Euros - best thing to do

I've heard good things about Charles Schwab, my only question is it says you have to open up a brokerage account in order to open a checking account. Do you know if you have to use that brokerage account? or can I just let it be and just use the checking portion of it?

So yes, there is that caveat. You must initially open and deposit into a brokerage account. But you can completely transfer all funds from it and not use it once you have opened the free checking account. It's a small hassle, but the fees (or lack thereof) from this account made the hassle worth it in my opinion.

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So yes, there is that caveat. You must initially open and deposit into a brokerage account. But you can completely transfer all funds from it and not use it once you have opened the free checking account. It's a small hassle, but the fees (or lack thereof) from this account made the hassle worth it in my opinion.

 

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Yeah I agree. They were the best for fees while traveling while doing my research. I appreciate the info I will look into it! Thanks! :)

Okay let's try this again, this time without the judgement (I bank with who I want to bank, please refrain from judging, I just asked a simple question).....Those of you that use debit cards abroad, which debit cards do you guys use that won't charge fees for using ATM's that are outside your network? especially international ATMs? I know any debit card will work but they charge fees, especially international. I would like to maybe open an account with a bank or credit union for when we travel that won't charge fees when taking money from an ATM that is not in your network. Just wondering if there are any banks or credit unions that won't charge fees?

I opened a Capital One online banking account with a debit card a few years ago specifically for travel-- they do not charge foreign transaction fees (usually a percentage) or a fee for the actual mechanical transaction (usually a fixed amount, e.g., $5).

I've heard good things about Charles Schwab, my only question is it says you have to open up a brokerage account in order to open a checking account. Do you know if you have to use that brokerage account? or can I just let it be and just use the checking portion of it?

I opened an account 11/2016. Both the brokerage and the bank account. Did not fund the brokerage account, just the bank account. We used ATM's in several places in South America. I think the fees rebated to my account totalled about $43.00.

Now the account just sits there, no monthly fees, there is still a small balance in it, waiting for our next foreign adventure.

Would have to second or maybe third the Schwab advice. I do carry multiple ATM cards but overseas and even in the US if my bank does not have a local option I can always go to my Schwab card and not worry about fees. For those who have brokerage relationships elsewhere, I think Fidelity has a similar service but I have not personally used it. When abroad look for ATM's connected with banks for the best rates. Be especially careful in some airports as many of the ATMs are part of money exchange companies and offer much poorer rates.

One tip is to go to the web site of your arrival airport and check out the services map. It will often show you the location of ATMs and may tell you who operates them.

For those of you that use your debit card in ATMs in Barcelona to take out cash, which banks are your debit cards from? Those that don't charge fees? I have Wells Fargo and I know they charge fees so I was wondering which debit card would work good out of country?

We used the Capitol One 360 debit card. there's no foreign transaction fee and we had no problems using it at ATMS's to get cash. We used it Barcelona, Venice, Paris and London and had no problems. some bank ATMs charged a small access fee, but some did not.

Set it up online in advance, transfer money to it before you go and use a 4 digit PIN (use numbers only, and don't start with a Zero).

So yes, there is that caveat. You must initially open and deposit into a brokerage account. But you can completely transfer all funds from it and not use it once you have opened the free checking account. It's a small hassle, but the fees (or lack thereof) from this account made the hassle worth it in my opinion.

 

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Schwab is my go to card for overseas. Yes you do have to open a brokerage account but I did not have to deposit money for it. I just make deposits to the free checking. also you get free checks and postage paid envelopes to mail in deposits. a broker did call me but I politely told him I no intention of investing with them. they never called again.

We just opened a Captial one checking acct. No fees. So we will just transfer money for Spain to this acct. So far we have been pleased with it

Schwab is my go to card for overseas. Yes you do have to open a brokerage account but I did not have to deposit money for it. I just make deposits to the free checking. also you get free checks and postage paid envelopes to mail in deposits. a broker did call me but I politely told him I no intention of investing with them. they never called again.

Yeah I think this one is the winner. I'll go into a branch this week and talk to someone about it. Thank you guys!

Yeah I think this one is the winner. I'll go into a branch this week and talk to someone about it. Thank you guys!

If you don't want to open a brokerage account with Schwab (very good company)

However E*Trade Bank also doesn't charge transaction fees or credits them back if charged. You can use any banks ATM with no fees. You can sign up online and they'll mail you the card.

Just another option

I inquired of my bank prior to our Baltic Cruise from Copenhagen in September and the Chase Bank ATM / Debit cards don’t charge FX fees, and no fees for up to 5 non-Chase ATM transactions a month. I am not referring to the “Chase Freedom Card” but instead this guidance refers to the “Chase Private Client” ATM / Debit Card. We plan on again using our Chase card in Barcelona next week as we get ready to do a TA on NCL Nov 5th.

