ATM Questons??

[CruiserBruce]

There are banks and ATMs all over Rome. You won't have to look hard.

 

The exchange rate on the ship will likely be horrible.

[iancal]

We have never not been able to use our 4 pin chip enabled NA issued credit card in Europe, Asia, or Australia.

 

Some restaurants in some countries do not accept cards. Those tend to be establishments that either cater primarily to locals, or like some tourist traps, typically have lower value sales.

 

The one issue that we have experienced ***** some countries, and with some ATM's is the size of the allowable withdrawal. In Italy, and in other countries, a typical withdrawal for us is $500 expressed in our currency. But this is because we are doing land travel and often prefer to pay for acomdation in cash in order to score a 5 or a 10 percent discount.

 

We never, ever use a our debit card when travelling (or at home for that matter) so cannot speak to that. Nor do we ever find ourselves withdrawing money multiple times in one day.

[CaribbeanBound]

hrmkr...

Rethink the cash advance idea and double-check all the terms, and also ask what the cost is for using your ATM/Debit card instead. According to creditcards.com, "The average cash advance APR is near 25 percent, well above the rate for purchases. Fees are typically 5 percent of the advance, with a minimum of $5 to $10. And unlike credit card purchases, there is no grace period on cash advances, so daily interest charges begin piling up immediately."

 

Obviously these terms don't apply to all cash advances. Some credit cards have lower fees, and some don't charge interest if your credit card is paid in full and the advance is paid by the statement due date.

 

Even at the 3% fee you quote, that's still high. My ATM card has a 0% fee, although I know they don't all waive ATM fees.

[hrmkr]

I looked at the terms of the credit card. The due date is at least 21 days after the close of each billing cycle. No interest is charged on purchases if you pay your entire balance by the due date.

 

I need to find out if a cash advance is considered a purchase. They even told me at the bank, when you return from your trip, pay it off and it will cost you nothing other than the $5 cash advance fee each time. They said DO NOT use your ATM card.

 

I plan on canceling the card after the trip

[wheezedr]

I looked at the terms of the credit card. The due date is at least 21 days after the close of each billing cycle. No interest is charged on purchases if you pay your entire balance by the due date.

 

I need to find out if a cash advance is considered a purchase. They even told me at the bank, when you return from your trip, pay it off and it will cost you nothing other than the $5 cash advance fee each time. They said DO NOT use your ATM card.

 

I plan on canceling the card after the trip

Like others I am questioning the information you are getting from your bank and wonder who and what level individual is giving it to you. Over dozens of foriegn trips I have used ATM cards all over the world and always carry one or two that are fee free to me. The fee is charged but the financial institution reemburses it. While I have a number of CC’s that would allow me to do cash advance I have avoided that at all costs because of the charges associated with that. CC’s are best used for purchases, not for obtaining cash and cash advance should only be considered in an emergency. Bank employees are often not travelers and do not understand how best to use financial systems when in other countries or for that matter in this country. When you need cash at home do you use your ATM card or your CC. Same applies elsewhere.

[Grandma Cruising]

In the U.K. there is a new online bank called Monzo. With it you can withdraw £200 a month cash abroad free, any more costs you 3%. We usually take some cash such as Euros or dollars, but use Monzo to draw out enough other local currency to see us through. For example we are doing a Mediterranean cruise in July which is mainly in Italy, but has two days in Croatia. We always have Euros at home, so we will take Euros but use the Monzo card at an ATM to get Kunas in Croatia

 

 

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[martyap]

When you make a payment at a hotel or restaurant with your credit card do they always charge you in euros or is it a good idea to remind them first? Just don’t want them to charge you in US $ at a higher conversion rate.

 

One of my bank ATM cards has no fees and the other is a Bank of America card that has partner banks like Deutsche Bank in Spain and Italy. Just check with your bank; always notify them before you leave; always bring two different cards; I make copies just in case I lose a card and need the number and toll free phone #

 

 

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[salabc]

in italy ATM work with a 5 digit pin however with foreign card with 4 digits pin the machine recognize the card as non italian and specifically ask to press a key ( usually the " confirm " key)

[cruisinsc1]

Does anyone know the limit you can take out of the ATM on the Epic? I may take out 1 lump sum to cover all of the costs for the excursions I need to pay for and pay the 3% fee only once. That way, I can leave the excess money in the cabin safe and not have to worry about carrying it around.

 

Just wanted to add that the ATM on the EPIC is in the casino and it dispenses dollars only. The ship's customer service desk will convert to Euros, but they charge an additional fee to do so.

[hrmkr]

OK. Now I am confused.

 

The person at the bank was the Assistant bank manager who gave me this information.

 

Before I call the bank asking questions, could someone please advise as to what questions I should be asking?

