Question:
>That’s why a FEW traveler’s checks are good insurance! (My >bank provides them without charge to its account holders, >and they’re "good" indefinitely.) If you don’t need them, >you can either save them for your next trip, redeposit them >to your account, or simply use them up, after you get home.
First, traveler’s checks are not absolutely loss proof. The provide some margin of safety, but there are many circumstances under which loss is not covered. Talk to others who have lost TCs or had them stolen and not gotten reimbursement. Second, if you have TCs in your possession after a trip, are not planning another trip in the immediate future, and don’t pay a fee for them, you should use or deposit them immediately. They will not earn interest in your drawer. — <www.worldtable.com> Food/Wine/Travel - new offer for car rental and leasing in Europe posted 21 June 2000
Response:
>>I found some confusion at the ATM machines. I have memorized my >password as a series of letters. Many of the ATM machines only >showed numbers. I couldn’t guess where the numbers and letters >fit together. Try to relearn your password as numbers. >I’ve never seen letters at any French or Spanish ATM.
But were they the *same* letters? Other countries’ keypads have different lettering schemes. — * Daly City California (Tucson AZ as of 20010303) * ******* My typos are intentional copyright traps ******
Response:
>I found some confusion at the ATM machines. I have memorized my password as >a series of >letters. Many of the ATM machines only showed numbers. I couldn’t guess >where the >numbers and letters fit together. Try to relearn your password as numbers.
I’ve never seen letters at any French or Spanish ATM. International travelers need to have a four digit numerical code if they are to access the greatest number of ATMs worldwide. We forget to mention this here at times. — <www.worldtable.com> Food/Wine/Travel - new offer for car rental and leasing in Europe posted 21 June 2000
Response:
I appreciate all the response to my question. I used ATM’s in Britain last year with no problem. Among other things, you don’t have to show your passport as you often do when cashing travellers checks. You also can avoid the stiff fees at the "Bureau De Change" and not be dependent on bank hours (which sometimes are more restricted in Europe than in North America.)_ But I’m haunted by the memory of the guy I met in Rome. He had arrived from New York with very little money on a Saturday at that. He had expected to use his bank card but it would not work in the Italian machines. Then again, maybe he was just trying to put the touch on me. ds
Response:
>> I can’t imagine that US dollars would benefit you in a country outside > the United States. Just bring an ATM card and withdraw local currency > during your trip as you need it, the same as you would do at home. Use > your credit cards for as many purchases as possible. This gives the > most favorable exchange rates and convenience. >This takes me completely by surprise. My God, I’ve been carrying around >wads of cash for years so I could avoid those origination fees of 3-4%. >Are the x rates really that much better when using cards as opposed to >using cash?
Remember this is not always as simple as some of us make it sound. Generally speaking ATMs offer a better exchange rate in comparison to over the counter exchange of bills or traveler’s checks after all the fees and commissions are included. There are hidden fees to watch for in all cases. What do you mean by orgination fees of 3-4%? In the US for instance many banks add a fee to dispense funds. In NYC, the fee applies only to American bank card holders with a card from another bank. I believe that both Visa and MasterCard prohibit affiliated banks from charging a fee for use of an ATM to foreign travelers. Your bank may charge whatever fees it wants when you use it’s card in another bank in the US or abroad. Often the fee is based on the type of account and the size of your balance. Shop around. Note that we are not talking about cash advances on a credit card for which you may pay both an excessive fee and interest from the day of withdrawal and that may also subject your purchases to interest. This sort of ATM use can make over the counter rates look good. However use of your credit card to make purchases and at hotels and restaurants will not have a fee and may be interest free if you pay off the debt each month. It’s worth noting however that some banks are now adding a surcharge of several percentage points to charges in foreign countries. There are very few that have resisted and those are now a much better card to use. Credit Unions are often free of this sort of hidden tax. HSBC seems to be a commercial bank that currently has no plans to add this surcharge to either their credit cards or debit cards. Nevertheless, an added 2% may still make credit card purchases a better deal than exchanging money at a bank or exchange counter. One last thing. All of the banks to which I’ve spoken, say they do not add this surcharge for use of a debit card or for withdrawals from your account on a debit or bank ATM card. However on my last trip, I access an equal amount of French francs from the same ATM using two cards from two banks in direct succession. My Chase statement showed a withdrawal that was 2% greater than my HSBC statement. Chase says it does not add 2% and cannot explain the difference. I doubt that the people to whom I’ve spoken are lying. I assume however, that one hand doesn’t know what the other is doing and that as usual the bank is the last place to go for the real answer. The facts seem to speak for themselves. I hope to be able to give this one more controlled test this year. You will not get the final word from your bank, but you may not get it here either. Things are always changing and it’s hard to stay on top of this. For many, unless you travel frequently and your travel expenses are considerable, this subject will not be worth the time it takes to get to the truth. I’ve thought I’ve had the last word several times, but my experiences seem to indicate some lapse of information. — <www.worldtable.com> Food/Wine/Travel - new offer for car rental and leasing in Europe posted 21 June 2000
Response:
> This takes me completely by surprise. My God, I’ve been carrying around > wads of cash for years so I could avoid those origination fees of 3-4%. > Are the x rates really that much better when using cards as opposed to > using cash?
