I’ve heard that travellers’ checks aren’t as widely accepted anymore in France and that people are more likely to use ATM’s.
I thought about getting a prepaid American Express card, but they charge $14.95 for the card, plus a fee each time you use it or a percentage of the purchase. And they can’t be used to pay hotels or for gas.
A travel agent suggested VISA but they want to charge a fee for the exchange to Euros, 19.99% on the cash advance until the entire card debt is paid off, 4% of the amount that I take out, etc. – and I, of course, still have to pay the bank fee.
I’m think about just using my debit card/check card so that the money comes from my checking account. Have any of you done this in Europe? Any pros and cons? Are the exchange rates pretty good at ATM’s?
I always use my debit card at ATMs throughout Europe. It’s the best exchange rate. But check with your financial institution (bank or credit union) to see if they charge a fee when you use your card abroad. Also, when you look at the ATMs in Europe, see if any do not charge their own fee, like maybe $2 per use. I also try to get maximum daily allowance out of the ATM to avoid many withdrawal fees.
I can’t help you with your primary question on how to obtain cash euro’s through electronic means.
I only want to point out that VISA cards* these days are widely accepted in France (in my experience at least). Do check before buying/entering a restaurant, but even for relatively small purchases (like books) you may well be able to use your credit card. So you would only need a limited amount of euro’s for things like getting a cup of coffee, tickets for metro/museums and the like.
You might even consider just taking dollars in cash with you and exchange them on the spot with a bank.
Note: this only applies to VISA cards. Other credit cards are in general not as widely accepted.
I assume your comment on the exchange rate of VISA only applies to taking cash out, not for normal credit card usage.
Do you have AAA? I’m going to Europe as well for a month and am worried about taking large amounts of cash with me. AAA has a prepaid VISA that if you put X amount, maybe $100, on it you can use it as an ATM card. Since you’ve already put the money on it there are no fees except for the ATM itself. I’m still looking in to what I want to do and as I’m doing a lot of Eastern Europe I may not go this route. I’m not sure if you could get one as a non-member though, or maybe there’s another way to get one. You can also put up to $10,000 on it.
I second the AAA suggestion. First time I went to Europe (including Paris) I purchased and loaded a AAA card with a couple of hundred dollars. I can’t remember the one-time fee for the card, but if they haven’t changed their policies, withdrawls were free and a good way to keep track of your spendings.
The second time, I got money from an ATM that was deducted directly from my checking account. If you are in the US and bank with a relatively large bank, call their customer service and ask if they have cooperation agreements with any European banks and ones in Paris specifically. You may be able to use their ATMs and not incur fees. It also pays to “shop” around a bit at various banks too, since rates vary.
I found cashing traveler’s checks kind of inconvenient and the exchange rate isn’t that good. Plus all the id you have to show!
Oh, and make sure that your ATM will work in Europe! This is kind of obvious, but you wouldn’t want to get there and find that your ATM isn’t on the same network.
Under no circumstances get cash advances from your credit card if you can avoid it. The interest is really high and starts rolling the second you get the cash, not from your payment cycle.
A caveat: when my wife and I honeymooned in Norway last year, we discovered that our Visa cards weren’t accepted at many locations, due to their being on the wrong network or something. We never figured out exactly WHY the card was declined – it worked fine at other places – but it meant we had to get cash advances in order to pay for many purchases. It seemed to be especially smaller establishments that wouldn’t accept a Visa card from the US. (They accepted Visas from Europe, apparently).
I used my Visa ATM/debit card in France a couple of months ago, and it worked fine with no surcharges and a better exchange rate than you usually get for cash (let alone travleer’s checks). But make sure a) yours is on the Cirrus network, and b) you have a PIN code with 4 digits. Mine is numeric rather than alpha, but I seem to remember that you should have the appropriate numbers memorized if yours is alpha, because not all European ATMs have corresponding letters on their number keypads.
Thanks for the great suggestions! After reading through, I think that I am going to do a combination of a VISA debit/check card through my bank backed up with a prepaid VISA card through AAA. (I am a member and I have to go there anyway this week.) I’m pretty sure that the debit card is on the Cirrus network, but I will check to make sure. I know that it has a four digit PIN. And I will make note of any fees that my bank charges and that the bank in Paris charges. Finally, I will try to minimize transactions to keep those fees down.
Edward the Head, did you hear about the security locks that can be purchased from AAA? The people working airport security have keys that open them, but will relock them so that no one else messes with your luggage.
Left Hand of Dorkness, I adore Scandanavia and want to return to Norway. Next time I will go to Bergen. Once when I was in a small town in Denmark (long ago) they didn’t accept American Express Traveller’s Checks. It was kind of refreshing!
Violet, you are my first Bon Voyage! I’ve waited 60 years to hear that!
My debit card isn’t tied to the CIRRUS network, so I exclusively use my credit card overseas.
To avoid the heavy interest charges associated with drawing cash with a credit card, I overpay my credit card bill before I go overseas. If your balance is in the black, you should find that your credit card company doesn’t charge you interest on cash withdrawals. For instance, I might pay off all outstanding debt on my credit card, plus $1000 extra. This $1000 can be withdrawn at any overseas ATM at the credit card exchange rate (which is very favourable), for a fee of $3 or so.
This is just a fairly simple alternative–what you’ve decided on sounds fine.
Have a great trip, Zoe! (You’re going with your granddaughter to Paris, right?)
My credit card company would go into shock if I overpay, but that’s not a bad idea either!
Yes, I will be travelling with my 16 year old granddaughter. We should make wonderful travelling companions. It’s going to be a little like having Gigi on my hands for two weeks!
it basically works pretty much like a credit card or debit card with a limit of whatever amount you load into it when you buy it.
regarding debit cards, one thing people sometimes forget is that even though it looks like a credit card and can be used like one, it is a direct link to your checking account. you don’t get the same protections and limitations as with a credit card. if someone steals it and your PIN, they can clean out your account, and when you complain to the bank you have to try to prove that you didn’t do it yourself. in short, especially in unfamiliar surroundings, guard your card and guard your pin.
Another tip when travelling away from home and using credit/debit cards is to inform your bank or credit card company. If there is a change in your spending habits the issuing companies might assume that your card has been cloned or stolen. I always tell the companies which countries I am travelling to and the dates. They flag this up on their computer and all is well. A friend of mine tried to pay a large deposit on a house in Spain recently and all three of his cards were blocked because of this high payment away from his home country.
