ATM'S in Europe

[pacheco18]

These exchange rates exist in all in bank transactions except at the ATM so taking large amounts of US dollars to exchange at the teller for this discussed $5K could result in costs in the neighborhood of $500, a not insignificant sum of money.

 

Assuming I choose to do one large cash exchange in Italy rather than 10 separate ATM withdrawals at 10 different banks

 

Your numbers are way off.

The typical "commission" in a foreign bank is 2% -- not 10%

On 3000 that's around $60

 

I pay a $5 transaction fee for every ATM withdrawal abroad (yes, I am preferred customer but fee does not get waived) -- 10 withdrawals of 300 max =$50

[azevedan]

I prefer not to use an ATM. I don't like standing out in public dealing with relatively large sums of money, especially in an unfamiliar place. I've also regularly seen lines at ATM, so it isn't necessarily a 'walk up and get your money' situation. Waits can be involved. And I do worry about cards or machines not working for whatever reason. I will take my debit card, anyway, in case of unforeseen circumstances. And there's always taking a cash advance on a credit card as the last resort.

 

I also second (third?) the idea of splitting the money and cards up.

 

I work in an organization where people fairly regularly travel to Europe (in fact, I've had a couple hundred Euros at home for a while now that I kept from my last trip, rather than taking the exchange hit twice*), so I asked if anyone had any Euros left over they wanted to sell. I was lucky enough to have a person reply that his European brother had paid him some huge amount in Euros for something or other. He sold me what I needed for the current exchange rate. Both of us avoided the exchange fees! (I did round up to the nearest $10 for him.)

 

*Yes, I do usually pay down my hotel bill with cash to avoid the re-exchange fee. I was purposely saving my extra Euros for a trip that didn't come to fruition. I knew I'd eventually be back in Europe.

Edited June 29, 2014 by azevedan

[orchestrapal]

Also remember there are a great many private ATM's in Europe who will put a hefty charge on your withdrawal in addition to the poor exchange rate. Best to use only Bank owned ATMs.

[pacheco18]

And in case some of you are not aware, if you bank with Bank of America (I do not but a friend does) they are members of an alliance (Global ATM Alliance) where if you use their partner banks abroad there is NO ATM FEE on either end.

 

Here is a link

 

http://en.wikipedia.org/wiki/Global_ATM_Alliance

[Paulchili]

I pay a $5 transaction fee for every ATM withdrawal abroad (yes, I am preferred customer but fee does not get waived) -- 10 withdrawals of 300 max =$50

 

Your bank is not very kind to you.

We have "status" at Citi and we do not pay any fees for using any domestic or foreign ATMs (except in the private ones where the extra fee is posted before dispensing the money)

[Pet Nit Noy]

We have "status" at Citi and we do not pay any fees for using any domestic or foreign ATMs (except in the private ones where the extra fee is posted before dispensing the money)

 

Ditto.

 

Don't forget that Citi has branches in countries around the world. Do your banking at any of those international locations and you're literally using your home bank.

[pacheco18]

Your bank is not very kind to you.

We have "status" at Citi and we do not pay any fees for using any domestic or foreign ATMs (except in the private ones where the extra fee is posted before dispensing the money)

 

Paul -- Wells Fargo is trying to get me to open another account -- so maybe I will use the fee waiver as leverage. I've told them about the deal at Bank of America. I never asked for the waiver since it rarely adds up to more than 10 or 15 a trip.

 

It is not a big deal to me. I find that nowadays I rarely change much money at all. Almost everything can be done with a credit card (which has the best exchange rate) or US dollars (I carry lots of small bills for markets). I travelled all throughout Africa and the Middle East and needed local currency only once -- in Israel. Couldn't buy a falafel without shekels.

 

Of course, the UK, where I am headed next week, is different -- local currency a necessity -- and if I am in the EU I want to have Euro (or Euros as some prefer LOL).

[CintiPam]

1. Any tour company guide will be more than glad to stop at an ATM during your tour day so that they will get paid in the currency of his/her country!:)

 

2. Anyone who maintains a decent-sized account at his/her local bank never should have to pay foreign exchange fees. Talk to your relationship officer; it's an easy perk for them to offer you.

Edited June 29, 2014 by CintiPam

[allyurwishes]

On our recent Nautica cruise we needed US$ cash to pay for a number of private tours that could NOT be PREPAID. We used good old fashioned TCs! Oceania will cash several hundred US $ per day worth of TCs to US$ cash at no cost. TCs can usually be purchased at your bank with no cost to you. We would then go to the purser's office daily to cash the TCs until we had enough US$ to pay for the cruise. The US cash went into the safety deposit box in the cabin and was taken out as needed. VERY convenient and as noted Oceania does not charge for cashing US$ TCs into US$ cash. So call Oceania and see what the maximum per day amount is...this is far more convenient than carrying a large amount of cash on you or looking for ATMs which will take your plastic. This info is also on the cruise line web site in Q and As.

