ATM Warning
 

We just returned from a trip to Greece and seemed to get conflicting reports on whether or not ATMs would allow you to access your savings account. Most people seemed to think that they would only allow you to access checking. Being uncertain of which way to go We split our money half and half. We were glad to see that they all seemed to give access to both accounts. It was only an illusion. We proceeded to take money from savings until it ran dry then tried to switch over to checking only to be told that was also empty. It turns out that even though we specified "savings" they read "checking". We did have some travellers checks and that saved us. We weren't sure exactly what had happened until we arrived home and discovered an untouched savings account. I guess the point is: ATMs are everywhere but put your money in checking. Knowing what we know now I would feel confortable travelling with only ATM cards, with maybe a small ammount of travellers checks to get you by if you are way out in the countryside. I hope this information helps somebody. It would have helped us.

Thanks so much for the heads up... I've never considered withdrawing from Savings while overseas, but if I did sometime, I would certainly want to know if I was really taking from there or from checking.

I think that the ATMs in France don't give you a choice of checking or savings. You have to withdraw from checking or a cash advance on your credit card. Be careful.

You know, there is still the Fodors Cookie Byte Monster still feeding on posts. My first response on this thread may show up yet!! <BR> <BR>I guess I got good advice the first time I went to Europe expecting to use my plastic to draw out money. <BR>An officer at my bank told me that I could only get my money out of my checking account. Also, he recommended that I get a debit card as well, because the standard ATM card did not always work in Europe -- at that time. He was right. <BR>I tried my standard ATM card a couple of times and failed while my debit card worked. <BR>I think the situation has changed now because last year and the year before, I had no trouble with either, as I recall. <BR>But I still carry both just in case. <BR>And I usually have a few US $ travelers checks, just in case. <BR> <BR>And Tom's comment about having an emergency reserve in a different form is a point well taken. I know TC's are supposed to be old fashioned, but I have yet to have a bank spit one back at me like I have had happen with various pieces of plastic. <BR> <BR>

In the US, most people can transfer funds from savings to checking by telephone, so if worse came to worse, one should be able to make a long distance call home and do the same thing.

Be aware that on occasion, a European bank will manage to access savings even though you specified checking -- this happened to us in Barcelona. Take a phone number for your bank with you -- one that will get you a live human being.

There are often definitely crossed wires electronically between the ATM machines and your accounts when using the card overseas. You should probably assume that you may only be able to access your "primary" account with your ATM card. My bank has something called "savings overdraft protection". Even if you don't need the overdraft protection, a transaction that exceeds your checking balance will come out of your savings if there are sufficient funds. In other words, once you've used up the funds in your checking account, your savings balance kicks in. I'm with Bob. Take a debit card and and ATM only card, too. But, take special care not to lose or have that debit card stolen. You do NOT have the same protections as with a credit card. In the wrong hands, your entire balance can be wiped out in no time (with purchases, not ATM withdrawals unless they've gotten your PIN somehow as well). While you may get your funds returned eventually, it won't be during your trip and you'll have nothing in the account(s).

I have never used my ATM card overseas- and realize I'll have to ask my bank about fees. After reading these notes, I'm thinking of using my ATM. However, is the exchange rate similar to using your credit card? What are "normal" fees for using an out of country ATM?(so I know if my bank is a rip off or not!)

Brigit, It all depends on your bank. Some will not charge you anything on top of what the atm owners charges, others add $3 for international and some just add a percentage. Even with a few dollar charge it is still cheaper then changing travellers checks or cash as long as you take out a decent amount of money vice $20 increments.

Here's another tip about ATMs: In England, at least, they will only take PINs (passwords) of 4 numbers, no more. So if yours is longer, get a new one, and if you use letters, learn in advance which numbers they are.

I know this has been debated extensively, but we just returned from Portugal and my five digit debit card worked just fine...worked fine last year in London too. <BR> <BR>Marlena

Just returned from two weeks in Paris with another ATM observation: The few ATM purchases I made had between a 60 cent to a $2.00 charge (no rhyme or reason-didn't depend on purchase amount). Use your credit card instead, no fee.

We just returned from France,Austria & Geermany. Had atm for our savings - we never had a problem with it any where. <BR>We dont own one for the checking. <BR>

Helen: Just curious - who charged you the fees of 60 cents to 2 dollars? Your bank or the establishments? <BR> <BR>Thanks! Bridget

* confused * I thought an ATM WAS a debit card....

Not all ATM cards are debit cards. I have had an ATM card for years and can only use it to access money from either savings or checking. It cannot be used for purchases like you were using a personal check... <BR>Our Credit Union recently started offering the ATM/Debit card which I have not applied for yet. I guess I still like writing checks or paying cash.

It was the establishment (store, restaurant) who charged the extra fee when I used my debit card. I was neither told there would be an added fee nor asked if my card was going to be used as a debit card or a credit card (like I am in this country...or at least in Northern California. I didn't think to ask... In the future I think I'll just use my credit card. No fees attached to that little number.

I had checked with my back before leaving for Italy and was told that my ATM would work. Well, it didn't; the amchines went through the whole story, PIN, etc... and then ended by saying that my bank hadn't authorized withdrawals and that I should call my bank. When I came back, I complained to my bank. They were stumped, until they figured out that I only have a savings account with them (with some check writing) and then told me that you can only withdraw from a checking account overseas.

There certainly is a lot of confusion about ATM's. I have traveled to Greece, Germany, France and England and used one everywhere with no problem. My ATM card is also a debit card and is connected to my checking account, which has automatic overdraft protection. To determine whether your ATM card will work, see if it is part of a network. For instance, mine, which comes from my credit union, has the Visa logo on it. My credit union does not charge a fee if I use an ATM other than their's. The only fee I have ever been charged when I have used my ATM card is 75 cents, which is the Visa network charge. (By the way, this may not be true in the US because US banks are notorious at adding additional charges.) You get the very best daily exchange rate using the ATM card. People who say to use credit cards instead don't understand that the credit card companies are burying a service charge in the exchange rate they offer on your purchases. In other words, when you use a credit card, you get a service charge added to the official exchange rate. This service charge ranges from 1-3% of the amount of your purchase depending on which credit card you are using. ATM cards are clearly the best way to get the cash you need in a foreign country. The ATMs are located everywhere and are available anytime of day. They are far better than traveler's checks as you generally pay quite a fee to convert traveler's checks to the local currency. The simplest way to find out if your ATM card will work, is to call your bank or credit union ask them if they will work. Don't forget to ask if they charge any extra fees if you use ATMs other than theirs. If they do, change banks.

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