Money Card

Christine: Go to "General Europe" on this board and look for the post in heavy type that says "ANSWERS TO FREQUENTLY ASKED QUESTIONS".

No experience with the card but when I looked into it a couple of years the fees were very expensive -- in the range of 10% or more. The most economical and convenient way to obtain foreign currency is a debt card tied to a check account.

Before we went to Italy recently, I investigated the WalMart money card. It's PIN-protected and you can use it like a debit card to get cash at ATMs. If you lose the card, just call and cancel it (be sure to keep the contact info separate from the card). WalMart will transfer your balance to a new card when you get home.

Like any debit card, it will work like a credit card at some stores and restaurants, but debit cards don't work at all such places.

In looking around, we found that the Wal*Mart card had low and reasonable charges for using the card, and we were going to go with it, but we waited too late to get it, since it takes 2 weeks for your PIN to arrive by mail. So, if you go this route, just be sure to get your card far enough in advance for your PIN to arrive.

You'd be better off just using a regular ATM card from your own bank, tied to your own checking account (not savings). If you shop around a bit you might find one with few or no fees at all. The debit card I use, from my small local credit union, charges me nothing extra for foreign transactions. When my credit union first offered Visa travelcards, I asked what the advantage would be of that over my regular card. After stammering around for awhile, they said there was no advantage -- and there is a setup fee, and fees for using the card at an ATM. I got the impression that those are aimed at people who don't know that their regular ATM card will work just fine.

Thanks for the responses. I had originally researched other forums intensively but, I hadn't seen anything about a prepaid card. My goal was to circumvent the banks, but I may get one and put a small amount on it, just as another alternative. Thanks all.

I went to my local credit union and got cash. They charged me the exchange rate for that day, plus 50 Cents. The .50c was for the letter to Raleigh to get the cash. I got 4000Euro's in about a week and took them with me in my money pouch, slung over my shoulder, after some experimenting with around the waist. That way, solved ATM problems, ATM charges, etc. Only used credit card when I had to leave no. with hotel for extras.

I had booked almost all of my rooms, flights and train before I left, so did not need ATM/CC card for much. By buying money before I left, I figure I save around 600 dollars. The exchange rate went up between the time I bought and the time I was in Europe, plus no charges and fees to cedit/atm cards.

John....what was the exchange rate you were charged? And what would you have done if the dollar had gone down against the Euro while you were travelling? And if you were mugged.....? Would you carry four grand in cash if you were travelling in the U.S.?

Christine,
Make sure that if you do get this card and request the PIN, make sure it is a 4 digit PIN and does NOT start with "0". Otherwise you will probably not be able to use it except at the airport.

John, finally someone that does what I do! I get "yelled at" on here for suggesting it to people but I know those of us that do it never have to worry about having our visa card not working, get eaten by atm or exorbiant fees on our statement when we get back, etc. Its good to know exactly how much youre spending and dont spend the next months paying it off.
I will always bring cash with me. I got a great exchange rate last time and saved on ATM fees, Conversion fees on Visa, etc. I bought the pounds at a great rate and it went up by 30 cents per GBP by the time I took my trip so I did save a nice amount. I also dont have to worry about throwing my debit and visa card info all over a foreign country.

I take about 300 GBP in cash and prepay hotel in London. Thats all the cash I usually need for a week. I dont need more than that as I travel alone and have alot of "picnic" meals.

I do have a Visa card and Debit card that i keep in my hotel room in case something happens, but nothing has happened yet in my 2 trips abroad I have taken.
I make it a point to not look like a tourist, i.e. not a target.

But 4,000 is quite a lot. I wouldnt feel comfortable with that much on me.

If I did happen to get mugged, they wouldnt get my cash as I keep it in my ..ahem.. bra....

Tami, the idea that you shouldn't have a leading 0 on your ATM PIN is an old myth. Many people have posted here that they have PINs that start with 0, and have had no problem with them anywhere. It is simply not true that you won't be able to use a card with a 0 anywhere except the airport (I've never heard that version). I don't recall anyone posting that they DID have a problem - it's always reported as one of those "someone told me" stories. Both of my ATM cards (different accounts at different banks) have 0 as the first number, and I have used them all over Europe, China, and Costa Rica without a single problem. No need to keep the old urban legend alive.

Christine, if you want to pay the setup fee and a higher exchange rate for a prepaid Visa card that's your choice to make. I'm not sure why you asked our opinion if you are going to totally disregard it. Sounds like you already had your mind made up.

