Questions about carrying/getting euros

[geepmaley]

I'm another fan of using ATMs. Just make sure your bank knows you are going so they don't cut you off inadvertently. I've used ATMs in England, Canada, France, Germany, Romania, Israel, Tunisia, czech republic and Italy with little issue. I travel for work and just call the bank to let them know schedules etc.

[DanaJW]

Thank you all for your replies.

[chase70]

I have colleagues that don't even trust direct deposit, still. they think taking a paper check, driving to a bank, waiting in line and depositing it is safer.

 

The times are a changin'. :)

[Scorpiorose]

The answer is not to travel with only one ATM card. For peace of mind, you should have separate bank accounts at home, each with its own ATM card. Then if you should lose one card and have to freeze that account, you still have access to a separate account with its own ATM card.

The separate acconts could be both joint accounts, or one joint and one in DW or DH's name alone, or one in DH's name and one in DW's name. And, of course, each person carries a different card, not both cards, so if your wallet is stolen, only one card is gone and the other person has the other card.

 

So you are saying to open up a second checking acct. with a debit just for traveling....then, if it's stolen you have your regular debit and checking acct. as a back up???

 

Hum, this sounds smart as I travel quite a bit and always wondered if my card was stolen if someone could drain the acct before I figured it out.

 

Questions on Euros.....here in the US do they charge the exchange rate AND a fee for the euros? That would make it a steep fee and cost to exchange money here.

 

If you wait until you are in Europe would you just be charged the exchange rate if you exchange the money at the bank?

 

BUT if you use your debit at an ATM, again you are being charged a fee, sometimes as much as $3 - $5 (more if it's in euros) then also you are hit wiht the exchange rate?

 

AND when you use your debit in various stores and restaurants it sounds like they can charge more that the current exchange rate???

 

Is this correct? WOW, my money wont go far at that rate. Given this is all correct would this be a good plan?

 

Wait unitl I land in Paris, airport to get enough euros for my cruise OR if I'm lucky find a bank in Venice or our first port to find a bank and exchange enough dollars for euros for the cruise. I'd take out only enough euros for each port of call?

 

In a pinch, if I want something, I could use my debit.

 

I go back to Paris for 4 weeks after my crusie so I think I could find a bank in paris for the cheapest exchange rate then.

 

What do you think?

[mapleleaves]

So you are saying to open up a second checking acct. with a debit just for traveling....then, if it's stolen you have your regular debit and checking acct. as a back up???

 

Hum, this sounds smart as I travel quite a bit and always wondered if my card was stolen if someone could drain the acct before I figured it out.

 

Questions on Euros.....here in the US do they charge the exchange rate AND a fee for the euros? That would make it a steep fee and cost to exchange money here.

 

If you wait until you are in Europe would you just be charged the exchange rate if you exchange the money at the bank?

 

BUT if you use your debit at an ATM, again you are being charged a fee, sometimes as much as $3 - $5 (more if it's in euros) then also you are hit wiht the exchange rate?

 

AND when you use your debit in various stores and restaurants it sounds like they can charge more that the current exchange rate???

 

Is this correct? WOW, my money wont go far at that rate. Given this is all correct would this be a good plan?

 

Wait unitl I land in Paris, airport to get enough euros for my cruise OR if I'm lucky find a bank in Venice or our first port to find a bank and exchange enough dollars for euros for the cruise. I'd take out only enough euros for each port of call?

 

In a pinch, if I want something, I could use my debit.

 

I go back to Paris for 4 weeks after my crusie so I think I could find a bank in paris for the cheapest exchange rate then.

 

What do you think?

 

you need to call your bank (s) to determine their transaction fees and exchange fees for both credit cards and debit cards. Their fees might be reasonable. Or they may be exhorbatant in which case it may be worth your while to open another account for this trip.

I belong to a credit union and their fees are extremely low. I travel to Europe every year or so; I use an ATM wherever I go and withdraw cash as I need it. And I have a VISA card if I need to charge. On our cruise last yr we found ATM's were easy to find at every port. I'd much rather pay a $1-$2 fee on a few ATM visits, than carry around a wad of cash to last me 3 weeks.

