Chip and Pin in Scandanavian Countries?
Nov 2nd, 2015, 07:39 AM
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Chip and Pin in Scandanavian Countries?
Was reading this article…..
http://www.danishnet.com/travel-denm...g-car-denmark/
Anyone traveled Norway, Sweden, Denmark without a chip and pin? At the moment we only have chip and signature…….
http://www.danishnet.com/travel-denm...g-car-denmark/
Anyone traveled Norway, Sweden, Denmark without a chip and pin? At the moment we only have chip and signature…….
Nov 2nd, 2015, 10:39 AM
#2
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The article says
>> Visa and Mastercard require a security pin code in Denmark
NOT TRUE FOR EVERY CIRCUMSTANCE. This is an omnibus one size fits all answer that would work everywhere, but the article fails to mention less capable cards are also usable at a POS where you can sign a slip.
Are you planning use unmanned POS?
I have traveled Denmark last year. Whenever this type of question is asked, worked/did not work are mentioned without providing the full context.
The usage at POS roughly fall into following buckets:
1. using manned POS with printer using machines with stripe capability.
2. using manned POS with printer using machines without stripe capability
3. using unmanned POS.
Many machines in Denmark fell in #2 category. All of my CHIP and signature card worked in situation #1 and #2.
I did not have to do #3, unmanned POS transaction this time.
I have done #3 in other European countries. For this to work, the transaction amount is either so trivial that no PIN verification is needed or a real CHIP and PIN card is needed.
>> Visa and Mastercard require a security pin code in Denmark
NOT TRUE FOR EVERY CIRCUMSTANCE. This is an omnibus one size fits all answer that would work everywhere, but the article fails to mention less capable cards are also usable at a POS where you can sign a slip.
Are you planning use unmanned POS?
I have traveled Denmark last year. Whenever this type of question is asked, worked/did not work are mentioned without providing the full context.
The usage at POS roughly fall into following buckets:
1. using manned POS with printer using machines with stripe capability.
2. using manned POS with printer using machines without stripe capability
3. using unmanned POS.
Many machines in Denmark fell in #2 category. All of my CHIP and signature card worked in situation #1 and #2.
I did not have to do #3, unmanned POS transaction this time.
I have done #3 in other European countries. For this to work, the transaction amount is either so trivial that no PIN verification is needed or a real CHIP and PIN card is needed.
Nov 2nd, 2015, 01:53 PM
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Credit cards accrue high interest rates from the day of withdrawal. Not so ATM/Debit cards where the money with withdrawn directly from the account rather than being taken out as a loan as with credit cards.
Nov 2nd, 2015, 02:03 PM
#7
>>Why not use a credit card at ATMs in Denmark? We have in Europe for years.<<
Never (ever - unless it is an emergency) use a <u>credit card</u> in an ATM. Are you by any chance confusing a 'credit card' with your ATM/Debit card? They are totally different things/
Never (ever - unless it is an emergency) use a <u>credit card</u> in an ATM. Are you by any chance confusing a 'credit card' with your ATM/Debit card? They are totally different things/
Nov 2nd, 2015, 02:12 PM
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We just got back from Denmark, Norway and Iceland and used our chip and signature cards without issue in most places. We did NOT rent a car though, so I cannot speak about petrol stations. We did have a couple of minor issues. One time, I used a card without even a chip, just the old magnetic strip, and the clerk did not know how to make it work, but I just swiped and then hit the green button and after a minute, it took it and was fine. She said she learned something that day
Another time though that same thing did not work, so I used one of the cards with a chip and pin (debit, not credit card). We were traveling for 2 weeks and only had these two instances of card troubles, which were minor enough I wouldn't even worry about it.
Another time though that same thing did not work, so I used one of the cards with a chip and pin (debit, not credit card). We were traveling for 2 weeks and only had these two instances of card troubles, which were minor enough I wouldn't even worry about it.
Nov 2nd, 2015, 04:13 PM
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<i> We have a credit card with no ATM fees when we withdraw, and no foreign transaction fees on the money we withdraw.</i>
Which bank? I think that others would be interested in banking with them.
Which bank? I think that others would be interested in banking with them.
Nov 2nd, 2015, 06:29 PM
#12
>>No confusion. We have a credit card with no ATM fees when we withdraw, and no foreign transaction fees on the money we withdraw.<<
Are you sure -- which institution? That would be VERY unusual. And interest is calculated from the moment of the withdrawal?
Are you sure -- which institution? That would be VERY unusual. And interest is calculated from the moment of the withdrawal?
Nov 2nd, 2015, 06:36 PM
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>>> We have a credit card with no ATM fees when we withdraw, and no foreign transaction fees on the money we withdraw.
I suspect this is a play on words. To get to the bottom of this, just feed your anonymous data into:
http://www.xe.com/creditcard-charges-calculator/
It tells you if what you thought was "no fee" was indeed 0% or close to it. Of course, the interest accrued is on top of this.
I suspect this is a play on words. To get to the bottom of this, just feed your anonymous data into:
http://www.xe.com/creditcard-charges-calculator/
It tells you if what you thought was "no fee" was indeed 0% or close to it. Of course, the interest accrued is on top of this.
Nov 3rd, 2015, 03:27 AM
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We have one of these but I don't know which one
https://www.andrewsfcu.org/personal/...dit-cards.html
https://www.andrewsfcu.org/personal/...dit-cards.html
Nov 3rd, 2015, 04:52 AM
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The question of using a true credit card in an ATM comes up all the time and in general the advice never to do so is correct but note the words in general and as the movie title goes one never says never...
