Using ATM in Europe

[Tee & Chilli]

I'm trying to decide if should buy Euro before I leave home. Some people suggest the rates are better at an ATM. Is there a huge difference at the ATM or in the airport?

[Biker19]

Is there a huge difference at the ATM or in the airport?

 

Get your cash at an ATM (not at an exchange window) when you land at the first European airport. The only diff between ATMs is the transaction fee they charge (minimal ~$2 and not worth trying different ATMs over) - their exchange rate are the same, which is better than exchanging cash at a kiosk and much better than the rate you would get in the US before leaving.

Edited October 9, 2016 by Biker19

[CapeCodCruiser]

Make sure the ATM is a bank owned ATM - not from companies like Travelex - they charge much higher rates.

 

Be sure and let your bank know you will be traveling.

[marci22]

We used the ATMs. Check your daily withdrawal limit with your bank before you go, make sure you have a PIN that will work in Europe.

 

You may set your limit at $1000 per day, but some of the ATMs will limit your maximum withdrawal per transaction. So if you have a 1k daily limit, and you want to take out 600eu, and the ATM limit is 300eu you may have to make multiple withdrawals (2) to get your money, even though your bank gave you the higher limit. And you will pay fees for each withdrawal. But it's still probably cheaper than going to the window.

[Clarea]

I'm trying to decide if should buy Euro before I leave home. Some people suggest the rates are better at an ATM. Is there a huge difference at the ATM or in the airport?

Some debit cards reimburse for ATM fees. We use Capital One, which reimburses us up to $30 a minth for ATM fees and also has no foreign transaction fees.

[papaflamingo]

Definitely ATM's in Europe. There are plenty around. Most don't charge anything, but your bank will. Also let them know when and where you'll be so that they don't shut down your card. But at an ATM you get the current exchange rate and only pay a small bank fee to your bank. If there is a fee to use the ATM it'll be posted.

[reallyitsmema]

Check with your bank to see what banks your bank is affiliated with so you will have no fees. I know when my son was studying abroad, he used ATM's at Barclay's since they are affiliated with Bank of America.

[topnole]

This definitely depends on your bank, the fee structure and the amount you want to pull out. Call your bank or look up forg transaction info. Same for your credit cards which I would say use when you can. Avoid currency exchange booths if possible.

[Langley Cruisers]

Check with your bank to see what banks your bank is affiliated with so you will have no fees. I know when my son was studying abroad, he used ATM's at Barclay's since they are affiliated with Bank of America.

 

^ This, exactly. We also used Barclay's in Europe as they are associated with our bank in Canada.

[fredflint]

One thing be careful of what denomination you choose they use large bills so 100 Euros will get you a single 100 Euro bill asking for 80 will get you a 50 and 3 tens or 4 20's. The hundred is kind of awkward to break for a small purchase.

 

I don't have a debit card so I just overpay a credit card and use that for a cash advance. No interest is charged since the cash is already there.

[JuliaMS]

My bank advised I switch to a 4 digit pin as many places in Europe only use that and a 5 digit wouldn't work Also make sure you tell them the dates and countries you will be traveling to.

[waterbug123]

One thing be careful of what denomination you choose they use large bills so 100 Euros will get you a single 100 Euro bill asking for 80 will get you a 50 and 3 tens or 4 20's. The hundred is kind of awkward to break for a small purchase.

 

 

That has not been our experience. The ATM's we've used in Europe generally dispense 50€ notes, even when requesting, say, 300€. YMMV

[Sonja01]

I loved that most of the ATMs in Europe had an 'English' option as well by pressing a button on the screen with a pic of the Union Jack. Made me feel more comfortable that I was 'transacting' correctly :)

[terry&mike]

Also, keep in mind what country you are in and that the currency you are requesting is in their amounts/denominations. As you said Europe, you are mostly going to be getting Euros, but some countries are different.

For example, we owned a home in Mexico until January of this year, and often took friends who visited to an ATM to withdraw money. They'd get back in the car after withdrawing 500, to which I'd say, "you know, you just got the equivalent of about $35 usd", and back they'd go to the ATM!

[jimmyzwei]

Just returned from a week in Paris in Sep. I am on a debit card or ATM person myself. Use credit cards exclusively in the US and Caribbean. But i did get a Debit Card just for this trip.

 

So what do i think I learned from my experience.

 

Avoid currency exchange booths at all costs -- exchange rate there was 1.38USD to 1E (euro)

 

Avoid privately owned ATM -- use a banks

 

Used a bank ATM -- made sure it had the Master Card symbol on it (not all did, my Capital 360 card had no foreign exchange fee and would have reimbursed for any Master Card charges) the 3 different banks ATM's I used must have had no fee of their own -- exchange rate floated daily approx 1.12-1.13USD to 1E -- Easy to do -- could pull from 25E to 500E per transaction (I never tried more than one in a day) I did 3 different amounts at each pull and bills were always broken down between 50E notes and one set of 2-20E and 1-10E)

 

Also used a credit card -- transaction on some did not final post until 5 days after my return -- the exchange rate was the rate from the day it actually posted not the transaction date

 

was told never used your debit card to buy directly from a merchant or restaurant -- (unless you know your debit acct offers fraud protection -- again i am not a debit card person normally -- my wife tells me hers at least offers that protection)

 

Hope this helps someone -- BTW a week in Paris was Fantastic!!

[Clarea]

Appreciate the info. I always figured the currency exchanges had worse exchange rates, but I didn't realize how bad.

[Ken Greco]

Ditto let your bank about your travels and any credit cards you plan to use. Also leave any credit cards such as department store cards, gas cards, even library cards at home that you will not use. Pickpockets can spot an American tourist a mile away! Make copies of your current passport.

[reallyitsmema]

Ditto let your bank about your travels and any credit cards you plan to use. Also leave any credit cards such as department store cards, gas cards, even library cards at home that you will not use. Pickpockets can spot an American tourist a mile away! Make copies of your current passport.

 

Not all credit cards suggest a travel notification. Bank of America has a link on their website to put a notice on your bank account and credit cards. American Express says no thank you, they do not want travel notices, they will track you and "know" your habits.

[Clarea]

Not all credit cards suggest a travel notification. Bank of America has a link on their website to put a notice on your bank account and credit cards. American Express says no thank you, they do not want travel notices, they will track you and "know" your habits.

Capital One also does not want travel notifications anymore. Tried to do that this past weekend and got a message to the effect that with the new "chip" cards, they don't do travel notification anymore.

[bogofman]

In europe you will almost always require a pin number when using credit card,

 

i was surprised that on our US trip in April that the pin was not used in Florida

 

Even though we have chips on our cards and the chip and pin device was next to the till.

 

You must get more fraud over your side of the pond.