New_England_Dawn

Since no one is really using Traveler's Cheques anymore and there are foreign currency fees for most USA credit cards, I'm thinking about using the VISA Travelmoney Card. (I already have a Capital One card, but I'd like to use cash instead of credit.) It's $5 for AAA members and $8 for non-members. Instead of carrying around a ton of cash, you put it on the Travelmoney Card and it acts as a debit whenever you use it. There are no international fees and I was told that you can use it just about anywhere. Also, whatever balance is left on the card, I can get it back in cash from AAA when I get back.

Can anyone enlighten me further about their experiences with this card? Thanks!

BoulderCO

We used the Visa Travelcard from AAA on a trip to Italy. It worked great - can be used at any ATM displaying the Visa logo, which is most of them. We never had a problem finding an ATM or getting our cash. I just use a regular debit card now that is tied to our checking account. It's a little easier than messing with Travelmoney card but either way works fine. I guess the advantage to the Travelmoney card is that if it (and the PIN number)were to be stolen the thieves could only get the amount that you had deposited rather than be able to drain a savings or checking account.

suze

I thought there were a lot of 'hidden' fees involved to load the money, etc. on this type of travel card. No?

New_England_Dawn

This is the info that I found online:

Visa TravelMoney® Card
Use at any Visa merchants that accept debit cards and Visa ATMs to withdraw your travel funds when and where you need them
Accepted at millions of locations that accept Visa debit cards and more than 1 million Visa ATMs
PIN protected
Cardholders are entitled to:
AAA Global Advantage Service*
Visa Purchase Security*
Visa Emergency Assistance Service*
Visa Zero Liability Protection*

Fees
The minimum card load is $250, the minimum order is $300, maximum order $1,500
There is an activation fee of $4.95.
Reloads are $250 minimum by calling (866) 339 3378 or online at www.aaa.com/prepaid cards.
A second card can be taken for a fee of $2.00
Card cash out fee is $15
Orders over $1000 receive FREE NEXT DAY shipping (standard overnight delivery guaranteed to arrive by 5pm). Upgrades to NEXT DAY PRIORITY will cost $3.
Orders under $1000 will cost $10 for NEXT DAY standard overnight delivery (standard overnight delivery guaranteed to arrive by 5pm). Shipping for NEXT DAY PRIORITY available for $13.
Cut off time for MTW orders is 3PM EST. Cut off time for COL and Currency by Phone orders is 8PM EST.
Card life is 24 months, an optional monthly statement can be ordered for $0.50 per month, Inquiries by phone are $0.50 each, there is a $1.25 monthly maintenance fee after 12 months of inactivity. No fee for ATM balance inquiries.
Online balance inquiries are free at www.aaa.com/prepaidcards
Cash advance fee (in-bank) $10, $350 limit per advance
Domestic and International ATM limit - $1000 per 24 hour period
ATM withdrawal fee: Domestic: $2.50 International: $2.00
Reload fee: Free (maximum of 3 reloads per card life)


From what I gather, the only fees that I'll have to pay would be the activation fee ($4.95) and the cash out fee ($15). If I wanted to use an ATM, it would be $2.00 per transaction, but I don't plan on using it for that. Are there other fees that aren't listed? I can pick up the card, so I don't have to worry about mailing fees and such. Also, they have cards that go from $250 to $9,999. I appreciate the responses. Anyone else have an experience with this card?

janisj

They get you w/ the fees ($15 just to get the rest of your money out!! ) and w/ both ATM transaction fees AND a <u>lousy</u> conversion rate.

These cards were invented because Visa/AMEX are losing the profits/interest income from Travelers Checks funds -- so this product has taken over and filled the gap.

Really only a good idea for people who for some reason cannot get a regular ATM card.

Christina

yes, there are other fees in using it -- the exchange rate is higher than the interbank rate. Also, it does have a fee for using it at an ATM, doesn't it? I thought it was about $2. I think it's a lot higher (like maybe 7%), but you'd have to check on what it is.
As NEDawn said, I don't think there is a fee to cash it out if you do it in person at a AAA store, though.