One of the problems with making what are cash advances via ATM's with credit cards is banks do tjree things but some don't. First and foremost, many of the big banks such as Citi or Chase or Bank of America have an upfront fee for a cash advance which might be quite high and often comes with a minimum of $5 or $10. A $5 fee on a $20 cash withdrawal is kind of bad, agreed. So the answer is withdraw larger amounts. True but see the next point. However, it must be said there are some banks that do not charge this additional fee. Many are fcu's rather than true banks. Pen Fed is one of those.
Secondly the interest clock begins to run the instant the cash is coming out of the machine and it is quite high. Again in general true and the interest rate can be quite quite steep; sometimes as much as 24% a year. Ouch. But the interest is applied daily and if you pay it right back, it's no big deal. For example, you make the equivalent of a $50 advance because your debit card is blocked and you're in a situation where credit cards won't do. You have a credit card from an enlightened bank not out to gouge its customers. So there is no fee. The bank has no foreign transaction fee. The interest rate is 18%. This tides you over and a week later you get home. You immediate transfer money to pay the bank. Let's see 18% per year is 1.5% per month. Two weeks is about half a month so for the month the interest would be on $50, 75¢. That means for the two weeks, your interest is 38¢; certainly one can live with that, wouldn't you say?
So as with everything else, one has to be careful about generalities. Cash advance fees and interest rates and foreign transaction fees are all spelled out by your bank and vary widely. I certainly would never use a Citibank or Chase credit or Bank of America credit card to get cash from an ATM, that's for sure but other banks? In some cases, it doesn't work out too badly but you have to check with your bank about its own individual policy on such matters.
One of the problems with making what are cash advances via ATM's with credit cards is banks do tjree things but some don't. First and foremost, many of the big banks such as Citi or Chase or Bank of America have an upfront fee for a cash advance which might be quite high and often comes with a minimum of $5 or $10. A $5 fee on a $20 cash withdrawal is kind of bad, agreed. So the answer is withdraw larger amounts. True but see the next point. However, it must be said there are some banks that do not charge this additional fee. Many are fcu's rather than true banks. Pen Fed is one of those.
Secondly the interest clock begins to run the instant the cash is coming out of the machine and it is quite high. Again in general true and the interest rate can be quite quite steep; sometimes as much as 24% a year. Ouch. But the interest is applied daily and if you pay it right back, it's no big deal. For example, you make the equivalent of a $50 advance because your debit card is blocked and you're in a situation where credit cards won't do. You have a credit card from an enlightened bank not out to gouge its customers. So there is no fee. The bank has no foreign transaction fee. The interest rate is 18%. This tides you over and a week later you get home. You immediate transfer money to pay the bank. Let's see 18% per year is 1.5% per month. Two weeks is about half a month so for the month the interest would be on $50, 75¢. That means for the two weeks, your interest is 38¢; certainly one can live with that, wouldn't you say?
So as with everything else, one has to be careful about generalities. Cash advance fees and interest rates and foreign transaction fees are all spelled out by your bank and vary widely. I certainly would never use a Citibank or Chase credit or Bank of America credit card to get cash from an ATM, that's for sure but other banks? In some cases, it doesn't work out too badly but you have to check with your bank about its own individual policy on such matters.
Nov 3rd, 2015, 08:52 AM
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Credit cards charge fees on ATM withdrawals in the US, it isn't really a foreign exchange issue. You are taking out a loan (it's called a cash advance as it obviously isn't a bank account you are withdrawing from), and there are not only interest fees but high percentage charges just for doing it. Even if there are zero foreign transaction fees or if you do it in the US.
I have never ever heard of any credit card that lets you withdraw money from an ATM for nothing. If there is such a beast, I would sure like to know the name of the card and issuer.
Don't confuse this with foreign exchange, what would the fee be if you did that in the US? Most charge 3% of the amount or $10, whichever is greater, something like that. And then the interest from the date of withdrawal, also, which is often a much higher APR than purchases.
I have never ever heard of any credit card that lets you withdraw money from an ATM for nothing. If there is such a beast, I would sure like to know the name of the card and issuer.
Don't confuse this with foreign exchange, what would the fee be if you did that in the US? Most charge 3% of the amount or $10, whichever is greater, something like that. And then the interest from the date of withdrawal, also, which is often a much higher APR than purchases.
Nov 3rd, 2015, 08:53 AM
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If paying around a 2% extra charge for a month's interest really bothers you then just put your credit card in credit before you travel!
Cash also costs (check the exchange rates compared to cards) and usually a lot more than credit/debit cards if you take out a reasonable amount.
Cash also costs (check the exchange rates compared to cards) and usually a lot more than credit/debit cards if you take out a reasonable amount.
Nov 3rd, 2015, 09:37 AM
#18
>>then just put your credit card in credit before you travel!<<
That doesn't really help w/ most credit cards (don't know about wrenwood's) because there is a fee just to get the cash advance even if one is in a credit status.
That doesn't really help w/ most credit cards (don't know about wrenwood's) because there is a fee just to get the cash advance even if one is in a credit status.
Nov 3rd, 2015, 10:24 AM
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All I know is my husband said we paid no ATM fees and no foreign transaction fees on our last 2 trips to Europe.
CC link is posted above.
I have always read/been told that even with fees associated, using a credit card is better/safer than using a Debit card at an ATM, as one is covered for fraud with a credit car, but your bank account can be cleaned out if your debit card gets into the wrong hands.
CC link is posted above.
I have always read/been told that even with fees associated, using a credit card is better/safer than using a Debit card at an ATM, as one is covered for fraud with a credit car, but your bank account can be cleaned out if your debit card gets into the wrong hands.