When you exchange foreign funds at a bank or exchange company, they always sell at a slightly higher rate and buy at a lower rate and make a little profit off you. Some places also also have a transaction fee. While the ATMs charge a small fee (about $2), it’s cheaper than most transaction fees and your account is debited at the current rate of exchange. It is a much better deal than exchanging cash. Bear in mind that the origin of the thread was a Canadian wondering about taking American funds, in which case he would be nailed on the premium exchange rates when buying the American dollars, and then he would be hit with premium exchange rates when trading them for local currency. It’s bad enough that they rake some off the top on the first transaction, but then they get him again on the second one. One thing to consider about taking funds to a number of European countries is that multiple money exchanges can end up costing a substantial amount just in exchange costs.
Response:
> I can’t imagine that US dollars would benefit you in a country outside > the United States. Just bring an ATM card and withdraw local currency > during your trip as you need it, the same as you would do at home. Use > your credit cards for as many purchases as possible. This gives the > most favorable exchange rates and convenience. > This takes me completely by surprise. My God, I’ve been carrying around > wads of cash for years so I could avoid those origination fees of 3-4%. > Are the x rates really that much better when using cards as opposed to > using cash?
Absolutely. Buy purchasing as many goods as service via credit card and using ATMs to get local cash, you get the wholesale interbank exchange rate which is much more favorable. You might have to pay a foreign transaction fee, but that still does not offset the advantage you get in the exchange rate. Some ATM card issuers have a transaction fee, but that can be solved by taking a card out from a bank that does not have that fee.
Response:
That’s why a FEW traveler’s checks are good insurance! (My bank provides them without charge to its account holders, and they’re "good" indefinitely.) If you don’t need them, you can either save them for your next trip, redeposit them to your account, or simply use them up, after you get home. – Hide quoted text — Show quoted text – > But I’m haunted by the memory of the guy I met in Rome. He had arrived from > New York with very little money on a Saturday at that. He had expected to > use his bank card but it would not work in the Italian machines. > Then again, maybe he was just trying to put the touch on me. > ds
Response:
yes, when you change cash it is a retail transaction, when you use a credit card it is at the interbank rate.
– Hide quoted text — Show quoted text -> I can’t imagine that US dollars would benefit you in a country outside > the United States. Just bring an ATM card and withdraw local currency > during your trip as you need it, the same as you would do at home. Use > your credit cards for as many purchases as possible. This gives the > most favorable exchange rates and convenience. > This takes me completely by surprise. My God, I’ve been carrying around > wads of cash for years so I could avoid those origination fees of 3-4%. > Are the x rates really that much better when using cards as opposed to > using cash?
Response:
> I can’t imagine that US dollars would benefit you in a country outside > the United States. Just bring an ATM card and withdraw local currency > during your trip as you need it, the same as you would do at home. Use > your credit cards for as many purchases as possible. This gives the > most favorable exchange rates and convenience.
This takes me completely by surprise. My God, I’ve been carrying around wads of cash for years so I could avoid those origination fees of 3-4%. Are the x rates really that much better when using cards as opposed to using cash?
Response:
– Hide quoted text — Show quoted text -> I’m a Canadian travelling to Germany, the Czech Republic, Hungary and > Austria. > What is the best currency to use and will I find bank machines that will > take my cards. > I don’t want to use US dollars because of the bad exchange rate against > the > C$. Actually the C$ is doing okay against most European currencies. > Thanks > I can’t imagine that US dollars would benefit you in a country outside > the United States. Just bring an ATM card and withdraw local currency > during your trip as you need it, the same as you would do at home. Use > your credit cards for as many purchases as possible. This gives the > most favorable exchange rates and convenience.