I really can't understand why anyone would use that who had their own ATM card.

kayd

Instead of the 1 percent add-on for Visa to handle garden variety ATM transactions, the prepaid card will have an exchange rate that is at least 3 percent more. Plus all those fees. It is a bad choice.

Henry

Dawn,
You missed one fee:

If you obtain your funds in a currency other than the currency in which your Card was issued, the Issuer will increase the currency conversion rate (described in the immediately preceding section) by an additional 7%. This percentage is determined at an ICA level and will retain this amount as compensation for its services. This charge is independent of the currency conversion rate established by Visa.

7% conversion fee.

If you open a checking account and get a free ATM card the conversion fee will usually be 1%.

Henry

SeaUrchin

I have been thinking about using one so my banking account would be protected from a stolen card. I will have to check the exchange rate and compare. Thanks for the posting.

nanabee

the load fee seems small if your going to be in depending on the travelmoney card as your source for money. it forces you to have to reload and pay even more fees.
the fees your required to pay are much too high compared to what you'd pay if you used your bank debt card.

GSteed

Note: Put a limit on daily withdrawals in cash and purchases on your check/debit card. Your foreign purchases with a credit card will incur a conversion charge. Mine is 3%. My debit card conversion cost is 1%. The problem today is that card users are in default and being charged interest fees. I missed a payment date and it cost me $20.

SeaUrchin

I didn't see the posts for the additional fees, thanks for the info.

New_England_Dawn

I just read all of the fine print and saw the 7% conversion fee. Thanks for the heads up!

Okay, so I've decided not to go with this card. Question: How easy is it to use my American ATM card in a foreign country (or anywhere in Europe)? Last time I was there, I used Travelers Cheques. Thanks.

Travelnut

1. You have a Capital One credit card - no foreign transaction fees.
Put your cash aside before your trip and pay the C.C. bill immediately upon returning home.

2. Put your vacation money in a free checking account and use the debit card to withdraw cash from an ATM. <u>Compass Bank</u> does not charge for any ATMS anywhere ever. 1% for foreign curr. /withdrawals... 2% for purchases

fluff224

I used the AAA Visa card when in Greece 2 years ago since I didn't have an ATM and at that time it was worth the extra fees involved. I had a few $ left on it and tried to cash out at AAA, but they said they didn't do it. So, essentially I lost the remaining amt. I don't even remember now how much it was, but is was probably less than $15. So, for our trip to Italy this past June I decided that there had to be a better way. Not wanting an ATM tied to my checking account, I opened up one at our credit union. The transaction fees were very reasonable ($2)and exchange rates were the going rate. Good luck!

slangevar

New_England_Dawn - it's very easy... I use my American ATM card at least once a week in the local ATMs. Some of the few places you might have problems with are:

**Paris's Velib machines
**Self-serve gas stations in some or all European countries

Both of those require chip and pin cards, which we don't have. But restaurants, ATMs and shops that take credit cards can still swipe your cards (for now).

travel_princess

I found that State Farm Bank has a great ATM card that doesn't charge any fees for the first 5 withdrawls per month which is usually plenty of transactions for a 2 week trip. We set up a seperate bank account with them just to use while traveling in Europe and it has worked great. I just put in the amount I feel we will spend plus an extra cushion to be safe. You need to specify that you want an ATM card and not a VISA/MC Debit card as those will charge you fees from the CC companies for some reason.

New_England_Dawn

Hmmm....after reading all of your posts, I think I'll use my VISA Check card (ATM) and keep a limited amount in that account. If I keep the bulk amount in another attached account, I can always transfer it via telephone if I need more money. How are the ATM machines in Europe? Are they pretty much everywhere and what are your tips about using European ATM's? I totally appreciate all of your past, present and future reponses!

janisj

no special tips needed. They work just like at home. You will get an English option in the screen. The only difference is there are no letters on the keypads. So of your PIN includes letters - just be sure to convert it into the matching numbers before you travel. Also - you are not limited to multiples of 20.

ATMs are <u>everywhere</u> - in most cities they are even more common than in the States.

New_England_Dawn

Thanks!