[Idyllchat] ATM clarification

Wed Apr 23 18:28:46 EDT 2008

Aside from the security issue of carrying that 
much cash, the big question regarding this post 
has to be, what was the exchange rate to obtain 
5,000 euros? And, how did that rate compare with 
the bank-to-bank rate one gets using an ATM? The 
New York Times' Practical Traveler Column on 
Sunday suggested exchanging dollars for euros and 
mentioned a firm called International Currency 
Express. Their rate to exchange $3000 was 1.65 
while that same day the website xe.com showed an 
exchange rate of 1.58. At 1.65 you get about 
$1818 but at 1.58 (pretty close to the 
bank-to-bank rate) $3000 is worth 1898 euros, or 
about $129 more. U.S. banks, in general, do not 
offer favorable rates on currency exchange. We 
continue to recommend to our readers and 
customers that an ATM card is the best way to 
obtain cash in Europe.
Bob

>With all the discussion, confusion, and fees/no 
>fees, etc., with debit cards, ATMs, credit 
>cards, and cash cards, and also throw in 
>Travelers' Checks, I'll always get my expected 
>amount of cash to spend before I leave the 
>states.  You may remember that's what I did last 
>summer for my two-month stay in Venice. (Many of 
>you implied I was being foolish!)  Worked out 
>great!  Going to and from the states, the cash 
>was on my body, around the waist, under the 
>clothes.  I knew right off what the bank 
>charged ($40 to get 5,000 euros) for the 
>conversion, and I didn't have to worry about the 
>value of the dollar falling even more with each 
>passing day.  While in Venice, it was all 
>secured in my locked apartment except for what I 
>took for each day's outing.  
>
>My only regret was converting most of my 
>leftover euros back to dollars too quickly when 
>I got back home.  That's when the plunge began, 
>and I could really cash in now if I hadn't been 
>afraid the dollar would get stronger.  Silly me
>
>Lynanne 
>
>Visit my Blog at <http://www.lynanneg.blogspot.com/>www.lynanneg.blogspot.com
>
>
>
>Date: Wed, 23 Apr 2008 17:10:24 -0400
>From: jayclimbs at gmail.com
>To: DRJSD at aol.com
>Subject: Re: [Idyllchat] ATM clarification
>CC: idyllchat at lists.untours.com
>
>Every credit card company charges you fees for 
>an ATM withdrawal. One way or another. Most 
>charge you double the interest rate.
>
>The Capital One card does not charge the 
>currency conversion fees when used as a credit 
>card. Most do.
>
>You need to use a regular ATM / Debit / Check 
>card in an ATM. Check with your bank concerning 
>their policy on international transactions. Many 
>banks do not charge extra for using it overseas. 
>HSBC charges me the same $1.50 for using a 
>European ATM that they would have charged me for 
>going to a Chase or Citibank ATM. Nothing extra. 
>Some banks do charge extra. You need to check 
>with yours.
>
>If you have a "check" card, using that as a 
>credit card will incur, at minimum, the 
>conversion fee charged by Visa or Mastercard.
>
>The big hang up is credit cards not ATM's. 
>Credit card companies have been going crazy with 
>their fees. When the foreign countries responded 
>with the ability to charge your card in US 
>dollars, the credit card companies put an even 
>bigger fee on accepting US $ transactions from 
>foreign countries. It's like they don't want you 
>to use your card overseas. So now, I don't.
>
>   - Jay
>
>p.s. - My wife never feels comfortable relying 
>on ATM's so she always brings some cash that she 
>changes in the airport for local currency. I've 
>been relying on ATM's for 10 years with no major 
>problems.
>
>On Wed, Apr 23, 2008 at 4:41 PM, <<mailto:DRJSD at aol.com>DRJSD at aol.com> wrote:
>
>I know there was a lot of info about ATM cards, 
>fees, best cards to carry etc. recently. I 
>thought I read most of it and understood the 
>recommended approach was to use a Capital One 
>visa card with a pin number at the ATM machine. 
>I understood there were no fees on withdrawals.
>
>I must have misunderstood because when I called 
>Capital One today to inquire, I was told there 
>is a withdrawal fee, a cash limit and a fairly 
>high APR.
>
>Can someone set me straight?
>
>Janet
>
>
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