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Atm Machines
Atm machines
Posted 25 August 2005
I've been reading the posts about just using the atm's. Whenever I have traveled in the past I have brought cash and exchanged at a bank or whatever. This I am sure is a very stupid question, but are you guys saying that I could bring my debit card, withdraw money from an atm and receive euro's. Are the atm machines in english as well as french? I would guess its a good idea to bring some money to exchange once there and the rest at an atm or should I just look to get all my euros from atms and have my first transaction be at the airport when I arrive ?
- Tomcik
Posted 25 August 2005
These days, ATM, ATM/Debit and major credit cards are the BEST way to get foreign currency and get the best, 'interbank' exchange rates for the purchase of goods or services. Machines are as easily located in Paris as they are in the US and offer multi-language options.
But there is a caveat to the use of these electronic mediums. You NEED to know what the specific charges and fess imposed by your local bank or credit card issuer. For ATM use, there are NO transaction fees or charges imposed by the foreign bank. But, there will quite probably be a transaction fee imposed by your own local bank. This fee may run anywhere from $1 to $5 per foreign currency transaction. ALL major credit card companies (VISA, M/C, AMEX) charge AT LEAST a 1% foreign currency transaction fee. MOST individual card issuers then add on anywhere from another 1% to 6% on top of this. These transaction fees are usually NOT detailed on your statement--but rather are 'buried' within the exchange rate applied. SO...it PAYS to check with your local bank on their ATM fees (if your local bank tries to tell you that it's the foreign bank charging the fee, they're WRONG) to find out what their per transaction charges/fees are and also to check with your credit card issuers to find out what their foreign curency fees. If you carry more than one credit card, it may well PAY to use the one with the lowest fees/charges as your 'primary' card and another as a 'secondary/back-up' (allowing for any special FF miles, bonus poits, etc programs that apply). Though problems with these electronic systems seldom occcur, it's also a good idea to bring along some US dollar denomination Traveler's Checks (free to AAA members and often at many banks---the equivalent of one day's hotel & estimated daily expeses is usually sufficient) as emergency back-up funds. When you don't need 'em, you simply re-deposit them in your account when you return home--without any foreign currency exchange-rate 'hits'.
Two other small---but important points about electronic cash. You should notify your credit card issuers that you will be traveling abroad and using your cards there so that they don't misinterpret this unusual pattern of useage, so internal security protocols don't kick-in and freeze your account. The second is that most electronic funds systems shut down for an hour or so between 2 and 4 AM EST for routine daily maintenance and up-dates. with a six(6) hour time difference , this will be between 8 and 10 AM. During this period, your card may be refused for no stated reason. Don't panic. Simply wait an hour and try it again, when the US computer systems are back up and running normally.
But there is a caveat to the use of these electronic mediums. You NEED to know what the specific charges and fess imposed by your local bank or credit card issuer. For ATM use, there are NO transaction fees or charges imposed by the foreign bank. But, there will quite probably be a transaction fee imposed by your own local bank. This fee may run anywhere from $1 to $5 per foreign currency transaction. ALL major credit card companies (VISA, M/C, AMEX) charge AT LEAST a 1% foreign currency transaction fee. MOST individual card issuers then add on anywhere from another 1% to 6% on top of this. These transaction fees are usually NOT detailed on your statement--but rather are 'buried' within the exchange rate applied. SO...it PAYS to check with your local bank on their ATM fees (if your local bank tries to tell you that it's the foreign bank charging the fee, they're WRONG) to find out what their per transaction charges/fees are and also to check with your credit card issuers to find out what their foreign curency fees. If you carry more than one credit card, it may well PAY to use the one with the lowest fees/charges as your 'primary' card and another as a 'secondary/back-up' (allowing for any special FF miles, bonus poits, etc programs that apply). Though problems with these electronic systems seldom occcur, it's also a good idea to bring along some US dollar denomination Traveler's Checks (free to AAA members and often at many banks---the equivalent of one day's hotel & estimated daily expeses is usually sufficient) as emergency back-up funds. When you don't need 'em, you simply re-deposit them in your account when you return home--without any foreign currency exchange-rate 'hits'.
Two other small---but important points about electronic cash. You should notify your credit card issuers that you will be traveling abroad and using your cards there so that they don't misinterpret this unusual pattern of useage, so internal security protocols don't kick-in and freeze your account. The second is that most electronic funds systems shut down for an hour or so between 2 and 4 AM EST for routine daily maintenance and up-dates. with a six(6) hour time difference , this will be between 8 and 10 AM. During this period, your card may be refused for no stated reason. Don't panic. Simply wait an hour and try it again, when the US computer systems are back up and running normally.
- Tsara