Using ATM at foreign ports-Which US bank debit card should I use for cash withdrawal?

[barb in ga]

We travel pretty frequently, and prefer to get cash from an ATM when we reach a foreign airport. We switched banks this year to Chase, and they will be applying a 3% foreign conversion fee for all debit card ATM withdrawals. To order Euro in advance or to get it from currency exchange booths is also very pricy.

 

I know there are banks out there that don't apply conversion fees to credit card purchases, and I use those cards when I travel, but what about withdrawing cash using a debit card from a checking account? 3% to access my own funds is too high! I need to open a checking account with a different bank--suggestions, please.

 

Help! I know this is not specifically a RCI question, but I don't want to post it on several foreign forums.

 

Thanks,

Barb

[Clarea]

I have a Capital One debit card, and there are no foreign transaction fees, and they reimburse me up to $30 per month for ATM fees.

[CelticMCO]

Consider not using your own home bank card for a variety of reasons (security, budget, etc); pre load a set amount of money on a visa/mc branded debit only card with PIN (can get it from your bank, credit union, Wal Mart) you can also add to it if needed electronically. Use this card to withdraw local currency wherever you go (I am sure you know ATM's are everywhere in Europe, Far East, etc). Think of this method as modern day travelers checks (remember those).

 

Our family are long time airline employees (since mid 80's); this is how they travel and handle money on trips/vacations...

[Florida Fan]

How do you "add to it electronically"?

[Clarea]

How do you "add to it electronically"?

Through a website where you can transfer money to the debit card.

[Havingfun2010]

We travel pretty frequently, and prefer to get cash from an ATM when we reach a foreign airport. We switched banks this year to Chase, and they will be applying a 3% foreign conversion fee for all debit card ATM withdrawals. To order Euro in advance or to get it from currency exchange booths is also very pricy.

 

I know there are banks out there that don't apply conversion fees to credit card purchases, and I use those cards when I travel, but what about withdrawing cash using a debit card from a checking account? 3% to access my own funds is too high! I need to open a checking account with a different bank--suggestions, please.

 

Help! I know this is not specifically a RCI question, but I don't want to post it on several foreign forums.

 

Thanks,

Barb

 

Well, when you take money out in a foreign atm, you always encounter some kind of fee. It's seems the 3% is really cheap, considering all options. If you use your credit card often, exactly how much are you taking out that you worry about 3%? If you take out $100 for pocket change, that's only $3

[barb in ga]

Thanks, Bob

 

We signed up for the Capital One checking account. No foreign transaction fees. Our debit cards are on the way.

 

Havingfun2020--Taking cash from a foreign ATM does NOT have to include FTF's. I am not willing to spend an extra 3%, when there are options. If there were the same fees from every bank, then I'd suck it up and move on.

 

We are spending 4 days, 3 nights in Rome. We did a down payment for our apartment, and owe the balance in cash. We have a driver booked for transportation on 3 occasions, and he wants cash. We have a private tour and transportation to Florence from La Spezia, he wants cash. My DH wants to use cash for restaurants, cabs, gelato, and small souvenirs.

For the 4 of us traveling, we will be looking at over 2000 euro. 3% is 120 Euro--I'll keep that for more wine, pasta or gelato.

 

Thanks again, Bob! More of your helpful info

 

Barb

[floridafunlady]

Thanks, Bob

 

We signed up for the Capital One checking account. No foreign transaction fees. Our debit cards are on the way.

 

Havingfun2020--Taking cash from a foreign ATM does NOT have to include FTF's. I am not willing to spend an extra 3%, when there are options. If there were the same fees from every bank, then I'd suck it up and move on.

 

We are spending 4 days, 3 nights in Rome. We did a down payment for our apartment, and owe the balance in cash. We have a driver booked for transportation on 3 occasions, and he wants cash. We have a private tour and transportation to Florence from La Spezia, he wants cash. My DH wants to use cash for restaurants, cabs, gelato, and small souvenirs.

For the 4 of us traveling, we will be looking at over 2000 euro. 3% is 120 Euro--I'll keep that for more wine, pasta or gelato.

