Exchanging money
 

Okay I am leaving to go to Europe May 8th. I believe all the countries I'm visiting use the Euro but the UK. I'm having a problem with exchaging etc. I wanted to take little cash in travlers checks and use my ATM card for the rest. But I have a slight bend in my ATM card I found out last night and some places here have to key in the acct number. So, I can't take the risk of not being able to use my ATM card. I'm not sure if I should get all my money in Travelers checks or what I should do. Also, should I get my travelers checks in Euros here or in american money and exchange there?
Thanks :)

Easy one...call your bank and tell them you're leaving in a week and have a damaged ATM card. They should be able to replace it before you leave.

I would call my bank immediately and ask them to send a new card. Let them know your travel plans. I can't imagine that they couldn't get it to you before you leave.

Agree with above and tell your bank it is URGENT!!! (well, it might work :) and ask them if they can give you the phone number of that other bank across the street...

Thanks everyone I went to the bank and took care of the card. I do want to take a little money in travelers checks. Should I get them in Euros at the bank of exchange in Europe?

Most people end up not using their TCs at all, so the best strategy is to get free ones from AAA in dollars. Then you won't lose any conversion costs when you bring them back home; you can just deposit them back into your account.

I agree you should only get travelers checks in your own currency. There is no advantage to getting them in euros in the US. If you use them, you'll probably get a better exchange rate in the UK than in the US buying them, and if you don't need them, you won't have to pay to convert them back.

If you can't get your ATM card in time, you can buy fixed amount ATM cards from AAA now which might be a good option. They are a VISA product and when you use them, they subtract from the amount you bought but there is no ATM fee. AAA claims the exchange rate is bank rate, but I've never tested that (I suspect it might be like a credit card, around 3% fee). It still would be no worse probably.

Get the travelers checks in U.S. dollar so if you don't use them you can simply save them for another trip. Also know that it is probably easiest to go to a regular bank to do the exchange, rather than try to spend travelers checks in a shop or restaurant.

I take this combination for 3 weeks:
1) Cash ($300-500USD)
2) ATM card
3) Travelers checks
4) Charge card (for emergencies only)

Charge cards for emergencies only???

Charge cards should be used for every purchase whee possible whether large or small. Iam most familiar with London...I use my charge cards for everything including museums (although most of them are now free), the Unerground (you can buy a single ticket or more using a card from the new macines), some pubs for lunches, most restaurants for dinner. The only places I use cash are for London Walk tours, pubs for a drink (many take charge cards for food only), pret a manger sandwich shoppes and that's about it. A y30 withdrawal from an ATM can last 3 or 4 days. The half price ticket booth takes charge cards at Leicester Square. I don't understand why folks don't use charge cards for everything...you get the best rates, you have some recourse in case of shoddy goods and most importantly you don't have to worry about dealing with cash...

Hey, xyz, you forgot the MOST important reason for using a credit card: Frequent flyer miles towards your next trip!

Good point Anonymous...but you have to be careful with this one...the AA frequen flyer card is offered by Citibank which tacks on the additional rip-off 2% fee, the United airlines by Bank One which imposes the 2% fee, the US Air and America West prgrammes by Bank of America which tacks on the 2% rip off fee...the only one I know of that doesn't impose the 2% fee is the British Airways card by Bank One which is the only card they offer which does not tack on the 2% fee....you have to decide whether paying an additional 2% mark up for no service is worth the frequent flyer miles.

xyz123 and others,

You can also get a "Miles" card through Capitol One for the total of 1% (charged by Visa or Master Card). The miles are good for ANY airline.

I cancelled by AA CitiBank card last year. What a rip.

Curious

We haven't used TC since 1962 and only take about $100 in cash which we usually bring home intact.

My wife and I each take a debit card on different accounts for any cash we may need. Our banks do not charge a fee for using an ATM. Each carries a different credit card which is our preferred method of payment. We check before each trip what exchange fees are charged and to inform the card issuers we will be in which countries.

Although I never see it mentioned by others you can go into a bank for a cash advance if the ATM is not working. Don't do this if the bank isn't open. In that case it becomes robbery which is frowned upon.

Enjoy yor trip.

Adam Smith

I think I have some travelers checks that have made two crossings!
They are well traveled!!

But I find having a few is at least comforting. on 9/12 I was in Europe and wondering about what would happen next, like the banks being shutdown. Everything else seemed to be shut, so why not the banks? I was not in the best possible place to get news!
And once I calmed a highly agitated French water by showing him I had money in TC form. My credit card, according to him, was NOT WORK-ED. Fortunately I had a second card, but he got worked up when I could not find it immediately.
Twice I have used a check for money.
Once when an ATM was out of order and my train was leaving in 10 minutes, and once when my Visa ATM card was rejected at a bank that accepted only MC.
It was the only show in town, so I used a TC to get local money.