ATMs and Euros Conversion

[fdpevey]

I gather from what I read on these boards that getting Euros from bank-associated ATMs provide the best exchange rate when cruising in Europe. (Summary of what has been said here before: Don't use the ship unless absolutely necessary because their rate isn't good; don't use unaffiliated ATMs because you don't know what charges there will be.) I am on the Star Princess Mediterranean Odyssey, and I will need Euros for ports in Italy, Greece, and Monaco.

Do you need an ATM card to get Euros from an ATM machine in Greece/Italy/Monaco, or can you feed US bills into a European ATM and receive Euros back?

Are there bank-associated ATMs at the ports (like M&T bank has a branch at BWI Airport, for example), or do I need to go looking every time I hit port for an actual bank?

I have never travelled to Europe, so I am trying to understand what I need to do … get cash in advance and convert it at an ATM when I get off ship? Go ahead and use my ATM card but be careful where I use it?

Any advice from those of you with experience in this would be greatly appreciated.

[Go-Bucks!]

You're going to be charged some fees no matter how you do it, but I think the best way is to use a debit card that has a 4 digit PIN number (only 4 numbers, not letters since the keypad doesn't have letters on it). Try to figure out - as best as possible - how many euros you will need for all the countries you'll visit. Think about any tours, shopping, meals, transportation, etc. Then go to an ATM machine either in the airport or at a bank in your first country and withdraw as much as you'll need. The fewer times you make a withdrawl, the fewer fees you're charged. Most banks charge 3% of the transaction, plus a set fee to the bank that owns the machine. Using a credit card to get cash can cost you lots of money on interest, so don't do that unless totally desperate. You can use a credit card for a purchase, though, and the fees are usually similar to using a debit card at an ATM. Try not to get too many euros or you will lose money again when you convert them back to dollars. If you think you might go back to Europe again, though, in the next 5 years or so, you can take your extra euros home and then you'll already have them for the next trip.

 

The only machine I've ever seen that accepts cash and converts it to other cash currency was on the Crown Princess. But it came with a hefty fee. Using an ATM with a debit card is the easiest and cheapest way.

 

Hope that helps.

[Hlitner]

Most of the ports do not have ATMs right at the pier, but ATM machines are very plentiful throughout Europe and you seldom have to walk more than 1 or 2 blocks to find an ATM. You mention Monte Carlo and at that port there are group of shops along a marina right next to where the ships dock (unless you tender) where there are a few ATMs. In Livorno there are no ATMs accessible inside the port. At Civitavecchia you would have to take the free port shuttle to the port entrance and use ATMs in town (a short walk). In Greece it really depends. There are ATMS at the port in Pireaus but in places like Santorini (tender port) and Mykonos you will find them all over town.

 

The previous post already told you that you need a 4 digit PIN (longer PINs may or may not work) but it is also very important that you notify your issuing bank of your itinerary before you leave home (also do this with your major credit card companies) to avoid security issues (so they do not cut you off while in Europe). You will also have a daily limit on the amount you can withdraw (like at home) and in Europe it is generally 2-300 Euros per day.

 

Hank

[PatriciaF]

All excellent advice. Use your ATM card (or debit card). Have a 4-digit PIN AND call before you leave.

 

The best credit card for overseas travel is Capital One, it does not charge a fee for converting foreign currency into US dollars. Again, whether it is this card or another CALL your credit card company and let them know your travel plans. You do not want your card blocked and dealing with that hassle while overseas.

 

Also--if you are traveling with a spouse, make sure you each have your own credit card--different account, if possible. If you get pick pocketed, then you will have one left that you can use for transactions.

[sultan_sfo]

1. Use ATM outside a bank. If the ATM swallows your card you feel more comfortable than if it were a "street" ATM.

 

2. Pay attention to the "language" option and see whether English (or whatever language you can use) is available.

 

3. Many ATMs are "local" -- it will accept but not deliver on a foreign / international card.

 

4. You will not know what conversion rate was used until you access your checking account.

 

ATMs are not "everywhere" as some posters claim.

