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credit cards and banks

I don't have a debit card. IF I need cash, can I go to a bank and get cash with my credit card?

Posted by
8889 posts

Yes, you can go to a cash machine (ATM) and get cash with a credit card if you know the card's PIN.
But, if you do this with a credit card, it counts as a "cash advance" and your are charged interest immediately, so it will be very expensive.
Best to use your normal debit card, the one you use to get cash out of a machine at home, it will be a lot cheaper.
If you don't have a debit card, how do you get cash from a machine at home?

Don't forget to tell your bank where you are going. If you don't they may block your card for "possible fraudulent use".

Posted by
7569 posts

Yes, you can even get cash from an ATM using your Credit Card. Both these methods will be considered a "cash advance" and is handled differently than a purchase so far as terms, fees, and interest.

For example, most of my cards charge $10 or 5% of the transaction (whichever is more) and interest of about 24% starts immediately, rather than after a 30 grace period. Usually even cards that charge a Foreign Transaction Fee waive that for a Cash Advance.

Doing a cash advance is somewhat more expensive than other methods, a good ATM/Debit card is only about a 1% cost, same with a good credit card used for a purchase. Less optimum Credit cards will be about 3%, bad ATM/Debit cards about 5.5% on $200, taking cash and exchanging there, or getting euros here would be at least 5% up to 10%. For a Cash advance, getting $200 worth and paying off after a month would cost about 7%, if you were to go online and pay the card off immediately, the cost drops to just over 5%...so in a way Cash advance is the same as using a Debit card that charges a $5 transaction fee and a 3% Foreign Transaction fee.

If you choose to do a cash advance, call your card now and arrange for a PIN so you can use an ATM rather than having to go into a Bank.

Posted by
11294 posts

You say you don't have a debit card, but do you have a bank account (checking or savings)? If so, just get an ATM card tied to that account. Even if you only use it for travel, it's by far the cheapest and easiest way to get cash while abroad. You can keep it with your passport, if you only use it for travel; just keep track of the expiration date on the card (once I almost missed this; fortunately, I was able to get a new and un-expired card in time for my trip).

Posted by
4051 posts

Getting cash using an ATM/debit card is essentially a withdrawal of your own money from your chequing account. You may pay a service fee, depending on the issuer. Using a credit card for cash is a loan from the bank, charging interest at extortionate rates. The latter should only be considered in a dire emergency.

Posted by
5687 posts

Yes, consider an ATM card (not a debit card) which can be issued even for a savings account. This is what I use in Europe.