enewell

My husband and I each have a debit card to access our credit union account. Should I open an account somewhere else and deposit half our travel money there in case something happens to our cards? Or is this improbable enough that I shouldn't worry? We'll be in Italy for a month this spring/summer.
Thanks for your input!

LoveItaly

Hi enewell, personally I always take ATN/Debit cards for two accounts, each from a different financial institution. Absolutely necessary, well probably not but IMO it is a good back up if there is a problem.

freeman0819

I have read numberous threads here where people have gotten their cards eaten. It can happen anywhere for numerous reasons, but most have said this happens in Italy a lot?? Better safe then sorry. Remember to check to make sure that you can use said ATM cards in Europe and what fees are attached to withdrawals, etc.

surfmom

you'd probably be fine without it, but for the small hassle of dealing with it now and opening another account compared to the enormous hassle if a card is lost, stolen and you can't access those funds... I'd do it.

Oh yeah, and I have. And it worked great. and was needed. and I wasn't stressed.

since then, I dump my extra change, rebate checks, etc. into that '2nd acocunt' and I've amassed a nice little amount of spending money for next trip!

ira

Hi E,

If you have a second account, and each of you has a card you will quadruple your daily cash limit, and reduce your chances of having your debit not work.

I wouldn't use a debit card.

I would have 2 credit cards and 2 ATM cards, each.

jsmith

Absolutely, you need a second account.

The first time I attempted to use a new credit union ATM card at Heathrow at 6:00 AM, the Barclay's ATM ate the card. Fortunately, I had other cards which I had used many times with no problem.

Neither Barclays nor my CU knew why.

bob_brown

I have 2 accounts, and a check card on one of them as well as a standard ATM card. My wife has her cards on the same accounts, just in case some hungry machine eats my plastic.

One advantage is that both accounts let me have 2 "free" off-net transactions per month. Neither account levies a surcharge as long as I keep a minimum balance.

Also, one is PLUS, the other CIRRUS.

That way, I am covered. Yes, I tie up a couple of thousand $$, and I do forego a little interest. But, I have never been unable to get money out of my account except once the only ATM close at hand in the Zürich airport train station was broken and I wanted something from a food store for the trip.

I always have a doomsday defense in the form of travelers' checks, so I used one to bail me out. Luckily the bank was open!!

I think of the second account as an insurance policy!

mkdiebold

Another example of what can go wrong...this past September we went to France. I fully intended to get my first Euros there, but when I discovered that the Cincinnati airport had a 5/3 Bank that offered Euros, I jumped on the opportunity to get them there and avoided a hefty charge for doing so in France. I withdrew $500 from the ATM and exchanged it for Euros. The "problem" started when I tried to make my first withdrawal in France. My bank had frozen my account! A notice had been sent to my email account, but I didn't know that because internet cafes weren't plentiful. Because of the time difference, it took me a couple of days to get the problem resolved. I wish that I had had an additional account from which to withdraw monies.
Next time I will be better prepared.

Nikki

I now have one account with a standard ATM card which I use most of the time, and a second account with a debit card that I use only when traveling and only to access that account. In some places in Europe recently I have found that the standard ATM card doesn't work, and only a debit card will do. At the airport in Milan last week, where we changed planes on the way to Barcelona, my ATM card did not work but my debit card did.

NeoPatrick

mkdiebold, I'm curious if you ever checked out the rate of exchange for getting those euro in Cincinnati? I know that those machines are becoming more common, but I've been given the impression that the rate of exchange when you get the euro in a US ATm is horrible. NO?

FLJudi

Let your bank and credit card companies know when and where you will be traveling. Their fraud software is so good that they can freeze your account for unusual charges, withdrawals(as mkdiebold said) and then try to call you or send and email. If you're not there, how can know or answer. Just another suggestion to make life easier.

mkdiebold

Neo-Patrick: I didn't obtain the euros FROM the ATM machine. I withdrew 500 US dollars from the ATM and walked it to the teller and exchanged it for the euros. What I saved was the fee my bank charges on transactions occuring in a foreign country.

mish42

This last posting brings me to something I was wondering about. Which makes more financial sense: pay the fees or charges to withdraw money from atms overseas or exchange dollars into euros here in the US before leaving and get a slighly lower exchange rate. What about exchanging travellers checks at banks overseas? Does anyone still do that? If not, why? When I used to travel often overseas about 15 years ago, that was what we always did. I'l be travelling in Greece and Switzerland this summer and am starting to think about how to handle the whole money thing.

alanRow

1) US banks give lousy rates of exchange as foreign currency exchange is pretty much a mystery to them
2) TC's are so 20th Century and are a pig to exchange anywhere except the US & it's tourist "colonies". They also have fees associated with them and don't give the best exchange rates
3) Changing CASH incurs fees that may or may not be visible to you (eg "free commission" = "poor exchange rate&quot
4) Unless you use an ATM to withdraw small amounts of money or have a bank run by Jesse James the fees for withdrawing money are 1-3% of the total amount - which is less than the commission charged for money exchange.

Take some USD TCs & USD cash FOR EMERGENCIES and always ensure that you have some Euros in your pocket just in case something does go wrong.

As for the OP's original question. Have the money in separate accounts just in case a card is stolen & the account emptied - http://en.wikipedia.org/wiki/Credit_card_fraud#Skimming

Josser

What is a standard ATM card?
I don't know if it applies all over Europe, but Mrs. J and I bank in separate banks and both have cards that are debit cards that are also used to withdraw money from ATMs.
We take both when we go abroad and also take two different credit cards, just to cover ourselves.

Nikki

What I mean by a "standard ATM card" is one that is not also a debit card and does not have a VISA or Mastercard logo on it.

My local Massachusetts bank does not charge any fees for withdrawing money from overseas ATMs.

NeoPatrick

Nikki, i can explain why that last suggestion is starting to become more and more of an issue (having an ATM only card not work). As I've posted before, in the past couple years more and more European banks have switched to having Visa Services handle all their foreign ATM transfers. As a result, more and more European ATM's will NOT work with a US Bank ATM only card -- one that is not also a debit and doesn not have a Visa or MC symbol on it. This is particularly true of Belgian banks, and I found out that the Deutschebanks and some others in Italy were doing the same thing. My question arose when my ATM card that worked one year at a Deutschebank in Rome didn't work the next year. I went in and a bank officer explained they had recently switched to the Visa system and that cards with no Visa "connection" would no longer work. He was certainly right. I came home and switched that ATM only card to an ATM/Debit Card with a Visa symbol. No problems since.

So those ATM only cards will still work at some (many) banks in Europe, but there is an increasing number where they will NOT work. You are smart to have one of each.

Nikki

No, I'm not smart. I read about your experiences here and went out and got a debit card.

Unless listening to you makes me smart.

beryl800

If there's no Cirrus (MC) or Plus (V) logo on your ATM card you increasingly face the risk of non-acceptance. Some cards don't charge extra fees for exchanges - Capital1 for example - others 3% even now on ATM debit cards - Chase, Citi, BOA and others. HSBC has such a large collection of associate banks around the world you can often avoid withdrawal fees with their cards. And, some cards are not accepted by some foreign banks due to rampant fraud in those countries. If you can, check with the card issuer to make sure it will be able to be used in your destination country(s). This person will not usually be your local friendly bank customer service, but someone else in the system. As mentioned above, always advise your card issuer about your travels. Lastly, even 3% over overnight bank rate plus withdrawal fees is going to be cheaper than any other kind of money exchange. Just take it out in maximum amounts to avoid multiple withdrawals.

TravMimi

I like to have a plan B for just about everything.