Europe travel: best card for ATM cash
Europe travel: best card for ATM cash
We leave for Italy in a few weeks (yeah us!)
I have a new chip card from AmEx, the other banks insisted I would be fine with my current credit cards, and that seems the case from another recent post here.
Now, which cards are best for ATM fees/ease of use? (I don't carry a debit card with access to our bank accounts.)
In case you need to know:
Capital One Visa (quicksilver)
Chase Visa (freedom)
Chase Visa (business Ink)
American Express (business)
Thanks!
I have a new chip card from AmEx, the other banks insisted I would be fine with my current credit cards, and that seems the case from another recent post here.
Now, which cards are best for ATM fees/ease of use? (I don't carry a debit card with access to our bank accounts.)
In case you need to know:
Capital One Visa (quicksilver)
Chase Visa (freedom)
Chase Visa (business Ink)
American Express (business)
Thanks!
The mightiest Oak is just a nut who stayed the course.
- curiouskitty
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Re: Europe travel: best card for ATM cash
Chase Ink and Capital One Quicksilver have no foreign transaction fees so either of those will be fine as a credit card. Are you actually planning on using a credit card at an ATM? That will be a cash advance and will be charged interest immediately at a high rate. It'd be better to bring some cash to convert at a bank in that case and then use credit cards whenever you can to reduce the amount of cash you need to convert/carry.
- jeffyscott
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Re: Europe travel: best card for ATM cash
Why not get one, so that you are not paying credit card interest on cash advances?LeeMKE wrote:(I don't carry a debit card with access to our bank accounts.)
You may still have ATM fees, though, depending on your bank and the ATM.
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Re: Europe travel: best card for ATM cash
I always used a debit card from my credit union.
All my CCs charge a 2 or 3% cash advance fee + no grace period
Assuming you pay of your CCs each month, If you plan to use a CC, I would use one for
withdrawing cash, and a different one for charging hotel etc. You might as well
keep the grace period for the hotel/airfare, even if you don't have one for the cash advance.
If you're really worried about the debit card, open a new a different account just
for this purpose, and just transfer in the amount of money you need,
All my CCs charge a 2 or 3% cash advance fee + no grace period
Assuming you pay of your CCs each month, If you plan to use a CC, I would use one for
withdrawing cash, and a different one for charging hotel etc. You might as well
keep the grace period for the hotel/airfare, even if you don't have one for the cash advance.
If you're really worried about the debit card, open a new a different account just
for this purpose, and just transfer in the amount of money you need,
Re: Europe travel: best card for ATM cash
Hi,
Why would you use a credit card??? Not even here in the US. You don't want to pay any fee. We travel to Spain a couple of times a year, and to some other countries sporadically. I recently opened a Schwab account and I use its debit card without any fees in any ATM all around the world.
Why would you use a credit card??? Not even here in the US. You don't want to pay any fee. We travel to Spain a couple of times a year, and to some other countries sporadically. I recently opened a Schwab account and I use its debit card without any fees in any ATM all around the world.
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Re: Europe travel: best card for ATM cash
ATM card from a US bank using a 4-digit numeric code works well in Europe. If it has a VISA logo, just go to the Visa website and look up all of the ATMs to use in the European cities you will visit. Never had any problems getting euros by using this methodology.
Re: Europe travel: best card for ATM cash
I usually use my TD debit card to withdraw cash at the airport on arrival. Worked well in Europe and Asia. I usually email my bank and let them know that I will be travelling before I leave. There is some bank charges but not outrageous. I usually withdraw fairly large amount to minimize ATM charges.
If you use your visa for cash advances, I would think the fees will be higher.
If you use your visa for cash advances, I would think the fees will be higher.
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Re: Europe travel: best card for ATM cash
Another +1 to getting a real debit/ATM card and using it while in Italy at ATMs to withdraw directly. Otherwise, the cash advanced fees on a CC are going to get bad, fast.
Re: Europe travel: best card for ATM cash
You need a debit card or ATM card ASAP. You will get hosed on cash advance fees and interest if you withdraw cash at an ATM.
