I am leaving for Germany & Austria tomorrow and I called my bank (B of A) to raise my limit, but because of the account I have they can't do it. My limit is $318/day. I was told I could go into the bank and get a cash advance at the same rate as using the ATM. Is this true?

My plan was to withdraw large amounts at a time and only have to visit ATMS a few times. Looks like going into a bank is my only option, unless there is something else I don't know about. Any help is greatly appreciated!

Hi B,

>I was told I could go into the bank and get a cash advance at the same rate as using the ATM. Is this true?<

It is probably true as far as the exchange rate.

What they didn't tell you was that interest accrues on a cash advance from the moment you get the money.

It is also likely, that there will be a minimum 1-month interest charge.

>My plan was to withdraw large amounts...<

Why?

I'm not being nosy, It might not be a good plan.

Hmm - you might want to try again - you know how that goes, different agent, different answer. I am a B of A client too - when we rented an apart on one trip, they did raise the limit. I'd be skeptical of the cash advance - I suspect extra fees! I almost wonder if the current baknking turmoil may have something to do with it - good luck!

Go to your local branch.

Withdraw all your funds in cash.

Close the account.

Go to a bank that issues an ATM card at the time you open a checking account, and put your money into it.

Belle, I'm just curious about what you need these large sums for. I'd actually recommend that you pay for hotels, expensive restaurants, and large purchases with a credit card. It's usually better for you on the exchange even if your bank charges a modest foreign-exchange fee (not so much in your favor if you have to pay a large fee, though).

How are you planning on spending more than $300 per day? That's actually alot of money, even for an expensive European destination. Unless you're paying for hotels in cash, I think you could get by with 3 or 4 ATM visits in a typical 2-week trip.

first of all - I don't think you mean a "cash advance". That would be on a credit card and a very bad idea.

If you just mean using your debit card to get cash from a teller inside the bank - yes that is always an option. I've done that if the ATM is in a dodgy area or if the machine is out of money.

But - $318 seems an odd limit. Is there some reason it isn't a round number??

Well -

I wouldn't be comfortable carrying that much cash around. You will do better charging as much as you can on credit cards (and you can charge most everything except small expenses and B&Bs/apts) and then using minimal cash.

At home I never carry more than abuot $10 in case - on vacation I may go as high as $300 - but that lasts quite a while.

I never realized a 1-minute transaction at zillions of ATMs was such a bother

i'd rather do that any day rather than carry large sums of cash around.

Plus you may find paying for things with your credit cards yields a more effective good rate than ATMs do.

My ATM charges $5 per transaction fee and 3% - fairly standard it seems

My Credit Cards just charge 3% and no transaction fee.

BTW - I agree that unless you need a lot of €€ to pay for an apartment or something, $318 = about €220 so it is a lot of cash to be carrying about.

On my trips I like to make several large withdrawals because on each little one there will be fees! Then I keep most of my cash back at the room and only carry the "walk around" money for that day. I'm more of a cash person than a credit card person, even in my regular life here. Plus I always think every time you hand over a credit card, you open yourself up to "misappropriation" It seems as dicey as carrying some cash IMO.

belle- I don't know who you talked to at BoA!!!

We were in France 3 weeks ago. I DID NOT call BoA to alert them we're going abroad.

I was able to take out 400 euros, yes, euros, per ATM transaction. We did this 3 days in a row. Never had one single problem.

Just call your bank and tell them you need your daily linit raised for the days/weeks you are going to be traveling. (You just have to make sure the funds are there). My banks do it all the time.

A "cash advance" normally is on a credit card and is billed at an exceptionally high interest rate. If you were told you could do that by your bank with your ATM card, I would definitely double-check because it does not sound right.

I would not want to take out more than ~$300 per time and be walking around with so much cash. That's the beauty of the ATM machine method, you can get cash as you need it (~$318 should at least 3 days unless you're paying your hotel cash).

WOW. Thanks so much!

this is my first time going to Europe. I wasn't expecting 200 euros to last me more than a couple days, but I feel reassured now that I know it likely will (I'm not planning on spending a ton of cash). I was worried what I would do if I happened to run out within a 24 hour period. I will have a credit card - they charge 3%.

The $318 limit also struck me as weird. I'll call BofA again and talk to someone else. They told me that they couldn't raise the limit due to the type of account I opened.

I don't think $318 is a lot of cash to be carrying around. Not nowadays. I would think over $500 might be. I think some people do want to take out a lot because they have large ATM fees -- B of A has really large ATM fees, and the OP has BofA so that's probably why they don't want to be using the ATM every day or two. Now I actually could go about a week on that amount, and I don't use my CC for small things, but one doesn't know. Some people plan on eating at places that won't take CCs or are staying in places that won't take CCs or whatever. A lot of people need large amounts for apt. deposits, I have myself.

But $318 is such a weird limit, how can that possibly be accurate. I do have one ATM card that has a $300 limit, but my regular bank has a $1000 limit. But they are always in round numbers, aren't that? Maybe there is a confusion in dollars and euros, as 318 euro might be the limit they were quoting approximately as it is roughly US$400 plus a one pct fee, and that could be what BofA charges. So maybe the real limit is US$400.

A lot of banks have limits on your cards for a reason and won't just change them if you ask.

I don't know what type of BoA account you have, belle513, but I can tell you that our BoA ATM is attached to our regular checking account.

BTW, in case you don't know, if you use your ATM card at Deutsche Bank in Germany (Germany only), you won't get charged for an ATM fee. However, if you use your BoA ATM card at other banks in Germany, or any Austrian banks, you will be charged $5 per ATM transaction.

Doug - I'm curious why you say a credit card is "usually better for you on the exchange" than an ATM withdrawal? Why would that be?

I am a total non-expert, but that's the opposite of things I've read. In fact I read an account of one traveler who, for the sake of experiment, used both a credit card and a debit card on the same day for a number of different days and then compared the exchange rate he got using each type of card. His sample showed he got slightly better exchange rates using the debit card rather than the credit card.

But he did say the differences weren't that significant, and that other issues like credit card "conversion fees" and ATM fees should contribute more to the decision.

I'm in agreement with editor Doug. But I also think if you visit face to face with your banker at the neighborhood branch , you very well may get your daily withdrawal limit changed.

belle, i also have an account with B of A. i called them last week to raise my ATM limit for withdrawals, they told me i can raise it to $1000, etc up to $2000. currenty my limit for ATM w/drawals is $700. the raise is only good for about 10 days(or 14 days, couldn't remember exactly)and then it reverts to the original limit. i was advised to call again to request the raise a day or two before we leave.

yk, thanks for the info on Deutchsbank. that's good to know bec there are several banks linked up with the star/plus systems in germany. i will try to do my transactions w/ deutchsbank.