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

[John&LaLa]

Charge everything, collect points. Amazed at prevalence of hand held chip readers

 

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[sail2sea]

Capital one. I have been with them since years before they were called capital one.

[barb in ga]

For all those that have responded about not carrying that much cash, I will not be getting it all at one time, and there are 4 adults who will divide up what we need for each day.

 

For those that think I should use a credit card to get cash, that is not a good thing to do.

 

Since I have opened a checking account with Capital One, and know that I can add to it if needed, my question is asked and answered promptly.

 

We have chosen to use cash more than credit cards on this trip. My excursions are booked with the highest rated tour company in Italy, so we're good.

 

Thanks,

Barb

[Toofarfromthesea]

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.

 

Our bank set us up with a separate debit card that we just use for international travel. While it is connected to all of our accounts, that card cannot initiate transactions to access those accounts. So if I lose it only the existing debit balance is at any risk - no one can clean out my accounts. But since the card is connected to my accounts I can easily transfer money from my real accounts to the card - and then use the card to get local currency at ATMs.

[SRF]

Our bank set us up with a separate debit card that we just use for international travel. While it is connected to all of our accounts, that card cannot initiate transactions to access those accounts. So if I lose it only the existing debit balance is at any risk - no one can clean out my accounts. But since the card is connected to my accounts I can easily transfer money from my real accounts to the card - and then use the card to get local currency at ATMs.

 

This is a great idea.

 

However, I have traveled internationally a lot for about 25 years (and some before that), and never had an issue with using my debit (or credit cards).

 

The only time my credit cards have been compromised, it was done here in the US.

[cruiselvr04]

Our bank set us up with a separate debit card that we just use for international travel. While it is connected to all of our accounts, that card cannot initiate transactions to access those accounts. So if I lose it only the existing debit balance is at any risk - no one can clean out my accounts. But since the card is connected to my accounts I can easily transfer money from my real accounts to the card - and then use the card to get local currency at ATMs.

 

 

 

I think this is great idea and will have the DH look into it. I do all the planning and he figures out how to pay for it.;p

[FLACRUISER99]

Our bank set us up with a separate debit card that we just use for international travel. While it is connected to all of our accounts, that card cannot initiate transactions to access those accounts. So if I lose it only the existing debit balance is at any risk - no one can clean out my accounts. But since the card is connected to my accounts I can easily transfer money from my real accounts to the card - and then use the card to get local currency at ATMs.

I have a Capital One 360 card set up the same way.

[Toofarfromthesea]

I have a Capital One 360 card set up the same way.

 

Great minds . . .

[Toofarfromthesea]

This is a great idea.

 

However, I have traveled internationally a lot for about 25 years (and some before that), and never had an issue with using my debit (or credit cards).

 

The only time my credit cards have been compromised, it was done here in the US.

 

I'm a little paranoid about debit cards since they generally can access your whole account and have almost no protection as compared to credit cards. Other than my bank ATM card, which does not have a Visa or MasterCard logo, the international card is the only debit card I have. I far prefer credit cards since I can control myself and pay it off every month. And get points.

[spunks]

We have been going to Europe 2 or 3 times a year for the last 8 years. I have used and recommended the Schwab debit card for all that time.It comes with a Schwab Brokerage account.

 

There are 2 issues with credit cards. We use a Chase Sapphire Preffered for all transactions, foreign or domestic. There is no foreign transaction fee and we get the exchange rate of the day. Never ever let the hotel, resturant or shop charge you in US Dollars. ALWAYS have them charge you in the local currency. Other wise they can use whatever conversion rate they want, and they always want high. We use the credit card in shops, resturants, taxis, etc. However, we never use our credit card at ATM machines to get cash. For that we use the Schwab debit card and it is wonderful. Schwab reimburses for all ATM fees. We also get the exchange rate of the day as listed on CNBC. If the euro is going for 116.85, I can get 100 euros for $116.85.

 

The beauty of it is I never carry much cash as I get what I need as I go along. I feel much safer with drawing $50.00 euros on Las Ramblas than I would walking around Las Ramblas with 1000 euros in my pocket.

 

The other thingis....how many euro do you need to get from your bank to take with you? I never can answer that question for people that ask me. From the Azores to Istanbul I have never had even one ATM problem.

 

Doug

[cruiselvr04]

Great to know. Would this be for any card used? ( to charge in the local currency)

[spunks]

yes....no matter what card you use...have them charge it in the local currency.

 

Doug

[Toofarfromthesea]

yes....no matter what card you use...have them charge it in the local currency.

 

Doug

 

Another vote for this.(y)

[fredflint]

What I do since usually if you take money out with a CC vs debit you get charged interest right away. I will overpay a credit card by 600.00 then I know I can take out that much money without any fees also avoid choosing amounts that are multiples of 50 if you ask for 200 euros you may get 200 euro bill or 2 100s if you go for 180 you will get a 100, 50 , 20, 10 makes it much easier for purchases.

 

I too would never bring a debit card you account could be compromised and money taken out then automatic payments bounce or overdraft fees and a real mess.

[SRF]

yes....no matter what card you use...have them charge it in the local currency.

 

Doug

 

Maybe. :D

 

In general, I agree, and I always pick to be charged in local currency.

 

But if your card charges a foreign currency fee and the merchant rate is less than that charge more, it might be a bit cheaper to be charged in dollars. Do if you pay a 3% transaction fee, but the merchant exchange rate is 2% higher than the bank rate, charging in dollars would be cheaper. Even if so, it will be less than 1% difference.

 

BTW, XE is a GREAT app to have on your phone. It has daily updates of exchange rates.

[kilpa482]

I second capital one, we use the 360 checking and have had great results. Thing to be careful of is fancy ATMs that want to do the currency conversion and charge you in US dollars. You want to make sure it does not do the conversion and let capital one do it

[Toofarfromthesea]

 

I too would never bring a debit card you account could be compromised and money taken out then automatic payments bounce or overdraft fees and a real mess.

 

That is the point of having a separate 'international travel' debit card that is not connected (i.e., cannot initiate a transaction) to your regular account. I generally put about $1000 into that card's account which I use to get local currency at ATMs. No one (including me) can access any of my other accounts via that card. But I CAN initiate a transaction from my other accounts to reload the travel debit card. Hence, the only thing at risk, at any time, is the balance on the travel debit card, not my regular accounts.