing.

Just a funny follow-up to one of my earliest posts....

I didn't take any cash on this trip, took only plastic. My ATM card NEVER worked while in Europe, despite having notified my bank of the exact dates and places I would be staying.

thereyet

There had to be a reason - ATM cards work 99.999% of the time (except in some automated machines - but we know about those in advance)

So it wasn't just "didn't work" - there was a 'why'. Was your money in a savings account? Or - if you have linked savings and checking, which is the primary account? Or was it for a credit Union w/ a small/limited network? (A few credit unions/banks don't belong to the typical Plus/Cirrus/etc networks)? Did it work back home - could it have been de-magnetized? Or a special investment account? -- anything????

By "automated machines" I meant like ticket machines. But that mostly relates to credit cards, not ATM cards.

<<< Bank ATM's, which don't charge transaction fees have better conversion rates but still aren't free because they have to make money somehow. >>>

Most ATMs in Europe are free - it's your bank that sets the exchange rate and other fees

In which countries in Europe did your ATM card not work? Some places require debit cards rather than strictly ATM cards, which is why I got a debit card after resisting for years. I have encountered this in Italy and in Portugal. And I always bring cards from two different accounts to use as backup in case one doesn't work.

As I've written before, me and this Nigerian Prince, who keeps sending me emails, will help you out alot. Send me all of your money, in cash, and I'll hang out in Europe until the exchange rate drops. In the meantime, my Nigerian friend will invest your money in this foolproof scheme, something to do with a lottery or bank account. Anyway, there will be a small surcharge, like say 40 or 50%, but that's not such a big deal, especially if what the Nigerian says is true, you'll make lots more than that.

I'm just kidding. Use debit cards, better to have two from different banks. If you really feel you should have a few euros before you leave, then get them from your bank, but don't go hauling around a wad of money. Would you do that in say NYC or Chicago?

To be honest, one of the things I often do is to ask friends who may have just come back from a trip and buy any euros they had left over at the current exchange rate. It isn't much, but maybe 20-50 euros.

dave

Thereyet - for your next trip please take my wife's ATM card. She uses it twice a day in Europe and unfortunately it always works.

ty, I have a card that I can't get cash from in Europe... my Merrill Lynch visa. Has all the appropriate logos, but when I asked them, they specifically tell me, 'nope. doesn't work. too much fraud. use like a credit card and find something else to use for cash.'

I was very happy to have had a backup!

daveesl: The original OP is nearly 3 years old. The OP just came back to ell us his card didn't work on the trip. We're now trying to figure out why. Hopefully thereyet will come out of the Lounge long enough to give us more info.

<<So it wasn't just "didn't work" - there was a 'why'. Was your money in a savings account? Or - if you have linked savings and checking, which is the primary account? Or was it for a credit Union w/ a small/limited network? (A few credit unions/banks don't belong to the typical Plus/Cirrus/etc networks)? Did it work back home - could it have been de-magnetized? Or a special investment account? -- anything????>>

Card worked fine at home. There are two accounts linked to the card...Checking/savings. There was plenty of money in both accounts. As i said, I reported to my bank where and when I was going, and was assured there would be no problem.

Fortunately, my wife's card...same accounts, did work.

In the Spring of '09, we returned to London, went through the same procedure, explaining what had happened the previous trip. Again assured there would be no problem. My card worked EXACTLY one time, then wouldn't allow anymore ATM transactions, however, I could make some purchases as it was a debit card. Again, my wife had no problem using ATM machines...on the same accounts.

The accounts are in a major bank.

The first trip, I used an ATM card, the second trip I used a debit card.

Needless to say....I WAS PISSED.

My point? some of the information you get here...not all that helpful.

It was more helpful...to have my wife along, as she had better LUCK with her card.

thereyet

I doubt that you can disqualify the advice to use ATMs and not bring huge sums in cash as "not helpful" by using your individual bad experience as a benchmark for further travels.
Especially since your bank was unable to find out why your card did not work.

The only way to get around both the safety issue with cash and possible technical failure issues with cards would be to bring the whole amount of money you need as cash in traveller cheques, and queue up every other day at some bank to cash in a €100 cheque. I wonder if that can be a feasible solution.

