Low ATM limit - what to do?
Oct 10th, 2008, 01:30 PM
#21
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I called my bank, told them the dates I'd be in Paris and what I wanted my limit raised to. There was no problem; they raised it effective the day I left and lowered it back the the normal amount on the day I returned home.
Oct 10th, 2008, 02:45 PM
#22
PQ - You need to change banks and credit cards if you are paying that much in fees. My credit card charges the average interbank rate for the day of purchase - no extra fees or % tacked on. My ATM also gives the interbank rate (usually a tad below the interbank average), but tacks on a cross-border fee of less than 1%.
Oct 10th, 2008, 06:24 PM
#24
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I'll give you my advice, take it or leave it.
Take all of your expected trips expenses from your checking account. Make one large withdraw in the US. Thus, it is all cash. No credit card interest.
Go to the nearest Travelex office. In NYC, they are all over the place, not exactly sure about other cities.
Give them your big wad of cash (in the US). Tell them you want Euros. If you give them more than $1500, there are no transaction fees and the F/X rate is about 2 basis points above what the interdealer rate is. Read: you won't get a better rate through your retail bank's ATM card.
Tell Travelex you want the debit card. They give you a debit card. It is preloadded with all of that Euro they just converted for you with no fee at a great rate. So when you stick the card in an ATM machine oversees, there is no conversion fees, since it is denominated in Euro and unlikely to be an ATM fee.
Smile and laugh your whole way through Europe knowing you've screwed your credit card company out of arbitrary fees they charge you because they think you are not bright enough to beat the system. Guess what, you just did!
Take all of your expected trips expenses from your checking account. Make one large withdraw in the US. Thus, it is all cash. No credit card interest.
Go to the nearest Travelex office. In NYC, they are all over the place, not exactly sure about other cities.
Give them your big wad of cash (in the US). Tell them you want Euros. If you give them more than $1500, there are no transaction fees and the F/X rate is about 2 basis points above what the interdealer rate is. Read: you won't get a better rate through your retail bank's ATM card.
Tell Travelex you want the debit card. They give you a debit card. It is preloadded with all of that Euro they just converted for you with no fee at a great rate. So when you stick the card in an ATM machine oversees, there is no conversion fees, since it is denominated in Euro and unlikely to be an ATM fee.
Smile and laugh your whole way through Europe knowing you've screwed your credit card company out of arbitrary fees they charge you because they think you are not bright enough to beat the system. Guess what, you just did!
Oct 10th, 2008, 08:14 PM
#25
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Thanks for the tip Travelbear. Unfortunately, I live in the podunks so that wouldn't be nearly as easy for me as it is for those in a major city. It sounds like a great way to ensure that you spend only cash on your trip though. How does the Travelex card work for hotels though? Because of the hold that hotels put on a debit card, I never use a debit card on a hotel...
Oct 10th, 2008, 09:16 PM
#26
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I'd use my fee-charging, rip-off artist overlord credit card to hold the hotel room. When I was ready to check out, I'd go the the closest bank ATM machine and withdraw the cash I deposited on the Travelex card.
If that doesn't work, or is inconvient, I'd pull all of the cash out of an ATM before I checked in to have that on hand at the check in desk. There is a little more risk involved here, so not my first recommendation.
The unfortunate answer is that the credit card companies rule the world. You'll probably need to have membership in their worldwide society of greed to at least check in. But nothing says you need to put the cost of the room on the card at check out. Hotels are happy to accept cash payments.
As an aside, folks should think about how ridiculous the fee for foreign purchases on a credit card really is. Credit card companies charge you 2 - 3% for the priviledge of using their card overseas, claiming a hardship. Simultaneously, hotels want your credit card on file, utilizing this global network establised and built by the credit card companies, to guarantee the hotel will not be stuck with a bill for excessive costs. Huh?!
Since when has cash become inconveient.
Oct 10th, 2008, 11:40 PM
#28
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<<Author: worldclass
Date: 10/10/2008, 02:02 pm
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.>>
I know you are probably going to only Germany and Austria, but there also isn't a fee for using BNP Paribas in France and Barclays in England with BOA.
Date: 10/10/2008, 02:02 pm
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.>>
I know you are probably going to only Germany and Austria, but there also isn't a fee for using BNP Paribas in France and Barclays in England with BOA.
Oct 11th, 2008, 04:06 AM
#29
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The $318 limit might work out to be about 200E.
Use a credit card to pay for purchases when possible.