 

Thanks again, Bob! More of your helpful info

 

Barb

Remember this the ATM's still charge an ATM fee besides the cost of the ftfs

 

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[johnjen]

Navy Federal credit/debit card allows me unlimited foreign transactions and waived transaction fees including any ATM charges, unlimited, and we report to the CU on our travel places and dates being away. Never had a single problem.

[Clarea]

Remember this the ATM's still charge an ATM fee besides the cost of the ftfs

See post #2 with regard to Capital One and ATM fees.

[pingpong1]

We travel pretty frequently, and prefer to get cash from an ATM when we reach a foreign airport. We switched banks this year to Chase, and they will be applying a 3% foreign conversion fee for all debit card ATM withdrawals. To order Euro in advance or to get it from currency exchange booths is also very pricy.

 

I know there are banks out there that don't apply conversion fees to credit card purchases, and I use those cards when I travel, but what about withdrawing cash using a debit card from a checking account? 3% to access my own funds is too high! I need to open a checking account with a different bank--suggestions, please.

 

Help! I know this is not specifically a RCI question, but I don't want to post it on several foreign forums.

 

Thanks,

Barb

 

Barb - Since you say that you "travel pretty frequently" and that you do your banking with Chase - Have you considered getting one of the terrific Chase "travel oriented" Visa cards? Go to Chase's website and check out the details on the Chase Sapphire Preferred Visa Card. It's been rated as "the best" travel card by Money Magazine in 2017. You get 2X the Ultimate Reward points for all travel and dining related purchases. After you get the card, if you charge $4K worth of expenses within the first 3 months, you'll get an extra 50,000 Ultimate Reward points. Remember, nothing says you can't pay off the CC bill the next month with cash from other sources. You can use those Ultimate Rewards points towards future travel expenses like airline, hotel, and cruise expenses and get an additional 25% redemption discount. There is no foreign transaction fees charged when using the card for purchases in other countries. I use a Chase Sapphire Reserve card for all dining and travel expenses and collect a ton of Ultimate Reward points. I use that card for all my travel expenses, including restaurants to maximize my points. The points can be used as "cash credit" towards paying off the monthly CC bill or can be used towards future travel expenses. Using the card to pay for cruise fares and airline tickets also give you complimentary travel insurance for those trips. No, I don't work for Chase! But I've done a lot of research on this and the Chase travel card products have been the subject of many positive reviews on another Cruise Critic board discussion. I wouldn't "sweat" the 3% foreign transaction fee on your debit card, either, for a cash withdrawal. If you were to pull out $1,000 worth of cash from an ATM in a foreign country, you're only talking about a $30 fee for the convenience. And I don't think I'd ever be walking around anywhere with that much cash in my pocket to begin with. Regards.

[IHateSnow!]

I have a chase preferred platinum checking account (soon to be sapphire) - this account comes with no foreign transaction fees etc. It has been exceptionally helpful!

[Crism]

Charles Schwab Investor Checking is fantastic. Unlimited ATM fee refunds and 0% foreign transaction fees!

[Merion_Mom]

--I'll keep that for more wine, pasta or gelato.

 

 

 

Barb

BIG thumbs up for those! :D

[anricat]

Charles Schwab Investor Checking is fantastic. Unlimited ATM fee refunds and 0% foreign transaction fees!

 

This is what we've got! We just got back from a Med cruise with time spent before and after and all our transaction fees were refunded that the ATMs charged (though, interestingly, not every ATM we used charged a fee) and there were no transaction fees. I'm really happy with their banking overall.

[SRF]

Well, when you take money out in a foreign atm, you always encounter some kind of fee. It's seems the 3% is really cheap, considering all options. If you use your credit card often, exactly how much are you taking out that you worry about 3%? If you take out $100 for pocket change, that's only $3

 

No, the 3% fee is charged by YOUR bank.

 

Most foreign ATMs do not charge a transaction fee by the terminal.

[SRF]

Remember this the ATM's still charge an ATM fee besides the cost of the ftfs

 

Typically not so outside the US.

