Leslie

Helpful Info <BR> <BR>Hi, this has been very helpful. Didn't know there were so many charges and fees. <BR> <BR>One Idea I had, was opening a checking account with a Visa Debit card and putting $ in it just for cash advances and charging purchases. <BR> <BR>Yes, wise to call and compare fees, I'll do that. <BR> <BR>On the other hand, we should stop crying, the Dollar ($) is strong!

Carl

My wife and I have just returned from Paris and noticed an interesting difference between our Debit Card and Visa. The debit card was used at the post office ATM in Paris and got a rate of 7.2F to the dollar. Less than an hour later, the Visa card paid for lunch at got 6.8F to the dollar. That evening, the ATM card was used again and got 7.2F to the dollar. No bank charges were assessed for either. You can bet your life on the next trip, I'll use the debit card with the credit card as a back up only.

Beth

Tom, <BR>Check the fine print in your "terms and conditions" of your credit card and you will probably find there that a fee is charged for currency exchange purchases (it's not itemized on the bill because they've already explained it in the terms). A neat trick (for the bankcard company!) that catches many unawares. Some credit cards still get the best exchange rates, but you do have to read that fine print. For example, I have a CapitalOne visa which does NOT have any exchange charges and gives me the best advantages when paying overseas, while my FirstUSA visa card does charge fees, so I never use it overseas.

Rod Hoots

I don't understand why anyone would want to use an ATM card if there's a problem. Why not just use your credit cards?

lisa

Well, and here's another twist...I read on one of the currency exchange sites(I think it was Oanda?)that traveler's checks are still a good way to go - especially if you can get them at no charge - just have the "exhange rate" charged when using them. What do you think? <BR> <BR>

Leslie

You get the best rate using your debit or ATM card to retrieve cash from an ATM. Reason being that either card gets the commercial daily exchange rate (you can check this rate in the "Wall Street Journal") that you would get using a credit card. Here are the drawbacks -- some banks charge a $1 to $5 transaction fee or a 1-2% withdrawal fee using a "foreign ATM", meaning one that is not owned by your bank. As an example, my bank does not charge me a transaction fee as long as I use any ATM in the Cirrus, NYCE, or MasterCharge networks. Also, you don't have to pay commission fees. So you need to check with your bank. If you can pay for everything via credit card then you also get the best rate, but some cards charge a percentage fee, a transaction fee or a conversion fee. And, it's impossible to pay for "everything" by credit card, so you still need cash. You need to check with whatever company issued your credit card. If you use traveller's checks then you still have to pay a commission fee on the exchange, unless you go to the office where the traveller's checks were issued, like Thomas Cook or American Express. <BR> <BR>Back to ATM cards, if your bank charges you a flat transaction fee, then it is always best to withdraw large sums of cash. If it's a percentage then it doesn't make any difference. <BR> <BR>If you look at Oanda to get a cheat sheet, you have a choice of 3 options on the conversion. The highest conversion rate is always with a credit or debit card. <BR> <BR>Use the cards that have the best rates. Remember, you won't see any of the assessed fees on the credit cards as a separate line item on your bills, the fee is built into each purchase. <BR> <BR>Leslie

Dave

I have never had a problem with my ATM card but I have learned about another option. The Auto Club of America (and I bet Canada)has a card called GLOBAL CURRENCY. It is like a prepaid phone card. You put money on the card and you can use it just about anywhere and after you have used it five times, there will be a fee of $1.50 to use it. But every time you add money to it you get 5 more free uses. My son used this card in Copenhagen and found it better than his ATM card (his card is also a MasterCard but goes directly to his checking account).

Linda

Dave, <BR> <BR>Why did your son find it better? Because of the exchange rate or... <BR>Just curious.

lisa

Leslie: <BR> <BR>Thanks so much for the great information! We'll use our debit cards.

Karen

Just an another word of caution... <BR> <BR>It may be wise to let your credit/debit card company know the dates you will be travelling. Some companies monitor accounts for unusual activity. Our account was put on hold because of charges in several countries in Europe while we were on vacation. Even though we were able to straighten it out in a few hours (long hours at the time!!!), we've found we now call our credit/debit card company and tell them our travel dates and general location. May save a few headaches. <BR> <BR>We feel monitoring our account for unusal activity is a good procedure; we were just surprized when our cards no longer worked. We had a backup card; but wanted to us a particular one for record keeping purposes. <BR> <BR>Soooo...live and learn....Happy travels!!

lisa

We did call our credit card companies, and VISA told us they could not "flag" our account, and that it could happen where the account would be blocked, but to call them - sounds like a hassle. oh well....

Joan

I have used an ATM card for all my cash lately in England, Italy, Mexico, China, Hong Kong, Greece and Turkey. Generally the cash is withdrawn from my checking account though occasionally the ATM will let me choose checking or savings..but very rarely. I use my credit union credit card outside of the USA because my frequent flyer Bank of America card does add extra charges; my credit union card does not. I always find an ATM in the airport when I land, withdraw a fair amount of money, and put most of it in my moneybelt. I haven't dealt with a bank or money exchange for maybe 10 years, saved lots of time and trouble.

