TD

Do ATMs in England charge service fees as they do in the U.S.? Also, I heard that ATMs give about the best exchange rates (including banks). Is this true?

Gina

ATMs in most places will give you the *same* exchange rate as the bank that operates them would, which in most cases is about the best street exchange rate you can get. <BR> <BR>ATM service fees seem to me to be a bank-by-bank policy, not a country-by-country policy. Often it's your own financial institution that charges you the fee for using an out-of-network ATM, not the bank you're using. Still, even with service fees I've found that I come out ahead using ATMs to get cash; I try to minimize my number of withdrawals. <BR> <BR>I have reached the point where I use ATMs and credit cards exclusively--I don't change money before I go to a country, and I don't use traveler's checks. Some people think I'm nuts not to arrive in a country with some of its currency, but at airports and train stations in major cities, I have yet to find myself stuck without a working ATM. Getting money changed here in the US before traveling gets you absolutely the *worst* exchange rate possible; I'd rather change a few US dollars once I get to the destination airport if I ever can't find an ATM, instead of paying the larcenous exchange rates we have here.

howard

Assuming that the ATMs in England are the same as the rest of Europe, you'll be charged around $1.25-$1.50 per transactions. It's definitely the most cost-effective way to go!

Brian in Atlanta

I have yet to find an ATM in Europe (including London) that charges a fee for using the machine. Your bank, however, will likely charge you for using another bank's ATM (just as in the US). And I'm sure the free ride we're getting at these ATMs will come to an end someday - not too soon I hope.

999

is the ATM fee really that low? Where I live in the US it is up $3 now at the ATM plus an additional $1.50 fee charged by my own bank for using a machine outside the network. Sometime in places like bars where you are stuck and have to have cash to pay your bill, there is machine on the premises but the surcharge is $5.00 plus the fee charged by you bank, sounds pretty hefty to me. Because of this, i always thought exchanging money at he bank was best since the exchange rate is the same as the ATM minus the service charge...maybe i was wrong. Auestion though if you were say in France, wouldn't the ATM ask you how many francs you needed? so really you have to know the exchange rate. if you wanted $300.00US to be taken out you would have to know how many francs that was. also are there limits on how much you can take out at a time. Most machines i know in the US only allow $400 max to be taken out at a time? Plesse let me know

howard

To: 999 <BR>Naturally, you'll have to know the approximate exchange rate in any European country, as the machine will ask you how much money you want in its country's currency, NOT in American dollars.

Gina

Howard's right; and why would this be a problem? If you're traveling around buying souvenirs, paying for meals and buying drinks in Country X, you really ought to know the approximate exchange rate for Country X or you'll have no idea what you're paying for anything. <BR> <BR>For example, right now one U.S. dollar buys you approximately 7 French francs. There are daily variations, but generally you can know that if you take out 700 francs at the ATM, you're taking out 100 dollars. Not difficult.

Gina

Oh, and I almost forgot--999, where do you live that the ATM fees are so high? I live in Washington, DC, where I thought we had among the highest prices, fees, and taxes on just about everything, and my ATM fees are almost always $1.50 if I use an out-of-network ATM.

Brian in Atlanta

The highest fee charged by the ATM (not your bank) I've seen are in New Orleans. $3 and up (even in the non-touristy areas). In Atlanta, they're about $1.50.

999

Thanks for your quick response gina! I live in hawaii where we have one of the highest costs of living in the U.S. unfortunately. I understand that you should know the approximate exchange rate of the country and that of cours eyou will be asked by the ATM to take out currency of that country. my question was what if you wanted to get out EXACTLY $300.00. This would be very hard to do unless yu went to a bank and handed them $300.00 and said pleae exchange this to X currency. in other words none of you transactions at ATMs will be exact in US dollars and will appear sporadic on your statement when you return home is all i was saying. Can anyone answer my other question about the limit of money you can take out at one time.

elvira

999, there is no way to get out "exactly $300". Exchange rates move constantly, so there's no guarantee that the French franc or BPS will stay right there when you take the funds out - the calculation is done when the bank charges your account.<BR><BR>Make up a little index card <BR>$100 = x BPS<BR>$200 = x BPS<BR><BR>that way, you'll have the calculations already done. If you're determined to get round dollar amounts, buy travelers' checks and cash them at banks and exchange bureaux. For this privilege, you'll pay dearly. Your choice.

elvira

Oh, as for the limit, it's what your bank sets. If your daily ATM amount is $300, round DOWN - worse comes to worst, the ATM rejects your request, so you just ask for a lower amount.<BR><BR>If you need more than your daily amount, you can go into the bank and have the teller run a 'cash advance'. Rate's the same as the ATM, but the fee might be higher.

