How much cash?

Feb 25th, 2018, 05:13 PM
Original Poster
Join Date: Jul 2014
Posts: 46
How much cash?

Will be in Prague for 4 days and Vienna another 3.

How much cash should I order from my BOA is USA? BOA has no affiliates in those countries so trying to avoid ATMs.

i do have credit cards with no foreign transaction fees but i assume some places would only take cash

thansk a lot
ssbbaa77 is offline  
Feb 25th, 2018, 05:49 PM
Join Date: Jan 2003
Posts: 5,910
Originally Posted by ssbbaa77 View Post
How much cash should I order from my BOA is USA? BOA has no affiliates in those countries so trying to avoid ATMs.
Why does having no affiliate automatically drive ordering cash from BOA?
If the cost is concern, do simple computations and compare ACTUAL, not imagined, differences.
Have you read the ATM fee schedule using a non-affiliate ATM?
Then find out how much BOA cash service costs. They don't tell you upfront all the fees added. To get the true picture, go to other site, such as XE - The World's Trusted Currency Authority: Money Transfers & Free Exchange Rate Tools to get the "official" rate. Go through the motion at BOA, without actually buying, to find out what is the FINAL charge they propose to hit your account. That includes some kinds of processing/deliver fee plus exchange rate favorable to BOA. You can see just how bad by comparing against the official rate. The amount you get charged at BOA depends on the amount you are trying to get.
greg is offline  
Feb 25th, 2018, 08:19 PM
Join Date: Oct 2005
Posts: 65,385
>>How much cash should I order from my BOA is USA? BOA has no affiliates in those countries so trying to avoid ATMs<<

Why on earth do you want to avoid ATMs????

You will pay more buying currency from BoA than you will using ATMs. Even though BoA does charge some of the highest out-of-system fees, tha $5 fee will be less that the mark up they charge for currency.
janisj is online now  
Feb 26th, 2018, 11:39 AM
Join Date: Jan 2003
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Ditto to what Janis said. There is no reason to avoid ATMs - that's what you do these days to get money. BoA is indeed a terrible bank for people traveling abroad, but they will soak you for a whole lot more money if you order cash from them than they will by charging you an ATM fee.
StCirq is online now  
Feb 26th, 2018, 01:20 PM
Join Date: Feb 2003
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"You will pay more buying currency from BoA than you will using ATMs."

This is true. What you're not understanding, ssbbaa77, is that even if BoA charges $5 per transaction and a 3% fee, if you get $200 cash equivalent from the foreign ATM, that's $11 in fees or 5.5% in screw jobs. But if you buy $200 in Euro equivalents for Austria from BoA, you'll get a rate that is 8-10% worse than the interbank rate, which means you get screwed worse. In addition, you're not going to find koruna in your local BoA. The Czechs still have their own wampum and that is not going to be readily available at a US bank even in a large international US city like DC or NYC.

Note also that there are other options including credit unions, Cap One, Chase and others that charge little or no foreign exchange fee and no usage fee for obtaining money from foreign ATMs.

As for your credit card, you pay transaction fees from the moment of the transaction, which means that 19% interest rate begins running when you withdraw money at the ATM.
BigRuss is offline  
Mar 6th, 2018, 06:38 AM
Join Date: Feb 2018
Posts: 3
Most places accept credit/debit cards. Coverage in central Europe is approx. 99%. I bet you can buy pigeon food from rusty machine with Visa/Mastercard. Cash is too oldschool to be carried in 2018.
f_t_p is offline  
Mar 6th, 2018, 06:56 AM
Join Date: Mar 2003
Posts: 1,429
My bank Suntrust also charges a 5.00 fee for using an ATM out of their network. So I spend 5-10 dollars and I just consider it part of the price of going on vacation. Usually if I am in one country I only need an ATM once. Any leftover cash I bring home for next time.
MarthaT is offline  
Mar 6th, 2018, 07:09 AM
Join Date: May 2003
Posts: 5,597
Get another bank, that's ridiculous.
So you're better off getting a large amount from the ATM, rather than several smaller amounts. Not smart.
Use your credit card as much as possible, and only use cash if there is no other option.
Tulips is offline  
Mar 6th, 2018, 08:22 AM
Join Date: Jan 2003
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I don't think it makes sense to tell people to "get another bank" just based on a couple ATM fees from a vacation abroad once a year or something like that. Presumably people have reasons they chose their bank, and my decision as to my main bank has absolutely nothing to do with ATM fees abroad, it's based on convenience, local branches, overall fees, etc. I would hope it is for most people. NOt to mention anyone can get a second small acct for an extra ATM card with no fees, I have two, actually, and it doesn't affect my main bank at all.

None of my banks "have affiliates" in Europe, either, so what. That is irrelevant. I have an acct with Charles Schwab who charges zero foreign transaction fees even though they have no "affiliates". Same for another Cap One acct I have.

Getting cash to take abroad to avoid a few ATM fees doesn't make any sense to me.
Christina is offline  
Mar 6th, 2018, 08:41 AM
Join Date: May 2003
Posts: 5,597
My bank doesn't charge for a foreign ATM withdrawal. I don't think a bank here would get away with charging 5 dollars per withdrawal.

Anyway, ATM fees are going to be a thing of the past. My kids use hardly any cash. In 4 days in Stockholm last year I got no local currency, and didn't need it.
Even paying for a bathroom in a store was possible with cc.
Tulips is offline  
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