mtnestr

My daughter is traveling to Switzerland for her semester abroad. I have seen many conflicting articles concerning the best ways to get cash. Use ATMs,dont use Atms, travelers checks, cash advances????? Any advice on the best and most economical approach would be most helpful.
Thanks,
mtnester

bettyk

I think ATM's are definitely the way to go. They are everywhere and the costs are relatively cheap compared to other sources of cash.

Just make sure the ATM card issuer knows that your daughter will be using her card in Switzerland and that her current pin number will work overseas. You may want to see what the daily limit is on the card as well in case you need to increase or decrease it.

alanRow

Find a US account that doesn't charge too much for foreign withdrawals and give the ATM card complete with PIN - which must be a number to your DD

Also tell the bank that she'll be abroad and keep a hold of all the contact numbers for the bank

But give her a few hundred dollars cash and/or USD TCs for emergencies

LindaBrinck

Be sure that your daughter has some euros before she leaves.

ATM's are the way to go since you don't have to worry about the banks being open, but I have experienced many empty and broken ATM's in airports.

My rule now is always have money before you arrive.

DalaiLlama

Don't know where you got the "Don't use ATMs" or the traveler check advice from, but both are wrong.

ATMs are the way to go for spending money, cash in the foreign currency. Traveler checks are a thing of the past, not much accepted any longer, and a pain to deal with.

Have your daughter get a card with the major insignia, linked to a checking account, with a substantial daily withdrawal limit in case she needs cash in a hurry for an emergency, and tell the bank where she is going and when, so transactions will not be blocked by the security software if suddenly charges come in from overseas.

The European banks do not as a rule charge fees for ATM use, but the American banks do - a few bucks each time, so have her take out decent amounts at a time, then the few dollars for the fees won't add up to much.

ATM withdrawals get computed at the favorable exchange rates that you cannot get at a walk-up place - bank-to-bank rates that appear on the statement.

Credit cards also get the favorable exchange rates, but there will probably be a 3 percent charge (percent of the transaction amount, not a flat fee).

Have your daughter equip herself with a sensible travel wallet or pouch to keep her money safe - learn from the advice on sites like www.ricksteves.com and www.magellans.com and others - non-violent you-don't-know-until-its-too-late pickpocketing is something you have to guard against, just "being alert and aware of one's surroundings" is not going to do it.

Cash advances against credit cards are the worst - costing you interest and fees from the moment the money is taken out.

ATM for day-to-day cash, CC for everything else, and pay the bill when it comes, in full, so the only fee you pay is the 3 percent for CC and the ATM fees while you get a good exchange rate.

There are some card issuers like Schwab and Capital that do not charge the fees - if your daughter shops around and opens accounts there, she'll save even more.

yk

ditto what alanRow suggested.

1) ATM - make sure you know how much (if any) your bank will charge for each foreign ATM withdrawal. If there is a charge, you may want to open a new account at a different bank or credit union that does NOT charge a fee for foreign ATM withdrawal.

2) Travlers checks in USD. I would give your daughter a couple of TCs in USD. They are for emergency situations (eg, she lost the ATM card, banks out of cash over a holiday weekend etc). If she doesn't end up using the TCs, she can just bring them back home and exchange them back to cash.

irishface

Just a thought. En earlier poster suggested that your daughter have euros in hand when she arrives in Switzerland. I thought Switzerland still used Swiss francs rather than euros.

altamiro

>Be sure that your daughter has some euros before she leaves.

...which will eb as useless in Switzerland as US dollars. the Swiss currency is the Swiss Franc.

suze

ATM is the way to go.

I would be curious where you read "dont use ATMs", because I have never read that and I read a LOT of travel forum advice. And have been to Switzerland 5 times.

Definitely NOT cash advances on a credit card... that's the WORST for sure!

suze

Oh yes, and you definitely need Swiss Franc (CHF) not euro!

Cowboy1968

If your daughter is a full six months in CH, enrolled at some school, and has to care herself for housing etc., you may also want to investigate if she will need a Swiss checking acount and debit card to pay anything from rent or utility bills to cable TV.
It is highly unusual that landlords or utility companies still accept cash or cheque payments in the developed countries of Europe. It's mostly paperless online banking nowadays. The need for this will depend on the individual situation of your daughter in CH, though.

Ackislander

A slight wrinkle to the ATM advice that we used when our daughter was studying abroad.

She and her mother had a JOINT US account which either could access by ATM. Daughter contributed some money to the account, mother contributed some. When the account needed to be topped up, mother could deposit money locally in the US, and daughter could get it abroad.

Works like a charm, as long as your daughter understands the fees since many college kids in the US use ATM/debit cards like cash, buying coffee and burgers. At $3 per transaction overseas, that adds up.

mtnestr

Not using ATMs referred to the $5 fee per shot.

jeff001

Slightly off subject but there was a recent post about a student who found out too late that he needed a Schengen visa if he was going to be in Switzerland for more than 90 days. If you have not already done so get one.

spaarne

The ATM is the most convenient source of cash. If you can add your daughter to one of your credit cards that would be a good way to make major purchases.

She could also open an account at a Swiss bank. Get the Swiss ATM card which probably has the chip. This is very very handy in Europe. Wire funds for a cost of about $35 per transaction to her bank. Have her bring about $500 cash when she goes over. It doesn't need to be franks. The Swiss bank exchange rate is probably better than you will find in the USA.

kmbp

I suggest that you find a local US bank that does not charge a fee for an ATM transaction at a foreign bank. (In our area, we have used Commerce Bank for free foreign ATM withdrawals--I hope that doesn't change now that TDNorth has acquired them.)

If the two of you have a joint account, you will be able to monitor the transactions and make deposits as requested/needed/agreed upon.

I've done this many times over the past 15 years for my daughters as studies and work took them overseas. It can be reassuring to both of you that you are able to have access to the account information and, of course, make those deposits!

sf7307

A joint account is an excellent suggestion. My son had his own account (etrade) and we had tremendous problems (many phone hours) because my husband was accessing the account (at my son's request) from the US while my son was in Africa -- if it had been a joint account, there wouldn't have been an issue, but etrade shut down the account due to "unauthorized activity" (which would ordinarily be a good thing, I guess) and we couldn't get them to reopen it (finally did, but again, many phone hours).

nytraveler

Your best solution is a joint checking account - so you can deposit if necessary and your daughter can withdraw from any ATM. Using cash or Traveler's Checks is like throwing 5 or 6% of your money out the window. She should also have at least credit cards (even if only on your accounts) in case of need.

sf7307

nyt, can you explain how using <i>cash</i>is worse than using an ATM card? Either one has to be &quot;exchanged&quot;, just at different times in the process, no?

alanRow

&lt;&lt;&lt; nyt, can you explain how using cashis worse than using an ATM card? &gt;&gt;&gt;

Talking about changing cash USD for CHF - you will lose several % of the value due to the need for the people running the money exchange wanting to make some profit.

Getting CHF from an ATM avoids this