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Post by nicolew79 on Mar 17, 2003 0:41:24 GMT -5
I promise I read the other posts but I was still wondering about the best way to carry money. I've called my credit card, and anything I put on there will carry a 3% charge (1% for them and 2% for Mastercard they told me). And I've also read on other posts that some places won't take credit cards (especially small places/hostels/etc). Someone was telling me about a bank that only charged 1% but I can't recall the name of the company, Chase perhaps?
As for my debit card, I'm not sure, they don't charge me to use any ATM machines in the States but as for abroad I'm not sure. I'm planning to call them soon.
It just worries me to head over there for a month and not have access to $. I'm planning to carry a small amount of travellers checks for emergencies (per other post's recommendations) but not much. Would it be best to use a credit or debit card for most things? Is a 3% charge going to be made up for with getting better exchange rates anyway?
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Ann
Junior Travel Member
Posts: 0
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Post by Ann on Mar 17, 2003 6:32:53 GMT -5
I can only speak for my visits to Germany, but I use my ATM card for cash. If I am in a department store buying a gift and they accept CC, I will use that to save my cash. I have never had a problem with my ATM card in Germany. Some people recommend taking a back up ATM card in case the machine eats one. That is a good idea...but I have never had a card eatten (probably because I had a back up card).
Have a wonderful time.
Ann
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Post by nitsansh on Mar 17, 2003 21:50:27 GMT -5
If you pay 3% commision for cash withdrawal at ATM, than it might be more than you pay for cashing TC. The exchange rate is the same for both. It's better than cash exchange rate.
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Post by nicolew79 on Mar 17, 2003 23:01:50 GMT -5
Thanks for all the advice. Called my bank today and I can use my debit card as a regular VISA or in an ATM for 1%. So I'll probably use it primarily, with credit card as a backup and a few traveler's checks for emergencies. I can't find any place that will let me exchange currency before I leave though so I guess I'll have to exchange a bit of money at the airport.
Thanks for everyone's help, I feel like I'm here every day and I'm having a blast planning ;D
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Post by Kim on Mar 18, 2003 0:07:23 GMT -5
Don't worry-we're here every day too.. and we aren't even going anywhere!  Do you happen to have a photo of yourself that we could add to our guideforeurope Photo Gallery? We are getting a nice little collection! (see buttons above) Email it to guideforeurope@shaw.ca and I will add you. (This goes for everyone else out there too!) Kim |
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Post by nitsansh on Mar 18, 2003 14:50:34 GMT -5
I can't find any place that will let me exchange currency before I leave though so I guess I'll have to exchange a bit of money at the airport. This is odd... there's no place to change currency? We have plenty of those... even some ATMs allow you to buy the major foreign currency notes... You'll surely find changers at international airports... I like to get some money of the country I'm going to before I arrive there... the exchange rates at airports are usually not good but it's the same in both places (departure and arrival)... |
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Post by Eagle on Mar 18, 2003 15:07:30 GMT -5
Nicolew79, Maybe I misunderstood your post, but I find it hard to believe that you are having trouble finding places to exchange currency before you leave. Not sure where you're located, but most Banks, Credit Unions or other large financial institutions will provide this service. Keep in mind that if it's a currency they don't deal with on a regular basis, it may take a day or two for them to actually get the desired currency in their hands.
I've never had any trouble obtaining US / Canadian currency exchange at my Credit Union. It just takes a few minutes. However, they told me if I want Euro's or UK Pounds, it would take a few days to get them in, as they don't keep them on site.
One final note (perhaps someone else can confirm this) - make sure the account you will be drawing funds from during travel is a CHEQUING account. Most Euro ATM's can't access savings accounts. Also, make sure you have a four number PIN. I've been told that Debit cards affiliated with VISA or MASTERCARD have better success in Euro than "generic" bank cards. That seems to apply in the US also, as I found out that my Credit Union Debit card wouldn't work for purchases but could access cash from ATM's in certain places. I obtained a Mastercard Global Payment (debit) card which solved the problem - it works everywhere.
Anyway, hope these few comments are of some help to you. Happy travels!!!
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Post by nitsansh on Mar 18, 2003 16:19:54 GMT -5
Banks don't have Euro and GB Pounds?? What currency they have then? Our banks have most western European currencies... Euro, Pounds, Swiss Franks for sure... maybe they don't have Danish, Swedish, Norwegian Krona in stock... also Czech Koruna is available in some banks... Cypress Lira is available too... The change bureau at the airport sell all currencies of countries where you can fly to... or at least those in Europe... not sure about former FSU, but I believe they sell Forints, Zloty, Kuna etc... I'll check that soon... Changing topic a bit... this site shows locations of Visa ATMs around the world... but you don't need to worry... I did a check for Zagreb and found 60-70 machines... visaatm.infonow.net/bin/findNow?CLIENT_ID=VISABTW... Visa agent has told me that if I withdraw foreign currency from ATM at our airport it counts as withdrawal abroad, and cost 2.75$ per withdrawal plus 0.33%... but withdrawal of foreign currency in other ATMs here is free of charge... not that I'm going to use it... I don't think I'll take currency in cash, except for some 50$ worth of Hungarian and Croatian money if I get them... I haven't decided yet how much money to take in travellers cheques and how much to withdraw in ATMs... my calculation shows that ATMs are more expensive, because if I cash TC at Am Ex branches it's free of commision... |
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Post by Kim on Mar 18, 2003 19:12:55 GMT -5
I know for our banks here in Canada, they stock US and Canadian funds and not much else. They can order it in for you but it takes time. Most currency exchanges here carry a few more things (pounds etc.) but often require you to order it in as well. I guess Europe is more ahead of the game with that kind of thing! As far as Eagle mentioned about having your money in a chequing account and not savings, I completely confirm it! In the beginning of our trip, I couldn't access any of my funds, due to them being in a savings account. I asked a lady in a Belgian bank why and she said "Savings are for saving". Had to place an urgent call to my mom who talked to the bank and got my money transfered. In my opinion, ATM's are the way to go. Sure, they cost use (ours was $2, I think) but the ease and convenience made it so worth while. We just limited our transactions-in 7 months, I think we spent about $20 in charges, which didn't bother me at all considering all the other expenses! Another tip if you take a debit card, see if your bank will give you a second card. Mine did, reluctantly so I put it in a separate place so that if one got stolen, I was still OK. Also, I signed up for online banking so that I could check my balance at internet cafes. (You will only be able to at more modern cafes with high incription) Kim |
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Post by nitsansh on Mar 18, 2003 19:44:26 GMT -5
Kim
A quick calculation has found that you exchanged money on average every 3 weeks... (if the fee is 2$ and you spent 20$, that's 10 times in 7 months!)