Get a credit union card as they don't charge the fees that banks charge. I have an account I use for travel only, not linked to other accounts. When you call to notify them you will be traveling and to flag your account you need to call back in a few days and make sure they actually flagged the account (many times they haven't). Get a contact number you can call (not a US 800 which won't work) if you have a problem or your card quits working. Sometimes it's something as simple as trying to take more out in the foreign currency than your daily limit in USD. If the machine allows 300 withdrawal in GBP and you enter that amount and your limit at your home bank is $400 then the transaction won't work. (300GBP = $483 so is over your withdrawal limit).

Your card not working has something to do with your bank, not the foreign ATM's. Did you specifically flag both cards for the account? It sounds as if it wasn't (perhaps only your wife's card was properly flagged) and they are freezing your card after the first transaction. When they suspect fraud, they then call your phone listed on your account (home phone?) to verify the withdrawal. If you are not there to answer, the card is frozen.

We buy a pack of Euros from AAA-that way we can get away from the airport fast.

We did have our bank card not work at one ATM but work fine at another location (at the SAME Italian bank) so don't give up if you have a problem. Also, make sure, if you have a savings/checking account that you have enough in both to cover your expenses. The ATM doesn't always give you option of choosing which acct. you want.

TD, there was plenty of cash in both accounts.

I would like to think the problem was having two accounts linked, but it didn't seem to effect my wife so.....

It isn't like I have enough cash on hand to bank for the trip in multiple accounts, with multiple cards...so I can find out later which one is going to work. It still seems pretty much like a crap shoot, despite following all the advice given here on Fodors.

It is pretty unnerving finding your self in a foreign country with out access to your funds.

thereyet

Yes, it would be unnerving to not have access to your funds. I'm a bit tense when I land and put my ATM card into the slot, but it has worked, every time in every country (Morocco, Egypt, Turkey, Chile, Argentina and a few European countries). And I feel a lot better having cash in hand.

I had a problem in Prague but then realized that it was the amount I was requesting. After trying several times I changed the amount and got the cash.

I think I was requesting an odd amount to pay my hotel bill and the machine did not hold the bills needed.
Perhaps something like it dispenses only tens and twenties and I needed a five.

<<colduphere on Jan 21, 10 at 8:35am
Thereyet - for your next trip please take my wife's ATM card. She uses it twice a day in Europe and unfortunately it always works.>>

Welcome back!

Hi Luisah - thanks. I never left here. Only the other place.

Cold,

There was a thread asking where you were. Several people miss you. We are in desperate need of a few laughs down here.

The other thing is your personal id code-it needs to be 4 digits (unless that changed while I wasn't looking!)

Ty,
There is another thread here about taking currency into Turkey. A local person with financial expertise mentioned that banks there give better exchange rates than at home or via ATM. So there may be countries that pay a premium for US$.

Then again, I went to Ghana in 2005...not many ATMs

PIN # is four digits.

Well, we went to England, Spain and France...so no shortage of ATMs and NO premium on US dollars.

thereyet

Sorry you had such a hard time. But that is why I asked if it was linked checking and savings. If the savings is the "primary" you would usually be sol getting money from an ATM in Europe. Many threads have mentioned that issue. So maybe you didn't see any of them, but to say >>some of the information you get here...not all that helpful.<< just isn't true IMO

The checking account is the primary account.

Thanks for putting the outcome of your initial question in the original post. This forum would be twice as valuable if all posters would do that.

Just thought I'd throw my two cents in--or is that my 3%?

When I go to Europe, I ususlly have some euros from my last trip, so I don't have to get money right away.

I get the maximum amount my bank permits ($500 per day), for which I am charged $5.00. The bank always charges $5.00, no matter how much money I withdraw, so it's better to get the max.

I am a rabid proponent of wearing a money belt, so I never have fears about the security of carrying $500-$1000 in euros. I just tuck it into my money belt and I'm off.