Jeff

Message: My wife and I have just returned from Paris and noticed an interesting difference between our Debit Card and Visa. The debit card was used at the post office ATM in Paris and got a rate of 7.2F to the dollar. Less than an hour later, the Visa card paid for lunch at got 6.8F to the dollar. That evening, the ATM card was used again and got 7.2F to the dollar. No bank charges were assessed for either. You can bet your life on the next trip, I'll use the debit card with the credit card as a back up only.<BR><BR>Ah Carl, you haven't been doing your homework....it is not the credit card vs. the ATM that's different. MC or Visa control the shared teller networks (Cirrus or Plus) and apply the same exchange rates to each...it's the bank that issued the credit card that is doing you in. You are probably using a credit card issued by one of those criminal banks that extort another 2% for transactions in foreign countries but as you see they don't list this immoral fee on your statement. <BR><BR>Why is it an immoral fee? Because the bank has nothing to do with the currency exchange. That is handled by Visa/MC (Incidentally MC/Visa charges a small 1% exchange chart about the interbank rate but that is fair as they do the exchange). The charge reaches your credit card bank already converted to US currency.<BR><BR>Of the big banks, the ones pulling this nonsense are Citibank, Chase, First USA, Providian and Bank of America. The big banks that still do not stick this 2% charge on you are MBNA and Capital One. Many smaller banks do not either.<BR><BR>I keep reading people who continue to make the mistake of throwing away the 2% by using credit cards issued by these crooks. If only several years ago when the banks began doing this, people had switched this fee would have been stillborn. But of course, people are dumb and put up with garbage such as this. They don't read the little inserts that are sent out with changes in terms.<BR><BR>So, never never never use a credit card for foreign transactions that puts this 2% fee on top of the 1% fee charged by MC/Visa. <BR><BR>Incidentally, it won't do you any good to call the customer service reps of the banks. They don't have a clue or they are programmed to tell you things such as, "the fee is to protect us from currency fluctuations" (no...the bank has no worry, the conversion is done by MC/Visa who have to worry about currency fluctuations) or "this is standard industry practice" (then why don't MBNA or Capital One do this?) or my favourite "foreign transactions are more expensive to us and we have to pass along our costs."<BR><BR>Again folks who read this, do not use credit cards issued by Citibank, Chase, First USA, Bank of America or Providian for foreign trips. Call the banks, write the banks, and tell them to go to hell with this rip off. And then call MBNA and get a credit card, if only for use on foreign trips. 2% is no big deal, I hear you say. Well on $2000 it's $40..enough for a nice meal.<BR><BR>Just one other piece of advise. If you are paying an annual fee for your credit card (except for the airline credit cards) you're again throwing money away. The next time you receive a bill with an annual fee from a credit card company, call the credit card company and tell them you wish to close the account because of the annual fee. You will see just how fast the customer service rep will say, "Sir we apologize. If we remove the annual fee will you keep your account open with us?" Never fails.

Ed

My bank assures me that there is NO problem using Debit card in Europe. May be difficult to find ATM machines in some countries -- example, they are placed in the Police Station in some locations in Turkey. They did suggest, however, that we ensure that we carry a back-up card if the machine eats the card. Good advice.<BR>

Missy

I only have a savings account. Should I transfer all my money to a new checking account or will the ATM machines just automatically access the savings account?

greg

Ed and Missy,<BR>If you have followed ATM discussions, you'll find that Bank customer service, Branch managers, or Bank's 800 number and their supervisors RARELY know what set up works. Just ask this question, what if they say it should work and didn't, what did they lose? ABOSULUTELY NOTHING, just sorry at your expense for your runied vacation!<BR><BR>I not only take second card from the same bank/same account. I also take different card/different bank/different network. If one card is PLUS, I take another one from CIRRUS.<BR><BR>Regarding savings account, the odd is VERY low that you can get your money out. It is not matter of primary vs secondary, we tried to use an ATM card connected to one savings account, thinking it is primary, but no, our account rejects type of transaction performed from European ATMs.<BR><BR>There are permanent reason why ATM cards does not work as well as temporary. Savings vs checking is a permanent problem.<BR><BR>Temporary problem includes your bank not accepting any transaction during business hours in Europe but off hours in US -- this is when it is helpful to have a card from another bank. You can also wait half day and try at the same place when your home bank is back online. Sometimes different ATM across the street works using the same card.<BR>

Carolina

Never had a problem in UK (with a 6 number pin).<BR>Greece - my main problem was machines that frequestly were out of order or money. I would not rely on ATMs for Greece.<BR>Spain - problems with ATMs, glad I also had travellers chqs

Pam

Just get overdraft protection on your checking acct. using your savings account, it will automatically take the $ from savings, until you get home, you will never be -0-$.

Alex

Doesn't always work that way. It will overdraft for a check but my debit card declines the charge if there isn't enough $$ in the account.<BR><BR>As always, check with your bank.

MLK

Is the four-digit PIN code universally used?