Any Advice on Finances While Travelin...

Author Message   Alan H. Sherman Member Username: Racewalker Post Number: 26 Registered: 06-2007 Posted From: 24.0.177.53 Posted on Tuesday, June 22, 2010 - 08:33 am:    One other note and that is to inform your credit card or debit card provider that you are going abroad. This way they will be alerted to any charges that you might make that would otherwise seem to be out of the ordinary. The last thing you need is for the provider to put a denial on a purchase thinking that someone else might have gotten hold of your card.   Cherry C. Senior Member Username: Cherry Post Number: 6474 Registered: 06-2003 Posted From: 71.163.18.160 Posted on Tuesday, June 22, 2010 - 01:01 am:    Whether or not to charge purchases on a credit card is arguable, and depends on the terms your card(s) offer. Generally speaking the big credit card companies get the best overnight exchange rates (because they have so much volume of business). When they add extra fees that can raise the cost, but often you get a very good deal even with some fees. There's no free lunch so we accept the fact that we must pay in one way or another. And not having to carry a lot of cash is a big plus to us. The main thing is NOT to allow the merchant to do "dynamic conversion" where they convert the figure (originally stated in local money) to dollars (at a crummy rate) and charge that amount to your card. This is ALWAYS in their favor, not yours.   Robert V Jones Intermediate Member Username: Bobj Post Number: 58 Registered: 05-2008 Posted From: 75.236.174.91 Posted on Monday, June 21, 2010 - 11:37 pm:    My experience in Turkey is that the banks hit you with a pretty good charge when using your ATM card to withdraw Lira.. I seem to remember about $12-$15 for a withdrawl worth about $300... Believe I'll go with more cash than previously and exchange at a bank.. Bob   Ned Madigan Advanced Member Username: Edmphila Post Number: 359 Registered: 06-2003 Posted From: 68.81.196.16 Posted on Monday, June 21, 2010 - 11:49 am:    Do Not charge purchases on your credit card. It will cost you more in the long run. Utilizing ATM's in Europe with credit cards is not a good idea. You may use a 'Debit' or 'Cash' or ATM Card. Get the necessary cash from an ATM with your 'check card' and pay in cash for meals, rooms, etc. Like here in the States, most Banks have an ATM just outside. There are those that have a (restricted access) area you can open by sliding your ATM Card. Find one of those and you're 'home free.' Normally, Banks in Europe will give you the day's InterBank rate for ATM Transactions. Credit Cards will add on fees up to four and 1/2 percent.   Alan H. Sherman Member Username: Racewalker Post Number: 25 Registered: 06-2007 Posted From: 24.0.177.53 Posted on Monday, June 21, 2010 - 08:35 am:    We carry very limited cash as we have found that over the years we can get the best exchange rate with the plastic. Also it gives us a permanent record of what we have spent. If you use the ATM there is one thing that you need to know. In CONUS many of the machines will let you take from Checking or Savings. OCONUS they only seem to have the Checking feature. That means that you should transfer funds from Savings to Checking before you leave. Found this out the hard way when we were in Turkey and could not get money out of the ATM. I brought this to the attention of our credit union and they were surprised to hear it. Fortunately we had another card that bailed us out.   William Standage Senior Member Username: Charlie13 Post Number: 1143 Registered: 07-2004 Posted From: 75.172.90.35 Posted on Monday, June 21, 2010 - 03:31 am:    Bob Radar, Re using a debit card for car rental. Some agencies I've dealt with will only accept "credit cards" for car rental. Good luck.   