Carrying too much cash...Why risk it?
Jun 12th, 2006, 05:33 AM
#61
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KarenK, I will be going to Germany in Oct and everything I have read, and my bank says that my visia debit/check card can be used at ATM's. I also have a MC that I plan on using. Where did you go? Did you only go to small hotels that don't take credit cards? What did you do for money if you cards were not accepted?
Jun 12th, 2006, 06:48 AM
#62
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KarenK,
I too am surprised to hear that you never found a place in southern Germany that took EC cards. What type of establishments were these? I found that many of the places that didn't accept credit cards would accept EC cards.
I too am surprised to hear that you never found a place in southern Germany that took EC cards. What type of establishments were these? I found that many of the places that didn't accept credit cards would accept EC cards.
Jul 11th, 2006, 10:34 AM
#63
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ion, note that many of the larger banks, Wells Fargo, Chase, and US Bank, that I know of, are now charging 3% (1% network plus 2% "currency conversion"
, as well as a fee ($5 for Wells Fargo) for ATM withdrawls in Europe. So, for that $1000, it would probably be $40 (figure it takes 2 withdrawals to get $1000. Actually it probably takes three).
, as well as a fee ($5 for Wells Fargo) for ATM withdrawls in Europe. So, for that $1000, it would probably be $40 (figure it takes 2 withdrawals to get $1000. Actually it probably takes three).
Jul 13th, 2006, 10:43 AM
#66
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Recently returned from Italy.I used my ATM/debit card from Bank of America everywhere,even the smallest villages have at least on machine.I usually took out 100 euros at a time.I never had a problem on this or any trip to Europe.When I returned and added up the fees from the bank,it came to less than $25.Well worth it to avoid the hassle of travelers checks(DO NOT USE THEM)or carrying too much cash.i used my credit card for larger purchases such as rental car
Jul 13th, 2006, 10:48 AM
#67
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I'm renting an apartment again in Prague, and the owner wants the balance (almost $2,000) in US cash. I don't know what my options would be, other than to carry a large amount of $$s on the plane. I am flying striaght to Prague, barring 1 connection in Germany. So, I'm tempted to just risk it. Any other way would involve transaction fees that I don't want to deal with. Any ideas out there?
Jul 13th, 2006, 11:00 AM
#69
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"Too much" really depends on where you are. Before we went to Paris 3 years ago, I got 200 euro "just in case" cash, so I would have some cash on hand on arrival. I planned to get more cash from an ATM when I needed to but in a week, I spent about 180 euro in cash.
For this year's trip to Italy, we were going through cash like crazy. Most of the museums didn't take credit cards, and for a family of 5, this can add up. In Venice, a lady from whom I bought quite a bit of glass jewlery said she's give me a 10% discount if I paid cash. As this saved me the fee from my credit card, I saved about 13% on the purchase by paying cash.
For this year's trip to Italy, we were going through cash like crazy. Most of the museums didn't take credit cards, and for a family of 5, this can add up. In Venice, a lady from whom I bought quite a bit of glass jewlery said she's give me a 10% discount if I paid cash. As this saved me the fee from my credit card, I saved about 13% on the purchase by paying cash.
Jul 13th, 2006, 11:23 AM
#70
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Reminds me of the "Far Side" cartoon: the one where the woman is yelling out of her window, down to her husband, in bad part of town (which is visible in the cartoon), saying:
"Sidney! I made a mistake!...Deposit the $50 "check" into savings, and put the $500 in "cash" into checking!"
Unless you wear a sign on your forehead advertising that you are carrying cash, I don't consider $2-3k to be a huge risk, especially if you plan to make a payment with it soon after arrival.
"Sidney! I made a mistake!...Deposit the $50 "check" into savings, and put the $500 in "cash" into checking!"
Unless you wear a sign on your forehead advertising that you are carrying cash, I don't consider $2-3k to be a huge risk, especially if you plan to make a payment with it soon after arrival.
Jul 13th, 2006, 11:25 AM
#71
amp322, I also would be comfortable with that much cash for that situation. But I might figure out some kind of hidden pocket for my clothes or use a money belt on the plane ride so as not to worry about having it in my purse/carry-on bag.
Jul 13th, 2006, 11:44 AM
#72
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I always carry cash and a credit card. I keep the cash in a security wallet and/or the hotel safe. I don't use ATM's and the credit card only for big ticket items like the hotel bill. Cash is king and its pretty safe in that security wallet- no one ever has a problem when I pay in cash!
Jul 13th, 2006, 12:13 PM
#73
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We are traveling to England in late August. The first to B&Bs we are staying in require payment in cash or Sterling Cheques. So we are getting American Express Travlers Cheques in British Pound currency before we go. These can be ordered online. They have travelers cheques in all the major currencies.