You must have withdrawn about 2000$ at a time... (2 people X 20 days X 50$/day)
this is HUGE amount of money to carry in cash!
I wouldn't like to have even 200$ cash! Therefor, I exchange money twice a week... or even more...
In my last trip in Czech Republic I changed money 4 times in a week... once 100$ and 3 times 100 DM...
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Post by Kim on Mar 18, 2003 20:11:50 GMT -5
Yeah, you're right-my figures do seem off. It was probably every 6-7 days so we probably spent about $50 CND on fees-which for a total of a 7 month trip is still fine with me. We carried the money split between both of us to make it more safe. The thing is is there were many days that we didn't spend $100 a day-and we only withdrew what we needed so it wasn't as much as you think. Our accommodation average cost was very low-but that required alot of advance planning to book super cheap things, so it's a give and take.
The thing with the American Express TC's is that sure you don't pay the $2 charge but it may cost you more than that in public transportation to get to the office to do so.
My point on this is that people worry too much about a total of, say for us $50, when your trip is going to be an adventure of a lifetime. I'd rather spend my time out exploring having dealt with the "we need money" situation easily and conveniently.
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Post by nitsansh on Mar 18, 2003 20:57:10 GMT -5
Most AmEx outlets are in very central places... for example, in Prague I found them at Vaclav namesti and Staromestska namesti... but they aren't everywhere...
When I travelled back in 88 (long time, so I'm not sure it's still doable), I used to pay with TC in countries where I had local currency cheques (UK, France, Germany, Switzerland). Only in other countries I needed to change money, and sometimes commisions were high (especially in Scandinavia).
If you pay 2-3% commision it adds up to significant sum... but not big enough to make or break your budget...
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Post by nicolew79 on Apr 1, 2003 23:16:08 GMT -5
Gosh, thanks to all for all the great advice! I'm planning to keep about $3,000 (or as much as I can anyway  ) for our 32 day trip. I'll make sure to put it in my checking account before I leave. I already have a 4-digit pin so that should be OK. Luckily I can access my accounts online, is there anyway to know when I sit down at a computer whether I should be doing "security" type of transactions there or not? Thanks for the map of ATM machines as well! I agree about not worrying overly about money fees. Although (like everyone) I'm concerned about how to do this the most economically - on the other hand I don't want to be thinking about it over there too much. I figure it I prepare properly, then I can just go over there and have a good time ;D As for the foreign currency, I couldn't believe it either. I thought that would be a simple way to take care of having a bit of cash before I left. I live in the middle of the midwest in the US and therefore there aren't a lot of high-profile banks around. I did a search for currency exchanges on yahoo and came up with one about an hour and a half away. Maybe I'll have to make a road trip ;D I only need Euros and Pounds probably. Might need Switz Francs along the way but planned to do that enroute. As for the photo, my roommate and I share this account (since we'll be traveling together and we share a computer) so if I have a photo of the two of us that might work. Thanks to everyone so much !!! You guys are awesome! Keep the advice coming, I really appreciate it! |
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Post by nitsansh on Apr 2, 2003 15:17:04 GMT -5
If you need to travel that far to get foreign currency, don't bother! Unless you plan to be around anyway...
I did a check of foreign currency myself, and found the exchange office at the airport where I fly from sells Hungarian Forint, but the rate seems to be very bad - more than 10% off the inter-banks rate!
They sell 42 Forints per 1 NIS, while the actual rate is 48!
I doubt that I'll buy them here, then...
But you never know... the rate at Budapest airport could be just as bad...
Contrary to my earlier remark, they DON'T sell Croatian Kuna...
Next Monday I plan to buy 200$ or 200 Euro (whatever is available) in AmEx TC at the post office in the nearby city... that should be enough... (I got 100$ left over from my previous trip as well)
Perhaps I'll get another 100$ or so in cash... and the rest will be drawn on my credit card...
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Post by me on Apr 16, 2003 0:49:32 GMT -5
if y'all can't change cash where you are, you could just "wing it," and get some cash from an ATM when you get overseas.
to my knowledge, even in airports, atms give a good rate.
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) for our 32 day trip. I'll make sure to put it in my checking account before I leave. I already have a 4-digit pin so that should be OK. Luckily I can access my accounts online, is there anyway to know when I sit down at a computer whether I should be doing "security" type of transactions there or not?