Hey,

First up, just a quick thank you to everyone in the group who helped
me out with choosing a guide book for my trip to Western Europe this
May-June. The advice was incredibly useful and I've decided upon the
books I want.

I've been trying to figure out whats the best way to carry money for
my trip. I would normally have used Traveler's cheques, but I was
wondering how that would compare with taking a VISA check card along
and drawing money from a European ATM machine. Would the fees be
really high? Are there banks in the US that can issue me a card that
helps minimize such fees? How about the exchange rate spread? I guess
the critical question is whether the fees are significant higher than
travelers cheques and whether ATM's are more/less secure in a
situation where they are stolen.

Thanks!

Shiv

Shiv Chadha <[email protected]> wrote:

[]

This is a frequent subject here- you'll find lots of useful information
in the archives on google.

--
David Horne- www.davidhorne.net
usenet (at) davidhorne (dot) co (dot) uk

Shiv Chadha <[email protected]> writes:

    > Hey,
    >
    > First up, just a quick thank you to everyone in the group who helped
    > me out with choosing a guide book for my trip to Western Europe this
    > May-June. The advice was incredibly useful and I've decided upon the
    > books I want.
    >
    > I've been trying to figure out whats the best way to carry money for
    > my trip. I would normally have used Traveler's cheques, but I was
    > wondering how that would compare with taking a VISA check card along
    > and drawing money from a European ATM machine. Would the fees be
    > really high?

I'm based in England, but I've used Visa exclusively around Europe and
the US without finding fees a problem. Travellers' checks are rapidly
becoming quaint.

    > Are there banks in the US that can issue me a card that
    > helps minimize such fees? How about the exchange rate spread?

I really doubt you'll be worse off in these respects with cards. My
experience has been that the rates are good, and there's a
modest per-transaction fee.

    > I guess the critical question is whether the fees are significant
    > higher than travelers cheques and whether ATM's are more/less secure
    > in a situation where they are stolen.

I've yet to find out, happily.

Des

Basically, I don't bother with traveller's cheques anymore. They are often
difficult to cash and the ATMs are common and convenient. Just make sure
you have a 4-digit PIN number as this seems to be the most universal. There
are fees, but they are generally about the same or less than you pay for the
cheques and you don't have to exchange any money until you actually need it.
If you buy cheques in the currency of the place you're going to, and you
have any left, you will lose a second time if you convert back. And if you
take them in your home currency, you will lose much more in the exchange
when you cash them.

That being said, most of the time you can pay by credit card, which usually
has no fees other than exchange and for which you get the best bank exchange
rate. It's a good idea to inform your credit card company that you are
going before you leave, so that you don't set off any theft alert.

"Shiv Chadha" <[email protected]> wrote in message
news:[email protected]...
    > Hey,
    > First up, just a quick thank you to everyone in the group who helped
    > me out with choosing a guide book for my trip to Western Europe this
    > May-June. The advice was incredibly useful and I've decided upon the
    > books I want.
    > I've been trying to figure out whats the best way to carry money for
    > my trip. I would normally have used Traveler's cheques, but I was
    > wondering how that would compare with taking a VISA check card along
    > and drawing money from a European ATM machine. Would the fees be
    > really high? Are there banks in the US that can issue me a card that
    > helps minimize such fees? How about the exchange rate spread? I guess
    > the critical question is whether the fees are significant higher than
    > travelers cheques and whether ATM's are more/less secure in a
    > situation where they are stolen.
    > Thanks!
    > Shiv
    >

"Shiv Chadha" <[email protected]> wrote in message
news:[email protected]...
    > Hey,
    > First up, just a quick thank you to everyone in the group who helped
    > me out with choosing a guide book for my trip to Western Europe this
    > May-June. The advice was incredibly useful and I've decided upon the
    > books I want.
    > I've been trying to figure out whats the best way to carry money for
    > my trip. I would normally have used Traveler's cheques, but I was
    > wondering how that would compare with taking a VISA check card along
    > and drawing money from a European ATM machine. Would the fees be
    > really high?


No, many European ATM's (most in the UK) charge no fees.


    > Are there banks in the US that can issue me a card that
    > helps minimize such fees? How about the exchange rate spread?

Talk to your bank, this varies a lot and you need to choose
your account accordingly but by and large you should pay no
more than in the US and there's no commission charge


    > I guess
    > the critical question is whether the fees are significant higher than
    > travelers cheques and whether ATM's are more/less secure in a
    > situation where they are stolen.

They arent less secure BUT they may be harder to get replaced
quickly if they are lost/stolen/swallowed by the ATM machine so
you should take some funds in another form or more than
one card.

Keith



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On Mon, 21 Feb 2005, Keith W <[email protected]> wrote:

    >No, many European ATM's (most in the UK) charge no fees.

True, but the Cirrus network charges $3 to process a transaction. So figure
$3 a withdrawal.

Don <donwiss at panix.com>.

What about Visa Travel Money? It's some sort of a prepaid card offered
by the AAA. I'm wondering if it has lower/no fees.

Don Wiss wrote:
    >
    > On Mon, 21 Feb 2005, Keith W [email protected]? wrote:
    >
    > ?No, many European ATM's (most in the UK) charge no fees.
    >
    > True, but the Cirrus network charges $3 to process a transaction. So figure
    > $3 a withdrawal.
    >
I have two US-based ATM cards - one Cirrus, one Plus. I have never been
charged a transaction fee on the Cirrus card. And the exchange rate
appears to be app 1% over the interbank rate.