[caribill]

I gather from what I read on these boards that getting Euros from bank-associated ATMs provide the best exchange rate when cruising in Europe. (Summary of what has been said here before: Don't use the ship unless absolutely necessary because their rate isn't good; don't use unaffiliated ATMs because you don't know what charges there will be.) I am on the Star Princess Mediterranean Odyssey, and I will need Euros for ports in Italy, Greece, and Monaco. Your cruise starts in Italy. I assume you will be flying there. Use a debit card from your usual bank/credit union at an airport ATM to get the estimated amount of Euros you will need for the voyage. Remember that many onshore purchases (not from street venders) can be obtained with the use of a credit card and thus Euros will not be needed for those purchases (I second the suggestion of a Capitalone credit card). Your bank/credit union will have a daily limit on how much you can withdraw, so be sure to know that amount before the trip.

 

Do you need an ATM card to get Euros from an ATM machine in Greece/Italy/Monaco, or can you feed US bills into a European ATM and receive Euros back? Need a debit (ATM) card. Currency can only be exhcanged onshore at a bank or a foreign currency exchange with much higher fees and a poorer excharge rate than using an ATM.

 

Are there bank-associated ATMs at the ports (like M&T bank has a branch at BWI Airport, for example), or do I need to go looking every time I hit port for an actual bank? Again, if you estimate accurately and get enough Euros at the airport ATM, there will be no need to seek out an ATM in every port. Euros obtained in one country are good in all countries that use Euros.

 

I have never travelled to Europe, so I am trying to understand what I need to do … get cash in advance and convert it at an ATM when I get off ship? Go ahead and use my ATM card but be careful where I use it? Use it at the airport when you first get to Europe.

 

Any advice from those of you with experience in this would be greatly appreciated.

 

See above in red

 

Depending what you are doing at the end of the cruise, there are several options with what to do with leftover Euros. Hopefully, there will not be a great number if you estimated well when making your ATM withdrawals:

 

a) Extra tips (above the daily "auto-tip" charge) to those who served you well on the ship

b) Taxi ride to airport

c) Pay down a hotel bill if staying in the debarkation city

d) Souvenirs or meals at the airport

e) Sell to friends at home who will be traveling to Europe

f) Keep them for that next trip to a country that uses Euros.

 

Of course you can sell them for $$$ at the airport currency exchange, but expect to lose 10% (or more) of their value when you do this.

 

By the way, you should not need local currency at your Turkey ports. The US $ will be accepted at most tourist places that do not take credit cards and by street venders.

[dawcruiser]

Determine before you leave whether your credit/ATM card charges a fee for international use. I once had a card which charged 3% for use overseas. This 3% was above the standard conversion charge.

 

Actually I have only found one store which was in Spain that would not take US dollars as payment. But if you use US dollars make sure you kniow the exchange rate. All using US dollars will do is save you the exchange fee and the time it takes to conjvert the money..

 

Don

[nho9504]

ATM by far is THE Most efficient and THE cheapest way to get local currency around the world. We have been using this method for more than 15 years when such withdrawals started become available in selected countries.

 

All international airports in Europe have plentiful of ATMs at the airport halls - some are attached to a mini bank, some are standing alone. You can get your first batch of local currency there, if you are flying in for your Med cruise (versus a Transatlantic that departs from an US port). Try to use an ATM that displays a BANK's logo to minimize hidden fee.

 

There is an advantage to get some Euros at the airport when you first arrive - that way you do not have to search for ATMs at your first port, nor to pay an ridiculous exchange rate at the shipboard ATM which tends to display the rates in a way to trick many who are not familiar with exchanging money - there is a "Buy" rate and a "Sell" rate - when you exchange USD to Euro, you are BUYING, and when you exchange Euro back to USD, you are SELLING. Many cruisers saw the SELLING rate and thought, Oh, Great, it is much cheaper than what I called my bank/AAA/AMEX is. What they do not realize is, that rate is for them to exchange the Euro back to USD, not when they exchange USD to Euro. You lose almost 10% if you use the shipboard ATM which is a money maker for the ship and a total rip-off to the passenger.

 

1) Most ATMs in Europe accept International cards (unlike countries in Asia such as Japan and China). Those only accept local cards dont display the logos of Visa, Mastercard, Carte Blanche, whatever.

 

Many times English is NOT displayed until AFTER you have inserted your card. Then a full screen of language options pops up.