When I charge expenses on my Visa, it costs me 3%. It's more economical to pay everything in the cash I've withdrawn because to charge $5000 in euros would cost me $150 in fees, wherease to withdraw the money and pay cash would cost $50.

In the past, I've usually charged because I use my frequent flyer card to earn miles and also because it's a simple way to record expenses for when I come back home.

However, I really think I should get an ATM card from my credit union and use it instead of my Wells Fargo ATM card. The fees would be either free or low cost.

I have to pay a fee to my *home* bank for international/out-of-network transaction when I use an ATM in Europe (but there's no extra fee on the Europe bank end).

My money strategy is to have the most options possible - some Euro in advance, USD cash to exchange, an ATM card, 2 credit cards, heck maybe even Travelers Checks stuck in the bottom of my bag for extreme emergency.

Pegontheroad - Join the credit union as they don't charge those fees and you can also get the credit union Visa card.

http://www.creditunion.coop/cu_locator/quickfind.php

Thanks bigtyke.

janisj, that is why I qualified my statement with "some" of the information...not all that helpful.

I was a new poster when I started this thread, and YOU of all people should know the "search" function on this site back then didn't work all that well. It is much better today, thanks Fodors.

Yes I started several threads when I first started research for this trip...I was new, inexperienced (on this site and traveling in Europe). It is tough on this site for newcomers, there is an element of "hazing" of newcomers...or at least an intolerance.

I am NOT whining about what happened on my trip, on this thread. I am trying to understand what happened which is one reason why I am trying to provide as much detail of how I tried to do things.

So far, and I appreciate the trouble shooting everyone has contributed, there doesn't appear to be a good reason for the SNAFU that occurred on two different trips. Which while frustrating, is OK. Just seems that someone might admit that the best laid plans of mice and men...often go awry.

My personal opinion, because of our dependence on Automated tellers, the human element has been removed...opening the door to fraud, which in turn leads to remote control of accounts to defeat those fraudulent transactions...often catching the innocent in its wake.

Just saying....

Had it not been for the fact that my wife's card worked, I probably would have spent some time in front of a real person (teller) trying to figure out what the problem was. I certainly would have had no problem proving who I was when face to face with a live human being.

Maybe next time, I actually open an account at Barclays prior to my trip...with my home bank transferring funds to the new account before I ever leave home.

thereyet

If I'm reading the thread correctly, this just happened fairly recently that you couldn't use your ATM cards in Europe -- in England, Spain and France and the checking account was primary. Well, this is very weird, but you didn't mention the bank's name, unless I missed it, so maybe someone might know something about that.

I have only an ATM card (no debit card, which someone above said you need for Italy and Portugal) and have had no problems using it in England, Spain and France. So that's why I think it must be your bank, or maybe your card is real old and worn out? It just doesn't make sense. Given that your wife's card worked on the exact same accounts, that seems to be the answer, I would think.

I have had problems using my ATM card once, and that was in Austria. Couldn't use it anywhere in the country at any ATM, even though I could and did use it in other countries on the same trip. So there was something funny going on with Austrian banks and the network my ATM card uses (STAR and I think PLUS). That was some years ago, however.

The bank was Washington Mutual (formerly Great Western) on the first trip, and was bought by Chase prior to the second trip.

Fairly big banks I would say...right behind BofA and Wells Fargo, no?

As I mentioned above, the card worked fine on return to home. On the second trip, I had a very new card...with visa logo (debit card vs ATM) with all the network logos on them.

Question - from what I have gathered, it is obviously best to use the ATM for the most favorable exchange rates, fees, etc. I have Bank of America and the only alliance they have is in France. So, all the other countries I visit I have to pay $5.00. Do you think I should:

1) Get a Capital One card. Does it really have NO fees?
2) Open up a Compass Bank checking since they state that they don't charge any ATM fees anywhere and suppossedly have some of the best exchange rates.

Good questions JillD. I have no idea though. From what I gather, the most savvy here pretty much agree that there will be fees, one way or another.

Don't suggest traveling with cash though...that will bring out some fascinating responses.

thereyet

I have an ATM card from a local credit union. The fees are $1.50 per withdrawal. I've used it in many countries without a problem.

