Pam1951

Will be in Belgium, Netherlands, Germany and Switzerland. Which of the above is the best to use? I had thought credit cards whenever possible but had some charges when my son used mine while travelling. And I realize I will need cash in places. Is it best to use my ATM or to cash TC's? Chase is my bank for both ATM and a credit card as well as Juniper for credit card. Thanks so much

Pam

ira

Hi P,

Charge what you can, use ATMs for cash, take TCs in your home currency as emergency backup. Deposit them when you get home.

Have a nice visit.

cls2paris

ditto to what Ira said.

suze

ATM for cash for daily spending
Charge card for larger expenses
TC's only if they make you feel better
USD as a back-up for emergencies

Michel_Paris

Hi Pam, if you do a search on this forum for "ATM", you will see a ton of discussions on this topic. Concensus is use ATM (not cash advance on credit card!) because of best rates and convenience, Credit card for large purchases where ATM daily limit could be exceeded, and possibly (more peace of mind since probably ATM at destination airport) purchase a small amount of local currency at home to handle transfer costs from airport to hotel.

alan64

The rules above are generally the best. However, I suggest you call your credit card company (or companies) and ask them what service charges apply to overseas charges in foreign currency. It's usually 2-3%.

I also check with my bank to find out what the charge is for an ATM withdrawl at another bank. Then you can make an informed decision. However, if you're spending thousands on your trip I wouldn't spend too much time worrying about saving $3-5 here and there.

One thing I don't bother with anymore in Europe are TC's. I used to bring them as back-up but never needed them in a dozen trips.

Dukey

When is the last time you saw a media ad for TC's?

Right!

I agree with Ira but I wouldn't even take the TCs as back-up..just your own currency (and yes you WILL know how to safeguard it..the same way you do here).

Have a great trip.

TimS

I agree with the previous posters. Read this article about changing money which includes some important information on what to do BEFORE leaving home to be sure your ATM cards and credit cards will work in Europe: http://tinyurl.com/k3vy6.

Pam1951

Thanks for your quick response. I did call my banks (hate doing that!) and found out that for Chase the fees for ATM withdrawals are a flat $3 plus 3% fee, the credit card transactions through Chase are assessed at 3% and the credit card transactions through Juniper mastercard will be a 2% charge. I think that is a relatively steep fee on the ATM

Pam

Budman

Pam, change banks. Do you live on the East Coast, somewhere around NY/NJ/CT. Get a Commerce Bank account. No ATM fees, no transaction fees, and NO FEES at all.

Michael

Pam, check if your local credit union charges fees.

Pam1951

Those fees are just for international withdrawals. Are there really banks that do not charge any fees for those?

Pam

alanRow

Just to point out that "ATMs for cash" means "use the ATM card linked to your check account in ATMs for cash".

Using a CC - except in emergencies - can run very expensive & ATM cards linked to savings accounts probably won't work.

Christina

Of course, there are, my bank (Chevy Chase in Maryland) doesn't charge me anything for using my ATM card anywhere in the world, not even a $2 ATM fee because it's not their bank. I will admit they used to charge a $2 ATM fee until about a year ago or so, and then changed the policy so all ATMs are free. It was a marketing decision for them. However, they never charged a percentage of the amount you got.

I think it is actually pretty rare for a bank to charge you a percentage of the amount for an ATM withdrawal, but some apparently do. I don't know how they justify that, and sometimes I think people confuse debit card charges for ATM cash withdrawals when they say that (or when the person at the bank tells you that). My own bank does charge 3 pct commission on debit charges abroad, even though using the debit card at an ATM for cash incurs no charges.

alan64

The 3% charge on the ATM withdrawl is because of the currency exchange. My Wells Fargo account also does that (on top of the flat non-Wells ATM fee). That's why I try to use my credit union ATM card when possible.

Pam1951

I am sure that the fee for ATM cash withdrawal is a $3 flat fee plus 3% of amount of withdrawal. I do not have access to a credit union account. Guess I am stuck unless I want to open a new bank account. Just curious, what are typical fees for cashing tc's - anyone know?
Pam

Michael

10 years ago or so, I paid the equivalent of $5 to cash a TC in an Italian bank, and the exchange rate was a tourist rate, not the inter-bank rate.

xyz123

Pam..

Are you in the northeast of the USA..TD Bank North (an American bank which is a subsidiary of the Canadian bank) is advertising a checking account with no mimimum balance, no fees at all and includes a free atm/debit card that charges no fees and even reimburses you for the asinine fee banks charge for having the audacity to use their atm's ( a charge that is illegal under Cirrus and plus regulations for international transaction BTW). Go to www.bankfreely.com

TimS

I don't know the exact fees, but it is both difficult and expensive to cash travelers checks. Few businesses, even some banks, will accept them. As ira said, take some for an emergency if you wish, but plan to bring them home untouched.

J_Correa

In Germany and Austria we went the ATM and CC route. Our bank charges $5 per ATM transaction, so we took out the limit each time to reduce fees. We used cash for daily expenses like meals, museums, public transportation, and so on. We used a credit card for hotels, car rentals, larger purchases, and train tickets. It worked out well. I am sure we could have wittled down our fees if we switched our accounts to a credit union, but the ATM fees only added up to about $25, so I am not too concerned about it.