Hi
I'll be leaving for Europe soon on a 2 1/2 month trip. I've been reading about having two bank cards, in case one gets lost/stolen or doesn't work. I do all my banking with one bank. Should I open another account at a different bank and put some emergency funds in it in case something happens with the other bank card? I'm just wondering if it would be worth setting up a new account.
Thanks!
What about getting another card that is on the same account? Make sure you let the bank know you are going to be using them in Europe. I forgot to let them know that both my hubby and I were going to be in Germany so only mine worked there.
I have debits cards from three bank accounts, just in case, for use at ATMs, plus one credit card. But make sure the new account is from a small, local bank that doesn't have a foreign currency operation. These banks pay the "network" in dollars and pass on to you only the 1% network charge for processing the international transaction AND currency exchange. Larger banks, those with int. currency operations, pay the network 0.6% for the transaction, but pay in Euro. This allows them to charge YOU 2%-3% for currency exchange.
One of my banks only charges me the 1% plus $1.50 for out-of-system ATM use. That's the card I use; the other two are just for emergencies (a few yrs ago, at FRA, I had to try all three cards before one worked in the ATM).
Ideally two different banks would be good. At least having one each MC and Visa from different Credit Card Companies. Two ATM cards might be nice, especially if you get one with limited fees (like CapOne)... putting a few hundred dollars in that checking account may make sense. Since youre going for an extended time - it could come in handy.
Speaking from personal experience, in 2005 my husband & I had major ATM card withdrawal problems in Italy. To add to the problem 3 different Italian banks could offer no help. To this day we can't figure out what the problem was. Once we arrived in Switzerland absolutely no problem. For our trip to Italy this May we have opened an account with another bank in addition to our current bank. We will have ATM cards with 2 different banks so hopefully we will not have difficulty this trip. Just thought I would share that sometimes crazy things happen & believe me it's no fun when it comes to money while in a foreign country.
I'd get another bank account with a different bank. That way, I would be able to access the Plus and Cirrus networks and just in case one card got lost/stolen/damaged.
We have two separate checking accounting at the same bank. I do think you need some type of a back up plan.
Thanks for all the advice. I've decided to open a new account so I'll have two card options. I've decided to go with Scotiabank. They have an arrangement with a few banks worldwide which if you use their ATMs, there is no fee for using a non-Scotia Bank ATM. In Europe they have an arrangement with BNP Paribas (France), Deutsche Bank (Germany, Poland and Spain) and Barclays (United Kingdom).
Last year I got off the plane in London and went to the ATM- tried to get 200 pounds and got nothing. I go to Europe every year, so didn't totally freak out and since there was so many people lined up decided to just head in on the train and try again later. Still no success, so I tried my other ATM card..nothing- a bit of worry then I tried for just 60 pounds---- 200 pounds was way too much for my cards to deal with UNTIL I talked to the bank. I forgot to call them before hand and have them increase it ---after that no problem!
Have you checked into those prepaid credit cards? I know that at my bank you can get prepaid visa cards with a balance of up to $600. I know you can get them online also.
