Well it’s about time. I was beginning to think I should hand in my SDMB membership. Someone came and backed me up on what I had heard and been told (CC exchange rates).
Ask your bank. I realize that sounds stupid–but before I left on vacation I was told to ask at the bank because some countries ATM machines use PINs that are more than 4 digits. SO you need to make sure you have a PIN that will work overseas.
Also–even if the international bank doesn’t charge you for using a ATM card not from their bank–your bank most likely will. My bank charges more for international withdrawals than it does for withdrawals within the US but at a different bank’s machine.
Don’t use your credit card for cash advances if you can at all avoid it. You’ll pay any ATM fees plus all the finance charges. It’s definately cheaper to just change cash or use an ATM. But using credit for hotels, food, etc is a great idea–you get a good exchange rate and eliminate the cash problem. Most places take them too.
I’m never charged in Scotland, with a Cirrus card issued from a small federal credit union (whose three branches are 100, 120, and 400 miles from my house, but I’ve kept the account because they never charge for ATM transactions, even though I still get hit by the other bastards). Odd that I can get cash from an ATM across an ocean for free, but have to pay the damn fee when I’m at home.
To avoid the fee, I go to Wawa’s whenever possible. They’ve got the right idea–don’t scam people at the ATM, and when they stop to get cash, they’ll throw some of it your way.
Upon rereading that, I see one could infer that I think my FCU is staffed by bastards. That is not the case.
What you pay in ATM charges you will save in better exchange rates.
Several posters seem to have said similar things. I wonder why this would be so. Could it be that even if the customer does get a great conversion fee by handling his money in this manner, the bank does still make a small profit on the conversion, and that’s why they’ll forego the transaction fee? Any ideas?
I’ve used ATM’s in small towns in Morocco (Taroudaant, Agadir) with great success, as well as in Paris.
For me it’s preferable. However, my bank charges a transaction fee of $3.00 each time.
The trick for me is to have already done the currency exchange before I go to the ATM so I’m getting enough at one fell swoop rather than trotting to the bank every other day and incurring the transaction fee. Also means carrying more cash than I’d like at any given time but I’ve also used hotel room safes for stashing.