CPT Trips Posted July 23, 2016 #1 Share Posted July 23, 2016 Here are a couple of sneaky ways to separate you from you money when traveling outside the US. https://www.smartertravel.com/2016/07/11/new-atm-scam-targets-travelers/?source=91&u=3D933CE975&nltv=&nl_cs=29518960%3A%3A%3A%3A%3A%3A As this subject comes up frequently, this article might be helpful to many. Link to comment Share on other sites More sharing options...
Clarea Posted July 23, 2016 #2 Share Posted July 23, 2016 Interesting, thanks for the link. Link to comment Share on other sites More sharing options...
slidergirl Posted July 23, 2016 #3 Share Posted July 23, 2016 Good advice for the new traveler. Usual procedure for me. I NEVER use an ATM at an airport or train station. I've seen the proliferation of those Travelex machines - for the uninitiated, they really do like like your normal ATM. I never use an ATM (or Bancomat) that is not physically attached to the outside of, or inside the doors, of a bank. Most places you can cruise to have these within easy reach. I always have a little stash of local currency to get me from the airport or train to my hotel; then I always find an ATM in my wanderings around (a good walk helps clear the jetlag cobwebs). Link to comment Share on other sites More sharing options...
Rare cruisemom42 Posted July 23, 2016 #4 Share Posted July 23, 2016 Good article. I find the Travelex ATMs in airports more and more often -- very annoying. Do NOT use them! Despite the slight extra cost it may be better to bring some euros from home (obtained from one of the large banks with a fairer markup) until you can find a regular ATM machine at your destination. Link to comment Share on other sites More sharing options...
iancal Posted July 23, 2016 #5 Share Posted July 23, 2016 (edited) Our bank, in Canada, charges a 2.5 percent premium on the actual exchange rate when we withdraw money from a foreign ATM. They also add a 2.5 percent surcharge on VIsa transactions. Plus, they charge us a $5 fee for each foreign ATM withdrawal. A very nice business model. This appears to be a common practice since both of our banks do this. It is one of the reasons we no longer use either bank or bank cards for foreign transactions. Edited July 23, 2016 by iancal Link to comment Share on other sites More sharing options...
wheezedr Posted July 23, 2016 #6 Share Posted July 23, 2016 One tip is to check out the airport terminal pre your arrival. Do not only look for ATMs but search for banks specifically. If you find them then they will usually, not always, have one of their own ATMs attached. That becomes the place to remove cash rather than the other ATMs scattered about the airport which are often money exchangers. This is a real annoyance that airports are getting into Link to comment Share on other sites More sharing options...
Rare cruisemom42 Posted July 23, 2016 #7 Share Posted July 23, 2016 Our bank, in Canada, charges a 2.5 percent premium on the actual exchange rate when we withdraw money from a foreign ATM. They also add a 2.5 percent surcharge on VIsa transactions. Plus, they charge us a $5 fee for each foreign ATM withdrawal. A very nice business model. This appears to be a common practice since both of our banks do this. It is one of the reasons we no longer use either bank or bank cards for foreign transactions. They've been doing this for years in the US, but there are a few accounts that let you avoid those fees. Probably not worth considering for those who don't travel fairly frequently outside the US (or guess I should say NA....) Link to comment Share on other sites More sharing options...
wheezedr Posted July 23, 2016 #8 Share Posted July 23, 2016 They've been doing this for years in the US, but there are a few accounts that let you avoid those fees. Probably not worth considering for those who don't travel fairly frequently outside the US (or guess I should say NA....) You need to look at Schwab ( been told Fidelity as well but no first hand knowledge). They cover all the fees at any ATM. Just link it to a brokerage account. Link to comment Share on other sites More sharing options...
