Exchange, ATMs, Withdrawing Money - TravelPUNK Backpacker College Student Budget Travel Message Boards!

futboller · 03-11-2006, 05:08 PM

Ok, so now that I've got money in an account in the US... How do I get to it in Europe? Are there ATMs or an equivalent, or do I need to go to banks? Is my bank going to charge me additional fees to withdraw in euros or pounds (so far it seems to be fine with processing "credit card" transactions in euros)? I hear exchanging currency at trainstations has a pretty rough rate, but what about just withdrawing euros?

mark-0 · 03-11-2006, 05:59 PM

With my bank I don't recall any mention of fees for withdrawing euros. You should go down to your bank and talk with someone there, but you can use your regular card at some ATMs in Europe. For me (and most N. Americans) the ATM has to have the "Plus" logo. Not all ATMs in Europe have this, but they are typically found in or around train stations (where foreign tourists are likely to be coming in). Rates of exchange can be pretty steep if you go to a currency exchange outlet to exchange cash, but I think it's easier and costs less (if anything) to just withdraw on your ATM card. But again, talk directly with someone at an actual branch or office for your bank to make sure.

**ajb3000** · 03-12-2006, 04:51 AM

Make sure you have a VISA debit card and that it uses a 4-digit PIN number, with one of those you shouldn't have any problems in Europe, although double check with your bank in case you need to activate it for use abroad or something. As for transaction fees, my bank in the UK charges £1.50 + 2% everytime I take money out of an ATM abroad. This usually works out about the same as exchange offices as you get a better rate with the bank to begin with.

**worldwidemike** · 03-12-2006, 07:17 AM

You will get charged a fee for each withdrawal, just like if you went to another U.S. state and used a different ATM than your bank's own branch. In addition, some banks are whacking folks with a "currency conversion" fee on purchases and withdrawals in different currency. Nevertheless, it's still your safest and most economical bet for changing money.

Just don't use it like you do back here with $20 worth here, $20 worth there. Get what you think you'll need for a couple weeks, or for that country, if less time.

Oh, and make sure your ATM has either the Cirrus, PLUS or similar "network" it's part of...flip your card over and look at the back, you should see several logos for the networks that your card belongs to.

worldwidemike

futboller · 03-12-2006, 09:16 AM

Thanks guys. It seems easier than I thought it might be!

**beergal** · 03-12-2006, 09:27 AM

yeah although be prepared that if you are paying for your goods in the UK, most outlets and im talking about 95% here make you use your chip and pin to purchase goods, I dont know if this is the same in the rest of Europe

**LostFarmboy** · 03-12-2006, 02:38 PM

Be careful with your international transaction fees. My bank told me i wouldn't get charged anything to withdraw money overseas, but after 4.5 months abroad i came home to a nice $140 bill worth of international transaction fees, plus some more fees for the few times i used my credit card....bloody banks

**tumblezweedz** · 03-13-2006, 05:35 AM

We lived in Lithuania for two years and (due to the prevalence of credit card fraud there) used cash for nearly all purchases. We'd just go down to an ATM and withdraw funds straight out of our US account. Same in all the places we visited during that time, and same here in Germany. In non-Euro using countries, it's a lot easier to get local currency and you won't get stuck with tons at the border, if you only take out what you reckon you'll need. As long as you have the Plus/Cirrus system, you should be fine. Not all ATMs here have them, but you should be able to find one in any town of any size. By the by, we've also been caught out at stores (in Germany) that don't accept MasterCard or Visa - they only accept EuroCard, so be sure to check the signs on the door or ask at the cashier before you make your purchase! Also, I'd definitely make sure to have BOTH a Visa and MasterCard, in case you hit one of the places that only takes one.

futboller · 03-13-2006, 06:15 AM

It sounds like if I use ATMs and cash for the most part I should be ok? Do hostels usually take Visa/Mastercard?

**omisan** · 03-13-2006, 10:41 AM

In addition to all the great info posted, here's an old thread I'd started on the topic... Credit/Debit card advice.

You'll be just fine using ATMs/cash, and most hostels in western Europe are more than happy to take credit cards. Some will even charge you in your local currency so you don't get dinged by your credit card company for an international charge! And if they don't take plastic, there will surely be an ATM nearby where you can run and get your desker some cash.

futboller · 03-13-2006, 03:22 PM

Thanks Omi. I'm reading the old thread now.

**Sabrosa** · 12-30-2006, 04:11 PM

Okay guys...I´m in Buenos Aires right now. Plan to stick around here for a few months. Yay! Florencia and I plan to get together soon...photos to come.

Anyway...I´m having major money pains. The ATMs here will only give me 500 pesos at at time (which is exactly $163USD and some change), and every time I take out money, I´m paying roughly $8 USD in service fees. I´m at a loss!! Any advice?!? I´ve contacted my bank, they don´t have any advice for me...and there aren´t any banks here that Bank of America is affiliated with. There are plenty of Citibanks here...which I have thought about opening an account online with them, or something. But then they would have to send me a new ATM card here. Gah..I don´t know what to do.

Thanks in advance.

Sabrosa

**TheJake** · 12-30-2006, 04:35 PM

I was able to get cash out of my bank from home by going inside a bank and doing it with the teller. Or if you have any checks, write yourself a check.
Also I found HSBC's to have the most fair AMT fee's. Of course all this was two years ago!

**Sabrosa** · 12-30-2006, 08:22 PM

Quote:

Originally Posted by TheJake

I was able to get cash out of my bank from home by going inside a bank and doing it with the teller. Or if you have any checks, write yourself a check.
Also I found HSBC's to have the most fair AMT fee's. Of course all this was two years ago!

Are there fees associated with writing myself a check?

**TheJake** · 12-31-2006, 04:59 AM

there shouldn't be. I guess you'll have to ask at a bank. They might not even let you do it since you're overseas.

I still can't believe your paying that much! It should just be 1%. Maybe double check that your bank isn't charging you some kind of security fee or something.

Enjoy buenos aires! I love love love that city.