The best of both worlds: cash in the right currency and safety.
Now I know that some of you will tell me: just get cash from an ATM (which we will do). However we have a limit on how much we can withdraw from our checking account each day. And right now the dollar is not worth too much in Britain. So we think we have found the right solution in AmEx Travelers Cheques.
The best of both worlds: cash in the right currency and safety.
Now I know that some of you will tell me: just get cash from an ATM (which we will do). However we have a limit on how much we can withdraw from our checking account each day. And right now the dollar is not worth too much in Britain. So we think we have found the right solution in AmEx Travelers Cheques.
Jul 13th, 2006, 12:48 PM
#74
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sue,
you are correct in that the dollar isn't worth too much in Britain. What you aren't factoring in is that the dollar is worth even less when buying pound denominated TC's in the US.
If you calculate the final cost in $/pound of your Amex sterling TC's and you are likely to see that it is way worse than other methods.
you are correct in that the dollar isn't worth too much in Britain. What you aren't factoring in is that the dollar is worth even less when buying pound denominated TC's in the US.
If you calculate the final cost in $/pound of your Amex sterling TC's and you are likely to see that it is way worse than other methods.
Jul 13th, 2006, 01:46 PM
#76
<b><u>travelinsue: </u></b> I'm sorry - but "<i>And right now the dollar is not worth too much in Britain. So we think we have found the right solution in AmEx Travelers Cheques.</i>" makes no sense -- at all.
If you think the £ to $ exchange is bad -- just wait until you see how much you pay for those £ travelers cheques. The £ is currently about $1.845 out of an ATM. I just checked AmEx and they are charging <b>$1.9375</b> per £ for travelers cks. You are paying nearly 10¢ extra PER GBP!!
Absolutely nuts. Just ask your bank to raise your daily limit temporarily.
If you think the £ to $ exchange is bad -- just wait until you see how much you pay for those £ travelers cheques. The £ is currently about $1.845 out of an ATM. I just checked AmEx and they are charging <b>$1.9375</b> per £ for travelers cks. You are paying nearly 10¢ extra PER GBP!!
Absolutely nuts. Just ask your bank to raise your daily limit temporarily.
Jul 13th, 2006, 02:15 PM
#77
travelinsue... <<And right now the dollar is not worth too much in Britain. So we think we have found the right solution in AmEx Travelers Cheques>>
I am missing the logic in this. How do you think you are doing better by purchasing travelers checks? That makes no sense to me at all.
I am missing the logic in this. How do you think you are doing better by purchasing travelers checks? That makes no sense to me at all.
Jul 13th, 2006, 02:48 PM
#78
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"The £ is currently about $1.845 out of an ATM."
WRONG, WRONG,WRONG!
The current exchange rate from Oanda is $1.8440. That is not what you will get out of an ATM. You will pay at least 1% to "the network", plus some fee for using a foreign ATM. The best rate I get is from a local bank for 1% ($1.86) plus $1.50. However, many of the major banks that so many people deal with (Wells Fargo, Chase, US Bank) are now taking another 2% of your money (3% total), plus a fee that amounts to another 1%, at least. Those people will pay more than $1.90 per pound.
Before you comtemplate a trip to Europe, have a long talk with you bank. Make them put their rates in writing. I had to literally interogate the bankers at two of my banks before they finally admitted that they are taking 3%, plus a fee. The $1.938 per GBP for travelers cheques is not the best, but really not that bad.
WRONG, WRONG,WRONG!
The current exchange rate from Oanda is $1.8440. That is not what you will get out of an ATM. You will pay at least 1% to "the network", plus some fee for using a foreign ATM. The best rate I get is from a local bank for 1% ($1.86) plus $1.50. However, many of the major banks that so many people deal with (Wells Fargo, Chase, US Bank) are now taking another 2% of your money (3% total), plus a fee that amounts to another 1%, at least. Those people will pay more than $1.90 per pound.
Before you comtemplate a trip to Europe, have a long talk with you bank. Make them put their rates in writing. I had to literally interogate the bankers at two of my banks before they finally admitted that they are taking 3%, plus a fee. The $1.938 per GBP for travelers cheques is not the best, but really not that bad.
Jul 13th, 2006, 04:56 PM
#80
OK - even at $1.86 - My credit union does not charge for out-of-system transactions. And my bank charges $1.50. Prorated over a £200 withdrawal that $1.50 adds less than a penny per £ -- so no matter how you slice it $1.95 per £ is a pretty big waste of money . . . . .
