Taking money out of an ATM

[mattmike6972]

What am I missing about the Capital One credit card. I notice that many posters are touting the Capital One credit card for taking money out of ATM's because there is no foreign exchange fee, just the wholesale currency exchange rate. While this is true, Capital One tells me that an ATM transaction is considered to be a cash advance and has a fee of 3% or $5, whichever is larger as well as an interest rate of 19% which starts from the time the money is withdrawn. Taking 100 euros out of an ATM could cost as much as $6-$7. Does this correspond with what you understand?

[lambs2]

Yes. unfortunately that is true. The only way to avoid these big fees and the accumulating interest rates is to use your debit card at an ATM location associated with your banking system. We have a Bank of America debit card and I was told after calling and speaking with an international banking expert to look for machines that have the Visa Plus logo on them. There is still a 1% conversion fee, but no other fees according to the representative i spoke with. Call your bank and find out their policies BEFORE you leave the USA and let them know the dates you will be out of the country! They should also give you a toll free number you can call in Europe if you have any banking card issues. (When we were in England a couple years ago someone made a mistake and froze our account when they saw the overseas charges coming in, and we had notified them ahead! We were thankful for the toll-free European number to call and get it straightened out!) Our Capital One Card will be used only for any charge transactions we may have in Europe.

[Ka Honu]

The issue here is that you NEVER want to use a credit card for a cash advance! Regardless of transaction and exchange fees, they all charge interest on your entire balance from the moment you take the cash until the account is paid off.

Capital One doesn't charge any fees and uses a good exchange rate for credit card transactions but, like everyone else, does charge interest on the full balance immediately on cash advances.

Bottom line: Use a debit card at the ATM (fees usually minor, depending on your card and the amount you withdraw) and Capital One card for credit card transactions.

Also, it is always a good idea to call your credit/debit card issuers to let them know you're traveling so they won't freeze your account when they see transactions in "strange places."

[agabbymama]

The fees are absolutely outrageous to get cash from an ATM, no matter if it is here or in Europe. That's why I use my credit card for purchases, but I usually get foreign currency here in the U.S. before travelling.

 

For my trip to Hungary, AMEX didn't have Hungarian currency, so we took U.S. cash and had to exchange it there. The fee was minimal, but they aren't on the EURO yet, so we made out as the Florint was really depressed.

 

It used to be fun to get the different currencies (Belgium, Luxembourg, Holland)(Italy)(Greece). Made it more exciting anticipating going to those countries and spending their money.

 

For my cruises I usually take U.S. Travellers Checks, then cash them at the desk before going ashore. But as I say, I haven't travelled to Europe since the EURO came in, so that can change the whole equation.

[Ka Honu]

... The fees are absolutely outrageous to get cash from an ATM....

 

Don't know that that's true. I generally find that using my debit card in an ATM is the cheapest way to get cash overseas and rarely costs more than about 1.5% in charges/fees (as long as you make withdrawals large enough to ameliorate any fixed service charges). Exchanges (banks, "cambios," etc.) usually charge more.

 

... I usually take U.S. Travellers Checks, then cash them at the desk before going ashore....

 

Don't you pay about 1% up front for travelers checks even before you convert them to foreign currency?

Credit card transactions with a Capital One card are even better (no fees at all) but ONLY for sales (never cash withdrawals).

[KnoxvilleSam]

The fees are absolutely outrageous to get cash from an ATM, no matter if it is here or in Europe. That's why I use my credit card for purchases, but I usually get foreign currency here in the U.S. before travelling.

 

For my trip to Hungary, AMEX didn't have Hungarian currency, so we took U.S. cash and had to exchange it there. The fee was minimal, but they aren't on the EURO yet, so we made out as the Florint was really depressed.

 

It used to be fun to get the different currencies (Belgium, Luxembourg, Holland)(Italy)(Greece). Made it more exciting anticipating going to those countries and spending their money.

 

For my cruises I usually take U.S. Travellers Checks, then cash them at the desk before going ashore. But as I say, I haven't travelled to Europe since the EURO came in, so that can change the whole equation.

 

My experience is that ATMs in Europe are THE way to get your euros. I certainly do take some euros with me (buy them from AAA in my case), but the fees/conversion/transaction costs for euros purchased in the US are MUCH higher than an ATM fee in Europe - those amount to the officlal exchange rate on the date of the transaction plus whatever your US bank charges for an ATM withdrawal - my experience is that the European banks/ATMs do not charge ANY fee for their use.

 

Sam

[lambs2]

My experience is that ATMs in Europe are THE way to get your euros. I certainly do take some euros with me (buy them from AAA in my case), but the fees/conversion/transaction costs for euros purchased in the US are MUCH higher than an ATM fee in Europe - those amount to the officlal exchange rate on the date of the transaction plus whatever your US bank charges for an ATM withdrawal - my experience is that the European banks/ATMs do not charge ANY fee for their use.

