travelerjan

I don't know if fsufan is still checking this thread but if so -- Sue, DO pay attention to these sensible suggestions

1- DO notify bank u will be withdrawing from abroad, and WATCH that they put the info into their computer...

2- DON'T just have ONE card on that account for the 2 of you; EACH of you should have a card on it. What if (God forbid) one of you is pickpocketed or loses his/her card?

3- DO, as an extra fallback measure, put a minimal amount in a checking account in a DIFFERENT bank & get a card for that (to minimize the learning curve, u can specify the same 4-digit code if u wish). This protects in case for any reason something goes awry with your primary ATM card/account. Carry or secure this card separately.

4- If your ATM cards have a VISA or Mastercard "logo" on them, it is just a V/MC guarantee arrangement with your bank -- it does NOT mean that using it for a purchase will open some new interest-charging revolving credit account!! This tends to confused newcomers.

What I'm saying is that if u want to use a card for a purchase in a shop, the merchant will accept that ATM card as a credit card (even tho u know the money is coming directly out of your checking account).

nanabee

And remember never use your Visa or Mastercard in an ATM to get cash.
The cash you get in this type of transaction is a loan and interest rates begin the minute you receive the cash until it is paid off (usually a month later when you receive the bill).

luv2cthings

nanabee, I think you meant to say never use a Visa or MasterCard <b>credit card</b> in an ATM. <i>Debit cards</i> with the Visa or MasterCard logo are safe to use. See item #4 in travelerjan's post.

Nikki

RM67, I think the difference is that with a credit card the money in a disputed charge isn't refunded; you never pay it in the first place.

In the case of a stolen debit card, are you saying that the money is not taken out of your account directly? With a credit card it never gets paid by the consumer and doesn't have to be refunded into the account. With a debit card, is it placed back into the account as soon as the theft is reported?

With a debit card, at least in the US, you lose the advantage of the interest for the period between the purchase and the billing date.

kayd

Another reason Americans may use debit cards for purchases less than folks in other countries: US banks may impose different charges for debit card use for ATM withdrawal vs. transactions in stores or restaurants. It is not unusual for the ATM transaction conversion cost to be 1% while the same card at point of sale could have a foreign transaction cost of 3%.

Travelgourmet -- re Denmark. It is the only place I've seen a restaurant check that offers you three prices, lowest for cash, a bit higher for Denmark-issued credit card, higher still for foreign credit cards. That's one place where using ATMs was clearly the way to go.

RM67

Nikki - If you dispute a current account payment, it's immediately refunded to your account while it's investigated. I know this because I've done it a couple of times - once when someone either fraudulently or accidentally put the same payment through twice, and once when I mistakenly thought a payment shouldn't have been deducted (I didn't recognise the name of the payee - it did turn out to be legitimate after all, but the bank temporarily returned the funds for me while it was looked in to.). I can't speak for all UK accounts, but if mine is typical, then you do seem to have pretty much the same protections as with a cc.

travelgourmet

Kayd - Denmark may be the only place that it is a legal requirement, but I have seen this in Southeast Asia, as well. I could have sworn I have seen it elsewhere in Europe, but I could be mistaken.