[marazul]

Scorpiorose,

I had some of your answers in this other post:

 

I also bank at a credit union. There is no charge and no fees to have a second account open and linked to your primary account. I keep low funds in the second account and "feed" it before I go on a trip. I also make sure the related ATM pin number hasn't been "frozen" for lack of use before I leave. So use it a couple of times before you leave home and do notify the CU of the countries you are going.

 

We use the debit cards exclusively for ATM withdrawals. We carry credit cards for all other purchases and charges. Again, more than one credit card in different names. Carry them separately, etc, etc. The advantage of using credit cards for all other purchases is that you can contest any questionable charges and have more recourse if there are any problems with the purchases or transactions. Avoid using debit cards for anything other than ATM withdrawals.

 

The credit union has no fee credit cards. Check mapleleaves post above for more comments on fees. The trick with withdrawals and fees is to estimate a little generously how much you will need so you are not constantly withdrawing money.

 

Stores and restaurants cannot charge more than the current exchange rate if you charge in the local currency. They can enter the charge in the local currency in which case the bank will apply the exchange rate or they could try to charge you the amount in dollars, in which case they figure out whatever rate they want to charge you and the bank passes on that dollar amount. They are not always able to charge you in dollars, but if asked, decline unless you really know it is a favorable (to you) exchange rate. Again, use a credit, not debit, card in case of disputes.

[T. Advisor King]

We typically take a chunk of "opening" cash with us when we go to Europe. Perhaps the equivalent of around $800. We split the money up about 60-40, with my wife taking the smaller portion (she's less comfortable carrying larger amounts of cash).

 

We buy Euros here from a foreign exchange dealer before we go. We used to go to our bank (credit union), but they stopped carrying Euros because they found they couldn't compete with the rates offered by the exchange dealers.

 

I also call our bank and our credit card companies in advance to let them know any time we're travelling abroad. The card companies may sometimes refuse a transaction if they don't think it matches your profile.

 

We each carry a Visa, MCARD and at least one AMEX. Plus we have our own bank cards, so there is little chance of running out of ways to pay for things.

 

Once our cash starts to run down (but well before we're on our last dollar/ Euro/ Pound sterling), we use bank machines. Our credit union charges us $4 per transaction (whether we're making a 5 Euro debit card purchase or withdrawing 275 Euros). The rate of exchange is usually relatively good, but the $4 fee can have around a $0.015 impact on the exchange rate. But it is a small price to pay not to have to carry around $2k (or whatever) in cash during your trip. They also limit the amount we can withdraw per day, per card to the equivalent of $400 (around 260-280 Euros, depending on the exchange rate and the minimum denomination issued by the machine).

 

We use credit cards moderately, by the card companies do not charge you a neutral exchange rate. They charge a rate so that they're earning a profit on the exchange. Typically I allow for another $0.03 on top of rates typically quoted.

 

I've never had problems using an ATM card (except in Paris in '93 when I hadn't realized my card had expired). I don't even think I've used a machine that didn't have English as a language option.

[Scorpiorose]

Scorpiorose,

I had some of your answers in this other post:

 

 

 

We use the debit cards exclusively for ATM withdrawals. We carry credit cards for all other purchases and charges. Again, more than one credit card in different names. Carry them separately, etc, etc. The advantage of using credit cards for all other purchases is that you can contest any questionable charges and have more recourse if there are any problems with the purchases or transactions. Avoid using debit cards for anything other than ATM withdrawals.

 

The credit union has no fee credit cards. Check mapleleaves post above for more comments on fees. The trick with withdrawals and fees is to estimate a little generously how much you will need so you are not constantly withdrawing money.

 

Stores and restaurants cannot charge more than the current exchange rate if you charge in the local currency. They can enter the charge in the local currency in which case the bank will apply the exchange rate or they could try to charge you the amount in dollars, in which case they figure out whatever rate they want to charge you and the bank passes on that dollar amount. They are not always able to charge you in dollars, but if asked, decline unless you really know it is a favorable (to you) exchange rate. Again, use a credit, not debit, card in case of disputes.