 

These are a few questions I was going to ask. Please reply with anything else I should ask.

 

1. Do the daily inteerst fees begin at the time of purchase/cash advance?

2. Are all fees removed if I pay in full before the billing cycle or statement?

3. Why not use a debit card? I know that it could be compromised if stolen and then empty my account. i was going to only keep a small amount in that account just in case.

 

Thank you everyone for your help and advice. This is why CC is so great.

Howard

[hrmkr]

Just wanted to add that the ATM on the EPIC is in the casino and it dispenses dollars only. The ship's customer service desk will convert to Euros, but they charge an additional fee to do so.

 

Knowing that I will essentially be charged 2 different fees, I am going to try to pay off as many of the tours that I can before I leave. That will limit the amount of euros I need to get on the ship. I will pick up a bunch before boarding and keep in the safe to use while on the excursions.

[hbrote]

I don't know if this will help but this is what we do. Credit cards I carry have no foreign transaction fees and I do have a pin associated with it. We use a "Debit Card" for cash withdrawals but this is not our primary account. This separate account is where we deposit the amount of monies we think we will use during the trip, no more and this works out perfect for us.

On our last trip my wife used an ATM on the street in Sorrento Italy and was not in a bank. The card was skimmed at this ATM and shut down almost immediately by the bank but not before they got $800 from the account. This left us without a debit card and used the Credit Card for cash from then on. I am glad that I had a PIN attached to the card that we could get cash advances. The bank with that held the debit card made good on all funds that were stolen. Anyway the moral of the story is, use only "Bank ATM's" and have that credit card as a backup.

[CaribbeanBound]

hrmkr...

Questions to your bank regarding credit card use as cash advance rather than ATM:

 

1. What are the foreign transaction fees for using the credit card to get Euros from a foreign bank ATM?

2. What are the cash advance fees for using the credit card to get Euros from a foreign bank ATM?

3. What are the foreign exchange fees for using the credit card to get Euros from a foreign bank ATM? (May be same as #1)

4. What is the fee for using an out-of-network ATM?

5. Do the daily interest fees begin at the time of cash advance?

6. Once I take a cash advance do purchases also begin accruing interest?

7. Are all fees and interest removed if I pay in full by my due date?

8. Why not use an ATM card?

 

None of us believe the answers you are getting from your bank. Strongly suggest you get all this in writing if they continue to insist you use the credit card for cash advance over an ATM card. Also suggest you secure a credit card with no foreign transaction fees and an ATM card that will reimburse at least a few ATM fees per month. Once you get your credit card, ask for a 4-digit pin that you can use for vending purchases like metro ticket machines (not for ATM use), and be sure to let your credit card company know in advance where and when you are traveling so they don't shut down your card.

Lots of excellent points have been made in this thread.

Here's a good site that reinforces our comments: https://thepointsguy.com/2016/05/save-on-overseas-atm-withdrawals/

hrmkr...

Relative to picking up euros before you leave, if you get them from a bank ask what the fees are and then ask about the spread over spot that you are paying. If 1 Euro = 81 cents US, a great exchange rate is within about 3%. Anything more is to be avoided. For example, if $100 = 81 Euro in the spot market, then a price of $100 for 78 or more Euros is generally reasonable. You can easily find the spot price. Just Google: "USD = EUR". You don't want to have leftover euros because they'll always pay you less than they sell them to you for (unless the exchange rate itself suddenly jumps a lot in your favor while you're on your trip).

Avoid ATMs and Foreign Exchange booths in airports. Exchange rates tend to be very high there. Consider taking only a enough Euros that will get you through your first 2-3 days. Find a true bank ATM and use an ATM card to get euros. This is where your will usually get your best exchange rate.

 

martyap...

Yes, it's a good idea to tell them to charge you in Euros and let your credit card handle the exchange rate. You'll usually get a better exchange rate with your credit card company than the vendor.

Edited April 12, 2018 by CaribbeanBound

[iancal]

We have been travelling extensively for the last four/five years. Usually 2 months at a time and we have spent 4-5 months outside the country.

 

We used a Chase (Canada) Visa because it gave us money at near prevailing rates instead of adding 2.5-3 percent admin charge.

 

We used the Chase card for foreign ATM withdrawals-cash advances on our Visa card.

 

We got our currency from foreign ATM's at a good rate. We did not pay one dime in cash advance interest fees. We would build up a credit balance on our card before leaving home and we would do this several times while travelling, depending on how much money we went through. So, when we took a cash advance on the card it was against a credit balance hence no interest charges.

 

We have found that if you are buying or exchanging currency you will get a much better rate if you do it in country rather than in North America.

 

Canadian banks are notorious for high service charges and disadvantageous consumer FX rates-especially 'hidden' service charges. We saved a great deal of money over these 5 years by avoiding these fees.