Rare cruisemom42 Posted July 23, 2016 #9 Share Posted July 23, 2016 You need to look at Schwab ( been told Fidelity as well but no first hand knowledge). They cover all the fees at any ATM. Just link it to a brokerage account. I have one of the Cap One accounts that still does not charge the foreign transaction fee and reimburses ATM charges. (No longer available, I think, for new customers.) Link to comment Share on other sites More sharing options...
notentirelynormal Posted July 23, 2016 #10 Share Posted July 23, 2016 You need to look at Schwab ( been told Fidelity as well but no first hand knowledge). They cover all the fees at any ATM. Just link it to a brokerage account. Not everyone has a brokerage account. My "brokerage account" is through my Credit Union. Link to comment Share on other sites More sharing options...
sail7seas Posted July 23, 2016 #11 Share Posted July 23, 2016 (edited) Skip the ATM, go into a bank. Bring your paassport. Some countrieies, some banksrerquire it. Edited July 23, 2016 by sail7seas Link to comment Share on other sites More sharing options...
Rare cruisemom42 Posted July 23, 2016 #12 Share Posted July 23, 2016 Skip the ATM, go into a bank. Bring your paassport. Some countrieies, some banksrerquire it. A great many banks in Europe will no longer exchange currency, with or without your passport. Sign of the times -- most people use ATMs. Link to comment Share on other sites More sharing options...
sail7seas Posted July 23, 2016 #13 Share Posted July 23, 2016 (edited) Some of us never use ATM as in NeVver. Amazing how we get trhrough life and travel Without it. What is the big dreal to go to a bankMany many counttries, tons of international gtgravel and we never HADS AN IASSUE gettingMONEY CHANGED. easily. had several local b anks inquie from foreign ganks and they were told of course, they excchanbge good dondition U.S. currency.It is a money maker and nnormal function of a b ank. I have very closr relationship with a number of bankers and this sxubjedct has arisen. Edited July 23, 2016 by sail7seas Link to comment Share on other sites More sharing options...
sail7seas Posted July 23, 2016 #14 Share Posted July 23, 2016 (edited) Good article. I find the Travelex ATMs in airports more and more often -- very annoying. Do NOT use them! Despite the slight extra cost it may be better to bring some euros from home (obtained from one of the large banks with a fairer markup) until you can find a regular ATM machine at your destination. I can imagine youree reaction if your local bank refused to exchange U.S. $$ for Euro. :D Come on : Edited July 23, 2016 by sail7seas Link to comment Share on other sites More sharing options...
Rare sparks1093 Posted July 23, 2016 #15 Share Posted July 23, 2016 I can imagine youree reaction if your local bank refused to exchange U.S. $$ for Euro. :D Come on : I can get Euros at my local bank (CAD is more common) but I have to wait and it's pricey. I did not know the difference between a money exchange machine and an ATM when we went to Europe, now I do. Link to comment Share on other sites More sharing options...
Rare cruisemom42 Posted July 23, 2016 #16 Share Posted July 23, 2016 Some of us never use ATM as in NeVver. Amazing how we get trhrough life and travel Without it. What is the big dreal to go to a bankMany many counttries, tons of international gtgravel and we never HADS AN IASSUE gettingMONEY CHANGED. easily. had several local b anks inquie from foreign ganks and they were told of course, they excchanbge good dondition U.S. currency.It is a money maker and nnormal function of a b ank. I have very closr relationship with a number of bankers and this sxubjedct has arisen. I may not have a close relationship with a number of bankers, but I probably have more recent "on the ground" experience, and that experience has been that banks -- at least in Italy -- often will not exchange currency except for their own clients. This can be validated via a number of sources, including this article on TripAdvisor:https://www.tripadvisor.com/Travel-g187768-s601/Italy:Banks.And.Money.html, as well as this one: http://www.expatsinitaly.com/difficulties-of-exchanging-currency-in-Italy.html Can you find a bank to exchange your currency -- sure, you probably can. But you might spend a lot of time finding that bank. Link to comment Share on other sites More sharing options...
sail7seas Posted July 23, 2016 #17 Share Posted July 23, 2016 (edited) Beatrs me why I bothrered to getinto this. . :rolleyes. :shrug Safe travel.Given what is happening in Eruope these days, I have no plans to go soon thus really don't care. :D Edited July 23, 2016 by sail7seas Link to comment Share on other sites More sharing options...
