ATM Use

[DJ Cruisers]

Does anyone have any tips on how to economically use ATM machines in Austr/NZ? I have a local bank ATM card (a bank owned by the Royal Bank of Scotland group) that has the MasterCard, Star, and NYCE symbols. I also have an ATM card from ETrade that has the Plus and Interlink symbols. Does anyone know of a bank that has low fees and a reasonable exchange rate for use of these cards?

[mochuck]

I think the reason people have been slow to respond to this question is because most of us don't really know the answer. I think most of the fees generated by ATM use come from your own bank / credit card company.

 

I think most ATMs have a fee $1-2 for using a card from another bank. You might be better off to ask at your bank at home.

 

Please note, I'm not in the banking sector but just giving advice from experience. ATMs are certainly the most convenient way of changing money and are cheaper than currency exchange booths / shops.

 

When I'm travelling I tend to use my credit card as much as possible. As long as you pay by the appointed date the only fee you incur is for the currency exchange. I use ATMs for cash for small purchases.

[Globaliser]

Hi, DJ Cruisers, and welcome to CC!

Does anyone know of a bank that has low fees and a reasonable exchange rate for use of these cards?

One suggestion: Get a debit card from Bank of America and use it in Westpac ATMs. You won't get charged a service fee, only the exchange rate (including spread).

 

I get the same deal from another Global Alliance member (Barclays).

 

However, I'm afraid that personally I don't have time for the angst that some other CC members seem to go in for over this sort of thing. If I need money and there's a Westpac machine in sight, I will use it. If there isn't, I will get the money from some other bank's machine and not worry about the handful of dollars/pounds it costs extra.

[jobob]

I was thinking of getting American Express Travelers checks in Australian dollars, but I read that they are not usually accepted. Has anyone ever used them? Will banks cash US $ travelers checks for Australian money?

[SheilaNC]

We discovered some time ago that the angst we felt over finding the best/cheapest deal to exchange money wasn't worth the few dollars we saved. In truth, after spending thousands for a vacation, we now just budget the ATM costs into our trip expenses. We, too, use credit cards as much as possible so the only cash we need is for the small things where people don't usually take credit cards.

[janetz]

My daughter will be in Sydney and NZ in July. She is 19 and has a debit card. What do you all think she should have? :)

[Aussie Cruisers]

The problem with using your debit card is in hotels....

 

You know that when you check in they "hold" about $300 incase you steal or whatever.... it isn't released until you leave.

 

I have travelled alot and have had a few times when the hold took 6 days to be released. Once, it wasn't released at all... even though the hotel assured me it was. Thankfully my bank automatically lets the hold go after 10 days. ANyway, I learnt the hard way that having a debit card is not good for this. I could not access my own money!!!

 

Anyway - if you are using a debit card that problem is that YOUR money is held and you have to be aware of that. I would use a CC for when in hotels for the hold, and your own money for all other purchases.

 

JMHO!

 

Mark.

[mochuck]

Janetz's daughter is coming for World Youth Day and will be billeted so there won't be a hotel issue. It might be an idea for her to have a credit card FOR EMERGENCY USE ONLY with a very low limit (eg: $1000) for back-up.

[janetz]

Janetz's daughter is coming for World Youth Day and will be billeted so there won't be a hotel issue. It might be an idea for her to have a credit card FOR EMERGENCY USE ONLY with a very low limit (eg: $1000) for back-up.

 

 

 

:p I don't know if she will remember FOR EMERGENCY USE ONLY...:p She stills needs a ATM card for cash si I guess it will be her debit card. But that is a good thought about the cc card.

[Tredebo]

One word of warning - regardless of whether your daughter uses a debit or credit card, she should be very conscious of the card scimming scam that is doing the rounds and has reached Australia.

 

She should ALWAYS cover her hand and try to block line-of-sight to the keypad when she is entering her PIN. Be aware if anyone is hovering around the ATM's before using one. With the large numbers of people expected for WYD, the opportunistic parasites will be about for sure.

 

Scimming is where a device is attached to an ATM which records the magnetic strip details when the card is entered into the slot. The criminals then record the PIN as the unsuspecting person enters it into the keypad - either by a hidden camera or by watching through binoculars from close by. As strange as it sounds, the units are very hard to detect.

 

Besides that, I think she will have a great time at WYD.

[janetz]

Thank you. I will relay this information to her. :)

[Psoque]

Different banks have different policies about ATM fees. And to make it even more complicated, different customers from the same bank have different fee structures.

 

Our bank happened to have ATMs in both New Zealand and Australia, and we had no problems using ATMs there. Also, we get our ATM fees waived if we are in cities that do not have their ATMs. I think this is an exception.

 

Also, many credit cards and some debit cards charge foreign transaction fees. You may want to find out which of your cards have this "feature" and how much the rate is. We have one credit card that has no foreign transaction charge and we always use that card when we travel abroad. We live very close to Canada and it is very useful to have this card when we visit there.

 

Also, cash withdrawals on credit cards come with often huge fees and interest...makes ATMs fees look like peanuts in comparison.

 

And finally, I would not just use information on this board to make any financial decision...you need to get the information from your financial institution.

[charliegirlac]

The easiest way is to find out directly with your financial institution. There are plenty of ATM's in Australia but I wouldnt recommend travellers checks as there is probably going to be a fee greater than that of ATMs and then you have to carry a fair bit of cash.