Re: Europe travel: best card for ATM cash
Agree here also. If you don't mind opening up a new account, I recommend getting a checking account with Charles Schwab. They reimburse all ATM fees and have no foreign transaction fees. This is my wife's primary checking account for these reasons.killjoy2012 wrote:Another +1 to getting a real debit/ATM card and using it while in Italy at ATMs to withdraw directly. Otherwise, the cash advanced fees on a CC are going to get bad, fast.
- Steelersfan
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Re: Europe travel: best card for ATM cash
Does anyone know what kind of exchange rate you get in a large retail bank in Germany, changing dollars to Euros?
I normally just use my debit card at an ATM, but my bank has a 3% foreign exchange fee. I know that's better than what you get at exchange shops in airports but a retail bank branch might do better.
Any experience?
I normally just use my debit card at an ATM, but my bank has a 3% foreign exchange fee. I know that's better than what you get at exchange shops in airports but a retail bank branch might do better.
Any experience?
Re: Europe travel: best card for ATM cash
As mentioned, the best card for ATM cash is the one used for your checking account with a 4-digit PIN. To my knowledge, using a credit card for cash at an ATM will count as a cash advance.
My checking account is the WellsFargo PMA package. I get a great exchange rate on my ATM card and no fees. Here is a quote from the WF web site:
My checking account is the WellsFargo PMA package. I get a great exchange rate on my ATM card and no fees. Here is a quote from the WF web site:
I try to never use cash and only go to the ATM as a last resort. The last time I was in Europe, I did not need any cash --- my credit cards worked everywhere. Capital One had best exchange rates and no foreign transaction fees. And I never exchange paper dollars for foreign currency, so no need to ever go into a bank.Additional benefits available on the PMA Premier Checking account for PMA customers with $250,000 or more in qualifying PMA relationship balances:
ATM benefits
Waived Wells Fargo ATM access fee — unlimited (U.S. and International)
Reimbursement of surcharges imposed by third parties if you use a non-Wells Fargo ATM (U.S. only)
Reimbursement of up to five surcharges per statement cycle imposed by third parties if you use a non-Wells Fargo ATM (International only)
Re: Europe travel: best card for ATM cash
Steelersfan wrote:Does anyone know what kind of exchange rate you get in a large retail bank in Germany, changing dollars to Euros?
I normally just use my debit card at an ATM, but my bank has a 3% foreign exchange fee. I know that's better than what you get at exchange shops in airports but a retail bank branch might do better.
Any experience?
A commercial bank in Lindau Germany had the exchange rates posted for their ATM and that is when I quit using cash except when mandated. They were charging 1.44 USD to buy a Euro when the open market cost was $1.34. Fortunately, that was our last day in Germany which had a heavily cash based tourism economy for our circumstances (camping with a rented RV). The three weeks we were in France I put 95% of our purchases on a foreign transaction free Chase Saphire Chip and Signature card (which worked in the automated toll booths as well, once I figured the correct orientation to insert the card.)
- DonCamillo
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Re: Europe travel: best card for ATM cash
I use an ATM card from my credit union. Had a problem once when a replacement card was issued that was only usable in the U.S. Had to use a credit card then. You need to check with your bank before you go. That also helps with fraud prevention.
I also found a way around cash advance interest rates. It occurred by accident. I bid for tickets to Wagner's Ring Cycle at the Metropolitan Opera. They charge your credit card immediately for the highest price tickets you order. But the tickets are limited, and I did not get tickets. The Met refunded my card just before I left for Europe, leaving me with a large credit balance. I withdrew cash in Europe with my credit card. When I got home, I found that I had neither a cash withdrawal charge nor interest charged. I suspect that you can achieve this by overpaying your credit card before you go.
I also found a way around cash advance interest rates. It occurred by accident. I bid for tickets to Wagner's Ring Cycle at the Metropolitan Opera. They charge your credit card immediately for the highest price tickets you order. But the tickets are limited, and I did not get tickets. The Met refunded my card just before I left for Europe, leaving me with a large credit balance. I withdrew cash in Europe with my credit card. When I got home, I found that I had neither a cash withdrawal charge nor interest charged. I suspect that you can achieve this by overpaying your credit card before you go.