Gina

Is there really a reason that you'd need to take out "exactly" $300 or whatever? At least, a reason that justifies paying extra for traveler's checks and/or exchanging exactly $300 at a foreign currency exchange desk? That way you'd know you exchanged exactly $300, but you'd get hosed on the rate and/or additional fees, and in all probability come out with fewer francs, lira or pounds for your money. <BR> <BR>As far as how much money you can take out at one time, that's usually a limit set by *your* bank, not by the host bank. I.E., my bank limits me to taking out $300 per day. So if I'm in Paris, I know I won't be able to take out any more than 2100 francs in a given day. I also try to use credit cards a lot when traveling, because I get frequent-flyer mile credits and because they offer purchase protection if there's a problem with something you've bought.

banker

You guys are incorrect. Some banks may have a limit on the amount you can withdraw from your account, but most who now use the debit/ATM cars with Visa or mastercard logo do not. It is the banks that run the ATM you are using that set the limit if there is not a specific one on your account. The reason for this limit is not to protect you as a customer and user but to prevent that particular ATM machine from running out of money. however in my experience working at a bank the limit is usually $500 per customer. this would mean you could take out $500 at one ATm andmove to a diffferent one and get $500 more if your account does not have a limit and most nowadays don't. think about it, i'm sure you Point of Sale purchases with your ATM/ debit card that are much more than $300 a day. My question is are you able to use your visa/debit ATM (usually called a checkcard or onecard) at stores in Europe by entering your PIN number as you can at most stores in the US. If this is the case, this would seem the best alternative, even better than the credit card because its coming right out of your checking account and will not be charged interest!

Gina

"Banker," you may be correct about certain banks, but the very large east coast bank system with which I keep my accounts limits me to $300 in cash withdrawals per day. That's not because the bank doesn't want to give me more money; it's because the bank doesn't want some guy standing next to me at the ATM with a gun to my head telling me to take out everything in my account, or some guy who's stolen my ATM card after watching me type in the PIN number taking out $300 at every bank in the city before the customer service people can put a hold on the card. <BR>

howard

To round out the picture even more: My bank allows a maximum of $300 PER TRANSACTION. Thus, I can withdraw more, even at the same time, as long as I go through the whole process at the ATM for each withdrawal.

daddy

At my bank it is your chioce whether you put a limit on the amount of money which can be withdrawn fron an ATM. this can be for safety purposes or in my case we limited our 18-year-old son's account to allow only $50/day to be withdrawn. we are the ones who give him the money and put it in the account and don't want him to spend unwisely! <BR> <BR>I am interested in banker's other question about whether a debit card may be used in the UK for Point-of-Sale purchases by running it through the credit card machine and entering your own pin number as we do in the US. This seems a like a good alternative.

Karen

daddy - I've never seen the Point of Sale you describe in any stores in the UK. If you pay with a debit card it just gets run through the machine in the same way as a credit card would, and then you sign the receipt. There is definitely no entering of pin numbers unless you are withdrawing from an ATM. <BR>Hope that helps.

Robbie

Dear TD <BR> <BR> I did pretty extensive research on the money situation before we went to Great Britain a couple of years ago. These are the things I found out 1)if you are using say a regular credit card ie visa, mastercard that is not in conjunction with your savings or checking account you will pay a high interest rate on money you get from these machines on your regular credit card statment 2)if you use a card ie visa or mastercard that is connected with your checking or savings account you will be charged the exchange rate on that day when the transaction was made at the ATM. You will be charged that banks fee for using their ATM plus your banks fee for using a ATM out of their network 3) you can use your regular visa or mastercard to make store purchases and you will be charged the exchange rate the day the purchase is made on your items 4) from talking to others I felt it would be safer to not use the cards connected with my accounts to withdraw money and and make purchases as not to allow a mishap with shadey venders (I have heard some very sad stories of peoples checking and savings accounts being dwindled away while on vacation using these cards) 4) I did purchase Pound Sterling Travelers cheques at AAA at no fee, I also purchased Dollar travelers cheques. When we arrived in Hammersmith I found out that Lloyds Bank would exchange my pounds travelers cheques to pounds cash at no fee and they did. I found this to be a very easy to deal with. No worries about paying ATM fees. When we went to Ireland we used are American Travelers cheques to purchase punts and the fee at a local bank was much cheaper then going to the American Express exchange office or any other exchange counter. We had a great experince in Great Britain. The merchants we did business with there were most helpfull and honest souls. I have always wanted to take the safe route. I have read all the others information on ATM usage and I have family members who use their cards at ATM's in Europe so far without mishap, but while in England and Ireland I felt the Traveler Cheques situation worked better for us. I only made a visit to the bank a couple of times and the cash situation was never a problem. There are Lloyds banks all over the place. Hope this helps. <BR> <BR> Peace Robbie

Christina

I think there is some kind of international banking agreement or something, believe it or not, that prevents Eur. ATMs from charging an onsite fee to foreign cards (maybe just a Cirrus/Plus network agreement, not sure). I've read something like that, I'm pretty sure -- however, your own bank will undoubtedly charge you one for using out-of-network ATMs. My fee is currently $2, but I have not been charged an additional fee by a foreign ATM in either Europe or Mexico or Canada within the last year (and I'ved used ATMs in all 3), just my own bank's fee (thank goodness). This is rather ironic as there is no such law or agreement within the US, and here you can be double-billed by both the ATM you use and your own, I think (altho I don't do that so I'm not sure). Nobody should use those exorbitant nonbank ATMs in bars, stores, etc. I think TD probably was trying to keep his checkbook balanced down to the penny or dollar at least rather than cared about exchaning that exact amount, but you won't be able to do that. You just can't keep your balance that close to the edge if you're going to use foreign ATMs, you'll have to live with an approximate idea until you get your statement. I read an article on this subject recently which included a bank survey (of US banks) and it said 80 pct of US banks charge a fee for use of a nonnetwork ATM, ranging from $1.50 to $5 throughout US. I was surprised that 20 pct of US banks do NOT do this as I've never heard of one or had one that did not (maybe there is no fee simply because their card won't work in other ATMs, wouldn't surprise me).