chapeau

many have posted about their preference for using ATM machines while in Europe instead of changing traveller's checks or cash. Yes, there would be a fee to change TC, but isn't there a fee everytime you use the ATM?

Jennifer

ATMs are generally open 24 hours a day and a nominal fee of $1- $5 is charged (and sometimes not even that). Often, banks (with very limited hours) charge a percentage fee based on the amount of money being changed. It can be quite significant! And, of course, ATM machines are nearly everywhere.<BR><BR>I used traveler's checks a long time ago, and after using ATMs, there was absolutely no choice. Much cheaper, much easier, and much quicker!<BR><BR>Just my opinion,<BR><BR>Jennifer

Joanne

Fees depend on your bank and I think perhaps also the country. I was not charged any fees by British banks nor my own bank last summer.

kate

this is true in the UK. The banks all got together to agree to drop fees for using their machines, so it makes ATMs the way to go in the UK.<BR><BR>You will often see a note on the screen saying "XXX bank has not charged you for this transaction"

jpm

The other half of the equation is what your bank charges for the use of ATMs. If they charge at all open an account at a Credit Union!!!

John

Hi Chapeau,<BR><BR>ATM's vs Travelers checks or cash (and credit cards)?<BR><BR>I use all of them:<BR><BR>1. two days of local currency needs on hand prior to arrival for immediate needs.<BR>2. credit cards for hotels, restaurants, car rentals, larger purchases etc.<BR>3. ATM to refill the cash - a day or two at a time.<BR>4. travel checks just in case the credit/debit cards are lost or damaged - and it does happen.<BR><BR>I have found the 'expense' of money transactions are not the biggest deal in the world. It is the 'options' to overcome any adversity that is important to me.

bettyk

Chase Bank told me they charge a $3 transaction fee for using an ATM overseas.

mary lewis

John - excellent analysis and excellent advice!

beth

USAA Bank refunds all ATM charges. Find a bank that doesn't charge and open an account if it is important to you.

Capo

I like John's advice too, especially #4. I normally use ATMs and get cash, but carry some traveler's checks as a backup. Last April, we arrived in Sorrento low on cash (we *should've* gotten more cash in Rome, but forgot), the hotel we found didn't accept credit cards and every ATM we tried was down (a German guy we ran into at one of them told us there was a system failure affecting all the ATMs in Sorrento) so, thankfully, we had the traveler's checks to pay for our hotel room.

elvira

Fees are a factor, but rate of exchange has a bigger impact.<BR><BR>Today:<BR>If you buy a euro at an exchange bureau, it will cost you $.93. If you withdraw one euro from an ATM, it'll cost you around $.88.