Debit OR Credit Card in Paris / Switzerland
 

Hi, I am visiting Paris/Switzerland in September from Toronto. Should I carry CASH or should I use Debit or Credit Card. I booked hotels and provided my Credit Card. Should I pay cash or pay from credit card to pay my hotel stay bills. I have to visit many places, grocery, shopping etc and what method should I use to pay bill (Cash,debit/credit card). I checked with bank and they will charge 2.5% from debit card and 3.0% from credit card for transaction.
I am also afraid if card is compromised. I am thinkkng if cards are compromised then how I will arrange money in this country. Should I send to some money in my name through western union for backup for emergency use. What are the other options for emergency backup. Is it safe to keep CASH during this trip? I just want to make sure that I should have money during this trip if CARD doesn't work due to any reason.

I use my debit card to get cash as needed and use my credit card to charge larger expenses -- just my preference! If you decide to use your debit card more heavily because of the lower charge, be sure you know the maximum you can withdraw each 24 hours, and be sure to know exactly when that period is counted. (For example, one of my debit cards allows US$500 per day, with a day starting and ending at 4 p.m. eastern standard time -- so I could withdraw $500 five minutes before that time and another $500 after that time on the same day, but then can't withdraw anything gain for another 24 hours.) When using an ATM, I usually try to find one that is attached to a bank that is actually open at the time, specifically so they can help if something goes wrong.

Be sure to let your bank know that you will be away so they don't put a stop on your accounts because of what seems to be suspicious behavior.

To deal with the possibility of a damaged or lost card, I carry a credit card from at least two different banks and also a debit card from at least two different banks. Do you have time to open new accounts? If so, look for ones with low (or no) charges for currency conversion or foreign transactions.

If you don't have time for that, then -- in the unlikely event that you encounter a problem with a card -- call the emergency number for your card ASAP. When reporting the problem, also ask what they recommend for your ongoing access to funds. Many CC companies will provide a way to continue charging (and even to withdraw currency at the higher CC rate) by giving a CC number and security code.

Hope that helps, and hope you don't run into any problems!

>>... or should I use Debit or Credit Card. <<

I carry at least 2 of each. Haven't used cash in years and years. If you have time, open a Capital One 360 online checking account. No conversion fees, no atm fees, exchange rate with a penny or so of the daily rate on XE.com. I've had great service with it.

Have a great trip!

You mentioned elsewhere that you are flying from Toronto in about a month, so I am presume you are from Canada.
>>> Should I pay cash or pay from credit card to pay my hotel stay bills.
This is mostly a simple math problem with consideration of risk factors such as carrying that much cash or ability to withdraw that much cash. The former is a quantitative issue while the latter depends on where you are staying, your ability to safeguard belongings, etc. Something others cannot answer for you.

>>> I checked with bank and they will charge 2.5% from debit card and 3.0% from credit card for transaction.
Canadians seems to have less options in this area. Googling shows there are still a few cards waiving this transaction fee. However, you mentioned elsewhere that your trip is in one month. By waiting this far, Securing an alternate card may not be possible before your departure.

>>> I am also afraid if card is compromised. I am thinkkng if cards are compromised then how I will arrange money in this country.
Bring fall back credit and debit cards. I travel with minimum of three credits cards from three different banks kept in three separate places. This option may not be possible due to closeness of your departure date. I travel with minimum of two debit cards from two different banks.

Cash is getting less and less necessary except for dealing with street vendors, at outdoor markets, budget eateries, and taxi drivers.

Opening a new checking account shouldn't take a month. I think it only took a week and 1/2 (no longer than 2 weeks IFRC) to get my Cap One atm card in the mail. You might talk to their customer service before you start to see if they can expedite.

I have a similar account -- but I'm not sure these accounts are available any more, or at least, I'm not sure they are available to people who don't already have a Cap One account. I could be wrong! So I would recommend that you spend some time googling to identify your options, and then make some calls -- and by all means, as Trophywife007 suggests, ask whether it is possible to expedite the process.

Several years ago while staying ino don the day nefore our flight to Dubrovnik. I had my two credit cards stolen.One was with Wells Fargo called and they did nothng. On return I switched my money to Chase. When I called my Chase account they promised me they would over night a new credit card to our hotel in Dubrovnik. Less than 24 hours later when we arrived at our hotel a package with new credit csrd was waiting for me at reception
Excellent service.The problem is in knowing what your bank would do for you in such circumstances.

Change banks. I pay 1% on either credit card or debit card, charged by Visa, and get reimbursed 1% by my credit union on credit card charges.

On a different note. Depending on where you are in Switzerland, or where you eat, cash may be necessary. A relative took us on a day trip on a lake in Switzerland. We stopped at a restaurant and I insisted on paying for the meal but did not have enough cash and the restaurant refused credit cards. When you arrive in Switzerland, go to the nearest ATM to get cash; don't bother getting Swiss francs stateside.

Be sure to tell ban issuing cards that you are going to exactly what countries and no more - if not doing so may result in bank blocking transactions from abroad without notice as a security risk.

Ask TD Bank about a checking account with debit card that allows you to withdraw cash at an ATM in, say, France and Switzerland with no additional fees. I'm not sure if that's a legacy benefit from our local bank that they acquired here, but it may be available.

Oh, we use the debit card to obtain cash at ATMs, preferably inside a bank during banking hours. We take two different credit cards, opting for the one that has the lowest fees for transactions in other countries (Capital One, and, now, Citibank Visa).

I don't know whether they exist in Canada or not, but a lot of credit unions in the USA charge ZERO for international transactions. So we use their cards, because I am not going to volunteer gratuities to any bank, even 1%. If they exist in Canada, I agree, change banks, even if it's just to keep funds for overseas travel.

The "notify your bank about travel" advice is out of date in many cases. Quite a few banks don't even accept travel notices any more.

A couple of points - not really new, but elaborating and confirming:

• It is relatively easy to find a credit card that has no overseas charges...likewise a debit card that reimburses you for ATM charges. CapOne, Wells Fargo, just to name a couple.
• Be sure to carry multiple cards...in case of loss, theft, or just plain technical glitches.
• Some banks do not want to know your travel plans...some still do...it is probably best to call, just ot be sure.
• Credit cards give the best conversion rate...and I believe ATMs are the next best.
• If a restaurant/store offers to charge you in dollars, be sure to decline...be sure they write your bill in euros. The merchant will give its own exchange rate, undoubtedly worse than anything you'd get from your credit card issuer.

ssander

Of the six banks with which I work, only one no longer requires advance travel notification. Personally, I'd rather call and be told that I didn't need to have done so, than fail to call and find myself without credit. Your trip, your call!