Response:
You should find that the Deutsch mark is the currency of choice in Germany and Czech Republic and Hungary while the Austrian Schilling is the currency of choice in Austria. the ATMs will adjust you automatically against the Canadian dollar if that is where your account is. (the CAD and USD are both doing well against the Euro right now )
– Hide quoted text — Show quoted text ->I’m a Canadian travelling to Germany, the Czech Republic, Hungary and >Austria. >What is the best currency to use and will I find bank machines that will >take my cards. >I don’t want to use US dollars because of the bad exchange rate against the >C$. Actually the C$ is doing okay against most European currencies. >Thanks >ds > I suspect that if you study this "bad exchange rate" a bit more > carefully you will find that it is within a mil of being the SAME rate > — if not, you have stumbled on a SURE way to make millions. > ward > "What do you do when your President ignores all the > palpable, relevant facts and wanders in circles?" > –Reagan Budget Director David Stockman
Response:
The machines I used only asked how much you wanted to withdraw, in terms of the local currency – I had a general idea of the rate of exchange, of course, but I didn’t really KNOW how much I’d withdrawn in U.S. currency until I got my bank statement, when I got back home – the "receipt" the machine gave me only showed me the amount in local currency. And only the amount withdrawn, unlike the machines at home, which often show not only the withdrawal but my bank bakance after the transaction. (No, I DON’T particularly like that last feature, but no one asked me!) – Hide quoted text — Show quoted text – > You should find that the Deutsch mark is the currency of choice in Germany > and Czech Republic and Hungary while the Austrian Schilling is the currency > of choice in Austria. the ATMs will adjust you automatically against the > Canadian dollar if that is where your account is. (the CAD and USD are both > doing well against the Euro right now ) > >I’m a Canadian travelling to Germany, the Czech Republic, Hungary and > >Austria. > >What is the best currency to use and will I find bank machines that will > >take my cards. > >I don’t want to use US dollars because of the bad exchange rate against > the > >C$. Actually the C$ is doing okay against most European currencies. > >Thanks > >ds > I suspect that if you study this "bad exchange rate" a bit more > carefully you will find that it is within a mil of being the SAME rate > — if not, you have stumbled on a SURE way to make millions. > ward > "What do you do when your President ignores all the > palpable, relevant facts and wanders in circles?" > –Reagan Budget Director David Stockman
Response:
I found some confusion at the ATM machines. I have memorized my password as a series of letters. Many of the ATM machines only showed numbers. I couldn’t guess where the numbers and letters fit together. Try to relearn your password as numbers. Dick – Hide quoted text — Show quoted text -> The machines I used only asked how much you wanted to > withdraw, in terms of the local currency – I had a general > idea of the rate of exchange, of course, but I didn’t really > KNOW how much I’d withdrawn in U.S. currency until I got my > bank statement, when I got back home – the "receipt" the > machine gave me only showed me the amount in local > currency. And only the amount withdrawn, unlike the > machines at home, which often show not only the withdrawal > but my bank bakance after the transaction. (No, I DON’T > particularly like that last feature, but no one asked me!)
Response:
> I’m a Canadian travelling to Germany, the Czech Republic, Hungary and > Austria. > What is the best currency to use and will I find bank machines that will > take my cards. > I don’t want to use US dollars because of the bad exchange rate against the > C$. Actually the C$ is doing okay against most European currencies. > Thanks
I can’t imagine that US dollars would benefit you in a country outside the United States. Just bring an ATM card and withdraw local currency during your trip as you need it, the same as you would do at home. Use your credit cards for as many purchases as possible. This gives the most favorable exchange rates and convenience.
Response:
> He might get hit by lightening, but I wouldn’t suggest that. Do you have > reason to suspect he would get hit by nasty fees.
No, I don’t have anything specific to offer that contradicts what I’m reading here. I’ve only used ATM’s outside of the States twice, so my experience with them is limited. What you and other people are saying (that the fees and x rates are NOT set by local banks) makes sense, and it sounds as though you’ve shopped the shops and done the comparisons. Thanks for straightening me out!
Response:
>In article > why take currency then? just withdraw what you need in local currency > from your ATM account. >He might get hit with some nasty fees. One scary unknown is the >exchange rate that will be used by the in-country bank when he goes to >withdraw local currency; he’ll be a captive customer, and he probably >won’t even know what rate they’re using until he figures it out himself >after the withdrawal. You can usually control costs better when you can >shop around.
The excahnge rate is set by the ATM system, not the bank, and for Cirrus and Plus typically runs to bout 1% off the interbank rate. I have never had an ATM charge from Europe that differed from that, nor have I ever had the foreign bank charge an ATM fee. Your own bank may or may not charge a fee; my bank does, just as it does for a withdrawal from any American machine it doesn’t own, and my credit union doesn’t. Although it galls me to pay it, the fact is that the bank fee of a couple of dollars only imposes a couple of percent additional on an ATM withdrawal equivalent to a couple of hundred American dollars, so that even with the bank fee the exchange is still only costing me about 3%, and this is still far better than you are likely to find any other way. Every time this subject comes up in this group this is almost unanimously confirmed by all who now regularly use their ATM cards in Europe. — * Daly City California (Tucson AZ as of 20010303) * ******* My typos are intentional copyright traps ******
Response:
>In article > why take currency then? just withdraw what you need in local currency > from your ATM account. >He might get hit with some nasty fees. One scary unknown is the >exchange rate that will be used by the in-country bank when he goes to >withdraw local currency; he’ll be a captive customer, and he probably >won’t even know what rate they’re using until he figures it out himself >after the withdrawal. You can usually control costs better when you can >shop around.
