I have going to Europe for 9 weeks and I cant figure out what the best way to do money over there is. I have thought about doing ATMs but the fees seem like they add up a bit. Are there any good credit cards that doent have a lot of travel fees or ATM cards that have worked well? I was also thinking about opening a bank account there my first day and just use that bank's ATM machines to avoid all the fees. I really have no idea as you can see... what is the best way to get my money out without a ton of fees? And if its a card, what is a good one for traveling?
Thanks
Posted by
Frankfurt, Germany
9211 posts
You can't open a bank account just like that, without having a registered address, etc. Even if they did, you would have to wait for them to mail you your card.
Posted by
Vancouver, BC, Canada
175 posts
Nicole - go to the Graffiti Wall (shown above) and click on the Money section for everything you need to know. Also, if you look back over the many many threads on
this very subject you will find out so much information.
Posted by
PA
2856 posts
Open a bank account. NOW. HERE. use CapitalOne High Yield Money Market account (or any other bank that you see here that has similar terms.). You can feed it from your bank account online. Thee are NO fees from them for ATM usage. European banks do not charge ATM fees. On this system you will lose less than 1% for friction, ytou cannot do better. Open it now, it takes 30 days for you to be able to withdraw after you get the cards. Anything elseyou will lose money, on the order of at least 5%. And that includes taking cash to Europe to open an account. Another plusthis card can be used anywhere that is on Cirrus system, to get the local currency. Do ot use a credit card - that is a cash advance for which you will owe interest (at usurious rates) immediately. If you want a credit card to use internationally, look at the basic CapitalOne MasterCard -1% cash back on all purchases, 2% on gas and supermarkets, and unlike almost every credit card out there, no foreign transaction fees - almost every other card charges you 3% surcharge on foreign transactions.
And please research on this very board - this same advice has been posted many times by many people. Also see the Graffiti Wall.
Posted by
Oak Park, Illinois
4535 posts
You don't say exactly why you will be in Europe for 9 weeks, but if it's just as a vacation traveller then you probably cannot open a local bank account. For that amount of time, it absolutely makes sense to open a new checking or money market account here that has no foreign transaction fees for using ATM's in Europe. There are several mentioned here and in other threads. Do a search to find them for more details. It also makes sense for you to have a credit card with no foreign transaction fees. Capital One is the most well known, but some credit unions also have them. If you do both, your purchases and withdrawls will be within 1% of the daily interbank exchange rate. You can't do better than that. Enjoy your trip!
Posted by
Tresana, Highlands Ranch, CO, USA
23621 posts
Opening a bank account is a marginal idea. Even if you could open one, the cost of transferring your money from the US would be about the same as your using an ATM. Second, most European accounts come with more fees than are generally associated with US Banks. And finally our government takes a dim view of folks with foreign bank accounts.
Posted by
Bloomington, IL, USA
9371 posts
"Anything elseyou will lose money, on the order of at least 5%." Not true. I carry two regular debit cards, one from an online bank, and one from a small local credit union. The online bank card charges 1%, the credit union card charges 0%. Shop around and open an account here for your travel funds. There won't be a 30 day period where you can't withdraw your funds, either.
Posted by
Adelaide, SA, Australia
977 posts
Having just returned from Europe 2 days ago, ATM's are the way to go. The fees are a problem, but like everything in Europe and the rest of the world, there are fees for everything. You just have to pay up and look pleasant. I had a bottle of Heineken beer from the mini bar in our hotel in Lugano. Cost of the beer was shown as 3.50. When paying our bill on check out, that beer cost 7.00 with charge of 8% VAT. One way to lessen the impact of fees is to withdraw larger amounts of cash and keep it in your well hidden money belt. Unlike a couple of ladies I saw on our travels, wearing their money belts on the outside of their clothes!! What is that???!!! If you are going to Switzerland, be prepared for the 'cost of everything shock'. We had travelled through Holland, Germany and France before spending 9 days in Switzerland. It is a darn expensive country. We asked a Swiss resident while having a drink in a pub one afternoon about the high cost of living, her take was , that they have to import everything.
The strangest thing though, our best and by far cheapest meal in Switzerland, was in a restaurant on the top of Mt. Titlis, 10,000 feet above sea level. It was a third of the cost of similar meals we had previously. Go figure!! Having said that, I wouldn't have missed our 9 days there for anything.
Posted by
Wichita
831 posts
Nicole,
This may help http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange