Berkeley CSUA MOTD:Entry 41131
Berkeley CSUA MOTD
 
WIKI | FAQ | Tech FAQ
http://csua.com/feed/
2025/04/03 [General] UID:1000 Activity:popular
4/3     

2005/12/23-28 [Finance/CC] UID:41131 Activity:kinda low
12/23   Thanks for the Taiwan visit tips.
        In the meantime I've found some links listing rates for ATM withdrawals
        and credit card purchases, and another link on travellers check cards.
        http://www.bankrate.com/brm/news/cc/20050624b1.asp
        http://csua.org/u/efg (europeforvisitors.com)
        My conclusion (for a trip to Taiwan) is that the travellers check cards
        suck, ATM / credit cards are okay, and the AmEx Travelers Cheque is
        best (with an AmEx card membership to avoid the 1% fee) if you cash the
        checks at the AmEx office one stop north of the SOGO dept store.
        The biggest hassle is finding a local AmEx office where you can buy the
        checks at 0% (although they are 0% at Wells Fargo if you have an
        Advantage checking account with $2,000 minimum daily balance).
        Shee-it!  I just noticed the Capitol One credit cards charge 0% AND
        absorb the usual 1% Visa/MC conversion fee if you use it to charge
        something in foreign currency.  That takes care of restaurants that
        take credit cards I guess.
        Also, http://www.ricksteves.com/graffiti/graffiti81.html the consensus
        for Europe is ATMs, just like what another sodan wrote, and that
        travellers checks suck.
        \_ if you need help when you get here, shoot me an email.  kngharv
2025/04/03 [General] UID:1000 Activity:popular
4/3     

