Multiple local currencies

[Jimbo20000]

Excellent suggestions here, if I may add one more.

 

As posters have mentioned, NEVER pull cash advances from an ATM as the fees are outrageous. However, one of the giant discount brokerages going by the name of "Chuck" offers a free bank account and Visa ATM card with absolutely no fees, no foreign transaction, bank-level exchange rates, and full reimbursement of any and all local ATM fees charged. I've used the card abroad (including Asia) for several years, and it really is the best product out there. If I remember correctly, there is no minimum balance either, so you can just transfer funds into the account online from your other bank before travel. I imagine they offer this account hoping you will someday open a brokerage account with them as well, but it is not required.

[catl331]

On 5/29/2019 at 3:49 PM, Hawaiidan said:

NEVER EVER, EVER,  use a Credit card for a ATM cash advance   use a debit card.....     You will pay dearly if you use a credit card. 

Had to once when we left the debit card in the room safe. We only took out about $50 and paid it off once we got back to the ship, so the assessed interest was nothing compared to the $10 initial fee.

[Hawaiidan]

39 minutes ago, catl331 said:

Had to once when we left the debit card in the room safe. We only took out about $50 and paid it off once we got back to the ship, so the assessed interest was nothing compared to the $10 initial fee.

Just checked with VISA  and after the $10 access fee  the daily compounded interest  is 27.24%  Good for you however in sailing the south pacific regions  there were many times when there was no internet  for several days. It is not all that hard  to get into regions that do not have service at all.... even in well developed countries and regions it is not always possible

[Hawaiidan]

1 hour ago, Jimbo20000 said:

Excellent suggestions here, if I may add one more.

 

As posters have mentioned, NEVER pull cash advances from an ATM as the fees are outrageous. However, one of the giant discount brokerages going by the name of "Chuck" offers a free bank account and Visa ATM card with absolutely no fees, no foreign transaction, bank-level exchange rates, and full reimbursement of any and all local ATM fees charged. I've used the card abroad (including Asia) for several years, and it really is the best product out there. If I remember correctly, there is no minimum balance either, so you can just transfer funds into the account online from your other bank before travel. I imagine they offer this account hoping you will someday open a brokerage account with them as well, but it is not required.

Just do not get an  ATM card confused  with a Credit Card cash advance...  they are  2 different animals

[catl331]

35 minutes ago, Hawaiidan said:

the daily compounded interest  is 27.24%  ... were many times when there was no internet  for several days.

By my calculation, the interest that would accrue on $50 for 30 days would be $1.13  Hardly anything to worry about.

Edited May 31, 2019 by catl331

[drowelf]

13 hours ago, ellieanne said:

My bank offers pre-loaded cards with balances in up to 5 currencies. It's awesome. I used them the last time I went on a cruise. I loaded up US$, Canadian$, and Australian$ (the countries I'd be in.) You have to specify the amount in each currency, and any overages are deducted from the next listed currency at current exchange rates.

 

Can you share which bank offers this service? I see from your profile it looks like your co-located in US and Australia. Hopefully its a US Bank. 

 

Thanks 

[ellieanne]

On 5/31/2019 at 10:57 AM, drowelf said:

 

Can you share which bank offers this service? I see from your profile it looks like your co-located in US and Australia. Hopefully its a US Bank. 

 

Thanks 

No, it's my Australian Bank. But I do wonder why the US is so behind the rest of the world in terms of payment technology. I am often frustrated by the huge difference in payment/account technology between my Australian accounts and my US ones.

[ski ww]

We put extra money into our credit card before we leave home so if we use it there is a credit balance on it.

[Cinder Again]

After having credit cards compromised on two cruises, I now use a separate credit card that I almost never use, so even if it happens, it’s less work for me, canceling automatic bill pays, etc. It’s a good idea to see if your bank has that foreign currency debit card option!

Last night I binge watched a few episodes of a Netflix documentary called Scam City. This guy looked at various cities, searching for pickpockets, scam artists, short changing, taxi scams, etc. Lots of short changing with foreign currencies, it will pay to have small bills, and count your change carefully! 

I watched Rome, Morocco, and Barcelona, all places I’m visiting this Fall, so you can check the episodes and watch the ones that apply to your travels.  It was disheartening that even a legitimate looking money exchange station shortchanged him...

[SFO Peter]

2 hours ago, Cinder Again said:

After having credit cards compromised on two cruises, I now use a separate credit card that I almost never use, so even if it happens, it’s less work for me, canceling automatic bill pays, etc. It’s a good idea to see if your bank has that foreign currency debit card option!

Last night I binge watched a few episodes of a Netflix documentary called Scam City. This guy looked at various cities, searching for pickpockets, scam artists, short changing, taxi scams, etc. Lots of short changing with foreign currencies, it will pay to have small bills, and count your change carefully! 

I watched Rome, Morocco, and Barcelona, all places I’m visiting this Fall, so you can check the episodes and watch the ones that apply to your travels.  It was disheartening that even a legitimate looking money exchange station shortchanged him...

 

There is a part in Scam City where they switch the good bills with fake bills and say "you gave me fake money".    Sometimes they give you change in fake money as well.  So use small bills and if possible write down the serial numbers before handing over.  I think this was in Buenos Aires. Rick Steves say use debit card at ATM at a reputable bank and pay cash for items but you still have to be very careful.  I placed $1 purchase limit on all my ATM cards so they cannot be used for purchasing stuff.  My ATM cards can only be used for withdrawing cash with a pin.  I do use a "Chuck" card for ATM withdrawals.

 

Peter

 

 

Edited June 3, 2019 by SFO PETER
added