He might get hit by lightening, but I wouldn’t suggest that. Do you have reason to suspect he would get hit by nasty fees. If you have some pertinent info on ATMs in those countries please share it. My experience is in other countries in Europe and Asia and the rate I received by withdrawing from an ATM has always been better than those I’ve seen posted. Fees will likely come from his home bank. The control here is to enquire about the fees before hand and chose your bank paritally on the basis of the fees. You can often control costs by dealing as a member of a large wholesale group, which in a way is what you do by allowing Visa, MasterCard, Plus or Cirrus to handle the exchange. They have a lot more clout than you will walking into a bank. — <www.worldtable.com> Food/Wine/Travel - new offer for car rental and leasing in Europe posted 21 June 2000
Response:
>I’m a Canadian travelling to Germany, the Czech Republic, Hungary and >Austria. >What is the best currency to use and will I find bank machines that will >take my cards. >I don’t want to use US dollars because of the bad exchange rate against the >C$. Actually the C$ is doing okay against most European currencies. >Thanks >ds
I suspect that if you study this "bad exchange rate" a bit more carefully you will find that it is within a mil of being the SAME rate — if not, you have stumbled on a SURE way to make millions. ward "What do you do when your President ignores all the palpable, relevant facts and wanders in circles?" –Reagan Budget Director David Stockman
Response:
> I’m a Canadian travelling to Germany, the Czech Republic, Hungary and > Austria. > What is the best currency to use and will I find bank machines that will > take my cards. > I don’t want to use US dollars because of the bad exchange rate against the > C$. Actually the C$ is doing okay against most European currencies. > Thanks > ds
why take currency then? just withdraw what you need in local currency from your ATM account. You might have TCs as emergency back up — but you probably won’t need them.
Response:
In article > why take currency then? just withdraw what you need in local currency > from your ATM account.
He might get hit with some nasty fees. One scary unknown is the exchange rate that will be used by the in-country bank when he goes to withdraw local currency; he’ll be a captive customer, and he probably won’t even know what rate they’re using until he figures it out himself after the withdrawal. You can usually control costs better when you can shop around.
Response:
>In article > why take currency then? just withdraw what you need in local currency > from your ATM account. >He might get hit with some nasty fees.
It’s quite rare for machines to charge the user for using a machine outside the USA – it’s normally only your own bank that charges you, and this is a known figure before you travel. > One scary unknown is the >exchange rate that will be used by the in-country bank when he goes to >withdraw local currency;
The exchange rate is done on the basis of your bank, the local bank takes out 1000 Moomins (or whatever local currency.) and the exchange rate is pretty much decided by your own bank and the provider (visa/mastercard.) this also gives you leverage as you can complain to your own bank if the rate isn’t up to what it should it be, and hopefully your business carries enough weight to get something done here. >he’ll be a captive customer, and he probably >won’t even know what rate they’re using until he figures it out himself >after the withdrawal. You can usually control costs better when you can >shop around.
I’ve always got a better rate from ATMs than any other method, bar one "money changer" at the back of the Taj Mahal, and I don’t think he really knew what the current rate was, and took my cheeky initial pitch as closer to the rate than it really was. Jim.
Response:
> In article > why take currency then? just withdraw what you need in local currency > from your ATM account. > He might get hit with some nasty fees. One scary unknown is the > exchange rate that will be used by the in-country bank when he goes to > withdraw local currency; he’ll be a captive customer, and he probably > won’t even know what rate they’re using until he figures it out himself > after the withdrawal. You can usually control costs better when you can > shop around.
ATM exchange rates are managed by the system e.g. Visa or whatever you use and not by the local bank AND they are almost always far more favorable than any sort of money exchange. THe worst way to get money exchanged would be travelers checks at a cambio — the second worst is use of currency in that way. Charging and ATM withdrawls both have far better exchange rates.
Response:
I’m a Canadian travelling to Germany, the Czech Republic, Hungary and Austria. What is the best currency to use and will I find bank machines that will take my cards. I don’t want to use US dollars because of the bad exchange rate against the C$. Actually the C$ is doing okay against most European currencies. Thanks ds
Response:
writes: >I’m a Canadian travelling to Germany, the Czech Republic, Hungary and >Austria. >What is the best currency to use and will I find bank machines that will >take my cards. >I don’t want to use US dollars because of the bad exchange rate against the >C$. Actually the C$ is doing okay against most European currencies.
If the C$ is doing okay against most European currencies, then use it. And yes, you will find bank machines that will take your cards as long as they are part of the Plus or Cirrus network. For answers to these and other F(requently)A(sked)Q(uestions) on Prague and the Czech Republic, you can visit The Czech Republic FAQ: http://www.fas.harvard.edu/~sever/Czech.homepage.html Ivan
Response:
I’m a Canadian travelling to Germany, the Czech Republic, Hungary and Austria. What is the best currency to use and will I find bank machines that will take my cards. I don’t want to use US dollars because of the bad exchange rate against the C$. Actually the C$ is doing okay against most European currencies. Thanks ds
Response:
writes: >I’m a Canadian travelling to Germany, the Czech Republic, Hungary and >Austria. >What is the best currency to use and will I find bank machines that will >take my cards. >I don’t want to use US dollars because of the bad exchange rate against the >C$. Actually the C$ is doing okay against most European currencies.
