ATM machines in Europe

My ATM card is from a credit union, which does not charge fees for overseas withdrawals. I understand that some do, so you might want to check with your bank. The other thing is to try to avoid stand-alone ATMs (not by banks), as they customarily charge fees. However, on a recent trip in Spain I found that every ATM I tried had a fee, bank ATMs included. You will know if there is a fee, as there will be a notice as you do your transaction, and a key to exit if you decide to abort the transaction.

You should really be using a debit card in an ATM. Credit cards will be treated as a loan, with interest accruing as of the date of the transaction for from 18% to 24% per annum. And always decline to have the transaction run in Dollars.

Jane, using a credit card at an ATM (called bankomats) is getting a cash advance (paying interest), not a withdrawal from your debit account. Is that what you plan to do? Click on the link "Travel Tips" on the menu to the immediate right, on this page, and then the link to "Money" and you'll get some good tips.

Are you proposing to open new accounts just for this trip?

None. No CREDIT cards are good to use at any ATM anywhere.

The reason is the fees that you will get hit with. An ATM transaction will be considered a cash advance. Cash advances have immediate fees of 3% to 5% of the transaction amount. Plus interest charges begin immediately and can run as high as 29% annually. It adds up, especially if you do a lot of transactions.

It would be better to have a DEBIT card, with a Visa or MasterCard logo on it. While some of the bigger banks charge the same high immediate access fee of 3% to 5%, there is no interest charge. It is easy to find Debit cards that charge no fees.

While the $5 per $100 you get charged for using a credit card to get cash is probably not going to bankrupt you, why not use a Debit card with no fees and avoid paying any more than you must. And if you insist on using a credit card to get cash, in Europe it is either a MasterCard or Visa. American Express is not widely accepted and no one has ever heard of a Discover card.

Jane,

As the others have mentioned, using debit cards for ATM's is a much better solution, as cash withdrawals using a credit card will often be treated as a "cash advance", at horrendous interest rates.

One other caveat with ATM's in Europe these days is the sneaky Direct Currency Conversion (DCC). If the ATM offers you the choice of having the conversion to your home currency done immediately (rather than by your bank at home), refuse that and opt for the local currency. If you choose the direct conversion, you'll pay a few more percent which will go straight into the coffers of banks or merchants.

This is also a concern when paying for bills using credit cards.

When we travel to Europe I deposit enough money into my checking account to cover our expenses. I then simply withdraw money from ATM machines connected to a bank. Preferably one that is inside a building. The key is to have a ATM Card that does not charge foreign transaction fees as well as refunds to you any surcharges that the foreign bank is charging you. Check with your banks and Credit Unions....mine has both of these features.