 

How would we know if they charge in dollars or the euro?

 

To summarize - ATM's only? Taking out enough for each day perhaps and credit cards for on the spot purchases and food?

 

I'll check here too for local feels. I have a bank and a credit union I can take advantage of.

 

AND finally, I'll open another acct. at the bank with a debit just for travel. I can keep the money in my regular account and transfer money a bit at a time, I'll have my lap top, so all my money isn't in there at once.

 

Sound like a plan? Thanks all, for the advise!

[marazul]

How would we know if they charge in dollars or the euro? Look at the bill when you sign it. They will ask you if you want to be charged in dollars and tell you how much they will charge.

 

To summarize - ATM's only? Taking out enough for each day perhaps and credit cards for on the spot purchases and food? That's how you run up the ATM fees. Estimate how much you will need for the next few days and get that amount out. Plus you waste a lot of time going to ATMs every day or it might be hard to find one on a given day.

 

I'll check here too for local feels. I have a bank and a credit union I can take advantage of. And get your credit cards there too.

 

AND finally, I'll open another acct. at the bank with a debit just for travel. I can keep the money in my regular account and transfer money a bit at a time, I'll have my lap top, so all my money isn't in there at once. Yes, and bring your debit card from your regular account as a backup. Keep them separate.

 

Sound like a plan? Thanks all, for the advise!

 

That's a plan.

[Scorpiorose]

Ok, I heard that Bank of America does NOT charge ATM fees at their ATM's which are in Europe......that would be a good place to open up a second "travel" accout don't you think.

 

If that is, they don't charge for an accout.

 

Anyone know about this? Then you can look up where their ATM's are and plan accordingly to get what you need exchange rate only, no fee.

[6rugrats]

Ok, I heard that Bank of America does NOT charge ATM fees at their ATM's which are in Europe......that would be a good place to open up a second "travel" accout don't you think.

 

 

BofA does not have ATMS in Europe. Withdrawals, transfers, payments and balance inquiries made at ATMs in foreign countries outside the Global ATM Alliance, China Construction Bank, or Banco Santander will be charged a $5 Non-Bank of America International ATM fee.

 

Also, an international transaction fee of 1% of the converted dollar amount for each cash withdrawal in foreign currency will be charged.

[wantocruisemore]

BofA does not have ATMS in Europe. Withdrawals, transfers, payments and balance inquiries made at ATMs in foreign countries outside the Global ATM Alliance, China Construction Bank, or Banco Santander will be charged a $5 Non-Bank of America International ATM fee.

 

Also, an international transaction fee of 1% of the converted dollar amount for each cash withdrawal in foreign currency will be charged.

 

 

We bank with B of A and talked with them about using ATM's on our upcoming Med trip. They said it would not cost to use the ATM's in Rome or Greece, but maybe a surcharge in Turkey.

 

Have you personally tried using the B of A debit cards in those places? We're planning on setting up an additional account to use just for vacation and if I can park the money somewhere there's no extra fees for withdrawing, I sure will.

[6rugrats]

No, I don't have an account with BofA. The information posted is from BofA's webpage; you won't be charged an ATM fee if you use an ATM affiliated with the mentioned alliances. You'll still be charged the foreign currency transaction fee.

[LJRVancouver]

Cash is no longer king in many parts of the world, especially Europe where most everything is electronic and many don't want to accept cash and definitely not travellers cheques (North American banking system is rather archaic - thank godness we finally have PIN credit cards & debit cards in Canada). Personally I feel plastic is much safer and always travel with at least 2 debit cards & 2 credit cards and emergency phone numbers. Generally before I leave home will purchase several hundred $ worth of foreign currency to tide me over for my arrival, snacks taxis etc. Try to use credit cards whenever possible and use debit cards to obtain cash on as needed basis. No point in being dinged twice with currency buy/sell spreads having to sell back your surplus foreign currency when you get home.

 

Also before leaving always call credit card company to advise of places & dates of travel.