If the C$ is doing okay against most European currencies, then use it. And yes, you will find bank machines that will take your cards as long as they are part of the Plus or Cirrus network. For answers to these and other F(requently)A(sked)Q(uestions) on Prague and the Czech Republic, you can visit The Czech Republic FAQ: http://www.fas.harvard.edu/~sever/Czech.homepage.html Ivan
Response:
> I’m a Canadian travelling to Germany, the Czech Republic, Hungary and > Austria. > What is the best currency to use and will I find bank machines that will > take my cards. > I don’t want to use US dollars because of the bad exchange rate against the > C$. Actually the C$ is doing okay against most European currencies. > Thanks > ds
why take currency then? just withdraw what you need in local currency from your ATM account. You might have TCs as emergency back up — but you probably won’t need them.
Response:
In article > why take currency then? just withdraw what you need in local currency > from your ATM account.
He might get hit with some nasty fees. One scary unknown is the exchange rate that will be used by the in-country bank when he goes to withdraw local currency; he’ll be a captive customer, and he probably won’t even know what rate they’re using until he figures it out himself after the withdrawal. You can usually control costs better when you can shop around.
Response:
>In article > why take currency then? just withdraw what you need in local currency > from your ATM account. >He might get hit with some nasty fees.
It’s quite rare for machines to charge the user for using a machine outside the USA – it’s normally only your own bank that charges you, and this is a known figure before you travel. > One scary unknown is the >exchange rate that will be used by the in-country bank when he goes to >withdraw local currency;
The exchange rate is done on the basis of your bank, the local bank takes out 1000 Moomins (or whatever local currency.) and the exchange rate is pretty much decided by your own bank and the provider (visa/mastercard.) this also gives you leverage as you can complain to your own bank if the rate isn’t up to what it should it be, and hopefully your business carries enough weight to get something done here. >he’ll be a captive customer, and he probably >won’t even know what rate they’re using until he figures it out himself >after the withdrawal. You can usually control costs better when you can >shop around.
I’ve always got a better rate from ATMs than any other method, bar one "money changer" at the back of the Taj Mahal, and I don’t think he really knew what the current rate was, and took my cheeky initial pitch as closer to the rate than it really was. Jim.
Response:
> In article > why take currency then? just withdraw what you need in local currency > from your ATM account. > He might get hit with some nasty fees. One scary unknown is the > exchange rate that will be used by the in-country bank when he goes to > withdraw local currency; he’ll be a captive customer, and he probably > won’t even know what rate they’re using until he figures it out himself > after the withdrawal. You can usually control costs better when you can > shop around.
ATM exchange rates are managed by the system e.g. Visa or whatever you use and not by the local bank AND they are almost always far more favorable than any sort of money exchange. THe worst way to get money exchanged would be travelers checks at a cambio — the second worst is use of currency in that way. Charging and ATM withdrawls both have far better exchange rates.
Response:
>In article > why take currency then? just withdraw what you need in local currency > from your ATM account. >He might get hit with some nasty fees. One scary unknown is the >exchange rate that will be used by the in-country bank when he goes to >withdraw local currency; he’ll be a captive customer, and he probably >won’t even know what rate they’re using until he figures it out himself >after the withdrawal. You can usually control costs better when you can >shop around.
The excahnge rate is set by the ATM system, not the bank, and for Cirrus and Plus typically runs to bout 1% off the interbank rate. I have never had an ATM charge from Europe that differed from that, nor have I ever had the foreign bank charge an ATM fee. Your own bank may or may not charge a fee; my bank does, just as it does for a withdrawal from any American machine it doesn’t own, and my credit union doesn’t. Although it galls me to pay it, the fact is that the bank fee of a couple of dollars only imposes a couple of percent additional on an ATM withdrawal equivalent to a couple of hundred American dollars, so that even with the bank fee the exchange is still only costing me about 3%, and this is still far better than you are likely to find any other way. Every time this subject comes up in this group this is almost unanimously confirmed by all who now regularly use their ATM cards in Europe. — * Daly City California (Tucson AZ as of 20010303) * ******* My typos are intentional copyright traps ******
Response:
>I’m a Canadian travelling to Germany, the Czech Republic, Hungary and >Austria. >What is the best currency to use and will I find bank machines that will >take my cards. >I don’t want to use US dollars because of the bad exchange rate against the >C$. Actually the C$ is doing okay against most European currencies. >Thanks >ds
I suspect that if you study this "bad exchange rate" a bit more carefully you will find that it is within a mil of being the SAME rate — if not, you have stumbled on a SURE way to make millions. ward "What do you do when your President ignores all the palpable, relevant facts and wanders in circles?" –Reagan Budget Director David Stockman
Response:
>In article > why take currency then? just withdraw what you need in local currency > from your ATM account. >He might get hit with some nasty fees. One scary unknown is the >exchange rate that will be used by the in-country bank when he goes to >withdraw local currency; he’ll be a captive customer, and he probably >won’t even know what rate they’re using until he figures it out himself >after the withdrawal. You can usually control costs better when you can >shop around.
