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so why WOULDN'T you use an ATM card

Raleigh, North...
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so why WOULDN'T you use an ATM card

I just got off the phone with my bank confirming my travel dates/daily limits.

my understanding from my bank is there is a $5.00 USD charge from them + whatever charge the ATM in Amsterdam is....... there is no "conversion" fee

So in other words, to change $1,000 USD into 754 Euro will only cost me those 2 small fee's at the ATM machine.

Which makes me wonder, WHY would anyone use these money conversion services?

Dallas, Texas
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11. Re: so why WOULDN'T you use an ATM card

Daily limit, no. But there is a limit per transaction.

Raleigh, North...
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12. Re: so why WOULDN'T you use an ATM card

ahhhh, good to know! Thank you!

Fort Worth, Texas
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13. Re: so why WOULDN'T you use an ATM card

chuck, you forgot -IMHO

Port Townsend...
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14. Re: so why WOULDN'T you use an ATM card

@bluemorpho

Yes, your reiteration is correct.

You can open a Paypal account at www.paypal.com. Then you can request a PayPal MasterCard debit card. It's a regular debit/checkcard. You can use it as a debit card or a credit card. In Europe, when you use it at an ATM , the ATM spits out euros and Paypal does the conversion/fee and USD are withdrawn from your Paypal account.

You need to assign your regular bank account (checking for instance) as a PayPal backup source, and then you need to transfer USD from that account to your Paypal account so that the PayPal account has a positive ballance. This is only true for ATM withdrawals. If you use the MasterCard for a purchase, from an online retailer, for instance, or if you sign for it, PayPal automatically debits your checking account.

I'm more than happy to answer if you have any other questions.

Happy spending,

Chuck

Edited: 3:51 pm, August 29, 2013
Chicago, Illinois
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15. Re: so why WOULDN'T you use an ATM card

Why aren't people mentioning what banks they're using? This is helpful for a lot of people, but not entirely helpful if you're not being specific. I have a BoA debit card and was told I would get charged $5 per withdrawal and that's it on their side. I guess I never considered the ATM fee til this thread, but it makes sense.

Port Townsend...
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16. Re: so why WOULDN'T you use an ATM card

I use US Bank. I didn't mention it since I don't recommend them as an option.

Amsterdam, The...
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17. Re: so why WOULDN'T you use an ATM card

I just checked my most recent ATM transactions here in Amsterdam with a Bank of America ATM card. This was in April, 2013:

The amount in €'s that I withdrew here was converted to $'s and minused from my US account at the currency exchange rate from that date which was almost exactly the same as what I see on http://www.xe.com for the date of my transaction. And then BoA took a $5 flat-fee charge and they took a fee that was 1% of my withdrawal amount. The local bank/ATM here does not charge any fee. By the way, for those unfortunate enough to be BofA clients like me (haha), their conversion rates for overseas ATM transactions are determined as follows:

"The exchange rate for international ATM transactions is set by Visa® International or MasterCard® International, depending on your card's logo. This rate of exchange is either the wholesale market rate or a government mandated rate on the day before the date the transaction is processed."

Could I have gotten more €'s by withdrawing the cash in America and carrying it here to exchange at a place like Pott's? I have no idea but since I am not exchanging millions, hundreds of thousands or sadly even tens of thousands then I am not gonna inconvenience myself or take the risk of losing the cash for the sake of a few to even a few dozen €'s.

Hillsborough, North...
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18. Re: so why WOULDN'T you use an ATM card

Good thread. My .02 - I use a credit union atm card - Coastal Federal here in NC - exchange rate is pretty much as xe and other sites quote, and they charge 1% of the $ amount as the fee. Pretty reasonable - I have learned to stay away from comm'l banks for international transactions except for Capital One for Mastercard credit card purchases, as they do not charge a separate fee and their conversion rate seems to be ok. Like others, I'm really not going to fret about a couple of cents on the dollar - view is not worth the climb!

19. Re: so why WOULDN'T you use an ATM card

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