Here are some
useful Money-related web sites.
Each has an ATM locator
database which you can search for address of ATMs at your travel
destination. Visa lists all Visa and PLUS locations, while MasterCard
lists all C/C and CIRRUS ATM locations.
PLUS system
Visa ATM Locator
and
CIRRUS system MasterCard
Locator
Jim
Swensen
I'm planning for a trip to France and have been searching the net
for advice on money exchanges. I believe the least expensive way
to transfer money is using a debit card rather than a credit card for cash
transactions.
The cost, I believe, for using A visa credit card for a cash advance is currently
about 19% APR. In the past, I was advised by friends that one could avoid
the interest for cash advances by prepaying the VISA account. However on
our last trip to Mexico, I was surprised to see $5/pop fee which makes small
cash advances inefficient. And, in looking at the fine print on my VISA
statement, it appears that one can no longer avoid a fee of up to 4% of the
money advanced (in addition to the 19% APR)
I have read that Mastercard/Cirrus ATM's are preferred as there is no interest
penalty. In addition, I've read that they are more widely available in Europe.
Not many banking institutions (in the US) are currently promoting Mastercard
(only 8 in California); they all seem to be moving to VISA. So, I was happy
to note the comment by Gwyn and Wayne that there are
more Visa/Plus ATM's on the European scene. And, following through with the
VISA locator, there do appear to be many ATM/PLUS locations now (in France).
A question I have regarding the 50 cent charge is: Was this for a debit or
credit card? Was this for Mastercard or VISA. And, what banking institution
do you use.
I would also like to share a source related to the above:
www.twenj.com/monyand.htm
Ca. Reader, 24 April 2001
PLUS
as well as CIRRUS systems worked in Italy, Switzerland, and France
ATMs for Gwyn and Wayne Hirasa who just returned from Europe
mid April. (This is a major change from a year ago. see
below) Gwyn said the service charge for each ATM
transaction was 50 cents. And of course they got the best possible
exchange rate using the ATM vs. Travelers Checques. Wayne added that
the ATMs made it convenient to get money after hours for their next
day sight seeing , thus saving valuable day-time sight seeing time and avoided
standing in bank or exchange service lines.
Gwyn & Wayne
Hirasa 29 April 2000
........By the way Mele, I was reminded how very glad I was that you encouraged
me to get an ATM card before we left. Great way to get money.
It deals so efficiently with security/theft issues, money changing hassles
and unexpected shortfalls of cash and is soooo convenient to boot. Really,
I think, the only way to go. Marlee 27 June 99
Marlee and everyone else, Generally the PLUS system
works in UK and CIRRUS system on the continent. The PLUS system--most
common for Hawaii banks--won't work most places on the continent. One
TERC reader reported her PLUS card was "eaten" by a Paris ATM machine
April 99. I expect this to changes as the Euro$ becomes the standard
for many countries by year 2002.
I love packing light with my money and take two ATM cards for my two checking
accounts here in Hawaii. One is PLUS and the other is CIRRUS. I can
easily get cash when I need it at 10 PM in the Cinque Terre or Sunday AM
in Bath--which use different systems. Besides keeping my money belt
thin--no traveler's checks-- I avoid lousy exchange rates with fees at exchange
bureaus. I also carry several American $20 and $10 bills for
those times I get stuck at a train station with "just an exchange bureau
available" and only need a little extra local currency before I leave
a country.
PLUS is the system used by most Hawaii Banks. Territorial and First
Hawaiian are the only two Hawaii Banks that use the CIRRUS system needed
most places on the Continent.
We found Debit Cards used as Credit Cards and our regular
Credit Cards of either system worked fine both on the Continent and the UK
for purchases. Mele 27
June 99
Mele there is something
sinister about Visa - it can't find a single ATM in Copenhagen, even
though all other Danish cities have them. MasterCard has scads of locations
in Copenhagen. Hard to believe Copenhagen dosen't take Visa......Jim
Swensen 23 Mar . 99.
Jim, I'm not surprised
about your NOT FINDING a Plus system ATM in Copenhagen. (You probably can
use Visa CC for purchases.) My experience has been that PLUS system
works PRIMARILY in the UK and CIRRUS works PRIMARILY on the Continent for
ATM withdrawals of your own money sitting in your home bank account. (
hopefully this will change with the arrival of the EURO CURRENCY). Credit
Cards of both types work for purchases almost EVERYWHERE.
Mele Fujiwara
Cash Tips for Traveler
-
Obtain $50 to $100 per person worth of foreign currency for each country
you will be visiting before you leave the USA.
-
Withdraws can easily be made from your personal checking account using
the Cirrus or Plus network ATMS. The Cirrus network is most widely accepted.
We found Plus in only a few places. Our bank charged us only $1.00 for withdraws
and had a good exchange rate.
-
Prepay your Visa card at regular intervals and make cash advances.
TREAT IT LIKE A BANK ATM CARD!. The credit balance on your account will make
the advance interest free but you will still incur the 2.5% transaction fee.
We used Citibank Visa and found the exchange rates to be very good. Remember
that the charges you make will also be used against your credit balance so
to avoid the interest, make payments at regular intervals. We found Visa
not widely accepted in Holland. We relied heavily
on our prepaid Visa and Traveler's checks to get us through Europe. We
had a Plus card and wished we had a Cirrus card. We liked the idea of
the ATM with their 24 hour access to cash, but found sometimes if the satellite
was down, it was good we had traveler's checks for back up.
-
Withdraw money or cash traveler's checks in the country of the currency
you need because cashing travelers checks before you arrive in that country
will create expensive double exchange rates.
-
Take traveler's checks for emergencies. Traveler's checks can be obtained
free for AAA members, along with great maps too. Traveler's checks are not
treated as cash as they are in the US. There are charges to purchase and
cash traveler's checks through out Europe.
-
Spend all of your coins inside the country you got them in, as they
are worthless outside that country. Coins are neat, but very heavy souvenirs.
From Budget Article by
Reader, Michele Crye
I would like to add my
comments!
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