 

2) Your local bank's check card (debit card) with 4 digit PIN, almost always works in any International ATM that display the Visa / Mastercard logo.

 

3) Your bank would most likely levy a withdrawal fee for withdrawal outside the bank's own network. This is no difference than say, you take money out from a 7-11 machine here in US, then your bank hits you a fee. International withdrawal fee is higher in some banks' cases.

 

You can find out the fee in your bank's fee schedule or call to ask.

 

Some banks also levy a 3% Foreign Exchange Transaction Fee - that is ON TOP of the 1% Network fee that is built in the exchange rate.

 

4) You would not know the exact exchange rate until the withdrawal hits your bank account - which seems to be REAL TIME. I have checked our bank accounts online once we get back on ship - every single time the ATM withdrawal made on shore has already deducted from the bank account in an equivalent US$ value.

 

However the exchange rate is the BEST you could find anywhere because it is the Average Multi-Million InterBank rate - you would never come close to that should you go to a bank to exchange your actual USD bill (or T-check) to Euro.

 

5) Because of withdrawal fee, DONT make small withdrawals frequently. Calculate approximate how much you would need in local currency, then make 1 or 2 withdrawals to minimize the fee.

 

Unless of course, if your bank does not levy a fee or reimburse unlimited fee levied by the ATM owners, such as the check cards from both Fidelity and Charles Schwab brokerage firms, then you can make as frequent withdrawals as you want if you dont mind the tedious bookkeeping.

 

The Med itinerary is largely in Euro Zone, and in the rare ports that Euro is not the official currency, it is widely accepted. So you really only need to get Euro from the ATMs at the ports where the official currency is Euro.

 

6) Your bank would have a daily limit of how much US$ worth you can withdraw - ranging from $500 to $2000 in general. So keep that in mind, too.

 

Though if you are not doing a prolong post cruise stay to tour Europe, the daily limit should not be an issue. (On one of our Transatlantic cruise, we stayed a week in a Barcelona apartment post cruise - the rent must be paid in Cash, so we had to do a couple withdrawals in consecutive days so to get enough amount of Euro to pay when we checked in.)

 

7) ALWAYS let your banks know you are going on a trip and will visit such and such countries so your ATM cards are duly notated. This is to prevent your card being frozen after the first attempt to use a foreign ATM because of security concern.

 

8) About Safety Precaution

 

When at port city, always use the ATM outside a bank. Or in some cases, the ATM actually is INSIDE a bank between the outer door and the inner door. We have found many banks in Europe have some "controlled" revolving doors that only allows one person to pass through at a time - I guess this is to prevent bank robbery.

 

Play attention to the environment before you go to use the ATM - this holds true anywhere in the world, including here in US.

 

Avoid using Stand-Alone ATMs for obvious reasons - such machines can be tampered with much more easily for one. In the case your card is eaten and you would have hard time to get it back if it is not an ATM attached to an actual bank.

 

Always use some type of COVER to block views from above when you punch the Key Pad. Even your other hand would work. This is to prevent your PIN got stolen in case the ATM is tampered and a microscopic camera is installed from above to capture the PIN information.

 

In Turkey, Euro is more popular than USD. The Turkish merchants use a convenient way to calculate the ratio between USD and Lira, (1 to 1.5) and Euro and Lira (1 to 2) - it is to THEIR ADVANTAGE but it is convenient to the tourists who are only in port for short time and dont want to be bother for getting Lira.

 

On the other hand, I forgot whether Lira must be used as admission fee at the museums and sites. We spent 2 weeks in Turkey this past May but we always used Lira because the difference can be as high as 5 to 7% especially during that period USD shot up a lot while Euro dropped like a stone, yet the "street" exchange ratio remained the same. We got all our Liras from the ATMs in various cities.

[cruiseron36]

Many International airports do not have an ATM machine within the building. They have exchange kiosks that charge up to 18% on top of the exchange rate. ATM machines sometimes will be outside of the building. Ask someone other than the guy at the exchange kiosk.

[nho9504]

Many International airports do not have an ATM machine within the building. They have exchange kiosks that charge up to 18% on top of the exchange rate. ATM machines sometimes will be outside of the building. Ask someone other than the guy at the exchange kiosk.

