Euros

[-Lew-]

1 hour ago, rad798 said:

Just looked at the Schwab debit card you mentioned. It does look really good. I just don't need another brokerage account.

 

There's no obligation at all to use the brokerage account...I don't.  The brokerage and checking accounts are completely separate with different account numbers.

[CruiserBruce]

@rad798, your rate does look like about 3.5%. So that isn't bad in the scheme of things. And, as others have illustrated, there is better out there. I wouldn't agree you got ripped off.

[Hlitner]

8 hours ago, rad798 said:

I appreciate the feedback but I would also like a little more info if you would oblige.

 

My bank charges a 3% fee for ATM usage as others have stated here.

Also, I better use their international partner in that country or I get hit with at least another $5.00 fee for each transaction.

Not sure what the limit is for each transaction in Europe.

So, it seems I paid about $12.25 (1%) extra for the 1000 euros I received at the credit union.

$12.25 does not seem that much to me so I don't have to search for certain ATMs in each country.

 

So, if I am getting ripped off, I am guessing you are getting like a 1 or 2% fee for transactions at ATMs. If that is the case, would you please list the banks you deal with for my future reference.

 

With all this said, my math or understanding of how this works could be all screwed up too. If so, please explain where I went wrong on the math.

Just trying to learn here.

 

 

Many years ago we used a large commercial bank that charged us fees and extra little charges (similar to what you describe).  When we began to do a lot of International travel we told that bank where to to take their business, closed our account, and moved our funds to an excellent Credit Union that did not charge silly fees and even paid us annual dividends (what a concept that a financial institutions paid us to use our money).  Eventually we opened accounts at another credit union and a small commercial bank neither of which charge extra fees.  My credit unions not only do not charge fees but they actually rebate (monthly) any ATM fees we are charged by other bank ATMs.  

 

I mention this because as long as folks are willing to be ripped off by bank fees the banks will continue to pile on even more fees.  We live in an area where there are several large (and excellent) credit unions who have clobbered most of the larger commercial banks (who like to rip off their customers with extra fees).  Consumers can speak with their funds but most are like masochists who essentially say, "beat me please" and banks are fast to oblige.  I would tell any bank that charges 3% ATM fees to take their ATMs and &&^$$.

 

Hank

[Host Jazzbeau]

The thing to look for is a bank that doesn't have branches.  Since they don't have any ATMs of their own, they have to make it easy for you to use other banks' ATMs by comping the fees.  And since they don't have to maintain ATMs of their own, that's still cheaper for them (and, of course, you!).  That's why Schwab is able to offer universal ATM fee reimbursement.  That's one card I 'won't leave home without.'

[iancal]

In the past we have used euros.

 

 Depending on the accommodation, it has not been unusual for us to secure a ten percent discount simply by asking and offering to pay in cash.  Especially in Italy and Greece.  Makes a difference for us as we are typically spending 6-8 weeks.

 

I really do not think it matters of a day or so spending money.  BUT...it can if you have multiple stops or are planning pre or post.  We have been on a few private tours where cash, euros, were required.  This was made very clear to us when we arranged the tours.

Edited September 5, 2021 by iancal

[Scottee25]

On 8/31/2021 at 5:42 PM, Hlitner said:

As to chip/Pin cards we have had very little problem with our US cards which are all chipped.  We are rarely asked for a Pin (many folks do not have this for their US cards) and this seems to be less of a problem today then it was 2 or 3 years ago.  We just returned from Greece (last week) where we had no problems using our US credit cards (no system asked for a Pin) and our usual ATM cards (worked everywhere).

 

This is good to know and something for us to keep in mind when we are in Spain and Italy next year. When we were in Spain back in 2019 we never needed to use our PIN with our credit cards. Since I don't take cash advances on my credit cards, I never need to use a PIN. Hopefully they won't be required next year but I'll be sure to have my PINs reset before we sail so we have them if need be.

[Hlitner]

10 hours ago, Scottee25 said:

 

This is good to know and something for us to keep in mind when we are in Spain and Italy next year. When we were in Spain back in 2019 we never needed to use our PIN with our credit cards. Since I don't take cash advances on my credit cards, I never need to use a PIN. Hopefully they won't be required next year but I'll be sure to have my PINs reset before we sail so we have them if need be.

During our 3 weeks using our cards throughout Greece we were never once asked for a PIN.  Sometimes the cards would just work and sometimes we were required to sign the receipt just like in the ole days ;).   Of course you do need a Pin if you plan on using an ATM/Debit card (which is how we get all of our cash when traveling).

 

Hank

[Scottee25]

12 hours ago, Hlitner said:

During our 3 weeks using our cards throughout Greece we were never once asked for a PIN.  Sometimes the cards would just work and sometimes we were required to sign the receipt just like in the ole days ;).   Of course you do need a Pin if you plan on using an ATM/Debit card (which is how we get all of our cash when traveling).

 

Hank

I definitely know the pin for my ATM/Debit card. 🙂 I just don't know them for my credit cards since I never take cash advances. I have no issues signing a receipt if I need to (and I totally expect to for any restaurant). Thank you very much for your insight on this.

[Hlitner]

15 minutes ago, Scottee25 said:

I definitely know the pin for my ATM/Debit card. 🙂 I just don't know them for my credit cards since I never take cash advances. I have no issues signing a receipt if I need to (and I totally expect to for any restaurant). Thank you very much for your insight on this.

If you do have a PIN for any of your credit cards it would be wise to know that PIN when in Europe.  Although we never needed our PIN on this most recent trip, there have been a few times over the past few years where we did need our PIN in some other countries (primarily France).  I like to talk about having :"Plan B," Plan C, etc.  As an independent traveler who has often spent months out of the country we like to be prepared for nearly any option.  We also carry several different major credit cards as well as several different ATM/Debit cards (each drawn on its own account in different banks).  ATM cards can get eaten by a machine so folks need a backup.  Folks also need have options in case their wallet/pocket is picked.   In simple terms do not keep all your eggs in one basket :).

 

Happy traveling

Hank

[Scottee25]

5 minutes ago, Hlitner said:

If you do have a PIN for any of your credit cards it would be wise to know that PIN when in Europe.  Although we never needed our PIN on this most recent trip, there have been a few times over the past few years where we did need our PIN in some other countries (primarily France).  I like to talk about having :"Plan B," Plan C, etc.  As an independent traveler who has often spent months out of the country we like to be prepared for nearly any option.  We also carry several different major credit cards as well as several different ATM/Debit cards (each drawn on its own account in different banks).  ATM cards can get eaten by a machine so folks need a backup.  Folks also need have options in case their wallet/pocket is picked.   In simple terms do not keep all your eggs in one basket :).

 

Happy traveling

Hank

I'll definitely get those PINs squared away before we sail. And I am very much into redundancy. NEVER carry a wallet on my when I am away from my stateroom/hotel. I'll carry an ID (usually driver's license), a credit card, and a small amount of cash. I usually put these into a side pocket on my cargo shorts that I also use to hold my insulin pen and a tube of glucose tablets (Type 1 Diabetic). Figure if someone sticks their hand in there trying to steal something, they would have a difficult time getting past my insulin pen and glucose to the cash/credit card, without me feeling it. Back at the hotel/cruiseship will be my passport, backup credit card, ATM card, insurance card, and more cash. After reading other posts on here, I also plan to open a Schwab account to get their ATM for use overseas too.