A Good reason to have some local currency
Mar 7th, 2006, 12:21 PM
#1
Original Poster
Join Date: Jul 2003
Posts: 883
Likes: 0
Received 0 Likes
on
0 Posts
A Good reason to have some local currency
check out this story regarding Citibank ATM/Debit cards. A good reason to carry a back up sorce of funds with you and a little bit of local currency.
http://www.msnbc.msn.com/id/11714119/
http://www.msnbc.msn.com/id/11714119/
Mar 7th, 2006, 12:42 PM
#2
Join Date: Apr 2003
Posts: 19,419
Likes: 0
Received 0 Likes
on
0 Posts
Oh, darn, I heard some rumor! And 2 days ago called to confirm my Citibank ATM will work in Israel - leaving tomorrow. I was assured it will.
Thank you Grantop, at least I won't be surprised. Yes, the old dependable cash... if you have it! But then it may be money laundering.
Looking forward to a fun vacation
Thank you Grantop, at least I won't be surprised. Yes, the old dependable cash... if you have it! But then it may be money laundering.
Looking forward to a fun vacation
Mar 7th, 2006, 01:13 PM
#3
Join Date: Jun 2004
Posts: 19,000
Likes: 0
Received 0 Likes
on
0 Posts
<b>At the very least, Citibank should flag the accounts so that if you call them to ask if yours will be affected, they can tell you definitively.</b>
But I'm not in charge at Citibank. There is growing evidence that no one else is, either.
But I'm not in charge at Citibank. There is growing evidence that no one else is, either.
Mar 7th, 2006, 01:44 PM
#4
Guest
Posts: n/a
Your last statement is hysterically funny and equally true, Robespierre.
In London, after calling Citibank in advance to say we were going to be in London, the credit card (not debit card) was refused when we tried to buy tickets. When I called them they told me it was because we had sent them an "unauthorized" check for over $20,000 which was to pay for a major charge of the same amount on the card. Despite the fact that the charge had already gone through and they had already received payment in full for that amount and they had been advised we were doing that,they froze the card because we paid them more that he needed to. How much sense does that make?
In London, after calling Citibank in advance to say we were going to be in London, the credit card (not debit card) was refused when we tried to buy tickets. When I called them they told me it was because we had sent them an "unauthorized" check for over $20,000 which was to pay for a major charge of the same amount on the card. Despite the fact that the charge had already gone through and they had already received payment in full for that amount and they had been advised we were doing that,they froze the card because we paid them more that he needed to. How much sense does that make?
Mar 7th, 2006, 03:24 PM
#5
Original Poster
Join Date: Jul 2003
Posts: 883
Likes: 0
Received 0 Likes
on
0 Posts
That's weird Neopolitan - and you're not the only person who this has happened to; I remember reading a post from Patrick a while back that told of a similar experience (he paid ahead for a major purchase and Citibank decided to put a hold on the account because it appeared that he paid too much on the account). Not funny to have something like this happen at home, let alone when you are overseas and cash-poor.
Does make one think twice about waiting to use the ATM upon landing to get some spending $.
Does make one think twice about waiting to use the ATM upon landing to get some spending $.
Mar 7th, 2006, 03:49 PM
#6
Join Date: Jun 2004
Posts: 19,000
Likes: 0
Received 0 Likes
on
0 Posts
Financial institutions are being watched over their shoulders by the DEA, DIA, CIA, and FBI for any "suspiciious" financial activity involving large payments, large amounts of cash, or anything else that might be drug- or terrorism-related.
Orwell was 20 years off.
Orwell was 20 years off.
Mar 7th, 2006, 04:23 PM
#7
Join Date: Jan 2003
Posts: 8,421
Likes: 0
Received 0 Likes
on
0 Posts
Some years ago, this happened to me with my ATM/Debit card issued by our local bank. I received a phone call from the fraud department informing me that a new card with new account number was on the way, because they knew and/or suspected that considerable data had been "stolen" or otherwise compromised, but that I could use my current card through a certain date (which to my recollection was a month or six weeks or two months) and the transactions would be approved. So, everything went quite smoothly.
Years and years ago, I gave up on CitiBank for a variety of reasons. There may be no one in charge, or whoever is in charge believes the burden of "potential" fraudulent transactions should be the burden of the customer as opposed to Citibank.
Regardless, it is risky to travel with only one card and no cash or travelers checks, or other resources.
Curiously, however, I've been told every time I phone to report travel on the ATM/debit card that they don't give a whit, it only matters for credit cards.
Another curious difference between an ATM/debit card and a credit card, is that if you attempt to pay your hotel bill, for example, and the amount exceeds your daily withdrawal limit, even though it is processed as a "credit" versus "debit" the transaction may get rejected (which can be resolved with a phone call, I'm told).
