Has anyone used an American Express travel money card in Italy? In the past I have used the VISA card supplied by AAA but my local office will no longer be issuing these cards. I like the security of these cards as they are not tied to your bank account. I know that American Express is not as widely accepted as VISA but will this hold true for ATM's also?

Thanks!

I have not used this product nor any other this type of product due to poor benefit/risk trade offs.

What these products propose is to protect users from probabilistic theft/loss by charging guaranteed high usage fees. In my opinion, the odds are stacked greatly in favor of the issuing companies. Another value proposition is to offer a "debit/ATM card like" product for those who cannot qualify for real debit cards. Just like the sub-prime offerings, the terms are usually stacked against the users presumably because they cannot get cards with better terms.

There are many steps one can take protect the ATM/debit cards. I always multiple cards from multiple banks, use money belt and hotel room safes, and have readily available contact info to call the card issuers in case there was a loss or a theft.

I don't understand your concern about security risk using a regular bank ATM or debit card.

there was an item on BBC radio today about a problem with the post office version of this type of card, which they have withdrawn with little notice to holders. those who still have money on it [which is in euros] are being offered a very poor rate of interest to get their money back - one customer who had just over €600 on the card was losing about €60 on the transaction, compared with normal exchange rates.

you should be aware that it is probably not a good idea to leave money on the card - if you decide to use one - at the end of your trip. [and check the exchange rates for changing any remaining €s back into $}.

personally, I'd use your normal debit card for getting cash and a credit card for larger transactions.

What possible security risk is there with a regular ATM card tied to your bank account that wouldn't exist whether you were traveling or not?

Those travel money cards are an extraordinary rip-off and they offer absolutely zero benefits that an ordinary ATM and cc don't already have.

These cards are generally a very bag idea since they cost a huge amount more than using a regular ATM card.

I don;t think the issuer matters - what matters is the names of the ATM networks on the card - Cirrus, Star, etc. If the card carries these the ATM machines will take it (but you're wasting a lot of money). If it isn't linked to the major networks it will be largely unusable.

Thanks for the responses. My concern with the regular ATM cards is that they are tied to your bank account where the cards issued from AAA have only a limited amount of funds attached - only what you wish to deposit on to the card.

The same would be true of your bank account. Just put in the money you need for the particular trip. In fact many people create a special bank account just for travel.

You are correct. ATM cards are tied to your bank account. That's how you get access to your own money. Both of my banks offer 100% protection against fraudulent use. It sounds like either yours does not, or you are not aware of the policy, or maybe some other reason.

I keep my card on me at all times, so if I lose it I'll know pretty quickly and can notify my bank.

Even if you aren't terribly concerned about mishaps it's a good idea to have your account info and contact #'s for your bank and credit card company available. I send myself an email with that info since I can always find a way to access my internet email accounts in a pinch.

I enquired about these cards in the UK and the bureau d'change in the travel agents were not encouraging. They said exactly the same, the exchange rate was lousy. Plus having preloaded the card you get the exchange rate prevailing at the time of buying the card

Giovanna, as others have mentioned you can open up another checking account and deposit the funds into that new account. Get an ATM card for that account of course. That way you will have access to the money you will need without worrying about your "regular" checking account. Best regards.

I understand the OP's point. I certain could never have only the amount of money I wanted in my bank account for travel, it would be impossible. First, my account requires more as a minimum, and I would have no where to move all the money for a trip, that would be extremely cumbersome.

However, even though I understand that point, I wouldn't worry so much if you have a PIN, which you must, and are careful about which ATMs you use. For example, I have heard of some cameras or something on ATMs in some places, and I always put my hand over the other when when inputting my PIN. Sure, it's a little cumbersom, but I do know it by heart. I also don't use anything but bank ATMs, and I don't use them in places with lots of people around, etc.

I do NOT have a debit card, though, although lots of people do. I only have an ATM card which means no one can use it without the PIN. Now that may be overly cautious except I have zero desire for a debit card to begin with and would never use that part of its features. I use a credit card when appropriate, or pay cash. However, even so, I think debit cards are supposed to have only abot $50 liability, although I guess your concern is all that money missing from your account. Would be a problem if such a thing occurred. I don't worry about it myself. I know it can be a hassle to resolve and you can be without funds for a while if such a thing happened.

Opening up a special bank account just for travel seems like a lot of trouble to me, but some people do it.

I've travelled all over "Europe" [well technically I live here but you know what I mean] and never had a problem with ATMs.

one thing that i do try to do is only to use the "hole in the wall" when the bank in question is open - then if it eats my card or there is some other problem, i can go in and sort it out.

Giovanna2011, the risk you speak of is a threat in your home country as well. As already mentioned, your bank will reimburse you if fraud should occur.

I keep a small account at a credit union and I use it for travel only. If someone hacks into that account they will be sadly disappointed at how little they will profit for their trouble.

I also have a small account for travel only and that's the ATM card I use when traveling. This account is even in another bank than that I use for other transactions - savings, checking, business. It contains just enough money for day-to-day expenses, nothing more. Credit card is used for most everything else.

I have also a small account that I use only when I travel to Europe, I keep adding funds during the year this way I know how much I have to spend ..

I also have credit cards that I will use for hotels or to buy planes tickets around Europe .

My account is also in another credit union.

Great minds think alike, sandi...