Last year there was a thread from a lady that said it did happen to her while trying to withdraw money. There were other posters that did say they had issues as well. So unless they were lying, its just something to consider.

Airports can run your visa/debit card in American Dollars and are universal when they accept cards with different PINS, even 6 digit pins. This I know for fact.

Tami....any posting in the past few years saying they had problems leading with a Zero (and I don't recall one in the past year) was caused by some other problem. Leading with a Zero hasn't been an issue at European ATMs in several years now since they upgraded their technology.
I don't think anyone yells at you for taking cash...it's your right. But please don't base your recommendations to other travellers on a couple of erroneous assumptions....
I saved money because the value of the dollar went up while I was away. (depending on that is a fool's game....one could just as easily lose money by bringing cash if the dollar's value falls.)
I saved ATM fees because I got foreign cash from my local bank. (That may be so, but the exchange rate you paid for the foreign currency at your local bank was worse that what you will get at an ATM, so any savings may have been eaten up before you even got on the plane.)
I don't have to spread my ATM number all over Europe. (No you don't, but your risk from ATM fraud isn't any greater in Europe than it is at your local bank.)
I haven't been robbed and won't be. (Believe it or not....it does happen...and not just to "the other guy!)

Tami, the reason you get yelled at or I prefer to call it a challenge to your money practice is that it is a poor recommendation for most travelers. I don't know of a place in the Denver area that will sell me foreign currency at less than a 5% markup or more. The American Express Travel office gets 8% and if not a card carrier they tack on more fees. Even with the worse case of 3% currency conversion on a debit card, you money ahead. And that situation is true for the average traveler. And there may be a credit union that offers currency at the interbank rate but not in my area 'cause I have called them all. And if you made money because the dollar move sharply between purchase and trip consider yourself lucky because that will not happen the next time. And it could have gone the other way.

And have no idea what your comments mean about airport ATMs. ATMs are the same -- in the airport, on the street, in the bank. However, there may be ATMs in the airport that will dispense both dollars and local currency. That is a possibility because I have used dual currency ATMs but not in recent years.

Nancy is absolutely correct that is that the leading zero is a current myth that continues to get spread by inexperienced travelers. BUT, like all myths it does have a very small element of truth -- in the VERY early days of ATMs usage "O" was problem but that was quickly fixed twenty years ago or more. But the warning lives on.

And John's numbers do not add up either. 600 dollars saving on 4000 dollars is 15%, Again with a worse case, avoiding a 3% conversion fee would only save $120. Where did the other $480 savings come from? I would love to know conversion rate and the date that he received it.

And one should never allow a merchant to charge your credit card in dollars. Because the credit card issuer will treat that as a foreign transaction and charge the fee. Capital One being the one exception I know.

Frank: I never mentioned airport ATMS. I said if you use a card at an airport meaning, in a shop, etc. I used my Visa Debit card at the airport in Thorntons and it came to exactly what the amount was, in dollars. Nothing extra.
The cashiers ask what flight youre on and ask how you want to pay. But this was in Heathrow. I wouldn't use it anywhere else in London. And if I had to, i wouldnt trust the Dollars converted thingy they do because yes I have read about the fees and how that works.

I am not the only one that takes cash with me. Alot of people even say, go with 100 pounds or whatever. I dont take THAT much more. It may save Christine a bit of money and possible card issues if she brought a bit with her.

I dont live in Denver and I do get a good rate on the pounds. I buy them directly from my main Wells Fargo branch. Its not always just about trying to save money. Its more convenient for me.

Let me just state that another reason is simply this: Since its difficult for me to save money for a trip (typical woman!), Every time I get paid I go to the bank and convert some cash into GBP. It makes it easier for me to save since it would be a hassle and waste to convert it back to spend it here. SO by the time the trip comes around, I have a handful of cash ready to go.

Plus youre forgetting the $5 PER USE on top of the exchange rate at an ATM And that is more than Im paying to convert dollars to notes at my bank. Vacation is not about worrying about 10 cents here 50 cents there. If you cant afford to keep things simple, then you shouldnt be going on vacation!

Wells Fargo may charge $5 per use of a foreign ATM, but other banks don't. Mine charges nothing extra at all. People who shop around for banks/credit unions could find better deals at different banks.

