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Cash and ATM tips? Fees? Traveler checks? Need advice.

Cash and ATM tips? Fees? Traveler checks? Need advice.

Old Nov 18th, 2013, 08:52 AM
  #21  
 
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Traveler's checks are absolutely useless and have been for 15+ years. You can't pay for anything with them and even if you could get inside a European bank, which you usually can't, they won't cash them for you. You could spend an entire vacation trying to get some use out of them, and even if you could you'd be charged an outrageous fee to do so. Tell your husband to move into the current century and forget the TCs.

You ATM card is your best friend for cash; your cc is for larger purchases. You can make use of any ATM in Italy - just stay away from ones that aren't affiliated with a bank (like those private ones at 7-11s in the USA).
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Old Nov 18th, 2013, 09:39 AM
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Michel, I was shocked this summer that my credit union started charging a % fee for overseas ATM's. I chose them years ago because of their low international ATM fees, so this is something that has changed, and not just at the big banks. I was frustrated I couldn't minimize the fees by getting out larger chunks of cash at a time. This isn't true in the states - they charge a flat fee for using another bank's ATM.

Rather than look for substantiation, it's a better use of time to review what your bank charges when you first decide to go on a trip, because it may have changed.
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Old Nov 18th, 2013, 09:54 AM
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BoA now charges 3% at DeutscheBank ATMs

Even in Germany? It always did if using a Deutsche Bank ATM outside Germany. The OP should stick to the BofA account given the level of knowledge in the query. As previously posted: "BofA doesn't charge fees for transactions made in Italy at BNL Gruppo BNP Paribas", unless it has changed its policy.
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Old Nov 18th, 2013, 09:59 AM
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>>BofA doesn't charge fees for transactions made in Italy at BNL Gruppo BNP Paribas
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Old Nov 18th, 2013, 10:49 AM
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. But it DOES charge the 3% foreign transaction fee.

I just checked my June statement with a withdrawal of $132.64 from a BNP ATM in Ribérac. The withdrawal was for 100€. The percentage charged is 1.3%. Or has the amount charged changed since June? I used http://www.xe.com/creditcard-charges-calculator/ for the calculation.
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Old Nov 18th, 2013, 10:53 AM
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You might want to investigate TD bank if they have offices near you. We have used their ATM card linked to our checking account in many countries in Europe and we have never been assessed an ATM fee. (They offer an array of accounts, some with minimum balance requirements, so be certain to ask questions!)

Did anyone mention that the Italian ATM transaction will default to your checking account? To the best of my knowledge, you will not have the option to withdraw funds from a savings account.
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Old Nov 18th, 2013, 11:00 AM
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>>>christycruz on Nov 18, 13 at 1:39pm
Michel, I was shocked this summer that my credit union started charging a % fee for overseas ATM's. I chose them years ago because of their low international ATM fees, so this is something that has changed, and not just at the big banks. I was frustrated I couldn't minimize the fees by getting out larger chunks of cash at a time. This isn't true in the states - they charge a flat fee for using another bank's ATM.
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Old Nov 18th, 2013, 11:07 AM
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If you want accurate info on BofA ATM fees, go here: https://www.bankofamerica.com/deposi...aq-atm-fees.go

Note that as of Nov 8, 2013, the foreign conversion fee went up from 1% to 3%.

If you want to pay only 1% you probably need a Credit Union account. My Capital One checking account charges no foreign conversion fee (like their credit cards) but I'm not sure that that account is still availablle.

In general, you can only access checking accounts, not savings accounts, from foreign ATMs.
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Old Nov 18th, 2013, 11:08 AM
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I just checked my June statement with a withdrawal of $132.64 from a BNP ATM in Ribérac. The withdrawal was for 100€. The percentage charged is 1.3%. Or has the amount charged changed since June?

It's new. Within the last month or so.
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Old Nov 18th, 2013, 11:13 AM
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Thanks. I guess I'll stick to my credit union ATM card when traveling abroad.
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Old Nov 18th, 2013, 01:29 PM
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Just make sure you call your bank and CC companies to alert them that you will be using their products in Italy. Ask them about the specific charges.

Like others, when spending this much on a trip, I try really hard not to fret fees. They don't add up to much compared to the cost of your trip, and some fees are just an unavoidable part of foreign travel.

I don't even use my Capital 1 card much because I prefer to accumulate points on another card that charges me a fraction more. Just my preference, though.
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Old Nov 18th, 2013, 01:54 PM
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I got a Andrews Federal Credit Union ATM card and Visa before going to Europe in May. The ATM card has no per-use fee and no currency conversion fee - and because most banks in Europe don't charge fees, that makes it completely free to use. Their Visa card charges no currency conversion fees either. And the Visa is a true "Chip and PIN" card so it should work in machines in Europe that require a PIN.

Anyone can join Andrews - just sign up to be a member of the American Consumer Council first (takes about 30 seconds and is free). Andrews seems to encourage people to do this.
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Old Nov 18th, 2013, 02:08 PM
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"some fees are just an unavoidable part of foreign travel"

Wrong. You have been told on this thread (not to mention many others on this site) how to avoid them. If you choose not to take that advice, that's your look out, but for those who travel for more than a couple of weeks, there is every reason not to waste money on banks that could be better spent on accommodation or food.
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Old Nov 18th, 2013, 03:53 PM
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wow!! Thanks so much for all the help. BofA told us there is a 1% charge...not the 3%...idk...yes, the travelers check are relics...great help, and thanks all!!
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Old Nov 18th, 2013, 04:04 PM
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I would ask BofA again. Since the change to 3% only went into effect on Nov 8th, the person you talked to may not have gotten the word yet.
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Old Nov 18th, 2013, 05:35 PM
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+1 what Andrew said.

We got the Andrews FCU credit card and opened a checking account in early 2012. No annual fees, no foreign transaction fees, true Chip and Pin, no ATM fees, no monthly carrying fees on a very low balance checking account. NO COST at all.

We used the ATM in all different ATM machines, never an issue. We used the Chip and PIN card in every imaginable way and only had a problem at 2 different toll booths in France.

https://www.andrewsfcu.org/credit_ca...k_rewards.html
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Old Nov 18th, 2013, 05:39 PM
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[FWIW - that flyerguide doesn't seem to be very up to date]
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Old Nov 18th, 2013, 06:42 PM
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The Andrews card seems like a great way to go.

Gads, thursday. I'll do better in the future, I promise. Especially when I travel overseas for more than a few weeks a year.
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Old Nov 18th, 2013, 06:59 PM
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I realize that OP is going to Italy but this seems to have become a general conversation so I will add to be careful of taking "large denomination USDs" as at least one country will not accept $100s.
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Old Nov 18th, 2013, 08:21 PM
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There are numerous ATM's both in baggage claim and outside of baggage claim in Rome,Venice and Milan. Wait till you arrive in Italy to get any money. BANCOMAT is one of the biggest ATM's in Italy-practically on any corner. They usually charge an extra 3 euros for exchange.
When you use any ATM,look at your surroundings both up and around you before you put your card in any machine-sometimes folks hang around to see your pin numbers. When you complete your transaction,be sure to put in another four "bogus" numbers afterwards so if there is a reader(people can attach a special reader machine to read your pin number that is magnetized)it will use those fake numbers instead of your actual pin numbers.
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