If you are a BofA customer, use their partner bank in Europe and bypass ATM fees. It is Parabis (sp) in France, and there will be some bank where you are, I am sure. Saves a lot of money.
Of course, do not use a credit card for a cash advance. ONLY an ATM.
Use a credit card to pay for purchases when possible.
If you are a BofA customer, use their partner bank in Europe and bypass ATM fees. It is Parabis (sp) in France, and there will be some bank where you are, I am sure. Saves a lot of money.
Of course, do not use a credit card for a cash advance. ONLY an ATM.
Oct 11th, 2008, 05:06 AM
#30
These threads end up with a lot of misinformation.
Most (all?) prepaid money cards (including Travelex) are a lousy deal. Travelex does have fees (hidden in their exchange rate) and gives a terrible exchange rate. If you purchased a card from them today for a 1000€ it would cost you $1456.94 plus a $15 next day mailing fee (they won't let you remove it on their website even though there is a box to uncheck it). Your effective rate would be 1.47 (you might get the 1.46 if you purchased in person since you wouldn't have a mailing fee, but I hear they tack on a purchase fee then) when the actual rate today is 1.34. You would paying $131 extra from the start not to mention the other tack on fees (reloading the card, cashing out the card, etc.). That is way more than the 2 points travelbear stated. I find it very strange that their fee list will not load while every other page on their website will. Can anyone get their fee page to load (not the ATM withdrawal fee page)? FWIW, there are at least a dozen states where Travelex is not allowed to sell these cards.
Most (all?) prepaid money cards (including Travelex) are a lousy deal. Travelex does have fees (hidden in their exchange rate) and gives a terrible exchange rate. If you purchased a card from them today for a 1000€ it would cost you $1456.94 plus a $15 next day mailing fee (they won't let you remove it on their website even though there is a box to uncheck it). Your effective rate would be 1.47 (you might get the 1.46 if you purchased in person since you wouldn't have a mailing fee, but I hear they tack on a purchase fee then) when the actual rate today is 1.34. You would paying $131 extra from the start not to mention the other tack on fees (reloading the card, cashing out the card, etc.). That is way more than the 2 points travelbear stated. I find it very strange that their fee list will not load while every other page on their website will. Can anyone get their fee page to load (not the ATM withdrawal fee page)? FWIW, there are at least a dozen states where Travelex is not allowed to sell these cards.
Oct 11th, 2008, 06:25 AM
#31
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It isn't the credit card that charges 2 or 3%; it's the bank. Capitol One doesn't charge anything -- or at least it didn't used to. My credit union charges only the standard 1%, ditto for ATM withdrawals.
I agree with Robespierre, either change banks or open up a special travel account. But now I see the OP is leaving today. Oh well, others will benefit.
(Say, Robespierre, you seem to have been influenced by Ira's writing style, not a bad thing.)
I agree with Robespierre, either change banks or open up a special travel account. But now I see the OP is leaving today. Oh well, others will benefit.
(Say, Robespierre, you seem to have been influenced by Ira's writing style, not a bad thing.)
Oct 11th, 2008, 07:19 AM
#32
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Certain accounts at BofA do have low ATM limits, and I don't know if those limits can be raised even temporarily. Our limit is $l,000 for each of us which is more than enough! But you can make a withdrawal inside the bank on your bank account - not the same as a withdrawal on your credit card. This is good to know in case your ATM card doesn't work for some reason. The cost is the same as using your ATM card.
There is no ATM withdrawal charge if you use partner banks as several have stated. The markup is only 1% on the exchange rate. However, if you use your debit card for purchases, the markup is 3%, the same as your credit card. This is why we try to only use cash withdrawn from partner ATM's while in Europe. We do not have a Capital One card. If we did, we would probably use it. Our AMEX charges 2%, our Citibank 3%. It's easier for us to make the ATM withdrawals as we need to pay for apartments and B&B's in cash anyway. If we stayed in large hotels, I'm sure I'd get a Capital One, but for us the ATM works great.
There is no ATM withdrawal charge if you use partner banks as several have stated. The markup is only 1% on the exchange rate. However, if you use your debit card for purchases, the markup is 3%, the same as your credit card. This is why we try to only use cash withdrawn from partner ATM's while in Europe. We do not have a Capital One card. If we did, we would probably use it. Our AMEX charges 2%, our Citibank 3%. It's easier for us to make the ATM withdrawals as we need to pay for apartments and B&B's in cash anyway. If we stayed in large hotels, I'm sure I'd get a Capital One, but for us the ATM works great.
