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A special series of posts delivering money-saving travel tips.
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Save/ShareOur readers talk about using money abroad
This Just In recently offered readers some tips on carrying their money overseas. Nine readers responded with their own stories. Here are some highlights...
Just got back from 9 weeks in Brazil. I contacted my credit union (credit card and atm card) and Capital One. Neither charged surcharges for use in a foreign country. Capital One also listed the exchange rate for each transaction. the only bank that I paid a surcharge for withdrawing cash was CitiBank. By the way, in case it hasn't occurred to someone, take your ATM card, withdraw a little cash as you need it, IN THE FOREIGN CURRENCY, and there are no exchange fees! I love it!--Diana Brueckner
I had forgotten to call Mastercard before a trip to Los Cabos, Mexico. On Friday evening, I wanted to get pesos from an ATM, but the machine kept my card and gave me a message to call my bank. When I called Mastercard, they told me they thought the card might be stolen. I had to wait until Monday to go to the Mexican bank in person to retrieve my card, and they were reluctant to return it to me. What would I have done if I was not staying in Los Cabos until Monday?--Phyllis Learn
I let my credit union (ATM) and credit card company (MC) know I would be traveling in Japan, where almost no non-Japanese ATM cards are accepted. They both thanked me, and I had no trouble using or getting a cash advance on the credit card. The ATM card worked only at the Japan branches of Citibank, but without glitches. In spite of the problems others describe, I'd say letting the companies know is worth a try.--Linda Bowman
I've been calling my credit card company for many years to flag my account when I'm traveling, which I do a lot. As a result, I've never had a problem when using my credit card and the people at the credit card company, when I've called to tell them to flag my account, have always been terrific. I've also passed this information to many of my friends who travel and I always get the comment, "I never thought of that" and when they return thank me as people they've traveled with who haven't done so, have had problems using their credit cards. It takes only a few moments to call and is worth taking the time to do.--Marion Cunic
And a dissenting view:
I contacted City Bank before we left on a cruise to Italy, Greece and Turkey. When I used it in Turkey twice, the second time it got red flagged. I had to give all my personal information including social security number and mother's maiden name over the phone!! The shop assistants were listening in and could easily memorize what I had just said. Naturally, I was very upset that that happened and then in Greece my card got refused. SO much for calling ahead and letting them know. Don't think I will do that again. It made the situation worse not better!--Ann
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Prior to my recent jaunt through France, Italy, and Spain, I called both my credit union (ATM card and extra credit card) and B of A (primary credit card) to flag my accounts. Be sure to give the dates of the trip so the vendors can't tack on additional expenses once you've already returned home. Another great way to have secure access to cash is to use the American Express Travellers Cheque Cards which can be used like ATM cards. It's a great backup plan in the unfortunate event that your primary card is eaten by the ATM.
Posted By Josh Braceros on April 25, 2007, 9:17 PM
I suspect that Ann, who thinks calling her bank made things worse, and therefore will no longer call before going abroad, has it backwards. The problem doesn't arise from calling; the problem is her bank. I always call, and it always works for me. I think the problem must be with Citibank.
Posted By David Miller on April 26, 2007, 2:23 AM
My son-in-law used an ATM in Brazil on a recent trip. When he went to retrieve some further funds he found that his main account had been cleaned out. As a result, he is out several thousand dollars until the bank and in his case (the Royal Canadian Mounted Police) investigate. He will likely get his money back, but not for several months until the investigation is complete.
Your best bet if you wish to use debit and credit cards abroad is to leave a minimum amount of money in the debit account and have your bank reduce the maximum on your credit card to a small amount. That way if you do get cleaned out... at least the thieves wont get too much.
Posted By RL on April 26, 2007, 5:49 AM
I always notify the company and bring a few different cards. This way, if one has a problem, I have the other to use. Do not bring more than one on you at a time. No purchase is limited enough that you cannot cancel the problem transaction, run back to your hotel to get another card, go back to the shop and buy! Pick-pockets, muggers or dishonest clerks cannot get all of your cards this way! Leave any others in your hotel safe just in case you need them!
Posted By Robin Flannery on April 26, 2007, 7:03 AM
My daughter is studying abroad for a semester in Shanghai, China. When I Called our bank, Washington Mutual, to flag her account they said fine. She called a month later and said that her debit card wouldn't work. After 45 minutes at the bank while the teller told the story to 3 different people, they said the longest they could flag an account was for 30 days, so the computer closed her access automatically after that. The only thing I could do is call once a month to reflag it. Not exactly convenient for long term travellers...