Bob radar Intermediate Member Username: Bob_radar Post Number: 130 Registered: 03-2009 Posted From: 76.203.19.234 Posted on Monday, June 21, 2010 - 01:23 am:    I usually take enough $100 bills for the trip which take up little hidden space. I have about $300 each in Euros and Swiss francs from previous trips to use until I change the $100 bills. Last trip I changed US$ at Moron (M) or Rota (R); with hotel M car rental had best rate , R casino a good rate, and M bank had the worst rate. Many months ago there was a post on Pepperd naming two credit unions that have next to nothing fees at some european ATMs. In Sep 2010 I plan to carry an ATM card and Visa debit card (seperate account with only enough $ for trip). I'll use the debit card for car rental and some lodging and other purchases where I feel a small risk of compromise (like at the PX/NEX or comissary in Italy). I reveal only enough many for the next transaction location, the days supply is under another front vest zipper. I shuffle from the day supply when I think its out of sight. The remainder is well hidden and takes up little space.   Phyllis DeLancey Senior Member Username: Phyllis Post Number: 2752 Registered: 06-2003 Posted From: 99.93.231.12 Posted on Sunday, June 20, 2010 - 07:25 pm:    Carol, I think you are right. You get a certain # of withdraws per month.   Irwin Rovner Senior Member Username: Irovner Post Number: 436 Registered: 06-2003 Posted From: 66.32.73.113 Posted on Sunday, June 20, 2010 - 05:46 pm:    All good advice. ATM's are the way to go. There is an ATM in the departure side of PAX terminal at Ramstein. When I arrive and get through customs, i usually get "running money" immediately. Now, it might seem more convenient if there was a machine on the arrival side, but it's no problem -- follow the sign (arrow) to the terminal, etc. There's also an ATM with outside access at the PX-commissary complex. You can use the ATM, but not the PX itself. The benefit of using the base ATM is that they dispense euros or dollars -- your choice. I expect that something like this is true at other bases in Europe, but I haven't travelled through any of them since I started using ATM's for euros.   R Schoon Member Username: Rl64rl Post Number: 7 Registered: 11-2009 Posted From: 93.41.223.110 Posted on Sunday, June 20, 2010 - 11:27 am:    I concur w/ most of the previous posts. Currently in Italy, after 1 week in GE. We have Debit/Credit Cards thru USAA. We use ATM for cash, and charge hotels to credit card. Definitely call USAA (or any card company) before you leave CONUS and give them your proposed itinerary--this will help avoid any concerns re: fraud/theft. USAA actually switched our Platinum MC card to the "worldwide" version -- u get travel insurance plus bonuses. Finally, avoid money exchnages if u can -- u will get a better rate via debit card at an ATM! Schoon   Carole G Advanced Member Username: Greengal Post Number: 307 Registered: 01-2010 Posted From: 68.205.151.181 Posted on Sunday, June 20, 2010 - 12:31 am:    Phyllis, I believe USAA does not have an ATM charge, do they?   Phyllis DeLancey Senior Member Username: Phyllis Post Number: 2751 Registered: 06-2003 Posted From: 99.93.231.12 Posted on Sunday, June 20, 2010 - 12:15 am:    David, I have a debit card account with USAA, that I only use for travel. I put money in it before we leave, enough to cover what cash I think we will want. I do not use my normal debit card for cash when traveling. That way if some one get your card uses it, they won't get much. I most times put $1000 and when we get europe, I take out $300 in cash. The exchange rate with USAA Bank is as good as any of the other cards we have used. Be sure to have a copy of your cards and numbers to call incase you lose them.   Paul S. Bolen Member Username: Paulbolen Post Number: 38 Registered: 03-2007 Posted From: 75.176.187.231 Posted on Saturday, June 19, 2010 - 10:30 pm:    Hi David Good advice in the posts to you already. The only thing I would add, is don't bother to travel with travelers checks. It may be one of the results of money laundering, but almost no one will take them anymore. We start with cash left over from previous trip, some fresh cash to exchange as needed, some ATM use, and put everything on the credit card we can.   Bill Docekal Intermediate Member Username: Bill_d1 Post Number: 129 Registered: 06-2003 Posted From: 76.186.199.157 Posted on Saturday, June 19, 2010 - 10:07 pm:    Try to use ATMs at banks if possible. On our trip to Egypt in Feb., I used an ATM in the El-Luxor Hotel. I requested 500 L.E., and when the display said “take your cash”, there was no cash dispensed. A currency exchange booth manager nearby, who had computer control of the ATM, said not to worry, that I would not be charged. But my Navy Federal statement the next day showed an ATM withdrawal fee of $91.41. I sent a message to NFCU asking for their suggestions, and I went to the hotel again and showed them my NFCU statement, and the hotel manager said not to worry. NFCU refunded my account a few days later.   