Compass sounds like a good deal.

Here is a good website to see all the fees -

http://www.creditcards.com/credit-card-news/foreign-transaction-conversion-fees-1276.php

It looks like Capital One is the the only card who doesn't issue fees (besides Discover but won't work in Europe.) However, I don't want to open a credit card (can ding your credit score) so I might see if I can get a checking account with them. I assume their debit cards don't charge a fee either??? Does anyone know?

Charles Schwab check card also has no currency conversion fees and refunds the fee for getting cash at any ATM that charges for out of network use.

I just consider that the bank charges are part of my personal security and if Im robbed which has happened to me that Im only out a few days worth of cash.

Wow! So, why doesn't everyone who goes overseas just get either a Capital One card or a Charles Schwab check card? No fees!

We took Capital One CC on both trips. Didn't know about Charles Schwab check card, no one here recommended it at the time. Maybe it didn't exist?

>>>Fairly big banks I would say.<<<

Size doesn't matter. My credit union is very small and I've used my ATM and credit cards for years with no problems.

>>>I have only an ATM card (no debit card, which someone above said you need for Italy and Portugal)<<

My card is ATM only and works fine in Italy.

>>>As I mentioned above, the card worked fine on return to home.<<<

Your bank blocked overseas purchases no US purchases.

>>>It looks like Capital One is the the only card who doesn't issue fees<<<

Most credit union cards don't have fees either. Your link only compares cards issued by banks, not credit unions. All credit unions issue their own branded Visa and Mastercards.

Good to know Kybourbon! I will be signing up for a Charles Schwab Check card this week. Who wants to pay any fees? I sure don't. Has anyone has an experience with this card in Europe?

The CS check card fee rebate is only for 6 transactions or $9.00 per month which ever is less. And they can cancel the benefit at any time.

I use the Charles Schwab card in Europe,very satisfied.

It is I who had problems with my ATM card in Italy, at the airport in Milan, and I had read here of others who did and were told a debit card would work. So I had brought along a debit card and that worked. I didn't try extensively as I was just passing through the airport and not staying in Italy.

The major lesson for me is to have more than one card on different accounts in case one doesn't work for some reason.

Nikki - how exactly does it work with the rebates for Charles Schwab? I hear that the ATM fees will show up on your monthly statement from Charles and then they reimburse your account. However, the previous post from thereyet said that they actually have an allowance for their rebates? So, did you only do 6 ATM withdrawals while in Europe?

There is no limit on the number of ATM withdrawals I can make. I do not know what other plans there might be, but that is mine. And there is no monthly fee of $9.00.

I do not see the ATM fees on my monthly statement. Although now that I think about it, I mostly use the card in Europe, where there are no ATM fees. I do not remember off hand whether the fee shows up and is then reimbursed or whether it is just absorbed.

thereyet - where did you see the Charles Schwab debit card that states that it is limited to 6 ATM withdrawals?

On their website.

It isn't a monthly fee of nine dollars, it is a cap on the rebate.

http://www.schwabbank.com/checkingDetail.do

Nikki - I wonder how you got unlimited ATM withdrawals with no maximum allowance of 9.00? If I go to sign up, I better make sure I ask about this.....

i had issues with using one of my atm cards in paris this spring.
i am so glad i was using 2 different banks.

upon my return i noticed that when using my b of a account at bnp, i did not incur any additional charges.
i assume there is a reciprocal agreement since my other withdrawals all had fees assessed.

OK, I see what thereyet is talking about. I still believe that my account is different than that, perhaps because I have other accounts with them. But in any event, it just means that if you make more than six withdrawals per month at ATMs that charge fees, or if the fees for the withdrawals exceed nine dollars per month, you have used up that benefit for the month.

All this is irrelevant in Europe, where there are no fees imposed by the local ATMs and therefore nothing to be rebated. You can make as many withdrawals as you need.

Abranz, yes, there is an agreement btwn BNP and BofA.

If you go to BofA website, there should be something like "international partners" button with the European banks listed.