He might get hit by lightening, but I wouldn’t suggest that. Do you have reason to suspect he would get hit by nasty fees. If you have some pertinent info on ATMs in those countries please share it. My experience is in other countries in Europe and Asia and the rate I received by withdrawing from an ATM has always been better than those I’ve seen posted. Fees will likely come from his home bank. The control here is to enquire about the fees before hand and chose your bank paritally on the basis of the fees. You can often control costs by dealing as a member of a large wholesale group, which in a way is what you do by allowing Visa, MasterCard, Plus or Cirrus to handle the exchange. They have a lot more clout than you will walking into a bank. — <www.worldtable.com> Food/Wine/Travel - new offer for car rental and leasing in Europe posted 21 June 2000
Response:
You should find that the Deutsch mark is the currency of choice in Germany and Czech Republic and Hungary while the Austrian Schilling is the currency of choice in Austria. the ATMs will adjust you automatically against the Canadian dollar if that is where your account is. (the CAD and USD are both doing well against the Euro right now )
– Hide quoted text — Show quoted text ->I’m a Canadian travelling to Germany, the Czech Republic, Hungary and >Austria. >What is the best currency to use and will I find bank machines that will >take my cards. >I don’t want to use US dollars because of the bad exchange rate against the >C$. Actually the C$ is doing okay against most European currencies. >Thanks >ds > I suspect that if you study this "bad exchange rate" a bit more > carefully you will find that it is within a mil of being the SAME rate > — if not, you have stumbled on a SURE way to make millions. > ward > "What do you do when your President ignores all the > palpable, relevant facts and wanders in circles?" > –Reagan Budget Director David Stockman
Response:
The machines I used only asked how much you wanted to withdraw, in terms of the local currency – I had a general idea of the rate of exchange, of course, but I didn’t really KNOW how much I’d withdrawn in U.S. currency until I got my bank statement, when I got back home – the "receipt" the machine gave me only showed me the amount in local currency. And only the amount withdrawn, unlike the machines at home, which often show not only the withdrawal but my bank bakance after the transaction. (No, I DON’T particularly like that last feature, but no one asked me!) – Hide quoted text — Show quoted text – > You should find that the Deutsch mark is the currency of choice in Germany > and Czech Republic and Hungary while the Austrian Schilling is the currency > of choice in Austria. the ATMs will adjust you automatically against the > Canadian dollar if that is where your account is. (the CAD and USD are both > doing well against the Euro right now ) > >I’m a Canadian travelling to Germany, the Czech Republic, Hungary and > >Austria. > >What is the best currency to use and will I find bank machines that will > >take my cards. > >I don’t want to use US dollars because of the bad exchange rate against > the > >C$. Actually the C$ is doing okay against most European currencies. > >Thanks > >ds > I suspect that if you study this "bad exchange rate" a bit more > carefully you will find that it is within a mil of being the SAME rate > — if not, you have stumbled on a SURE way to make millions. > ward > "What do you do when your President ignores all the > palpable, relevant facts and wanders in circles?" > –Reagan Budget Director David Stockman
Response:
I found some confusion at the ATM machines. I have memorized my password as a series of letters. Many of the ATM machines only showed numbers. I couldn’t guess where the numbers and letters fit together. Try to relearn your password as numbers. Dick – Hide quoted text — Show quoted text -> The machines I used only asked how much you wanted to > withdraw, in terms of the local currency – I had a general > idea of the rate of exchange, of course, but I didn’t really > KNOW how much I’d withdrawn in U.S. currency until I got my > bank statement, when I got back home – the "receipt" the > machine gave me only showed me the amount in local > currency. And only the amount withdrawn, unlike the > machines at home, which often show not only the withdrawal > but my bank bakance after the transaction. (No, I DON’T > particularly like that last feature, but no one asked me!)
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> I’m a Canadian travelling to Germany, the Czech Republic, Hungary and > Austria. > What is the best currency to use and will I find bank machines that will > take my cards. > I don’t want to use US dollars because of the bad exchange rate against the > C$. Actually the C$ is doing okay against most European currencies. > Thanks
I can’t imagine that US dollars would benefit you in a country outside the United States. Just bring an ATM card and withdraw local currency during your trip as you need it, the same as you would do at home. Use your credit cards for as many purchases as possible. This gives the most favorable exchange rates and convenience.
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> He might get hit by lightening, but I wouldn’t suggest that. Do you have > reason to suspect he would get hit by nasty fees.