 

We paid no service fees, admin. charges ever this way: 1US$ in and 1 US$ out!

[pacheco18]

On our recent Nautica cruise we needed US$ cash to pay for a number of private tours that could NOT be PREPAID. We used good old fashioned TCs! Oceania will cash several hundred US $ per day worth of TCs to US$ cash at no cost. TCs can usually be purchased at your bank with no cost to you. We would then go to the purser's office daily to cash the TCs until we had enough US$ to pay for the cruise. The US cash went into the safety deposit box in the cabin and was taken out as needed. VERY convenient and as noted Oceania does not charge for cashing US$ TCs into US$ cash. So call Oceania and see what the maximum per day amount is...this is far more convenient than carrying a large amount of cash on you or looking for ATMs which will take your plastic. This info is also on the cruise line web site in Q and As.

 

We paid no service fees, admin. charges ever this way: 1US$ in and 1 US$ out!

 

 

Great for when you are on board

Awful when you are not

Some places will not cash them or take them

 

Someone else posted about that strategy a few weeks ago.

[Paulchili]

On our recent Nautica cruise we needed US$ cash to pay for a number of private tours that could NOT be PREPAID. We used good old fashioned TCs! Oceania will cash several hundred US $ per day worth of TCs to US$ cash at no cost. TCs can usually be purchased at your bank with no cost to you. We would then go to the purser's office daily to cash the TCs until we had enough US$ to pay for the cruise. The US cash went into the safety deposit box in the cabin and was taken out as needed. VERY convenient and as noted Oceania does not charge for cashing US$ TCs into US$ cash. So call Oceania and see what the maximum per day amount is...this is far more convenient than carrying a large amount of cash on you or looking for ATMs which will take your plastic. This info is also on the cruise line web site in Q and As.

 

We paid no service fees, admin. charges ever this way: 1US$ in and 1 US$ out!

 

Also, this is more applicable to those countries and tours that will take US$. Not practical for EU where Euro is king.

[rallydave]

Assuming I choose to do one large cash exchange in Italy rather than 10 separate ATM withdrawals at 10 different banks

 

Your numbers are way off.

The typical "commission" in a foreign bank is 2% -- not 10%

On 3000 that's around $60

 

I pay a $5 transaction fee for every ATM withdrawal abroad (yes, I am preferred customer but fee does not get waived) -- 10 withdrawals of 300 max =$50

 

Wasn't even thinking of commission for the exchange of cash at the teller, was looking at the difference in exchange rates between the ATM and the teller which under my experience is up to 10% less than the ATM so the commission would add to the increased cost. Also surprised at your $5 ATM transaction fee from your bank. I bank at a local credit union that charges me no fees and am a regular customer. Also haven't had any fees charged by the foreign bank for withdrawals world wide. Not sure why I don't get fees but, to check, I look at my bank account on the internet after using ATM's and do the math to see what exchange rate I get and to see if there are any fees and always get the million dollar exchange rate and no fees or commissions.

 

You transaction fee does play into the equation as well as the commission and exchange rates. Guess one size doesn't fit all and if you are taking out a lot, need to calculate the final cost and see which way is least expensive for you.

[buggins0402]

It's been a few years ago, but I used to work in an international lending dept. for a bank. When anyone would travel on business we always hit the ATM's for the best X rate - it was the closest to the interbank rate.

[warburg]

We are Citibank customers. When we use Citi ATM cards abroad for our bank accounts, there are no fees. For CCs at other banks, we choose Capital One and my AmX Platinum card. No fees, just interest. If you pay your credit card bills upon your return, the interest charges are less than fees would be. It has been our experience that pins must have four digits in Europe. When in doubt call ahead.

 

It seems to us that TCs have fallen out of favor. We only use them when carrying cash seems to be a bad idea. Several times when we tried to use them, we had to so so at an AmX office. No tragedy, just an inconvenience. We get the checks for free, and simply deposit what's left upon our return.

 

Before we leave on a trip, we check for Citibanks at our destination. In 2011, the only place we didn't find any was Italy.

[Mura]

It's been many years since we have used travelers checks. We got them payable in euros when we traveled through France twice in 2002 and discovered that while large hotels, etc., would accept them ... small gas stations, restaurants, smaller hotels did NOT. Since ATMs were becoming common (maybe they'd already been common but we hadn't used them much prior to around 2000), we switched.