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Re: Europe travel: best card for ATM cash
Don't do it - you will get hosed. I was told 7% was the spread, you get 93 cents on the dollar. So I stuck to the ATM and paid 3% instead.Steelersfan wrote:Does anyone know what kind of exchange rate you get in a large retail bank in Germany, changing dollars to Euros?
I normally just use my debit card at an ATM, but my bank has a 3% foreign exchange fee. I know that's better than what you get at exchange shops in airports but a retail bank branch might do better.
Any experience?
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
Re: Europe travel: best card for ATM cash
Some PenFed credit cards have no foreign transaction fee and no cash advance fee.
https://www.penfed.org/credit-card-overview/
I use one for cash advances from an ATM there when I travel and it works just fine. Interest is charged from the time you make the withdrawal but I pay it off as soon as I return so it is only a couple of weeks interest on a couple of thousand dollars so, as I recall, it was only about fifteen dollars for my last trip.
https://www.penfed.org/credit-card-overview/
I use one for cash advances from an ATM there when I travel and it works just fine. Interest is charged from the time you make the withdrawal but I pay it off as soon as I return so it is only a couple of weeks interest on a couple of thousand dollars so, as I recall, it was only about fifteen dollars for my last trip.
Re: Europe travel: best card for ATM cash
What about traveler's checks?
On the advice of another traveller, I bought some for a trip to India a few years ago, and the bank had to dust off the box, they sell so few nowadays. And they were a pain to convert to cash, more expensive than a cash advance. Credit cards were fine for hotels and restaurants, but there were lots of folks needing cash payment.
Normally, I'm traveling in large cities, and just use my credit card. But this trip is in the countryside of Tuscany. When I hear that we might not have internet connectivity, I feel like we are going to be seriously in the boonies (like the dogsledding trip in the Canadian breakwaters where we had nothing: cell, email, text for 4 days) and might need cash.
On the advice of another traveller, I bought some for a trip to India a few years ago, and the bank had to dust off the box, they sell so few nowadays. And they were a pain to convert to cash, more expensive than a cash advance. Credit cards were fine for hotels and restaurants, but there were lots of folks needing cash payment.
Normally, I'm traveling in large cities, and just use my credit card. But this trip is in the countryside of Tuscany. When I hear that we might not have internet connectivity, I feel like we are going to be seriously in the boonies (like the dogsledding trip in the Canadian breakwaters where we had nothing: cell, email, text for 4 days) and might need cash.
The mightiest Oak is just a nut who stayed the course.
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Re: Europe travel: best card for ATM cash
Debit cards all the way. I have used my Fidelity Visa debit card 100's of times in at least a dozen countries. NO fees at all and excellent exchange rates. Sometimes one has to be aware of the local rules (e.g. low limits on cash withdrawals in South Africa, no foreign cards in most ATMs in Okinawa), but cash advances on credit cards or exchanging cash rarely make sense.
Re: Europe travel: best card for ATM cash
Nobody uses travelers checks, or exchanges significant cash at a foreign bank. That is passé.
Lived 6 years in Europe and elsewhere and never had a problem using an ATM debit card and a no international transaction fee MasterCard or Visa.
USAA debit card - all foreign and domestic ATM fees rebated.
Schwab debit card - same
Just isolate these cards from your main accounts, keeping only what you need for cash there.
Chase Sapphire preferred - no foreign transaction fees
Citibank Advantage - same
Make sure at least one of your cards is a true chip&pin if you will be in Europe.
Lived 6 years in Europe and elsewhere and never had a problem using an ATM debit card and a no international transaction fee MasterCard or Visa.
USAA debit card - all foreign and domestic ATM fees rebated.
Schwab debit card - same
Just isolate these cards from your main accounts, keeping only what you need for cash there.
Chase Sapphire preferred - no foreign transaction fees
Citibank Advantage - same
Make sure at least one of your cards is a true chip&pin if you will be in Europe.