No, I don’t have anything specific to offer that contradicts what I’m reading here. I’ve only used ATM’s outside of the States twice, so my experience with them is limited. What you and other people are saying (that the fees and x rates are NOT set by local banks) makes sense, and it sounds as though you’ve shopped the shops and done the comparisons. Thanks for straightening me out!
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> I can’t imagine that US dollars would benefit you in a country outside > the United States. Just bring an ATM card and withdraw local currency > during your trip as you need it, the same as you would do at home. Use > your credit cards for as many purchases as possible. This gives the > most favorable exchange rates and convenience.
This takes me completely by surprise. My God, I’ve been carrying around wads of cash for years so I could avoid those origination fees of 3-4%. Are the x rates really that much better when using cards as opposed to using cash?
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– Hide quoted text — Show quoted text -> I’m a Canadian travelling to Germany, the Czech Republic, Hungary and > Austria. > What is the best currency to use and will I find bank machines that will > take my cards. > I don’t want to use US dollars because of the bad exchange rate against > the > C$. Actually the C$ is doing okay against most European currencies. > Thanks > I can’t imagine that US dollars would benefit you in a country outside > the United States. Just bring an ATM card and withdraw local currency > during your trip as you need it, the same as you would do at home. Use > your credit cards for as many purchases as possible. This gives the > most favorable exchange rates and convenience.
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yes, when you change cash it is a retail transaction, when you use a credit card it is at the interbank rate.
– Hide quoted text — Show quoted text -> I can’t imagine that US dollars would benefit you in a country outside > the United States. Just bring an ATM card and withdraw local currency > during your trip as you need it, the same as you would do at home. Use > your credit cards for as many purchases as possible. This gives the > most favorable exchange rates and convenience. > This takes me completely by surprise. My God, I’ve been carrying around > wads of cash for years so I could avoid those origination fees of 3-4%. > Are the x rates really that much better when using cards as opposed to > using cash?
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I appreciate all the response to my question. I used ATM’s in Britain last year with no problem. Among other things, you don’t have to show your passport as you often do when cashing travellers checks. You also can avoid the stiff fees at the "Bureau De Change" and not be dependent on bank hours (which sometimes are more restricted in Europe than in North America.)_ But I’m haunted by the memory of the guy I met in Rome. He had arrived from New York with very little money on a Saturday at that. He had expected to use his bank card but it would not work in the Italian machines. Then again, maybe he was just trying to put the touch on me. ds
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> I can’t imagine that US dollars would benefit you in a country outside > the United States. Just bring an ATM card and withdraw local currency > during your trip as you need it, the same as you would do at home. Use > your credit cards for as many purchases as possible. This gives the > most favorable exchange rates and convenience. > This takes me completely by surprise. My God, I’ve been carrying around > wads of cash for years so I could avoid those origination fees of 3-4%. > Are the x rates really that much better when using cards as opposed to > using cash?
Absolutely. Buy purchasing as many goods as service via credit card and using ATMs to get local cash, you get the wholesale interbank exchange rate which is much more favorable. You might have to pay a foreign transaction fee, but that still does not offset the advantage you get in the exchange rate. Some ATM card issuers have a transaction fee, but that can be solved by taking a card out from a bank that does not have that fee.
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That’s why a FEW traveler’s checks are good insurance! (My bank provides them without charge to its account holders, and they’re "good" indefinitely.) If you don’t need them, you can either save them for your next trip, redeposit them to your account, or simply use them up, after you get home. – Hide quoted text — Show quoted text – > But I’m haunted by the memory of the guy I met in Rome. He had arrived from > New York with very little money on a Saturday at that. He had expected to > use his bank card but it would not work in the Italian machines. > Then again, maybe he was just trying to put the touch on me. > ds
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> This takes me completely by surprise. My God, I’ve been carrying around > wads of cash for years so I could avoid those origination fees of 3-4%. > Are the x rates really that much better when using cards as opposed to > using cash?
When you exchange foreign funds at a bank or exchange company, they always sell at a slightly higher rate and buy at a lower rate and make a little profit off you. Some places also also have a transaction fee. While the ATMs charge a small fee (about $2), it’s cheaper than most transaction fees and your account is debited at the current rate of exchange. It is a much better deal than exchanging cash. Bear in mind that the origin of the thread was a Canadian wondering about taking American funds, in which case he would be nailed on the premium exchange rates when buying the American dollars, and then he would be hit with premium exchange rates when trading them for local currency. It’s bad enough that they rake some off the top on the first transaction, but then they get him again on the second one. One thing to consider about taking funds to a number of European countries is that multiple money exchanges can end up costing a substantial amount just in exchange costs.
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>> I can’t imagine that US dollars would benefit you in a country outside > the United States. Just bring an ATM card and withdraw local currency > during your trip as you need it, the same as you would do at home. Use > your credit cards for as many purchases as possible. This gives the > most favorable exchange rates and convenience. >This takes me completely by surprise. My God, I’ve been carrying around >wads of cash for years so I could avoid those origination fees of 3-4%. >Are the x rates really that much better when using cards as opposed to >using cash?