 

Sam

 

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Thanks Sam! Your experience is exactly what my bank representative told me. However, be sure and choose an ATM that displays the same logo, like Plus or Cirrus, as your bank debit card has on it. We will try to get the max when we first get to the Venice airport and then refresh as needed, plus use our Capital One credit card whenever possible, but our Venice bed and breakfast has asked us to pay in cash Euros, and I know the attractions and guides mostly just take cash too.

[agabbymama]

My experience is that ATMs in Europe are THE way to get your euros. I certainly do take some euros with me (buy them from AAA in my case), but the fees/conversion/transaction costs for euros purchased in the US are MUCH higher than an ATM fee in Europe - those amount to the officlal exchange rate on the date of the transaction plus whatever your US bank charges for an ATM withdrawal - my experience is that the European banks/ATMs do not charge ANY fee for their use.

 

Sam

 

Guess I tried the wrong ATMs, as the machine said there was a $10 fee to use the machine. If you did that too many times, it would add up quickly, so I didn't continue. I have a Visa debit card from my Credit Union.

There was no fee to purchase the money with my AMEX card, the charge came in when I re-converted what I didn't spend.

 

Now my traveling companion had purchased Barclay Bank traveler's checks and found Barclay Banks in England, Wales and Scotland and never paid a fee here to purchase, there to cash.

 

So it's just where you bank/whatever works for you.

[TNTLAMB]

The downside to using your US ATM card is that most cards have a $300.00/DAY limit for cash, and a $200.00 limit/transaction. AAA sells a travel cash ATM card with a visa plus system connection. They have a $1.50/transaction fee but do not charge a conversion fee only the current exchange rate (or the rate on the ATM which can vary some). There is a $2000.00/day limit on cash withdrawls which make more sense as most private tour guide request/require cash payment although they reserve with a CC. The most expensive place to get cash is on board the ship unlee you have Euro travlers checks. Keep in mind that most place in Europe will not take travellers checks and a an AMex mechant is hard to find as well.

[scottjeanne]

Check with Capitol One for an ATM card. Like their credit cards they do not charge any fee to access your money in Europe. You can open an account with them for as little as a dollar.

[lambs2]

The downside to using your US ATM card is that most cards have a $300.00/DAY limit for cash, and a $200.00 limit/transaction. AAA sells a travel cash ATM card with a visa plus system connection. They have a $1.50/transaction fee but do not charge a conversion fee only the current exchange rate (or the rate on the ATM which can vary some). There is a $2000.00/day limit on cash withdrawls which make more sense as most private tour guide request/require cash payment although they reserve with a CC. The most expensive place to get cash is on board the ship unlee you have Euro travlers checks. Keep in mind that most place in Europe will not take travellers checks and a an AMex mechant is hard to find as well.

 

 

 

I called my bank (Bank of America) and raised my withdrawal limit on my debit card to $1000. per day while I am in Europe. I also registered the dates I would be out of the country to avoid any possible "freezes" on my account. I also wrote down the names and addresses of the ATM's and the corresponding banks that are on my network (Plus Visa). There were DOZENS of them in Venice and Rome, for instance!

[whogo]

The downside to using your US ATM card is that most cards have a $300.00/DAY limit for cash, and a $200.00 limit/transaction. AAA sells a travel cash ATM card with a visa plus system connection. They have a $1.50/transaction fee but do not charge a conversion fee only the current exchange rate (or the rate on the ATM which can vary some). There is a $2000.00/day limit on cash withdrawls which make more sense as most private tour guide request/require cash payment although they reserve with a CC. The most expensive place to get cash is on board the ship unlee you have Euro travlers checks. Keep in mind that most place in Europe will not take travellers checks and a an AMex mechant is hard to find as well.

 

AAA Visa TravelMoney is almost the worst deal I have seen. Fees:

7% currency conversion fee

$4.97 activation fee

Cash advance fee (in-bank) $10

ATM withdrawal fee: Domestic: $2.50 International: $2.00

 

This is from AAA Minnesota/Iowa. Your club might be better. http://*****.com/yud6km

[whogo]

Guess I tried the wrong ATMs, as the machine said there was a $10 fee to use the machine.

 

I have not been hit by any fees at the ATM machines in Europe. Most do not charge them, but ATM machines in truck stops and convenience stores can hit you with fees, just like in the USA. Use a bank ATM.

