Tips
for Using ATMs While Traveling Internationally
It
use to be the standard. Along with passports
and airline tickets, travelers would always
remember to bring their travelers' checks.
However, today fewer merchants are accepting
traveler's checks, and with the relatively
high fees for buying and cashing them,
many travelers have moved on to credit,
debit and ATM cards. As the major source
of funding for travelers, these cards
can be risky to use if the right safety
precautions are not taken. Here are some
tips for using ATMs for transactions while
traveling internationally.
-
Visa
and Mastercard charge a one percent
fee for all foreign transactions, and
most banks will tack on an additional
two percent charge for converting ATM
transactions to U.S. dollars. Check
with your credit, debit and ATM card
providers to determine which of your
cards are the most travel-friendly.
You can also sign up for a new card
with a provider that waives or reduces
the international fees.
-
Make
sure you have ample available credit
and/or funds deposited. Also, check
the expiration dates on your cards.
-
Many
foreign ATMs accept four-digit PINs
only, and often times they don't even
display letters on their keyboards.
If you use a word for your PIN, memorize
its numeric equivalent before traveling.
-
Unusual
foreign transactions may be flagged
as fraudulent, so let your credit, debit
and ATM card providers know of your
travel plans prior to your departure.
This will ensure they do not freeze
your account once you begin making international
transactions. Also, take more than one
card with you just incase one of your
accounts is accidently frozen.
-
Make
a list of convenient ATM locations in
your destination cities before leaving.
Both Visa
and Mastercard
have on-line worldwide ATM locators
that cover more than 210 countries.
Make sure that your card displays a
Visa, Mastercard, Cirrus or Plus logo
for worldwide acceptance.
-
Prepaid
debit cards are a safe, albeit more
expensive, alternative to a traditional
debit or ATM card. Simply purchase the
necessary value ahead of time and use
the card in ATMs while traveling. Since
the card is in no way connected to your
checking account, there is no danger
if your card is lost or stolen. However,
these prepaid cards usually have additional
fees attached.
-
Make
all of your purchases in local currency
and beware of merchants offering to
convert your purchases into U.S. dollars.
Merchants can inflate the exchange rates
by as much as five percent.
-
Cash-to-Cash
machines are common, especially in Europe.
They look like ATMs, though you feed
in currency rather than your card. Despite
being convenient, the machines often
charge inflated exchange rates. The
same may be true for the currency exchange
booths at many international airports.
Exchange
rates and commission fees can be very
expensive when converting foreign currency
back to U.S funds. Try to limit all cash
withdrawals to just what you need. Use
your remaining currency for that last
lunch or souvenir, or tuck it away until
your next trip.
Source
— Magellans
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