Posted By Laura on April 26, 2007, 10:23 AM
I don't know if other US banks do this, but Bank of America has an ATM arrangement with several international banks. As a B. of A. customer, I can withdraw cash through certain banks' ATMs when traveling internationally without paying an ATM fee to Bank of America. These banks include Barclay's in the UK and PNB Paribus in France, among others elsewhere. Check with your bank before traveling to see if they have a similar arrangement.
Personally, I've never had any trouble withdrawing foreign cash from an ATM when traveling, and I find it is by far the cheapest way to convert dollars to the local currency. Even with no "surcharge" on my credit card transactions, I get a more favorable exchange rate through the ATM. You should always be precautions when withdrawing from an ATM: make sure no one is close enough to hear the key tones or see you key in your PIN; make sure nothing has been attached to the machine; make sure no one is following you who might rob you afterwards; and make sure your cash, cards, and other valuables are out of reach of pickpockets.
Posted By Jennifer Ward-Batts on April 26, 2007, 10:41 AM
I recently went to Turkey and Greece, I called the bank, Bank of America, before I left to alert them. I has NO problems purchasing items or withdrawing money on any of the trip. Just give them the dates you'll be going and when you're returning and no problems.
Posted By Donna McDonell on April 26, 2007, 7:12 PM
BANK OF AMERICA! The worst!
I had to paid double fees on to them using my debit card in other countries, one for using a different ATM machine, the other one for using different currency and or for the conversion, It was awful a lot of money for USE MY OWN MONEY! When I got back from my last trip in January inmediately close my account with them and I won't never open another one!
Posted By Claudia Flores on April 26, 2007, 7:14 PM
We spent a week in Ireland last month and prior to our departure I'd gotten 2 $100.00 starter packs of Euros and a debit card from AAA, instead of the customary travelers checks from our bank. I put a limited amount on the card and it worked well at any ATM and I could use the unused balance at home once we returned. (We did carry one other credit card, just in case.) I will definitely use this method again.
Posted By Margaret Pierson on April 26, 2007, 8:07 PM
We've made three trips to Europe, never contacted the credit card companies, never had a problem. On our second trip, my credit card got lost (my fault, I admit), but someone tried to use it to obtain cash, which I never do with a Credit Card (only with ATM), and the company blocked that unusual transaction until they could speak with me.
I've heard as many glitches with contacting the companies as not, so I'll probably go blithely on my way not bothering.
Posted By CK Patchett on April 26, 2007, 11:23 PM
If you are going to be away from your permanent residence for a long period of time, check the expiration date of your ATM card. I got caught with an expired ATM card on a camping trip in Canada. I was not happy for a few days.
Posted By Reggie Knight on April 27, 2007, 12:10 PM
I travel extensively for my business and have NEVER had a problem because I always alert my credit card company(s) as to where I'm travleing & the dates.
Posted By Cruise King on April 27, 2007, 4:00 PM
We always call first. Funny enough, the last time after I called but before I left home, I bought Italian train tickets on the internet with my mastercard. The transaction went through but they denied my next credit card purchase at a Chinese restaurant! When I called, they said the train ticket purchase was suspicious and they closed my account down. I guess I would rather have them cautious. It only took a few minutes to straighthen it out.
Posted By Lyn Clarke on May 3, 2007, 7:32 AM
I'm going to Shanghai in 2 weeks, and in preparation, made a lot of phone calls to find the cheapest way to get Chinese currency. Here's what I found:
1) For China, I'll get a better exchange rate by waiting until I get there. This is not true of all countries.
2) I called all my banks to ask what fees they charge if i use their ATM/debit card in China to withdraw cash. National City Bank in Ohio would charge an int'l transaction fee of 2%; Bank of America said if I went to a China Construction Bank ATM, I'd pay only a 1% transaction fee. If I didn't go to a China Construction Bank ATM, I'd also be paying a $5 per cash withdrawal fee in addition to the 1% int'l transaction fee.
3) the credit card with the absolute lowest fees on int'l purchases is CAPITAL ONE: there is NO conversion fee. You simply get the "Wall St" exchange rate.
4) be smart. notify all banks and credit card companies whose plastic you intend to use of your dates of travel and destination, so they don't shut you down.
Posted By Jan W in Ohio on November 9, 2007, 4:58 PM