 

My local HSBC bank which used to accept travelers checks for deposit into our account no longer does so. Is that the writing on the wall? Has the writing been there for a long time now?

 

I know that some very experienced travelers here say that they bring dollars everywhere and very rarely have problems with having them accepted. That hasn't been our experience. Yes, it's true that in many third world countries the dollar is still appreciated. But it isn't appreciated everywhere! We still like to have some local currency available, and for us ATMs remain the easiest source.

 

(We just did the NYC-Dover cruise. In Canada our experience was that Canadian guides were happy to take dollars BUT a friend of ours on last year's cruise had a problem in Quebec when their guide wanted Canadian dollars, not U.S., and their companions on the tour only had U.S. dollars. Our Dublin guide on this cruise definitely wanted Euro and notified us well in advance of that fact.)

 

Mura

[Bowie MeMe]

We have not used travelers checks for at least 8 years. It was getting hard to find places that would accept them in other countries and when we used them up in the grocery store when we got home the teen clerk had to call the manager (in her 20's) and neither had ever seen such a thing. We switched to ATM cards. Most merchants will not take traveler's checks because the merchant has to pay a fee also. None of our banks handle travelers checks now -- would have to go to American Express office I guess. Exchange rates can be "not in your favor" with TC as well as with cards -- the rate is either bad or the fees are bad or both -- just know what the costs are and factor that in.

 

For private guides, the secret is to say -- I need to go to an ATM or bank to get your fee. Instantly you are delivered to ATM. Only one place a problem several years back in Zanzibar (Africa). The young doorman dressed in a white flowing robe with a red Fez on his head and a fancy short wooden club/cane in his hand "marched" us with great ceremony to the local bank where the first ATM of the country had just been installed. He cleared all the folks away from the machine and stood watching as we entered our card and put in our pin number. The folks watching nodding and murmuring -- and nothing happened. One tiny slip of paper but not paper money. Then our doorman bowed and asked for the paper -- folded it and did not peek-- then led us to the bank 1/2 block down and invited us to sit down in the reception area. We sat and within 5 minutes the Bank Manager and the Head Teller came and greeted us. The doorman introduced us and handed my husband the slip from the ATM. Within 1/2 hour the Bank manager had given us the bills -- making sure they were crisp and clean -- the best in the bank! and we were "marching" our little parade back to the hotel.:D One of my best travel stories ever and I still am grinning whenever I think of that ATM adventure.

Edited June 30, 2014 by Bowie MeMe

[Christine Frances]

Also, this is more applicable to those countries and tours that will take US$. Not practical for EU where Euro is king.

 

We took USD and Euro TC's when we did the Baltic's. Worked fine. Cruise lines are the only place we use TC's. We have to be flexible coming from Canada as we are subject to more currency fluctuations.

Edited June 30, 2014 by Christine Frances

[Mura]

That is indeed a fabulous story!!!!!!!!!

 

I wish I had one half as good ...

 

Mura

[potterhill]

We are leaving for Africa on Friday and start with a week in Zanzibar. I'll let you know if the ATM functions the same way...I suspect not as our daughter was there for a vacation last year and never mentioned that the ATM worked in a different way.

 

Mo

 

 

Sent using the Cruise Critic forums app

[babysteps]

If your bank charges you fees for ATM use, it might be related to your exact account type - worth an ask. If you travel a lot, and your bank has a no-ATM-fee account available, it might be worth changing your account type (or opening a new one for travel). If it's a matter of $10/year, it's probably easier to not worry about it :)

 

Real life example: our local bank has at least 3 (maybe more) flavors of personal checking accounts. Only 1 is no-ATM-fees-ever. For that account style only, they will refund fees charged by other ATMs including overseas ATMs and ATMs not associated with a bank (convenience stores, pizza parlors, etc). The commercial accounts at our bank do not have a flavor with this no-ATM-fees feature.

 

I have seen many 'which credit cards are best for foreign travel' posts & threads on the internet, as well as 'which banks offer highest interest rates', but I haven't seen (in part because I haven't looked?) a 'which banks have best accounts to use overseas' thread. At least the US is finally (and deliberately) rolling out chip & pin cards!

[Bowie MeMe]

Great point about checking for accounts in your bank that have less fees and more benefits. Periodically they change things so you do need to check in once in a while with your accounts and with your cards to see if they are still in your best "interest" or if you are getting all the benefits you deserve. We just changed 3 credit cards that were giving straight 1 % to ones that bonus of 50K miles/no foreign fees/ and chip technology. My DD says you use your credit cards now to gain benefits for what you would spend anyway. Just know what the terms are and PAY IN FULL.