"S Viemeister" <[email protected]> wrote in message
news:[email protected]...
    > Don Wiss wrote:
    >> On Mon, 21 Feb 2005, Keith W [email protected]? wrote:
    >> ?No, many European ATM's (most in the UK) charge no fees.
    >> True, but the Cirrus network charges $3 to process a transaction. So
    >> figure
    >> $3 a withdrawal.
    > I have two US-based ATM cards - one Cirrus, one Plus. I have never been
    > charged a transaction fee on the Cirrus card. And the exchange rate
    > appears to be app 1% over the interbank rate.

I've never been charged on a Cirrus card either. I think it depends on your
own bank, and their schedule of charges.

--
Trish
Dublin, Ireland

Keith W <[email protected]> wrote:

[]
    > No, many European ATM's (most in the UK) charge no fees.

As of last year, 40% of UK ATM's charged fees, and they are growing very
quickly, compared to the relatively stagnant growth of non-fee ATM's.
That said, it's still _very_ easy to find non-fee ATM's and there are
plenty of them. The ones that charge fees are usually inside convenience
shops, nightclubs, pubs hotels and the like

--
David Horne- www.davidhorne.net
usenet (at) davidhorne (dot) co (dot) uk

"Hatunen" <[email protected]> kirjoitti viestissä
news:[email protected]...
    > On Mon, 21 Feb 2005 12:22:53 -0500, Don Wiss
    > <donwiss@no_spam.com> wrote:
    > >On Mon, 21 Feb 2005, Keith W <[email protected]> wrote:
    > >
    > >>No, many European ATM's (most in the UK) charge no fees.
    > >
    > >True, but the Cirrus network charges $3 to process a transaction. So
figure
    > >$3 a withdrawal.
    > It's not the Cirrus network that charges a $3 fee; it's your card
    > issuing bank. Using my ATM card from my credit union, which does
    > not charge fees for using ATM cards, I have never been charged a
    > fee when using a Europen ATM.
Well, they embed these fees into the "rate" in your case. As far as the
economy of the two media is concerned, the difference is typically marginal.
When everything goes smooth, plastic is a lot more handy than TCs to buy
cash. However, travel funds should have two properties when lost somehow:

1. unauthorized use must be denied (and if this fails the responsibility
should be on other man's shoulders)
2. replacement must take place as soon as possible (in a truly robust system
an emergency budget will be instantly allotted when necessary).

Some *credit cards* I know will do the job. I don't have one though. So,
even today I have stuffed among my valuables a bundle of TCs, especially
when outside Europe.

Shiv Chadha wrote:

    > Hey,
    > First up, just a quick thank you to everyone in the group who helped
    > me out with choosing a guide book for my trip to Western Europe this
    > May-June. The advice was incredibly useful and I've decided upon the
    > books I want.
    > I've been trying to figure out whats the best way to carry money for
    > my trip. I would normally have used Traveler's cheques, but I was
    > wondering how that would compare with taking a VISA check card along
    > and drawing money from a European ATM machine. Would the fees be
    > really high? Are there banks in the US that can issue me a card that
    > helps minimize such fees? How about the exchange rate spread? I guess
    > the critical question is whether the fees are significant higher than
    > travelers cheques and whether ATM's are more/less secure in a
    > situation where they are stolen.

When you use the European bank machines you pay a small access fee each
time you use it and you get a much better exchange rate. You can cut down
on access fees by making a few large withdrawals instead of taking small
amounts more often. Just make sure that your bank's card is compatible and
that they don't have unreasonable limits on transactions.

Hatunen wrote:
    >
    > I have never been charged a fee by a ATM in the UK for using my
    > USA issued card. I have no doubt, though, that if I had a UK
    > card, I might be charged a fee.
    >
I believe what David is referring to is the large and growing number of
non-bank ATMs. Bank ATMs still won't charge US-based cards.

Sheila

On Mon, 21 Feb 2005 12:22:53 -0500, Don Wiss
<donwiss@no_spam.com> wrote:

    >On Mon, 21 Feb 2005, Keith W <[email protected]> wrote:
    >>No, many European ATM's (most in the UK) charge no fees.
    >True, but the Cirrus network charges $3 to process a transaction. So figure
    >$3 a withdrawal.

It's not the Cirrus network that charges a $3 fee; it's your card
issuing bank. Using my ATM card from my credit union, which does
not charge fees for using ATM cards, I have never been charged a
fee when using a Europen ATM.

************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *

On Mon, 21 Feb 2005 18:19:40 +0000,
[email protected] (chancellor of the duchy of
besses o' th' barn) wrote:

    >Keith W <[email protected]> wrote:
    >[]
    >> No, many European ATM's (most in the UK) charge no fees.
    >As of last year, 40% of UK ATM's charged fees, and they are growing very
    >quickly, compared to the relatively stagnant growth of non-fee ATM's.
    >That said, it's still _very_ easy to find non-fee ATM's and there are
    >plenty of them. The ones that charge fees are usually inside convenience
    >shops, nightclubs, pubs hotels and the like

I have never been charged a fee by a ATM in the UK for using my
USA issued card. I have no doubt, though, that if I had a UK
card, I might be charged a fee.

************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *