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Changing Money

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Australia
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Changing Money

How many TYR can you withdraw each day from Turkey ATMs? I have been told the bank fees are horrendous when you get back home. Also have been told that even if you choose your savings account, the ATM may take money from your Credit Card! Is this the case? My friend is taking heaps of cash in Euros with her. Is that a better option? I'm from Australia.

Thanks, Ann

Istanbul
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1. Re: Changing Money

Hi Ann,

How much you can withdraw from your account each time you use an ATM is determined by the agreement between you and your bank and has nothing to do with a particular ATM. So discuss it with your bank. You can raise the limit if you wish.

ATM's do not have a mind of their own and do not take money from your credit cards. However, if you cannot withdraw money from an ATM by using your bank card, you can still use your credit card to BORROW from your credit line, a loan which carries a hefty interest rate.

The bank fees for each withdrawal would be less if you use your own bank's ATM machine. However this is a very unlikely event and then you would be paying competitive fees for your withdrawals. You can get the information on the exact amount of fees to be charged again from your own bank.

cheers,

Mount Dora, Florida
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2. Re: Changing Money

My bank charges me a flat $2.00 when I use an ATM that is not in their network, and, of course, none of the ATMs in Turkey are in my network. Citibank and HSBC are the only banks in the US that also have network ATMS in Turkey. My bank, or perhaps the bank in Istanbul, also charged a modest currency conversion charge. I do not remember how much it was, but certainly not much.

As Enigma has suggested, your should obtain the ATM charge information from your own bank. In the US, this is something that you can often negotiate with your bank. Before I protested my bank charged $4.00 for out-of-network transactions.

Turkish ATMs work exactly like ATMs all over the world. They will withdraw the money from what ever source you specify. The ATM does not even know that you have a credit card unless you put it in the machine, so it would be impossible for a Turkish ATM to withdraw money from your credit card without your assistance.

Maybe in Australia you use the identical card for debit transactions from your savings account and for credit transactions, but I kind of doubt this because it would be very confusing for everyone.

I would certainly not take "heaps of cash" to Turkey. I would try to use the ATM a couple of times a week and withdraw only the amount of money I needed for three or four days. If it costs you $4.00 to $6.00/week to obtain funds from an ATM I do not think that is an excessive amount. I used to pay that amount for travelers checks.

There is a huge danger in taking "heaps of cash". While I do not worry too much about someone robbing me, I really worry about losing it as I wander around Istanbul. The last thing about which I want to have to think about every few minutes is the large amount of cash I am carrying.

Two more important tips about using an ATM card in Turkey. First, make sure that your bank knows that you are traveling in Turkey. If not, someone in the fraud department of your bank may be alerted by unusual activity and freeze your card until they can determine if it is really you using it. Sometimes it takes several days and several phone calls to get that fixed.

Second, try to avoid using free standing ATMs. Select an ATM located with a bank, and use it only during banking hours. We had a report last week of someone who used a free standing machine and there were no instructions in English. The machine ate her card as she was attempting to translate, and she had no where to go to report the problem. If she had used an ATM affiliated with a bank she could have just gone inside the bank and addressed the problem.

Australia
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3. Re: Changing Money

Thanks, Guys,

Yes, it is true that in Oz we can use our credit card as a linked card and have a choice on the ATM screen of cheque, savings or credit account. But after calling the bank on your good advice, they suggested I obtain a debit card to use so there is no chance of money being taken from my credit card, as you both sugested. I just hope it arrives in time!I've not had trouble in other countries like Vietnam, but apparently in China it doesn't matter which account you choose on the screen, the ATMs automatically take money from your credit card. I agree that it's silly to carry lots of cash.

So thanks, again!

Ann

Mount Dora, Florida
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4. Re: Changing Money

Wow! Just one card that functions as a debit card or credit card? I would be perpetually confused about where I had made my withdrawals. Our debit card can be used by a business as a credit card so we do not have to use a pin when purchasing something with it, but the money comes immediately from our checking account so it is exactly like a debit card from our perspective.

I guess there are probably credit cards that permit large cash withdrawals. My credit cards, however, have the default cash withdrawal amounts and they are all quite low.....I think I can only withdraw about $300 in total each month as a cash withdrawal, and I have never had the need to request an increase in that allowance. I have never actually taken a cash advance on a credit card because the interest is higher and it starts on the day you withdraw the money, so even if you pay off your credit card balance monthly, as we do, you still have to pay an interest charge from the date of withdrawal to the statement date. We just use our debit card for ATM withdrawals.

Chicago
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5. Re: Changing Money

Hi Ann,

Many of us withdraw lira from the ATMs. It's quick and easy! Depending on your bank, the transactions fees are high or low. While you don't want to carry heaps of cash, when I withdraw cash I take enough for a few days. If I pay expenses with a credit card, then I get hit with an exchange rate fee. So, I pay with cash for most expenses.

Have a good trip!

Globe

6. Re: Changing Money

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