Tami, even using your numbers you are still behind. My WF branch charges 5% if you are a current customer. I cannot believe that your WF branch in Boulder is not charging you the same 5%. If you convert $500 at 5% that is $25. Use an ATM and withdraw 500 at 3% is $15 plus a $5 is still only $20. Find a bank that doesn't charge all of those fee and you are even further ahead. Now if you hold for a long time you might pickup a few dollars but you would have also earn some interest if the money sat in a saving account. You would have to have a big swing in currency value in order to save money.

Tami,

Rick Steves might not know Frankfurt, but one thing he does seem to have a pretty good handle on after dozens - and dozens - of trips abroad is money. That said, HERE is a link to an article that was written by RS and posted on CNN.com recently.

It may seem like you get "yelled" at from time to time for promoting your personal method of dealing with money on vacation, but I'd encourage you to really think about the following for a moment to see why your method isn't suitable for everyone:

• Not everyone is ample chested enough stash wads of money in their unmentionables, therefore that "style" is not an option for many

• You may have lucked out in the past, but as others have stated, playing the currency game is a gamble and there may come a time when your well-intentioned plan fails because the dollar unexpectedly gets stronger

• There are many people who will need more than the equivalent of 300 GBP to cover their day-to-day trip expenses, in which case it isn't wise to carry that kind of money around

• You say you don't look like a tourist, but many of us do while abroad. It's unavoidable, and it may up the probability of being a target for pickpocketers.

I'm not suggesting you should stop the method that works for you, I'm just saying that perhaps you should qualify to people seeking advice on money that this method is suitable for ample-chested solo female currency hedgers traveling to a familiar place for a week.

Ok, I said that last part in jest, but really, I think Rick Steves is onto something with his method.

haha Angela. 300 GBP cash in 20 pound notes is not a huge wad of cash. Im not built like a tank or Pamela Anderson.

I SAVE UP my money by converting it so I wont spend it before my trip, not saying I SAVE money by converting it. Its not the same thing.

I know I dont look like a tourist whatsoever. I know how to dress and I dont have the rude loud manner of tourists. I dont even go to many touristy parts, preferring to find my own areas. My husband is British and I know the mannerisms. Sounds odd but its true. If im being pickpocketed in my brassiere, then I have a worse problem than just losing some cash!

I will stop trying to explain myself and give the board back to Christine.

Norm, the exchage rate was 1.321. I took a small gamble and when we were in France, the exchange rate was 1.41, so I did good. Also did not have to pay any VISA or MASTER CHARGE charges for card use. Yep, I carry cash all the time. When traveling, I will take what I think I will need with me. DC for a long weekend, $400-600.00 Wife carries some, I have some in pockets, and most in belt across chest, under shirt. Never been pickpocketed, robbed, etc. If they steal cc or ATM card, they will clean out your account in about 30 seconds and it takes years to fix. I would rather loose what I have on me that all I have in the bank.

I had a cc cloned in UK, at a steak house close to Harrords. Took me almost a year to get it cleared up, and that was only one card. If they steal your ATM card, they get your cash and getting it back is really a pain, plus you have no cash available for your use. At least with cc, you are not out any money if you contest the charge.

I used my regular debit card extensively on my last trip over, and will certainly use it next month when I go again. That and a credit card and you're good to go. One thing I made sure of however, was that all withdrawals by debit card were from a banks atm( ie I never used it at store, restaurants, etc. Personally I am quite comfortable using a debit card in Europe, as I don't believe there's any more risk than if I were using it in my hometown. Heck, if there were, why would Europeans use them?....

Well, I certainly appreciate everyone's input. I started this thread because I was looking for some alternatives and stumbled upon the travel Visa, so wanted some input, as my mind wasn't definitely made up before I posted.

Thanks for the heads up about the fees, and will look into it further before any decision is made. Trust me the website that advertises it, doesn't have all the fees upfront.

John...what date did you get that exchange rate? It would be interesting to try to compare it with the inter-bank rate that day.
I can understand your fears about cloning...that DOES happen occasionally, as you have experienced. But stealing your ATM card does NOT give someone access to "clean out" your account. I assume, then that you've begged off using ATMs completely....even in North Carolina?

Tami...."Since its difficult for me to save money for a trip (typical woman!)" I resent that sexist remark....I too have trouble saving for a trip! ;)

Christina, I really like the idea of taking the $300 in cash(thanks Tami). Since we will be staying for almost a full month I've decided to get 300 for my husband and myself before we go then do the cash advance on my debit while we are there. From all the imput I'v read over the last few weeks this seems like it will work the best for me. We are doing a house exchange so I am not concerned about lodging costs, which helps.