Remember this is not always as simple as some of us make it sound. Generally speaking ATMs offer a better exchange rate in comparison to over the counter exchange of bills or traveler’s checks after all the fees and commissions are included. There are hidden fees to watch for in all cases. What do you mean by orgination fees of 3-4%? In the US for instance many banks add a fee to dispense funds. In NYC, the fee applies only to American bank card holders with a card from another bank. I believe that both Visa and MasterCard prohibit affiliated banks from charging a fee for use of an ATM to foreign travelers. Your bank may charge whatever fees it wants when you use it’s card in another bank in the US or abroad. Often the fee is based on the type of account and the size of your balance. Shop around. Note that we are not talking about cash advances on a credit card for which you may pay both an excessive fee and interest from the day of withdrawal and that may also subject your purchases to interest. This sort of ATM use can make over the counter rates look good. However use of your credit card to make purchases and at hotels and restaurants will not have a fee and may be interest free if you pay off the debt each month. It’s worth noting however that some banks are now adding a surcharge of several percentage points to charges in foreign countries. There are very few that have resisted and those are now a much better card to use. Credit Unions are often free of this sort of hidden tax. HSBC seems to be a commercial bank that currently has no plans to add this surcharge to either their credit cards or debit cards. Nevertheless, an added 2% may still make credit card purchases a better deal than exchanging money at a bank or exchange counter. One last thing. All of the banks to which I’ve spoken, say they do not add this surcharge for use of a debit card or for withdrawals from your account on a debit or bank ATM card. However on my last trip, I access an equal amount of French francs from the same ATM using two cards from two banks in direct succession. My Chase statement showed a withdrawal that was 2% greater than my HSBC statement. Chase says it does not add 2% and cannot explain the difference. I doubt that the people to whom I’ve spoken are lying. I assume however, that one hand doesn’t know what the other is doing and that as usual the bank is the last place to go for the real answer. The facts seem to speak for themselves. I hope to be able to give this one more controlled test this year. You will not get the final word from your bank, but you may not get it here either. Things are always changing and it’s hard to stay on top of this. For many, unless you travel frequently and your travel expenses are considerable, this subject will not be worth the time it takes to get to the truth. I’ve thought I’ve had the last word several times, but my experiences seem to indicate some lapse of information. — <www.worldtable.com> Food/Wine/Travel - new offer for car rental and leasing in Europe posted 21 June 2000
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>I found some confusion at the ATM machines. I have memorized my password as >a series of >letters. Many of the ATM machines only showed numbers. I couldn’t guess >where the >numbers and letters fit together. Try to relearn your password as numbers.
I’ve never seen letters at any French or Spanish ATM. International travelers need to have a four digit numerical code if they are to access the greatest number of ATMs worldwide. We forget to mention this here at times. — <www.worldtable.com> Food/Wine/Travel - new offer for car rental and leasing in Europe posted 21 June 2000
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>That’s why a FEW traveler’s checks are good insurance! (My >bank provides them without charge to its account holders, >and they’re "good" indefinitely.) If you don’t need them, >you can either save them for your next trip, redeposit them >to your account, or simply use them up, after you get home.
First, traveler’s checks are not absolutely loss proof. The provide some margin of safety, but there are many circumstances under which loss is not covered. Talk to others who have lost TCs or had them stolen and not gotten reimbursement. Second, if you have TCs in your possession after a trip, are not planning another trip in the immediate future, and don’t pay a fee for them, you should use or deposit them immediately. They will not earn interest in your drawer. — <www.worldtable.com> Food/Wine/Travel - new offer for car rental and leasing in Europe posted 21 June 2000
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>>I found some confusion at the ATM machines. I have memorized my >password as a series of letters. Many of the ATM machines only >showed numbers. I couldn’t guess where the numbers and letters >fit together. Try to relearn your password as numbers. >I’ve never seen letters at any French or Spanish ATM.
But were they the *same* letters? Other countries’ keypads have different lettering schemes. — * Daly City California (Tucson AZ as of 20010303) * ******* My typos are intentional copyright traps ******
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> 2. Are the electrical outlets and voltages the same in Austria and > Germany? We are traveling in both Germany and Austria and we would like > to buy a baby monitor (a radio that lets you listen in on sleeping > children–"Babyfone" in German, I think) for use in Germany and Austria. > I’d like to be able to plug it in and use it in both countries. 
Tim. 
> Bonita, did you ever visit that Mexican restaurant in Weisbaden??? I can’t > remember the name of it now but we used to go there to get our Mexican fix > when we didn’t want it at home. Not bad, although the sauce on the > enchiladas *did* have oregano in it. Heh…the cook was Italian/Mexican as > was the owner! lol > *ugh* i never did like the room temp. drinks and the one or two little ice > cubes in drinks but i learned to at least tolerate the drinks. Specially > the spezi, that wonderful mix of Orange Crush and Coke. 