[lambs2]

Ok folks. :o I have to EAT CROW for some of my words from previous posts. Obviously the young man I talked to a week ago from Bank of America did not know what he was talking about!!!! I got on the phone today and got the absolute TRUTH concerning BOA's ATM charges and fees. They DO charge a $5. per transaction for ATM's!! PLUS the 1% CONVERSION FEES in Italy because Italy has no associated ATM's with Bank of America! (check BOA site for their associated banks in other Europen countries becuase then there is no $5. fee). The web site I posted below has an excellent chart concerning the fees charged for transactions by US banks. There may be some inaccuracies as it says it was compiled from user posts, but I am sure it is close:

 

http://flyerguide.com/wiki/index.php...reign_Exchange

 

 

Since I have only a week before my trip to Europe the best I will be able to do with the limited time left is to load up my Paypal MC debit card and use that. It only charges $1. per transaction and I can take out $400. per day. Even with the extra fees you will still do much better than exchanging for Euros here in the states or at an exchange desk in Europe, or even at the purser's office on a cruise ship! My plan is to look for bank ATM's (that hopefully have no extra fees as I have read from several posters). I plan to use my Paypal debit card. That, combined with our Capital One credit card and our BOA debit card for emergencies should be sufficient. We will also carry a couple hundred in US currency in case there is an ATM failure or something beyond our control.

[scrapycruiser]

When withdrawing from an ATM, where do you put your money until you get back to the ship or hotel ? Or how do you prevent others from seeing where you put your money ??

[lambs2]

This is how I do it. I put the money down the front of my shirt after I get it out of the machine. Then I find a private place, like a bathroom stall, where I can transfer it to my money belt. DH has a velcro pocket in his front pants pocket that he uses. We are always together and one is keeping an eye out for any suspicious looking characters. it really hasn't been a problem for us anywhere so far. If we don't feel comfortable at any ATM's we don't use them and look for safer-feeling ones. We always split our cash up between us

[scrapycruiser]

THANKS...that helps ! ;)

[bbuchanan]

Foreign currency Travelers' Checks may be purchased in the US prior to travel.

[lambs2]

Foreign currency Travelers' Checks may be purchased in the US prior to travel.

 

But be prepared that MANY hotels and merchants will not accept Traveler's checks because of the costs they are charged for cashing them. For instance, the Vatican will not accept traveler's checks at all.

[pcur]

I think we're making a fruit salad here, as in mixing apples and oranges.

 

I just got back from 3 weeks: London, 12-night cruise, 5 days in England after.

 

Capital One is for PURCHASES not ATM withdrawals. It is one of the few Visa cards that does not charge the 3% fee for INTERNATIONAL PURCHASES. We used ours all over, and not a single additional fee; just the conversion rate from GBP or Euros to US dollars. I didn't check yet to see what their conversion rate was, but the amounts looked like what I would have expected, doing a mental conversion.

 

Now, ATMs: we have a Bank of America account, and they partner with Barclays. We saw Barclays ALL OVER Europe. It was almost a private joke that no matter where we were, there was a Barclay's ATM. If you use a partner bank's ATM (Barclays with a BofA ATM card, for instance), then you again pay no extra fees for the ATM. You are using what is considered an "in-system ATM", so you don't get dinged for the extra fee for using another bank's ATM. Our withdrawals showed up in my online banking as just another ATM withdrawal, although with funny amounts because of the conversion to US dollars.

 

We also use the ship's currency exchange desk as a back-up, and they charge about 3% extra as a fee.

[Jade13]

Ok folks. :o I have to EAT CROW for some of my words from previous posts. Obviously the young man I talked to a week ago from Bank of America did not know what he was talking about!!!! I got on the phone today and got the absolute TRUTH concerning BOA's ATM charges and fees. They DO charge a $5. per transaction for ATM's!! PLUS the 1% CONVERSION FEES in Italy because Italy has no associated ATM's with Bank of America! (check BOA site for their associated banks in other Europen countries becuase then there is no $5. fee). The web site I posted below has an excellent chart concerning the fees charged for transactions by US banks. There may be some inaccuracies as it says it was compiled from user posts, but I am sure it is close:

 

http://flyerguide.com/wiki/index.php...reign_Exchange

 

 

Since I have only a week before my trip to Europe the best I will be able to do with the limited time left is to load up my Paypal MC debit card and use that. It only charges $1. per transaction and I can take out $400. per day. Even with the extra fees you will still do much better than exchanging for Euros here in the states or at an exchange desk in Europe, or even at the purser's office on a cruise ship! My plan is to look for bank ATM's (that hopefully have no extra fees as I have read from several posters). I plan to use my Paypal debit card. That, combined with our Capital One credit card and our BOA debit card for emergencies should be sufficient. We will also carry a couple hundred in US currency in case there is an ATM failure or something beyond our control.

 

If you are going on a 7-12 day cruise, I think it is so much easier to bring cash and a credit card (for emergency or large purchase). Once you are on the ship you have a safe. It is just easy to get robbed at the ATM or loose your card as any cash....It just seems it would take too much of your valuable time stopping at ATMs especially if on a tour with others. Just my 2 cents. Yes, I think bringing a credit card and ATM is always a good idea, but not taking out money on a daily basis.

[bbuchanan]

But be prepared that MANY hotels and merchants will not accept Traveler's checks because of the costs they are charged for cashing them. For instance, the Vatican will not accept traveler's checks at all.

 

Just mention it as an option that had not been brought up. Just returned from 9 days in France and had no problem with them being accepted.