A cash question

[Jordo]

When i head over there this summer i was wondering, the 75 per day(2months worth) is gonna be about five grand. I Hear there are shady atms and stuff over there so im kinda afraid to ,eather waste cash on surcharges or getting ripped off by some damn machine.(dont like ATMs much anyhow)so I think I would be more confortable bringing the cash but then again, i think its going to be very had to walk around europe for 2 months with a sizable amount of cash on me. Any ideas on how to tackle this problem?

[LHR02]

nooooo.......do not bring cash! Any ATM at a bank or post office are just fine, have used them for years now. The surcharges will ALL come from your bank at home, so check with them before you go what their charges are. Many have no fees at all for using overseas so if your does shop around. Shady ATM's? Where are you hearing this? I've heard loads on such less than legal machines in the states, never in Europe. It's just like at home bud....use a banks machine and you are fine.

[Jordo]

So no cash at all, Im kind of wondering how it works over there, are there banks all over the place like here? since im going strickly backpack and ONLY 70USD a day, how is transportation done over there?Will the train take me right into to say rome and i can just walk where i need to go and not pay for further transportation?Seems to me i wont have must left over after food and room and board and stuff maybe im a little ignorant on how it works over there but i think thats gonna run out fast, like 20-30 bucks a night just for room and board, thats half of my funds for the day. seems a little skimpy for me. But all ATMs are liek the same over there as here in the states? i can just pull out funds and use them when needed?

[Michelle]

Why don't you apply for a credit card (if you don't already have one) and before you go, make a payment of a few thousand dollars towards it. This will give you a negative balance (sort of the same idea as a debit card) and then pay for your accomodations and stuff by credit card. This way, you don't need to withdraw so much cash, and you won't have to worry about paying your bill while you are away...

[Jordo]

I think ill stick to the ATM thing, i dont want a CC i dont beleave in them and knowing my spending habbits, ill have a 10 grand debt waiting on me when i get home!

[Kim]

ATM's work exactly the same as over here and they are everywhere. The only thing that is different is that your bank may charge you an international withdrawl fee. You need to phone them and check how much it is as it's different from bank to bank.

It can range from 50 cents to $5 per withdrawl with some banks.

As far as the trains, some take you to a very central location where you can walk to your hostel. Some are further away. It depends on the city and where the hostel is located. Worst case senario is that you have to take a bus, tram or subway there after getting to the train station. This costs a couple of bucks at the most.

Basically, as far as the money goes, find out how much your bank charges. This will give you an idea of how much you want to take out at once. If it's only $1 per transaction, take out a couple days worth. If it's more, take out a bit more to last you a few extra days. It depends on how much you are comfortable with carrying around. Imagine it getting stolen - is the amount going to seriously damage your plans? If so, it's probably too much.

I think we took out maybe 4 or 5 days at once usually. Definately, definately don't take all cash. You are asking for it. Even if you pay $5 per withdrawl, at least your money is safe.

Kim

[BigRay]

Just to mention another alternative...

I live in Prague but do all my banking in the States (where I am from). I use ATMs regularly, but I'm not sure what my bank charges. They also make a little bit doing the currency exchange, but the rate they offer is usually better than banks or exchange places abroad.

As for a credit card, I have a Citibank Mastercard Debit Card. They don't charge a per use transaction fee for this. I use it as much as possible, as every dollar I spend gives me 1 mile on my American Airlines frequent flyer program. If you can get a debit card that can do this for you on an airline you use regularly, I would highly recommend it. Since it is a debit card, you won't have bills to pay when you get home, and as an added bonus, you may have a free airline ticket waiting for you when you get back!

In addition to the miles you earn for what you spend, you may be able to take advantage of a promotion when you sign up for this card, and receive a sign-up bonus. I think I got 1,000 miles when I signed up for my card. I did have to pay an activation fee, though. I don't recall what it was off the top of my head, but it was in the neighborhood of US$50.

Cheers,
Ray

[Jordo]

Okedoke, Gotcha, I think ill have to go investigate my options i have a year till i leave so i better hop to it! lol. thanks again!