 

Or google the map of airport you are flying into - all facilities at each terminal are indicated on the map. You can print the map out, mark the ATM location and bring this with you in your carry-on.

 

I check the terminal layout online all the time for airport terminals we are flying in the first time.

[GreySkies]

When you contact the banks and/or credit cards to tell them where you will be traveling, tell them the name of the city, in addition to the country. I had a colleague who went to China and his card was refused because they didn't have the correct city even though he said he told them on multiple occasions.

 

Also, contact ALL of your banks and credit cards to let them know this information. When I was in Italy with my mom and brother, my mom tried her card, it didn't work. My brother tried his card, it didn't work because he didn't put a pin on it. I tried my card and it worked. If mine hadn't, we wouldn't have had any money!

 

When I was in England, I was almost in a panic because my bank card wouldn't work. I did, however, put a pin number on my credit card the night before my trip. If I hadn't, I wouldn't have had any money.

 

Also, be sure you make a copy (hand printed or photocopy at the office) of each side of all of your cards. Give one copy to the person staying home. Take one copy to leave in the ship safe.

 

GreySkies

[Amtrack Springfield]

We have been to Europe six times in the last three years. I always use my debit card and notifiy my bank before we leave.

[nho9504]

We always carry at least 2 different banks ATM cards and 2 different credit cards from different issuers with us on any trip.

 

You dont want to rely on ONE single card because if that card does not work, you would be stranded.

 

Using credit card to withdraw money from ATM would be your LAST option because the withdrawal is treated as CASH ADVANCE on your credit card, there is a 3 to 4% finance charge UP FRONT, as well as interest not only on the amount you withdraw, but as well as on all subsequent charges you put on the card.

 

You probably can use your ATM card to get money at the bank counter if the ATM does not work but spits your card back to you. With your passport and your ATM card which should have either Visa or Mastercard logo, you can get cash at the counter, albeit there would be some fee. This is told to me by Fidelity, our brokerage firm. Our Fidelity's ATM card is issued by Fifth Third bank, under Visa network. So I assume this should be a feature of Visa branded card. Mastercard should have similar feature.

[BurBunny]

A couple more pointers in addition to the above:

 

More and more Americans are having difficulty in Europe with Visas and Mastercards being declined because we use the "swipe and sign" type cards rather than the "chip and PIN" which is now the standard most other places in the world. While merchants are required under their agreements to accept the swipe and sign cards, many clerks don't know how. Gently remind them that they can accept these cards and that they merely have to enter the card number manually. Often, a manager will have to be called.

 

This is particularly problematic at automatic readers such as ticket machines at train stations and gas stations.

 

Because of the above, make sure to have extra local currency than you think you may need at any given time. You never know when you may have an unexpected situation where they honestly don't know how to process and you need to use cash. Most hotels aren't an issue, but restaurants and small shops may be, especially if you're even a bit off the beaten path or in more of a "locals" shop/restaurant.

 

To add to the fee-free list in a couple posts above, not only do the Capital One credit cards not have a currency conversion fee, the ATMs attached to their checking, savings and money market accounts don't either. I now have two different CapOne credit cards plus the money market account into which I transfer cash I think I'll need for my trip. I use that for my ATM withdrawals totally fee-free - no ATM charges, no currency conversion. Love it! If I underestimate my cash needs, I simply transfer more from another account.

[caribill]

A couple more pointers in addition to the above:

 

More and more Americans are having difficulty in Europe with Visas and Mastercards being declined because we use the "swipe and sign" type cards rather than the "chip and PIN" which is now the standard most other places in the world. While merchants are required under their agreements to accept the swipe and sign cards, many clerks don't know how. Gently remind them that they can accept these cards and that they merely have to enter the card number manually. Often, a manager will have to be called.

 

This is particularly problematic at automatic readers such as ticket machines at train stations and gas stations.

 

 

Another gotcha to look out for with any USA based credit card:

 

The receipt will show a conversion from the local currency into US $, usually at a poor conversion rate, just another way to make more money for the merchant. When you hand over your credit card, tell the person you want it charged in local currency, not US $.

 

I have seen this in Spain, Italy, and China, and I will bet it happens in many other countries also.