 

I did get charged in the Philippines, but it was a whopping 50 cents per transaction. :D

[ONECRUISER]

Consider not using your own home bank card for a variety of reasons (security, budget, etc); pre load a set amount of money on a visa/mc branded debit only card with PIN (can get it from your bank, credit union, Wal Mart) you can also add to it if needed electronically. Use this card to withdraw local currency wherever you go (I am sure you know ATM's are everywhere in Europe, Far East, etc). Think of this method as modern day travelers checks (remember those).

 

Our family are long time airline employees (since mid 80's); this is how they travel and handle money on trips/vacations...

Agree. Traveling all the time, last 20yrs been using CU Prepaid card for most charges. Still have Regular card from them that also that waves lot of ATM fees...

[Grumpydev]

We use a Revolut card for all our travel, load it up with whatever money you want to spend, then you can convert it into whatever currency you need using your phone, and the conversion rates are pretty much the best around. Pretty sure you can get them in the States now too.

 

You also get chip and pin and contactless, which I'm not sure you always get with the cards from the 1990s technology US banks :D

[Havingfun2010]

Well, I would never use a debit card anyway. It's just not safe, or secure. I only use Credit Cards, without a fee attached. As far as cash, I don't carry €2000,00 around with me in my pocket. I'm sure you have reasons for all the tours you picked, but drivers, and tour operators that will not accept plastic, sometimes could be a little shady. Make sure you don't pay up front, but only when tour is completed. I often used private tours and have never paid in cash.

 

I only will use an ATM if I needed extra pocket change. I would first try to actually go the bank teller first.

 

Sometimes paying small fees on vacations is just part of the trip. Convenience and safety is more important than a fee at the bank.

[thinfool]

Charles Schwab Investor Checking is fantastic. Unlimited ATM fee refunds and 0% foreign transaction fees!

 

 

I am not surprised at the charges that Chase levies...they wanna make money on your money and then charge you more for using your own money.

 

As seniors, we shopped around to find a competent bank that doesn't whittle away at our limited resources. And for our travels, we chose Schwab for foreign transactions.

[newcruzer2]

 

sometimes paying small fees on vacations is just part of the trip. Convenience and safety is more important than a fee at the bank.

 

ditto

[cruiselvr04]

I had been wondering myself how to do this next summer as we will need pounds and euros and don’t want to carry all that with us. We did that last time, wearing it.....it was hot and bulky and probably risky.

 

We can fly to London, use an ATM before leaving the airport getting pounds for what we need pre cruise and do the same for euros at our first port of call? Or should we take a little of each to get us started?

 

If a debit card is attached to a credit card and not your bank account wouldn’t that be better? We have time now to get the best card and option before we go. We’ve been using the RCL card but know it’s time to move on and get more back. Or if you get a separate card preloaded how would someone scam that without a pin?

 

Sorry for so many questions. Just trying to figure it out.

[Pam]

My granddaughter studied in London a couple of years ago for a semester; as her classes came to an end her dad was finishing a business trip in Amsterdam so my daughter met him in Amsterdam, then they traveled to London and came home with their daughter. A month or so after that, I cruised on Azamara for two weeks in Europe. I opened a checking account at Bank of America and got debit cards for the three of us then after we got home I closed the account. I have done that in the past, successfully. I used Bank of America because of their connection to the big bank in the UK, Barclays. Money was deposited as each of us left home, so there was a limit to how much a hacker could get. That worked well for us, just saying.

[SRF]

I had been wondering myself how to do this next summer as we will need pounds and euros and don’t want to carry all that with us. We did that last time, wearing it.....it was hot and bulky and probably risky.

 

We can fly to London, use an ATM before leaving the airport getting pounds for what we need pre cruise and do the same for euros at our first port of call? Or should we take a little of each to get us started?

 

If a debit card is attached to a credit card and not your bank account wouldn’t that be better? We have time now to get the best card and option before we go. We’ve been using the RCL card but know it’s time to move on and get more back. Or if you get a separate card preloaded how would someone scam that without a pin?

 

Sorry for so many questions. Just trying to figure it out.

 

Yeap, ATM in airport for Pounds. ATM at first port for Euro. Although some airports have ATMs that will dispense Pounds, Euro, or US Dollars.

 

The problem with card attached to a credit card is, it is a cash advance, you pay interest from the day you make the withdrawal. So unless you pay ahead, you WILL have interest charges.