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Re: Europe travel: best card for ATM cash
I remember seeing traveler's checks - 20 years ago. I don't think you'll get very far with those in Tuscany. On the other hand, all bigger or touristy towns (basically everything except for the smallest hamlets) will have ATMs where US debit cards work without problem. Somewhat upscale restaurants will take credit cards, as will most stores. I still carry cash when in Tuscany, for automated gas stations, small/local restaurants and groceries. I think it's hard to get more than 30min driving time away from some decent sized town, so it's not really going to be that much "in the boonies".LeeMKE wrote:What about traveler's checks?
....
Normally, I'm traveling in large cities, and just use my credit card. But this trip is in the countryside of Tuscany. When I hear that we might not have internet connectivity, I feel like we are going to be seriously in the boonies (like the dogsledding trip in the Canadian breakwaters where we had nothing: cell, email, text for 4 days) and might need cash.
Re: Europe travel: best card for ATM cash
I live in Italy for the Navy so I kind of know this stuff...I have yet to see an ATM in Italy that charges like the USA like a BofA machine does of $3 for a non customer...they are all free to use as far as I have seen as long as it is like Bank of Rome or Bank of Napoli or Postal Italy (the 3 big ones).
I have never seen chip and pin only chip and signature for EMV here in Italy....France is a different story..
Big picture is this, $27 US is 20 EURO...rate changes and has been falling of late, but that's big picture..get a Schwab or Capital One 360 ATM card and you will be fine, you don't need an EMV ATM card here.
I have never seen chip and pin only chip and signature for EMV here in Italy....France is a different story..
Big picture is this, $27 US is 20 EURO...rate changes and has been falling of late, but that's big picture..get a Schwab or Capital One 360 ATM card and you will be fine, you don't need an EMV ATM card here.
Re: Europe travel: best card for ATM cash
O.K.
I applied for a Fidelity Cash Management account, and have a debit card on the way.
Thanks everyone!
I applied for a Fidelity Cash Management account, and have a debit card on the way.
Thanks everyone!
The mightiest Oak is just a nut who stayed the course.
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Re: Europe travel: best card for ATM cash
Check the specifics of that account to ensure that there are no ATM fees, even for foreign ATMs, and that there is no foreign transaction fee on ATM withdrawals. If the account has either of those, you can do better.
I have a checking account with a local bank (non-credit union) that charges no ATM fees anywhere in the world. When in Italy, I made sure to use bank-branded ATMs only and I never got charged a fee on either end. Additionally, the exchange rate I received averaged even with the day's best rate (sometimes it was a little more, sometimes a little less than what I could find - never figured that one out.)
I have a checking account with a local bank (non-credit union) that charges no ATM fees anywhere in the world. When in Italy, I made sure to use bank-branded ATMs only and I never got charged a fee on either end. Additionally, the exchange rate I received averaged even with the day's best rate (sometimes it was a little more, sometimes a little less than what I could find - never figured that one out.)
Re: Europe travel: best card for ATM cash
Yup. It covers foreign and domestic ATM fees.
Looks like it has some kind of foreign accident insurance -- terms come with the card in a few days. Mighta' saved a few bucks on the health insurance policy I just bought.
Looks like it has some kind of foreign accident insurance -- terms come with the card in a few days. Mighta' saved a few bucks on the health insurance policy I just bought.
The mightiest Oak is just a nut who stayed the course.
Re: Europe travel: best card for ATM cash
Schwab is the only debit card I'm aware of that reimburses fees internationally. I use them every time I travel outside the U.S. and it works beautifully. Just make sure you let them know when/where you'll be traveling so they do not lock out your card. You use the card the same way you do at home -- insert, enter pin, withdrawal cash. The exchange rates they give are very good and they reimburse every single penny. I've used them internationally extensively and have never had an issue.
Re: Europe travel: best card for ATM cash
Earlier in this discussion I made folks aware of the WellsFargo debit card that also reimburses fees internationally with an excellent exchange rate.wassabi wrote:Schwab is the only debit card I'm aware of that reimburses fees internationally.
Re: Europe travel: best card for ATM cash
Agreed. The Schwab card is beautiful.wassabi wrote:Schwab is the only debit card I'm aware of that reimburses fees internationally. I use them every time I travel outside the U.S. and it works beautifully. Just make sure you let them know when/where you'll be traveling so they do not lock out your card. You use the card the same way you do at home -- insert, enter pin, withdrawal cash. The exchange rates they give are very good and they reimburse every single penny. I've used them internationally extensively and have never had an issue.