Any which way, despite the extra expense or unfavorable exchange rate, I, personally, never, ever, rely on withdrawing cash in the foreign currency immediately upon arrival at the airport. I prefer to land with enough foreign currency to buy a bottle of water, taxi to the hotel, feed me for a day or two. For me, it's worth having the foreign currency upon arrival so as not to have to find an ATM (after an overnight flight), hope it's working, hope my bank is not offline for overnight processing (due to the time difference), pray there is not a very long line of folks trying to figure out how to complete a transaction and/or trying one card after another. It's so much better to just be able to collect the bags and head straight for the taxi stand.
Years and years ago, I gave up on CitiBank for a variety of reasons. There may be no one in charge, or whoever is in charge believes the burden of "potential" fraudulent transactions should be the burden of the customer as opposed to Citibank.
Regardless, it is risky to travel with only one card and no cash or travelers checks, or other resources.
Curiously, however, I've been told every time I phone to report travel on the ATM/debit card that they don't give a whit, it only matters for credit cards.
Another curious difference between an ATM/debit card and a credit card, is that if you attempt to pay your hotel bill, for example, and the amount exceeds your daily withdrawal limit, even though it is processed as a "credit" versus "debit" the transaction may get rejected (which can be resolved with a phone call, I'm told).
Any which way, despite the extra expense or unfavorable exchange rate, I, personally, never, ever, rely on withdrawing cash in the foreign currency immediately upon arrival at the airport. I prefer to land with enough foreign currency to buy a bottle of water, taxi to the hotel, feed me for a day or two. For me, it's worth having the foreign currency upon arrival so as not to have to find an ATM (after an overnight flight), hope it's working, hope my bank is not offline for overnight processing (due to the time difference), pray there is not a very long line of folks trying to figure out how to complete a transaction and/or trying one card after another. It's so much better to just be able to collect the bags and head straight for the taxi stand.
Mar 7th, 2006, 04:37 PM
#8
Original Poster
Join Date: Jul 2003
Posts: 883
Likes: 0
Received 0 Likes
on
0 Posts
djkbooks, I totally agree with you about having some local currency in your packet upon arrival. Unfortunately I have seen people flogged here by other who insists it's a waste of money to get even a small amount ahead of time because it is oh so simple to go to the ATM. Well, yes, it SHOULD be simple, but sometimes stuff happens and I for one would like to have enough to continue into Paris, eat, and pay for a few nights in the hotel if need be. Good to be prepared (and responsible).
That aside, the Citibank thing this week must have been a nightmare for those traveling and it easily could have happened to any of us.
That aside, the Citibank thing this week must have been a nightmare for those traveling and it easily could have happened to any of us.
Mar 9th, 2006, 04:05 AM
#9
Original Poster
Join Date: Jul 2003
Posts: 883
Likes: 0
Received 0 Likes
on
0 Posts
Related ATM/Debit Card Fraud Issues: http://www.msnbc.msn.com/id/11731365
Mar 9th, 2006, 04:16 AM
#10
Grantop, thanks for the informative and timely post.
I've always been concerned about personal and financial information that is stored in assorted databases. The potential for fraud and abuse is something all of us have to be worried about.
I've always been concerned about personal and financial information that is stored in assorted databases. The potential for fraud and abuse is something all of us have to be worried about.
Mar 9th, 2006, 05:12 AM
#11
Join Date: Nov 2003
Posts: 1,755
Likes: 0
Received 0 Likes
on
0 Posts
I too never leave without approx $200 in local currency and at least $40 in smaller denominations. Yes, it probably costs me a bit extra, but I have avoided multiple disasters and speed by everyone to the taxi, metro ect. I travel alot so I actually have a UK pounds wallet and a euro wallet. I often withdraw money before departure to restash the wallet (so much easier than pre euro!!).
Mar 9th, 2006, 05:39 AM
#12
Join Date: Jun 2004
Posts: 19,000
Likes: 0
Received 0 Likes
on
0 Posts
I wonder - how many of you good folks have analyzed this issue from a statistical point of view?
Add up all the time and money you've ever spent on being prepared, and subtract from that the time and money you've actually saved by having the cash on you.
What's remains is wasted effort and expense.
I have always figured that the downside risk isn't severe enough to compel me to go through the motions of preparing for an unlikely scenario every time I get on a plane.
I just carry a few hundred USD with me, secure in the knowledge that I will be able to carry on even if all the ATMs in Europe are broken.
I have never had to use it.
Add up all the time and money you've ever spent on being prepared, and subtract from that the time and money you've actually saved by having the cash on you.
What's remains is wasted effort and expense.
I have always figured that the downside risk isn't severe enough to compel me to go through the motions of preparing for an unlikely scenario every time I get on a plane.
I just carry a few hundred USD with me, secure in the knowledge that I will be able to carry on even if all the ATMs in Europe are broken.
I have never had to use it.
