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Post by lyane on May 3, 2003 10:40:52 GMT -5
I've read in a magazine and some people told me that it is a good idea to put a credit on your credit card and then take out money at an ATM with your credit card. If someone knows anything about this, can you please give me some info?
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Post by Kim on May 3, 2003 12:50:13 GMT -5
Here's my feeling about doing that...
Say you have a $2000 limit on your credit card. You add $1000 and now you can spend up to $3000 on that card. That card gets stolen and now can be used for up to $3000, rather than the $2000 limit.
Personally, I think you are smarter to keep your money in your chequing account-at least you need a PIN # to access that.
Kim
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Post by LHR02 on May 6, 2003 7:40:43 GMT -5
Additionally, most cards charge a very hefty fee for cash withdrawals.....even if it is 'your' money you are withdrawing. Whereas with a debit card the charges are 'minimal'. I agree with Kim, this isn't a good idea.
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Post by WillTravel on May 6, 2003 19:14:36 GMT -5
What's the best ATM card for Canadians to get to use in Europe? Right now I have a Toronto-Dominion Interac card. I understand there is both a currency conversion rate surcharge and a fixed-rate surcharge for each use in Europe, but I'm not sure how much.
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Post by LHR02 on May 6, 2003 19:54:04 GMT -5
This has been much discussed in previous threads. Can't help you with the Canadian aspect....I'm American....but that said, I never paid a fee to any machine/bank anywhere in Europe and have used three different US banks over the past three years and never had to pay a fee for European withdrawal to any of them....most was $1,50....the same as I would pay right down the street. My current bank charges nothing for ATM withdrawals. Currency conversion rates 'can' apply....sometimes I have been charged, most often not....but even when I was, it was significantly less that any other method I might have used.
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Post by WillTravel on May 6, 2003 20:16:27 GMT -5
Guess it's time for me to start phoning around  I'll report back. |
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Post by LHR02 on May 6, 2003 20:31:36 GMT -5
Absolutely!!!! The banking business is so competitive.....hence my 3 banks in 3 years! Check and check again...there are great deals out there. They NEED your business and it is up to you to seek out that deal. And it is there, you just need to look for it. Your concerns should be what does YOUR bank charge for withdrawals and what is the conversion rate, if any. Euro machines don't charge you that pesky 'usage' fee like here in US so almost without exception the only charge you have is what your own bank is assessing. One final thought.......remember you need a 4 digit PIN number.....so if you change banks be sure they have 4 and not 5 or 6 digiits. Also, I've harped on this many, many times.......get a second card for your account before you leave. If a machine 'eats' your card or it gets demagnitized you will be stranded with no way to access your funds! And if you have left all your cash in your account.....well, could be a real problem.  And regarding a second card.....you may have to 'insist'....I was told by the first four folks I spoke to that my bank would not issue a second card on a single account no matter why my reason for wanting one....I kept asking to speak to your 'supervisor' until I got high enough that they heard my reason why I needed a second card and issued one to me. Be persistent in what you need is the way to go......you'll eventually reach someone at a level that can help you. ;D |
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