Thanks for the tip about the full service acct for a month. That seems like a good option!

Griffey:

I got nailed with $5 fees for each ATM transaction from RBC. I understand that it is similar for the remaining Big 4.

Griffy, I bank with Scotiabank and they are affiliated with diff't banks overseas. If you use an ATM at one of these affiliated banks you are not charged the $5.00 that Scotiabank would charge, and the European bank does not charge you to use their ATM.

The bank in Italy affiliated with Scotiabank is BNL-Gruppo BNP Paribas.

Perhaps your bank has something similar?

hmm I think I will call and ask. I bank with RBC so I am guessing it will be the same as what KMacK was charged. dang.

We pay nearly everything in cash. Most hotels will give a discount of 5% and sometime more for paying in cash. 5% adds up over a three or four week period. We generally withdrawn 500E at a time and sometimes as much as 750E. Always use an ATM attached to a bank during open hours. Those ATMs generally do not have a limit. On our last two trips of about 30 days each, we only used the credit card the last day or two because we were managing our Euro so that we would have a 100 or so left over for the next trip. Carry two debit cards tied to two different accounts.

<<< Also, you will be using your chequing
account only (the system won't transfer funds from savings
to chequing).>>>
Immimi, I wouldn't expect the system to transfer funds between the two accounts, but---are you saying that the ATM does not give me the option of CHOOSING which account to withdraw from? I MUST only withdraw from checking account? Guess I'd better go move my $$ into checking account before I leave. Griffy, my bank also charges an international ATM fee of 5USD, but my credit union gives me 4 transactions a month at no charge.

IN my fairly extensive experience, I have never encountered a European ATM machine that gave me a choice to withdraw frommy checking or savings account - it's always checking account.

I have made arrangements with my bank to have two checking accounts and if by chance one should get drawn down below what I needed, to have the debit card automatically go to the second checking account, but that was quite a number of years ago and I never needed it anyway, so I can't speak to whether that would have worked or not.

But no, don't count on getting money from your savings account from a European ATM machine.

Lots of responses. We have traveled to Europe several times and have used the ATM networks extensively. I always take a large amount (400 euros or so at a pop to avoid excessive fees) and always bring 300 or 400 euros back with me so I don't have to worry if the network were to be down upon arrival (that happened to us once in Paris -- got off the plane, went to get some euros and the network was down. From that point on, i always bring some with me (and with the falling $, I usually make out OK.) The point is that ATMs are ubiquitous in Europe.

That being said, I, as mentioned above, carry 20 euros in my pocket for snacks, etc., and the rest of my money is split between my wife and I in our money belts. That has worked for us for many years. I like to pay cash for as much as I can, so as to avoid the large credit card bills when we return -- and we have a Cap One card so as to avoid the currency charges.

>>>Immimi, I wouldn't expect the system to transfer funds between the two accounts, but---are you saying that the ATM does not give me the option of CHOOSING which account to withdraw from? I MUST only withdraw from checking account? <<<

That's right. The ATM will not give you a choice. Your card needs to be on checking account only. You need a 4 digit pin. If your card has the option of savings/checking, it's possible it won't work at all. I had no problem using my credit union ATM card that was tied to a savings account until two years ago. The bank upgraded or got new software and when I tried to use my card in Italy, it was rejected. Luckily, DD was home and this was a shared account (we only used it for travel). She was able to go to the credit union and have the card switched to a checking account only.

annettafly,

It is not necessary to move ALL you fund to the checking account before you leave if you:

1. have an internet device to transfer fund to your checking account before you need it.

or

2. program scheduled transfers to take place into your checking account during the trip.

Why bother? Because if my ATM card is lost or stolen, the amount at risk "should" be what is in my checking account at the time, provided that overdraft is disabled per requested. While you can "eventually" get back the stolen fund, it is better if least amount as possible left my account in the first place. If my ATM card is lost or stolen, I cancel all the remaining transfers into my checking account and redirect it to another checking account where I still have a backup ATM card.

Wow! More and more info. Greg, you bring up something new for me to consider---having too much in the checking account in case of theft, and notifying bank to disable overdraft. Appreciate all the help.

Griffy: Cap One, at least its credit card offer, is available to Mooseheads too. Dunno if there is a charge for foreign exchange transactions.

If RBC is hitting you at $5 per transaction (and it will be for transaction, not just withdrawal, so don't do extra balance inquiries), check out what % it takes on the exchange too. If none, then you can amortize the $5 charge by taking larger amounts of cash (200 Euro will be 265 CAD and the $5 transaction fee would be <2% on the whole process). The likelihood is, however, that RBC will take both a transaction fee and a percentage markup on the foreign exchange rate (aka the Interbank rate).

Yes, I just got the Cap One because it has no foreign exchange transaction fee---my other Visa & MC had 3%.
What Kybourbon says above scares me a little. All my ATM cards (banks and credit unions) give the option of deposit or withdrawal from either checking/savings. I get it that this option won't be be available in Italy---no prob. But none of them are "tied to" and ONLY to a checking acct. So now I'm worried that my cards might not work at all. Who's had recent experience to share?

So if your cards aren't "tied to" a spcific account, how do you know where the money is being withdrawn from? That seems pretty strange to me.

Every card has a primary account; in the USA it is usually a checking account although in some cases statement savings accounts can be the only account on a debit or ATM card. You don't get any choice on European ATM's. The money will come out of your primary account on the card.

...my credit union gives me 4 transactions a month at no charge.... My credit union is the same except it is six. BUT after that it is only $1 per withdraw. Second my month starts around the 15th as a month so often a three week trip is in two different monthly periods.

I can't imagine someone not keeping enough money in their checking account to cover pocket expenses whiile on a trip in Europe. I guess I know some real young people who do stuff like that, let their bank accounts be almost zero so they may bounce checks, but it isn't a good idea.

>>>So now I'm worried that my cards might not work at all. Who's had recent experience to share?<<<

That's why I take a card from a bank and a card from the credit union (CU has better rates). My credit union card was for a joint savings account only (not tied to a checking account) with my daughter that was used only for overseas travel (we only put money in there when traveling and kept $5 in there at other times to keep the account open). It was DD's main source for money while she was living in Spain for 6 months. We had used it for years without any problems until the software upgrade two years ago. The CU tried for several days to get it to work while I was still in Italy. No luck and finally switched it to my checking account only (not tied to any savings account).

My small local bank couldn't tell me what their fees were going to be (everyone was guessing). I tried it once last trip just to see and the fees were terrible. I only carry it as a back up.

griffy,

in case you've got lost in the welter of information set out above, here's a summary:

for everyday [and some larger transactions, possibly like an apartment rental] pay cash; get the cash out of an ATM with your DEBIT card, drawing about €200=250 each time.

for larger transactions [eg big meals or most hotel bills] pay with a credit card.

take a back-up of both sorts of card for emergencies.

Thanks! My husbands debit card is only a savings card (CIBC) while mine is only a checking account (RBC). I am sure b/w the two of us we will be ok as long as the ATM withdraws from your primary acct, regardless if its chequing or savings.