I try to spend as much time as I can reading this forum to figure out all the things they wouldn't tell us in the travel books

I have the Schwab credit card and LOVE it. It has no foreign transaction fees so I use it constantly when I travel and thus need little cash. It's also 2% cash back so I use it for everything I can at home as well. Putting a tour and airline tickets on it is a wonderful thing and helps pay for some of the extras while I'm gone!

Iowa - I actally do not want to apply for a credit card (can ding my credit score.), so I am going to open a Schwab checking. However, I have to check into this ATM monthly maximum thing.

I have solved the mystery of the Charles Schwab Checking Account. You have to open this type of checking account -

http://www.schwab.com/public/schwab/banking_lending/checking?cmsid=P-990750&lvl1=banking_lending&lvl2=checking

There are no monthly charges to have this account, no minimum requirement, etc. You will never be charged an ATM fee while in Europe (you can do as many withdrawals as you want) and NO FOREIGN TRANSACTION FEES!

Nikki - is this the account you have? High Yield Checking?

That does look right.

However, please note that even with the other types of checking accounts, you can still do as many ATM withdrawals in Europe as you want without paying any ATM fees because there are no ATM fees for regular ATMs in Europe. This is true no matter what kind of US debit or ATM card you use. The feature of rebating ATM fees is useful in the US, but is not relevant in Europe.

You still have to be aware of private ATMs in Europe that are not affiliated with a bank, such as the kind you might find in convenience stores even in the US. They might have their own fees. It is best practice to use ATMs affiliated with banks both in the US and in Europe.

NO FOREIGN TRANSACTION FEES ..what exchange rate do they use?

I always cringe when I see 'no fees' when it comes to Forex.

It is not like Forex, which as I understand it is a service for exchanging currency. The Schwab card uses the same rate as other debit and credit cards, but it does not add the currency conversion fee that most of the others add.

Nikki - There can be ATM fees in Europe IF your bank charges you. For example, Bank of America charges $5.00 per ATM withdrawal even if it is a "bank" ATM. That is another reason why I am opening a Schwab account!

Michel - unbelieveable, right? I also was skeptical when they told me no foreign transaction fees. However, it is TRUE!

A bank that cares. I am ashamed of my cynicism

I wonder if there is a "catch" to this though? Could Schwab have a horrible exchange rate therefore that is why there are no foreign transaction fees?

>>>There can be ATM fees in Europe<<<

No, Jill. If BofA charges you, the fees are from BofA, not the ATM, and they are tacked on in the US by BofA, not in Europe by the ATM. If the actual ATM had fees then Schwab and credit unions wouldn't be able to offer without fees.

Jill, that is correct. I was addressing the feature of the rebate of ATM fees, and how that does not apply in Europe. So that the limit on the number or amount of them attached to some of the types of Schwab checking accounts is irrelevant if you are using the card in Europe.

I have used my HSBC debit card successfully in Europe. The only time I had slight difficulty with it, I had typed in a withdrawal amount of my choosing and the transaction would not go through. I cancelled the transaction and retrieved my card an paused--AHA! I tried again at the same machine, this time using the highest listed withdrawal. Success!

I suspect that in choosing my own amount to withdraw, I may have exceeded the per-transaction amount in calculating the exchange rate. Since my bank doesn't charge me a withdrawal fee for foreign transactions, now I always choose one of the preset amounts listed.

Jill, as I said above, the Schwab card uses the same rate as other debit and credit cards, but it does not add the currency conversion fee that most of the others add.

I AM SO EXCITED ABOUT THIS SCHWAB CHECKING ACCOUNT! I don't know why anyone would use anything else and pay foreign transaction fees!

If you want to bank with Schwab, sounds like a good deal. I don't. I have a local community bank not far from where I live where I can easily go for any problems, to deposit checks, get money, etc. Also, because I have a certain amt of money in there, I am a premium customer and get various things free (like I can get travelers checks free, and various other services, like cashiers checks, etc., and no ATM fees out-of-network).

