Warning: this may be a stupid question.
Ok, so I'm set up with my no fee Capital One Money Market debit card. I did a test run at a local ATM and it would not let me withdraw when I selected checking. I think technically it is a "savings" account.
That got me wondering, when I use this at a European ATM, what will it consider a Money Market account- checking, savings, other? Has anyone had any experience using these cards?
My wife has a similar account and has not had a problem getting cash from ATMs in Europe. That being said, typically, European ATMs don't ask what account you want to withdraw from. So they must go to the "default" account on your card which in your case would likely be the mutual fund account.
I think I'd call my mutual fund company to ask. This has to have come up before.
I had the same problem when I used my card in Mexico. I called Capital One and they told me to select Savings. I had no problem using it recently in Spain and Portugal.
I am traveling in Europe currently with the same account - a Money Market account from Capital One. I have had no problems using my card over here and have had successful transactions in Switzerland. The ATMs that I have used picked a default account and didn't ask me checking or savings. I hope this helps and good luck on your travels!
Thanks everyone! I appreciate the responses.
Late to reply. I used a Capital One MMA debit card in Rome, France and London. No problems. Be sure your password is only 4 numbers. Some ATMs abroad don't recognize more than 4 numbers. And they have to be numbers.
Good luck
The easiest situation is to have the money you need for the trip in a checking account, with a 4 digit numerical PIN. This always works.
Kent,
I agree that just using a debit card is easiest, but, the fees for my particular account with Chase make it very expensive to use internationaly, particularly with the dollar vs pound exchange.
To make a long story short, I would have to pay no less than three fees for each withdrawal, one of which is a 3% currency conversion fee.
With the Capital One Money Market debit card, the only fee is the one that you pay to the owning ATM, which should be a few pounds. I paid nothing to set up the account, and, my money has been earning interest as I have saved for my trip.
