Family of 5 in Europe..Traveler's Check's or purchase Euro in Country
May 26th, 2006, 03:36 PM
#21
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Let me put it this way. Since 1998 I have made 15 trips out to the USA. During that time I have used 2 travelers' checks.
One, I did out of ignorance; one out of necessity because the aTM at the Zürich airport was out of action. Several of the checks have logged enough frequent flier miles to get two free tickets.
At the airport, there are now several aTMs and I would not have needed to use the check.
One, I did out of ignorance; one out of necessity because the aTM at the Zürich airport was out of action. Several of the checks have logged enough frequent flier miles to get two free tickets.
At the airport, there are now several aTMs and I would not have needed to use the check.
May 26th, 2006, 07:37 PM
#22
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janisj, not everyone has the same needs, so one way won't work for everyone. Do you travel much to Greece? Have you ever been to a place where credit cards are not widely accepted and the ATMs are not working? When paying for everything for a family it is better to have several options, rather than rely on a couple and have your trip ruined.
Carolena
Carolena
May 26th, 2006, 07:58 PM
#23
Carolena: Melissa is not going to a remote Greek island. They are going to London and Paris. My advice remains exactly as I said. Travelers checks and Money cards just don't make sense for her.
And, no matter WHICH methods you prefer - the Travel Money Card is not useful for almost anyone/anywhere. Just about the <u>only</u> situation they make any sense is for someone who cannot have a bank account/ATM card.
And, no matter WHICH methods you prefer - the Travel Money Card is not useful for almost anyone/anywhere. Just about the <u>only</u> situation they make any sense is for someone who cannot have a bank account/ATM card.
May 26th, 2006, 10:12 PM
#24
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A time and place for everything. Our apartment rental in Italy wanted cash. For two weeks rent, we would have had to visit an ATM daily to take that much out as we have a $250 daily limit at our credit union. And then we needed money for our other expenses too.
Travelers' checks in dollars were useful for this purpose. We made one trip to cash them right before our rent was due.
The travelers' checks cost us nothing to take out, and the extras we used up at home on regular purchases.
Otherwise, we preferred the ATMs and were happy with the rate, which my husband figured out after we got home.
Travelers' checks in dollars were useful for this purpose. We made one trip to cash them right before our rent was due.
The travelers' checks cost us nothing to take out, and the extras we used up at home on regular purchases.
Otherwise, we preferred the ATMs and were happy with the rate, which my husband figured out after we got home.
May 29th, 2006, 12:11 PM
#26
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Melissa,
I checked the AAA web site. Since they asked for my zip code, I think the terms of the card may vary to conform to the laws of one's state of residence.
A casual reading of the terms governing this card show there are more fees than I have ever seen on an ATM card or a credit card, including an activation fee, a fee if you inquire as to your balance, and a fee if you close the card with a balance. The most telling point is that they charge a 7% fee for converting currencies (that includes the mc/visa 1% conversion charge). So if you are gullible enough to use this card they will charge you $2 for using an ATM to get overseas currency, and 7% on top of that. Further, if you add money to the card, it is not available for your use for something like 5 days or a week!
I suspect they run a similar scheme with their "free" travellers' checks, but when I went to that area of their website their certificate was not updated so I didn't enter.
My ATM card has no charge for use of an ATM (they actually reimburse me if the ATM owner imposes a fee), charges 1% for foreign currency exchange, and when I transfer money from my savings to the checking account associated with the card, the funds are available immediately.
When we will be needing a wad of cash to pay for an apartment, we have our daily limit raised, and since both my wife and I have a card for the account, we can get double our increased daily limit.
Its hard to imagine a worse legitimate deal than those travel money cards.
I checked the AAA web site. Since they asked for my zip code, I think the terms of the card may vary to conform to the laws of one's state of residence.
A casual reading of the terms governing this card show there are more fees than I have ever seen on an ATM card or a credit card, including an activation fee, a fee if you inquire as to your balance, and a fee if you close the card with a balance. The most telling point is that they charge a 7% fee for converting currencies (that includes the mc/visa 1% conversion charge). So if you are gullible enough to use this card they will charge you $2 for using an ATM to get overseas currency, and 7% on top of that. Further, if you add money to the card, it is not available for your use for something like 5 days or a week!
I suspect they run a similar scheme with their "free" travellers' checks, but when I went to that area of their website their certificate was not updated so I didn't enter.
My ATM card has no charge for use of an ATM (they actually reimburse me if the ATM owner imposes a fee), charges 1% for foreign currency exchange, and when I transfer money from my savings to the checking account associated with the card, the funds are available immediately.
When we will be needing a wad of cash to pay for an apartment, we have our daily limit raised, and since both my wife and I have a card for the account, we can get double our increased daily limit.
Its hard to imagine a worse legitimate deal than those travel money cards.
May 31st, 2006, 07:43 AM
#28
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The best bank to have an ATM card with is the bank that is best overall for you. If you are outside the US for no more than two weeks a year, the ATM fees are minimal -- $1000 withdrawn in four transactions would be $10 at 1% or $12 at $3/transaction--don't wast time and energy changing banks for that trivial amount. How about web access, convenient hours, reduced interest on a car loan, free checking? Those are things that can really add up and I'll gladly pay the $15 fee for foreign ATM use.
May 31st, 2006, 07:47 AM
#29
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I have a credit union account. There is no charge for an ATM withdrawal and a good exchange rate. Also it belongs to one of the big networks so no problem finding ATMs that work. Likewise with my credit union Visa card there is only the 1% charge that everybody pays, no more.
For my next trip to Europe, I think I'll get an ATM card from another credit union, just to have backup.
For my next trip to Europe, I think I'll get an ATM card from another credit union, just to have backup.
May 31st, 2006, 07:56 AM
#30
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Another option is to get some cash before you leave. Wells Fargo will send you cash for a flat rate of $8.00. We will be getting some before we go- that way we can bypass the ATM's at the airport. Their exchange rate is pretty good.
May 31st, 2006, 09:05 AM
#31
melissa: IMHO you are over-thinking your trip. I totally agree w/ kayd - if you already have accounts w/ a bank you like and are comfortable w/ I wouldn't change to save maybe $12 max during your short trip to Europe.