Rare kazu Posted July 24, 2016 #18 Share Posted July 24, 2016 I may not have a close relationship with a number of bankers, but I probably have more recent "on the ground" experience, and that experience has been that banks -- at least in Italy -- often will not exchange currency except for their own clients. This can be validated via a number of sources, including this article on TripAdvisor:https://www.tripadvisor.com/Travel-g187768-s601/Italy:Banks.And.Money.html, as well as this one: http://www.expatsinitaly.com/difficulties-of-exchanging-currency-in-Italy.html Can you find a bank to exchange your currency -- sure, you probably can. But you might spend a lot of time finding that bank. Beatrs me why I bothrered to getinto this. . :rolleyes. :shrug Safe travel.Given what is happening in Eruope these days, I have no plans to go soon thus really don't care. :D Cruisemom42 - you are right on the money as always. Actually, in Canda now there are huge restriction in exchanging money as well ;). You can certainly buy it but exchanging it IF you are not a client is not a 1,2, 3 transaction. In view of what's going on, that's understandable. We DO plan on going to Europe again very soon so much appreciate your words of wisdom :) Link to comment Share on other sites More sharing options...
Rare LHT28 Posted July 24, 2016 #19 Share Posted July 24, 2016 They also add a 2.5 percent surcharge on VIsa transactions. Get one of the credit cards with no hidden foreign transaction fee Link to comment Share on other sites More sharing options...
freanesi Posted July 24, 2016 #20 Share Posted July 24, 2016 In Oz we can get a 'cash passport' which is like a debit card. You load it up with the currency of your choice before you leave (for a small fee). You can even have different currencies on the one card. For us it was Euros. You use it at ATM's . There is no charge for withdrawal and you can top it up if needs be. Worked well for us last two times to Europe. If there is a problem or you lose it it is very easy to cancel. Link to comment Share on other sites More sharing options...
Rare kazu Posted July 24, 2016 #21 Share Posted July 24, 2016 In Oz we can get a 'cash passport' which is like a debit card. You load it up with the currency of your choice before you leave (for a small fee). You can even have different currencies on the one card. For us it was Euros. You use it at ATM's . There is no charge for withdrawal and you can top it up if needs be. Worked well for us last two times to Europe. If there is a problem or you lose it it is very easy to cancel. Excellent! Link to comment Share on other sites More sharing options...
Rare sparks1093 Posted July 24, 2016 #22 Share Posted July 24, 2016 Beatrs me why I bothrered to getinto this. . :rolleyes. :shrug Safe travel.Given what is happening in Eruope these days, I have no plans to go soon thus really don't care. :D You seem to take it personally when someone else's experiences don't match up with yours. That's not going to happen even under the best of circumstances. That's one value of these boards is everyone gets to share their individual experience and then readers may hopefully benefit from those experiences when planning their own. Link to comment Share on other sites More sharing options...
buggins0402 Posted July 24, 2016 #23 Share Posted July 24, 2016 Yes, those Travelex machines are proliferating in airports, to the extent that finding the real bank machines is difficult. It was very aggravating a few years ago landing in CPH, dead tired from the overnight flight, spending 15 minutes trying to find a real bank machine. I wish someone would come up with the "cash passport" here in the US. Great idea!! It figures OZ would come up with something like that, they were always a step ahead with debit cards. Link to comment Share on other sites More sharing options...
Philob Posted July 24, 2016 #24 Share Posted July 24, 2016 I wish someone would come up with the "cash passport" here in the US. Great idea!! It figures OZ would come up with something like that, they were always a step ahead with debit cards. In the US its the "pre-paid" debit card that is our "cash passport", but as usual the banks/merchants here screw it up by putting fees and restrictions on using them. https://www.chase.com/debit-reloadable-cards/liquid-prepaid-card Link to comment Share on other sites More sharing options...
iancal Posted July 24, 2016 #25 Share Posted July 24, 2016 We have found that a number of stores in Fll, MIA ,etc offer to charge us in our home currency. We always refuse. Avis in the US will always do this to us unless we specifically tell them to bill us in USD. Not a big deal, one simply has to be aware of it. A number of years ago we switched to a card that does not charge the 2.5 percent admin fee on Visa and ATM withdrawals. We often book and pay in foreign currency. One year I calculated the savings....we saved over $650 moving away from our regular bank for fx visa and ATM transactions. We have been doing this for the past five years. My best guess is that we have done avoided $2500 in excessive banking fees simply by switching cards/banks for fx. Link to comment Share on other sites More sharing options...
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