Re: Europe travel: best card for ATM cash
My Ally ATM card does the same -- at least it did last time I was in France.livesoft wrote:Earlier in this discussion I made folks aware of the WellsFargo debit card that also reimburses fees internationally with an excellent exchange rate.wassabi wrote:Schwab is the only debit card I'm aware of that reimburses fees internationally.
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Re: Europe travel: best card for ATM cash
My Wescom (California) credit union is fee-free overseas. Used to use my BofA card in select countries through their Global ATM Alliance with various banks (Scotia, Westpac, Barclay), but BofA quietly introduced a fee last November, killing the whole point of the alliance.livesoft wrote:Earlier in this discussion I made folks aware of the WellsFargo debit card that also reimburses fees internationally with an excellent exchange rate.wassabi wrote:Schwab is the only debit card I'm aware of that reimburses fees internationally.
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Re: Europe travel: best card for ATM cash
I just use a plain old credit union ATM card and I've never been charged anything other than the bank exchange rate of the day. Obviously, try to only use major bank ATM machines while traveling. I've never experienced a bank fee at the point of withdraw (like you often see in the USA for non-members). This is across visiting 10+ countries over the past decade.
The one thing you need to be mindful of when using an ATM card in Europe is that more often than not, there is no option to withdraw from Savings vs. Checking. It's basically Withdraw --> How Much? --> Cash Out --> Thank You. In my experience, it always comes out of Checking. And if you're like me, where you keep your cash in Checking to near $0 (just enough to cover outstanding checks), that means you need to TX a few $k over to Checking before leaving the country (or do it online once you're over there, but it's a lot easier/reassuring to do it before you leave!).
The one thing you need to be mindful of when using an ATM card in Europe is that more often than not, there is no option to withdraw from Savings vs. Checking. It's basically Withdraw --> How Much? --> Cash Out --> Thank You. In my experience, it always comes out of Checking. And if you're like me, where you keep your cash in Checking to near $0 (just enough to cover outstanding checks), that means you need to TX a few $k over to Checking before leaving the country (or do it online once you're over there, but it's a lot easier/reassuring to do it before you leave!).
Re: Europe travel: best card for ATM cash
Very good point. Raiffeisen ATMs (ubiquitous across central Europe) default to checking - and I didn't have checking at the time.killjoy2012 wrote:The one thing you need to be mindful of when using an ATM card in Europe is that more often than not, there is no option to withdraw from Savings vs. Checking. It's basically Withdraw --> How Much? --> Cash Out --> Thank You. In my experience, it always comes out of Checking.
Re: Europe travel: best card for ATM cash
Stonebr wrote:My Ally ATM card does the same -- at least it did last time I was in France.livesoft wrote:Earlier in this discussion I made folks aware of the WellsFargo debit card that also reimburses fees internationally with an excellent exchange rate.wassabi wrote:Schwab is the only debit card I'm aware of that reimburses fees internationally.
Ally no longer reimburses international atm fees. I use them domestic and really do love them...but not internationally.
Re: Europe travel: best card for ATM cash
livesoft wrote:Earlier in this discussion I made folks aware of the WellsFargo debit card that also reimburses fees internationally with an excellent exchange rate.wassabi wrote:Schwab is the only debit card I'm aware of that reimburses fees internationally.
Excellent that Wells offers one too. The one advantage Schwab has is that they have do not have a minimum balance requirement for their checking, whereas wells fargo requires the PMA package (and high balances, or a high monthly fee) in order to receive free international ATM.
I use Ally and a credit union when I'm home in the states and then just transfer money to schwab a week before I leave. When I return to the states, I leave a few bucks in schwab so they don't close the account (they close it after six months of zero balance), and transfer the rest back to my primary accounts. It works very well.
Re: Europe travel: best card for ATM cash
I was listening to clark howard today and he recommened bluebird for this.
https://www.bluebird.com/
Mike
https://www.bluebird.com/
Mike