Trying to figure out pluses and minuses of various ATM cards...i.e. which charges the least, conversion fees, etc, makes me think I should consider going back to old fashioned traveller's checks?! My credit union doesn't charge for them. Does this make sense, or is my thinking fuzzy here?

Your thinking is fuzzy. Stick to ATMs.

definitely on the fuzzy side. Even if your travelers checks are "free" you will pay through the nose to cash them . . . .

I guess if your credit union doesn't charge for travelers checks with euro denomination it might be worth it, but I'd be surprised if it would - I'd guess that you're gonna pay a conversion charge somewhere. ATMs are much easier, and the conversion isn't really that bad.

KC

one thing to calculate - if you are talking about euro TCs - even being free, they will cost you because you will pay a highly inflated exchange rate for those euros. And then when you get to Europe - almost no one takes TCs so you would have to pay a bank to cash them for you.

And if you mean free US$ TC's - then you pay both an exchange premium and a fee to cash them in Europe.

So just about any way you cut it - using ATM cards works our much better.

I got travelers checks in euro denominations before our last trip last summer and learned the hard way (it had been a few years since we'd been to Europe!)that they are basically useless now. ATMs are even more prevalent in Europe and I had to go to a bank and exchange place to cash them, for which I paid outlandish fees. The hotel where I had hoped to use them refused to take them, and so did everywhere else! Just take out up to the limit of what you are allowed and keep it in a money belt. When I was about a day away from needing money, I would start to keep an eye out for a safe place (attached to a bank, during business hours if there was a problem...etc)to do so.

Thanks for all the input... I was clearly fuzzy ; > )! .... overwhelmed with the ATM question ..even my credit union couldn't seem to give me a definite answer as to what charges/fees would be added on. Suddenly, I remembered those travellers checks from so many years ago....waiting in line forever at various banks...what was I thinking?

TC's are a pain in the neck, a thing of the far past, really you should stick to ATM.
Cashing TC's is almost impossible and you will loose more money in doing so than when using ATM cards

There are banks that don't charge for ATMs ever. I have a check-card from Compass Bank. No ATM fees - worldwide. Visa 1% on ATM withdrawals on foreign currency, 2% on purchases with debit card. Not too shabby.

Am waiting for Capital One M/C to arrive in my mailbox, in time to take on our trip (no foreign trans charges). BOA/MBNA/AAA card is awaiting the touch of cold steel (scissors) very soon. 3% frgn.curr. and 18%apr indeed.

Which particular account type with Compass Bank? I'm in BHM and was looking at starting a new account precisely to access my funds in Europe. This would be easy since I can walk into the bank and do it rather than opening up a long-distance account somewhere. Just wondered if there was a particular type of account to ask for. Thanks.

When we were in Scotland a couple of yars ago, we couldn't even get a bank there to convert CASH to Pounds, let alone a Traveler's Check. Many places just don't want to be bothered or will charge you an arm and a leg. Go with the ATM.

I just returned from London & Paris - used my ATM card in both cities. I was charged $1 for each withdrawal - cheaper than tc.

Do you have a debit card with your credit union? You might check out credit union fees. They often have no charge or very minimal.

dorkforcemom, was the $1 what your bank charged per ATM transaction? Did you get charged any currency conversion fees on top of the ATM transaction fee?

I think people probably need to relax a little when it comes to thinking about ATMs. The level of convenience that comes with this technology comes with some cost. You can't have everything in life. When you consider the time and cost we used to waste dealing with travelers checks, standing in lines at banks, going to currency exchanges, isn't using an ATM worth paying a few dollars?

My credit union charges nothing for taking money out of foreign ATMs, but does charge in the U.S. for taking money out of non-credit union ATMs. Yours might have a similar policy.

ATM's are definitely the way to go - you get a better conversion rate that way. Plus, you won't have to go out of your way to cash your traveler's checks, where you'll pay a higher rate usually.

Changing trav checks usually results in a loss of 8 or 9% from the interbank rate- besides the fact that fewr and fwer places - even banks - are willing to deal with them.

So although it may be "free" to buy them, it's not "free" to spend them. Much better pay 2 or 3% on your ATM rate change than 3 times as much for travelers checks.

<b>Kellye</b>
http://www.compassbank.com/personal/...g/atmoffer.cfm

my credit union does not charge for foreign ATM transactions