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ok... now I am more confused than before I read this thread.

We will be traveling to Europe for a cruise on the Carnival Horizon next April. We plan on flying into Barcelona a few days early to see the sights there and "rest up" before we begin our voyage. My husband and I talked about our options to exchange our cash into Euros. I asked if we could do it at the airport and he stated that he thought it would be easiest to do it at a local bank.

The part that now has me confused is the "fees" that are being mentioned. I understand that ATMs have fees (that is typical even stateside.) But I thought if I went to my bank where I have an account we would be dealing with the exchange rate only.

In case you can't tell- this is my first experience in Europe... I am freaking out a bit...

Ok..... so whatever you do don’t change money at the airport the rate will be appalling. You can change some before you leave so you have some ready cash. Banks for the most part do not charge to change. Only but the rates can vary between banks.

We always use cash for small items drinks etc and use our debit card or a creditcard for meals, larger purchases etc. Whatever you decide it’s not a big issue millions of people change money every day.

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ok... now I am more confused than before I read this thread.

We will be traveling to Europe for a cruise on the Carnival Horizon next April. We plan on flying into Barcelona a few days early to see the sights there and "rest up" before we begin our voyage. My husband and I talked about our options to exchange our cash into Euros. I asked if we could do it at the airport and he stated that he thought it would be easiest to do it at a local bank.

The part that now has me confused is the "fees" that are being mentioned. I understand that ATMs have fees (that is typical even stateside.) But I thought if I went to my bank where I have an account we would be dealing with the exchange rate only.

In case you can't tell- this is my first experience in Europe... I am freaking out a bit...

In the US, banks may not charge an outright "fee", but the exchange rate they offer usually is less advantageous than the official exchange, which has the same effect -- that is, they make money from it. Even if you are a customer.

In the US, banks may not charge an outright "fee", but the exchange rate they offer usually is less advantageous than the official exchange, which has the same effect -- that is, they make money from it. Even if you are a customer.

Ok- that makes sense.

We spent a week in Cancun this summer and used our credit card to pay for what meals we could. We had a converter to see what we were being charged in USD when they brought the machine out for us to sign. So I guess for the most part- we should be able to do the same thing in Europe.

I’m just so accustomed to most of the Caribbean where they usually prefer USD and we never exchange anything.

Thank you!

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So we still have at least one person who is confused by all the posts, so we will try to clarify. Look at your Debit/ATM card and usually (on the back) you will see symbols for things like "Plus" "Cirrus" "Visa" etc. This is simply telling you the various networks that will accept your card...and nearly all these networks will work in European bank ATMs...and some private ATMs (best avoided since they can charge ridiculous fees). If you have a 4 digit PIN and know that PIN in numbers (not letters...which do not exist on most European ATMs) you should be able to use your card in Europe. But just like at home, you are subject to a daily withdrawal limit which is often the equivalent of $500...although we have sometimes run into 300€ limits in Europe. You should notify your issuing bank (or just call the number on your card) of your upcoming trip and itinerary.

As to fees, this is how it works. Your own bank may or may not change a fee per withdrawal (you can find out by asking your bank). The exchange rate will be the so-called "wholesale rate of exchange" which is about the best rate you can get...anywhere. This rate is constantly changing but if you look at a web site such as XE.Com you can see the official rates and you should get something within 1% of that rate. Most transactions in Europe will ultimately be processed by Visa International who will add a 1% transaction fee to the rate of exchange. European banks do not charge additional fees (we have been told this is the law). Beware of non-bank ATMs (Travelex is one example) who will often charge fees and might screw you on the exchange rate.

In practice this is all quite simple, You just use your ATM just like you would at home, although remember that you are requesting local currency (such as Euros) so you need to do a little math to determine how much you want.

DW and I will sometimes spend months in Europe (or elsewhere) and get all of our cash via ATMs. This is the most common way to get cash in Europe and is also the cheapest way when compared to money changing places. Also be advised that many European banks will no longer exchange currency for non-customers.....which is another reason to use ATMs. Since we depend on ATMs, we do carry 3 different ATM/Debit cards for 2 reasons. Each of our cards is for different accounts in different banks. This gives us redundancy (in case a card disappears, gets eaten, etc) and also allows us to withdraw more money (we can take out the max on each card in a single day).

Hank

P.S. Some American banks now use 6 digit PINs and these may or may not work in most European ATMs. Since we have never had a 6 digit PIN....we have no first hand experience.