ATM/Credit Card Charges

[KimB]

A little bit of advice for anyone interested (esp. Aussies):
I checked with two Australian banks about charges for taking out cash overseas.
The difference between bank charges makes no sense, so shop around. One bank charges $5 per ATM withdrawal, the other $2.65. I asked why - no clear answer.
There's a minimum charge on cash advances, but what will kill you is the 1.5% or so if it's higher.
Finally, direct debit is a big thing in Australia - really convenient. The bank charges for direct debit overseas are MUCH lower - does anyone know whether direct debit is common in Europe?

K.

[me]

ginger, et al,

as i've posted before, there are web banks, and "real" banks, that charge nothing to withdraw your funds from "out of network" atms, even overseas atms, only what the atm's owner charges - which is nothing at most europe atms.

now my credit card *does* charge a fee. but i've only used that in emergencies! (i've also prepaid my credit card, to avoid finance charges for its use in an atm)

[Eagle]

One more comment on ATM/Debit Card use:
Although I haven't tried in Europe, I've found that Credit Union Debit Cards don't usually work in the U.S. The POS terminals simply don't recognize any card that isn't affiliated with Visa or Mastercard (not sure about debit cards issued by Banks?). To overcome that problem, I obtained a slightly different product from the credit union, a Global Payment Mastercard. It looks like a credit card, but is in fact a debit card. When it is used, the network "locks" the funds in the user's account, similar to a certified cheque. However, the money isn't actually transferred to the merchant until he submits his receipts to the bank. The financial institutions also usually charge a fee for using an ATM that is not part of the "home" network, even here in Canada.
As far as credit card use in Europe, most card issuers now charge a "foreign fund conversion fee" (2.5%) that is in addition to any exchange charges.
Finally, in addition to a 4-digit PIN number, travellers should ensure they have their travel funds in a Chequing account, as European ATM's don't seem to be able to access Savings or Plan 24 accounts.
Hope this info will be of use.