Mar 9th, 2006, 05:50 AM
#13
Join Date: Jan 2003
Posts: 5,271
Likes: 0
Received 0 Likes
on
0 Posts
...and there you are waiting in the baggage area after clearing immigration and the baggage hasn't come down...so you go over to the ATM and it's down....oh my god what do you do...you do what people have done for years you walk over the exchange booth, take out a couple of $20 bills and exchange cash..you get a somewhat better deal by exchanging cash in Europe than in the US but worse than an ATM and voila you're done...
Or if you're taking local transportation from LHR or CDG, the underground. the RER, the Heathrow Express all take credit cards...big deal.
To me, yes I wouldn't rely on only one debit/ATM card just in case but nothing has happened that will change me from doing things the 21st century way namely getting cash, only if necessary, from an ATM on arrival.
Or if you're taking local transportation from LHR or CDG, the underground. the RER, the Heathrow Express all take credit cards...big deal.
To me, yes I wouldn't rely on only one debit/ATM card just in case but nothing has happened that will change me from doing things the 21st century way namely getting cash, only if necessary, from an ATM on arrival.
Mar 9th, 2006, 07:10 AM
#14
Join Date: Jan 2003
Posts: 1,319
Likes: 0
Received 0 Likes
on
0 Posts
xyz123
A different scenario :
Flight delayed, you arrive at a closed airport. No public transport other than taxis (who don't take cards in this country).
Oh, and you don't understand the language.
Not impossible ? - it has happened to me several times.
There is something reassuring in having enough cash to get to your hotel ?
Peter
A different scenario :
Flight delayed, you arrive at a closed airport. No public transport other than taxis (who don't take cards in this country).
Oh, and you don't understand the language.
Not impossible ? - it has happened to me several times.
There is something reassuring in having enough cash to get to your hotel ?
Peter
Mar 9th, 2006, 07:24 AM
#15
Join Date: Jan 2003
Posts: 5,271
Likes: 0
Received 0 Likes
on
0 Posts
mpprh...
I suppose your scenario could happen...if flying into a smaller airport and that is your first stop (not a connection) in a country not using a currency you have a chance to deal with...(ex...flying into a small Scandanavian airport from Frankfurt)..in that case perhaps I might think ahead....all the major Western European airports operate 24/7 and have exchange facilities open 24/7 in case the ATM's go down...now if I were flying, and no offense intended, to some small 3rd world country which uses its own currency I could make sense of the possibility of what you're saying happening.
But by and large 99% of what we're talking about involve arrivals where...in London, Paris, Frankfurt, Milan, Rome, Dublin, Warsaw, Prague, Budapest, Vienna all of which I would bet have exchange offices open 24/7.
To me, the investment of time to get foreign currency at home is just not worth it to me when I can easily deal with it upon arrival but again that's me and if you feel differently, that is certainly your right.
I suppose your scenario could happen...if flying into a smaller airport and that is your first stop (not a connection) in a country not using a currency you have a chance to deal with...(ex...flying into a small Scandanavian airport from Frankfurt)..in that case perhaps I might think ahead....all the major Western European airports operate 24/7 and have exchange facilities open 24/7 in case the ATM's go down...now if I were flying, and no offense intended, to some small 3rd world country which uses its own currency I could make sense of the possibility of what you're saying happening.
But by and large 99% of what we're talking about involve arrivals where...in London, Paris, Frankfurt, Milan, Rome, Dublin, Warsaw, Prague, Budapest, Vienna all of which I would bet have exchange offices open 24/7.
To me, the investment of time to get foreign currency at home is just not worth it to me when I can easily deal with it upon arrival but again that's me and if you feel differently, that is certainly your right.
Mar 9th, 2006, 08:30 AM
#16
Robespierre, I guess this is one time you don't mind taking "paper" with you (just kidding).
Acutally, I agree with you and take some back-up money along with CC and ATM. So far, I haven't had to use the money but I only travel 1-2 times a year.
Acutally, I agree with you and take some back-up money along with CC and ATM. So far, I haven't had to use the money but I only travel 1-2 times a year.
Mar 9th, 2006, 11:43 AM
#18
Join Date: Jan 2006
Posts: 6,518
Likes: 0
Received 0 Likes
on
0 Posts
Ever since a friend of mine was followed and robbed after withdrawing cash at an airport ATM (in Switzerland, of all places), I get 100 or so euro or Swiss francs in advance so I don't have to use the airport ATM. Call it a small investment in peace of mind.
Mar 9th, 2006, 12:26 PM
#19
Original Poster
Join Date: Jul 2003
Posts: 883
Likes: 0
Received 0 Likes
on
0 Posts
Interesting that some (certainly not all) people here can be so flip about atm & credit card fraud. An ATM card is useless if someone has helped themselves to your PIN and you money! Not to beat this into the ground, but here is an update from this afternoon.
http://www.msnbc.msn.com/id/11731365/
http://www.msnbc.msn.com/id/11731365/
