Irving

Where do we get the best rare of exchange? We;ve been told that most credit cards charge 3%. Is there a charge for ATM's? I can't imagine paying cash everywhere.

Budman

Using ATM machines with your debit card will get you the best exchange rate. European ATM's don't charge you an ATM fee, although your bank might. I would check with your bank.

Using your credit card for major purchases, hotel, car rental, restaurant dinners, you will be charged a 1% conversion fee by VISA and Mastercard. Your bank may add on and charge additional fees. You have to check with your individual bank.

There are ATM cards and credit cards that don't charge all these additional fees. For example, USAA Mastercard does not charge any additional fees, and my personal bank does not charge any ATM debit card fees.

Poshspice

I agree - use the ATMs to get cash. I converted about $100 USD to euro before heading on the plane just in case, but most all of the ATMs will take US cards. Word of caution - PLEASE call your bank before you leave and let them know you're traveling or they'll block your card for security when they see international charges...

Patrick

I guess I don't get so worked up in a lather over those credit card charges as others do. I like the convenience of using a credit card. I also like adding to my FF miles by using one. I like the ability to contest a possible charge that I feel was unjust.
So if I do $1000 worth of credit card charges and it costs me a whopping $20 more to use my Citibank Card than if I switched to some other company, big deal. That extra 2% ($20) is pretty small in the scheme of things on a vacation -- heck, I may pay twice that just for the comfort and convenience of a car service getting me to my hotel or flat which only affects an hour of my entire trip, or spend that much on some travel gadget that I think may make my trip easier. Big deal!

PLMN

Irving,

Here are some links that might help you. Plus, I was in a heated thread posting about these things. Can't remember exactly which thread but if you do a search it is bound to pop up.

http://www.bankrate.com/brm/news/cc/20010625a.asp

http://www.bankrate.com/brm/news/special/19990521.asp

http://europeforvisitors.com/europe/...rsion_fees.htm

http://europeforvisitors.com/europe/...urcharges2.htm


Good Luck!

Anonymous

If you have more than one cc account, check all their rates; some night charge less than the 3%. As I understand it 1% is network, the other zero-to-2% is specific to the card company and some do not charge for this (IIRC, USAA is one).

DonnieD

Most ATM cards impose a per day withdrawl limit. Therefore a combination of ATM card and credit card is probably necessary.

GSteed

Stop! Again! Quit worrying about currency conversion costs. Skip a meal. Get a seat in the balcony. Use the busses. Walk instead of taxi. Don't keep asking us. Go to your bank and discuss your concerns. Convenience is important. Every bit of advice that is now current suggests using a debit card to acquire local currency. Now the EU has only one currency for 25 countries. Travelling is simpler. Now for us, keep a spending diary. Note every expenditure. Use a spread sheet when you get home. What was important?

ergreen

I also was concerned about this, since i am traveling to France in Oct.This is what i found out.Chase charges a $3.00 transaction fee on every ATM withdrawal.If you have a credit card with them the fee is 3% or $5.00-whichever is higher.I also Have a Citicard and they couldn't give me exact numbers at the branch i went to, so i am calling, but there is a Citibank in the Champs-de- Elysees.Hope this helps.

Budman

GSteed, why don't you just give me 50 bucks before I start out on my trip, then we can forget all about it.

platzman

I have a Citibank Mastercard credit card with PIN which charges 3% of the cash advance as a fee, but with a $5 minimum. Then there is the immediate 19% or so interest rate that kicks in if you don't send them a check.
So, a measely $200 cash advance from an ATM will cost me $6.
Hey, its a no-annual-fee card only there as a back-up to my Visa debit card with no ATM fees.
BTW, I haven't been in a bank or exchange stall to change money since 1998. If I can't get an ATM to work with the first card, I have 2 others to try. Its the only way to travel.

suze

Irving, Everyone picks their own way(s) to deal with finances abroad.

For me, I withdraw cash from an ATM every couple days and spend it. This give the "best rate of exchange" and the only fee comes from my home bank of $2 per transaction. But you "can't imagine paying cash everywhere" so my system won't work for you.

As for credit card fees and ATM charges, you need to ask your bank and credit card service provider, not us!

MaureenB

Do remember the limit imposed by your bank on ATM cash withdrawals per day. We had to pay our Prague pension in cash when we checked out, and we'd forgotten about the daily ATM limit on our debit card. We owed the pension more than the maximum allowed withdrawal of $300, so luckily we had an alternate ATM card on us. We should have remembered that limit and accessed the ATM over a couple of days, but at least we had a back-up card.
And I, too, am a nit-picker about bank charges, so I opened a new charge account with our credit union to avoid the extra 3%. (I've also heard that MBNA doesn't charge the additional fee, but check around.) Some may not worry about the extra expense, but if you're paying for hotels, trains, etc., it can add up. I'd rather spend the money on myself than give it to the bank.
I think it would be nice if posters would appreciate different points of view on this subject (and others) and not leave sarcastic remarks just because they don't agree.