David T New member Username: Carondavid Post Number: 3 Registered: 02-2010 Posted From: 166.205.141.67 Posted on Saturday, June 19, 2010 - 09:48 pm:    Thank you very much for all your advice!   Mike Spengel Advanced Member Username: Mike_sp Post Number: 369 Registered: 07-2006 Posted From: 88.30.33.127 Posted on Saturday, June 19, 2010 - 07:21 pm:    David, We're presently in Spain. As is my usual practice I brought a large wad of cash with me. Barring emergencies, I expect to take almost all of it home with me after three months. Immediately upon arrival I exchanged $200 in the airport for immediate expenses. For cash I use a debit card from Schwab bank in ATMs and the rate charged to my account is not more than a penny off the official exchange rate. Fees charged by the banks owning the ATMs are paid by Schwab for up to fifteen transactions/month. ATMs in Spain allow up to 600 Euros withdrawal/day depending on the bank. For credit card purchases I use a USAA Master Card and they add a 1% foreign exchange charge.   John G Advanced Member Username: Windjammer_john Post Number: 321 Registered: 02-2008 Posted From: 97.112.135.13 Posted on Saturday, June 19, 2010 - 06:23 pm:    David, like Martha said, I carry two credit cards (Visa and Mastercard)with me plus my debit card. When using an ATM machine be sure and cover you hand while entering your pin nbr so that hidden cameras can not see your pin entry. My wife and I do not carry a wallet or purse, we have a money belt that we use at all times while traveling in Europe. You can purchase these at any AAA office. Also when taking credit cards make sure you call each credit card coustomer service and let them know that you will be traveling in Europe and which countries you will be visiting. If you dont call them might not allow any purchase. Personally I do not use credit cards to purchase Euros, to many different fees. Any country that you visit is good to purchase the euro in but I use bank atms. We stay at a lot of B&B and some will take cash only. Most hotels take credit cards and it depends on how much you want to spend per nite for a room.   Martha Fralia Advanced Member Username: Mjfralia Post Number: 397 Registered: 06-2003 Posted From: 75.141.137.233 Posted on Saturday, June 19, 2010 - 05:34 pm:    We usualy try to have €50 and $100 in cash when we depart the USA. This will cover expenses until we have time to use an ATM machine. We charge almost everything on our credit card. Check with you credit card company and see what their conversion fee is and also check with your debit card company to see what kind of fees they charge for getting euros. The best place for ATMs is at a bank. A few will charge a fee, check around for ones that don't. You shouldn't have a problem in Germany and Italy, haven't been to Greece in almost ten years and at that time most tavernas (restaurants) and small pensions on the islands didn't take credit cards. I certainly wouldn't want to travel in Italy with a large amount of cash. If you have two credit cards and two debit cards issued by different banks it is a good idea for you to have one credit card and debit card and for your wife to carry the others. If one should get stolen or lost you will have the other to fall back on.   David T New member Username: Carondavid Post Number: 2 Registered: 02-2010 Posted From: 72.134.106.156 Posted on Saturday, June 19, 2010 - 04:23 pm:    I'm looking for some lessons learned and good advice on finances while traveling in Europe. My wife and I are planning a 3 week trip to Europe in July (Germany, Italy and Greece). What I'd like to know is: - what mix of dollars/Euro cash should we carry on the trip - how much should we charge to our credit cards for purchases (meals, rooms, etc...) or is it better to pay cash - is utilizing ATMs for Euro with our credit cards a good idea - where is the best location in country to exchange or obtain Euro If you have any other good ideas or thoughts that we should know, I'd gladly appreciate it. Thanks, David