Now I have never encountered one, but lots of places offer no ATM fee cards and it simly means their own fee, not that there can be no fee on the other end. I don't think any place guarantees that (except my bank, actually, as because I have that premium account, they even refund any fees from the ATM, like those expensive private ones you find in some places in the US). US banks can charge fees to US customers, also, and mine refunds those (I mean US banks are allowed to charge ATM fees to customers from other banks if they are American, they can't to foreign cards, just like in Europe they can't charge fees for foreign cards). So I presume Schwab won't refund any fees from banks/ATMs except in Europe?

Schwab will refund any ATMS fees, no matter where the place. America, Europe, etc....

Christina, Schwab does refund ATM fees imposed by ATMs in the US that charge them. It does mean there is no fee on the other end. In Europe it does not have to refund fees because there aren't any.

I opened my account there for the sole purpose of using it in Europe (and as an incidental bonus, at ATMs in the US that charge a fee). My ATM card from my local community bank started charging a foreign exchange fee a couple of years ago so I got the Schwab one. I still go to my local bank for all the things you mention.

Nikki - so even in those European ATM machines in hotels, airports, and retail stores that charge an ATM fee, Schwab will refund those as well?

Christina - I still am keeping my Bank of America checking account. I am just using this for travel.

I don't know about private ATMs in Europe, I steer clear of them everywhere. But the ones in airports are usually bank ATMs and I do use those.

I just got off the phone with Schwab and they said that they refund ALL ATM fees, even the fees imposed by Europe. (which is RARE, but in the rare case of an ATM in a hotel, retail, etc)

We have a checking account with PNC bank here in the USA. They charge us no per-transaction fee for ATM withdrawals and refund any per-transaction fee from any non-PNC ATM worldwide. The refund is automatic.

Do watch out for non-bank ATMs (private ATMs): apparently in many countries (if not all), they can set their own exchange rate. We saw this in a hotel in Toronto--someone used the private ATM in the lobby and was quite upset when she didn't get nearly as many Canadian dollars as she thought she would. We figured out with her that she had paid almost a 15% premium for the convenience of using the lobby ATM.

If one has the Charles Schwab credit card (with no foreign trans. fees) - would the benefit of also having a checking account with them (and, thus an ATM card) be to have access to cash?

Are the benefits the same (credit card and ATM) for the Charles Schwab accounts discussed above - as far as foreign transaction fees? That is, charging an item or paying with cash withdrawn from an ATM (noting the limitations on number of withdrawals per month) would require the same total outlay of money?

Thanks - I'm new to the idea of using ATMs abroad and even avoid them in the US due to fees.

I don't know about the Charles Schwab credit card, I only have the debit card. In order to do that, I opened a checking account.

Why would you avoid ATMs in the US because of fees? You can almost always easily find a bank where you don't have to pay ATM fees. And if you get and use the Schwab card, there are no ATM fees.

Jill -- BofA doesn't charge any ATM fees if you use their partner banks in Europe.

"When I go to Europe, I ususlly have some euros from my last trip, so I don't have to get money right away."

We do the same. We make sure we finish our trips with the equivalent of $100 - $150 in euros in mixed bills plus some change. On the next trip, we don't have to stand in line for the ATM machines, don't have to worry about ATMs that are out of cash (it DOES happen) or will only give large bills.

It's not a huge amount of money but it's very convenient to have it available as soon as we arrive. There are enough lines to deal with on transatlantic travel--check in, security, boarding, getting off the plane, passport control, we don't need an ATM one as well.

Wow ! I`m taking a trip overseas later this year.Does anybody know if there is an Australian version of the Charles Schwab card?

Take some cash with you but you really won't use it and exchanging money is $$. Get a Capital One credit card....we use it for all our overseas trips with no foreign transaction fees. Excahnge some of your cash at the hotel or at the airport before you leave...really depends where you are going and what you are spending money to know what is best for you.

enlehman76,I am Australia going o`seas Capital one is USA based,yes?

Susielou, we have used ANZ bank travel cards, which are a Euro denominated debit card. Take a look at anz.com, and maybe they will suit you. No currency exchange fees, and I think a 1 Euro charge for ATM withdrawals. No charge for conventional merchant transactions.

You can top the card up as you go using bPay.

Peter-S-Aus. thank you I``ll check out the ANZ card.