You may also be interested in these entries...
2008/7/9-11 [Finance/CC] UID:50504 Activity:nil
7/9     "Gas stations' sneaky trick"
        link:www.yahoo.com/s/914178
        I'd think it's illegal unless they display both prices.
        \_ This is a violation of their CC agreement.  They're not supposed to
           charge different prices if you use a CC.
           \- while i believe that is normally true, i think there must be
	...
2007/2/23-26 [Finance/CC, Politics/Domestic/Immigration] UID:45807 Activity:nil
2/23    B of A starts offering credit cards to people w/o SSN:
        http://news.yahoo.com/s/nm/20070222/us_nm/bankofamerica_immigrants_dc
        That's strange.  My dad got a B of A credit card in 1980 when he
        didn't have an SSN and was on a work visa in the Bay Area.  Today he
        still doesn't have an SSN and is still using the card overseas
        regularly.
	...
Cache (2555 bytes)
www.bankrate.com/brm/news/cc/20050624b1.asp
Although you're not likely to find it anywhere on your credit card statem ent, most credit card issuers charge currency-conversion fees for foreig n purchases made on their credit cards, debit and check cards, and ATM c ash withdrawals. Over the course of your travels, that can add up to a significant increas e in the cost of your vacation -- money you could save by picking the ri ght credit card. In the chart below, the percentage shown beside each credit card is the a mount charged by your credit issuer, plus the charge by Visa or MasterCa rd for a foreign purchase. Visa and MasterCard have a standard 1-percent charge on foreign purchases; in exchange, Visa or MasterCard converts y our foreign currency purchase to US dollars. All Visa or MasterCard ca rds will carry that 1-percent charge. However, your credit issuer or bank often charges an additional fee, usua lly 2 percent, which adds up to a 3-percent total charge on foreign purc hases. Bankrate contacted several credit card issuers, and all refused t o explain the reason for the charge. The percentage posted under debit-and-checking-card purchases is the char ge assessed by both Visa and MasterCard and your credit card issuer or b ank. A fee is also assessed by each card issuer and bank for ATM cash wi thdrawals. Citibank 3% of the amount of each foreign-currency purchase after it is c onverted into US dollars Conversion fee 1% Conversion fee 1% MBNA America 3% of the amount of each foreign-currency purchase after it is converted into US dollars N/A Withdrawal fee 3% Capital One Financial Corp. Capital One does not charge a f ee and absorbs the fee charged by Visa and Mastercard Do not offer a deb it card at this time No ATM cards JP Morgan Chase 3% of the amount of each foreign-currency purchase after it is converted into US dollars 3% or $5, whichever is greater or 35% conversion rate $3 for withdrawals / no other fees Bank of America 3% of the amount of each foreign-currency purchase after it is converted into US dollars Conversion fee 3% $5 dollar flat fee; no charge if within Global Alliance network Household Credit Services (note: becoming HSBC) 1% of the amount of each foreign-currency purchase after it is converted into US dollars Conver sion fee 1% No fee using an HSBC Worldwide ATM / 3% withdrawal fee on non-HSBC ATM Providian Financial Corp. Whether you are a credit card newcomer or a pro ready to switch to a lowe r rate, Bankrate's Credit Card Basics steer you step-by-step through the maze of tiny print, hard-to-believe offers and pesky fees.
Cache (2494 bytes)
csua.org/u/efg -> europeforvisitors.com/europe/articles/amex-travelfunds-visa-travelmoney-cards.htm
E-mail American Express Travelers Cheque and Visa TravelMoney Cards photo ABOVE: The American Express TravelFunds Card (shown here) has been rename d the American Express Travelers Cheque Card. Prepaid ATM/debit cards replace traveler's checks American Express and Visa now offer prepaid cards that combine the conven ience of ATM or debit cards with the safety of traveler's cheques. So fa r, the cards are available only in the United States, although they can be used throughout the world to make purchases or withdrawals from ATM m achines. Safety is the main appeal of a prepaid travel cash card: If your card is lost or stolen, American Express or Visa will issue a new card or refund the unused balance. However, you'll pay a premium for this reassurance, especially if you use the cards to obtain foreign currency--and you'll still need to carry a credit card for occasions when the prepaid card ca n't be used (eg, to secure car-rental or hotel reservations). It's available with an initial value o f US $300 to $2,750, and you can choose from three currencies: US doll ars, euros, or British pounds sterling. The card may be reloaded in incr ements of $50, up to a maximum card value of $2,750, by calling a world wide toll-free number. You can use the Travelers Cheque Card like a credit or check card, or you can withdraw money from any ATM that displays the American Express logo . Warning: If you withdraw cash or make purchases in a currency ot her than the one on the card, you're charged the Interbank conversion ra te (usually about 1%) plus a whopping 3% surcharge. Visa TravelMoney Card is sold by the American Automobile As sociation and National City. TravelMoney is available with an initial value of $300 to $1,500. Four cu rrencies are offered: US dollars, Canadian dollars, euros, or British pounds sterling. You can reload the card at an AAA Web site or by callin g a toll-free number. Using the Travelmoney card is like using a credit or check card, and you can withdraw money from any ATM that displays the Visa logo. Warning: I f you withdraw cash or make purchases in a currency other than the one o n the card, you're hit with an eye-popping conversion fee of 7%. In my opinion, no--not when the fees, and especially the currency-convers ion fees, are so outrageous. It makes far more sense to carry a standard ATM card with a credit card as backup. If you want additional peace of mind, buy a few traveler's checks and keep them in a neck wallet or mone y belt.
Cache (8192 bytes)
www.ricksteves.com/graffiti/graffiti81.html
Throughout Europe, cash machines and credit cards are the standard way fo r American travelers to change money or pay for services. You get a much better rate than with traveler's checks but you do pay a fee, usually t o your hometown bank or to your card issuer. And ATMs may not be as good a deal, as some overseas ATM vendors and US banks add a 2 percent or so fee to each transaction. Also, any comments ab out minimizing extra credit card foreign currency conversion fees? Please Note: ATM and Credit Card fees change frequently. Contact your ban k or credit card company for exact, up-to-date information before your t rip. USING ATMS Karla: In using ATMs in 13 countries of Asia and Europe I have noticed th at even within one town the maximum amount you can withdraw from an ATM varies. My guess is that it is impossible to know ahead of time. They may not know the limits of each bank within a given city. H J J CHICAGO, ILL USA 12/12/2005 Using ATM In Italy, we found that we could only get 120 Euros at a time from ATM's and even that amount was only available once every 6 hours. If we had kn own this ahead of time, we wouldn't have gotten so anxious when the ATM screen said "Your card is invalid. Karla Barnes USA 12/11/2005 Don't Worry, ATMs are the BEST Okay, after memorizing everyone's comments/advice regarding exchanging do llars prior to my visit to England, I felt it a must to give my two penc e worth of advice. Just like most everyone else here in the States, GO W ITH ATMs GO WITH ATMS GO WITH ATMS When I looked at the exchange rate at OANDA compared with what the bank charged me here in the US it was al most identical, maybe off by a couple of cents, no commission. If you ca n, go with a smaller town bank, they typically don't charge for use of o ther ATMs And word to the wise, if you want to use your debit feature, make sure you have a card that has one of those funny microchip looking things on the front. Many stores wouldn't let me use my check card as "d ebit" because it didn't have one of those chippy things. The other point , don't call a bank and tell them you are going to be overseas, GO into a branch, sit town with a banker and have them put in your check card # that is on the front, it takes 2 minutes, but its worth it. Without havi ng the actual check card logged and entered as the card that will be ove rseas in their system, the card typically will be declined; Adrian Los Angeles, CA USA 12/06/2005 ATM & Credit Card Fees You need a two pronge approach to avoid atm fees on cash machine withdraw ls and surcharges by visa/mc and your bank on credit card transactions. ATM fees in europe can be eliminated if you use an atm card from a bank t hat does not charge for use at a different bank. Bring one card for yourself and one for you r spouse or traveling companion. If you lose one or one is stolen, it is useless without the pin, so you don't have to report it stolen, just us e the other (if you are sure the pin has not been stolen). Remember it i s only an ATM card, not an ATM/debit card since it does not have the vis a/mc logo. They do not charge the 1-3% that most cr edit cards charge for foreign currency conversion fees and they eat the 1% that visa/mc charge. So you get the pure wholesale exchange rate with absolutely no markup. Cash from ATM's at pure wholesale and credit card t ransactions at pure wholesale. And you didn't even have to spend the hou rs I did researching this. email> Snohomish, WA USA 12/02/2005 Mastercard This summer I used my credit union ATM Mastercard extensively in Italy an d Ireland and had no problems whatsoever. From reading this board it seems that the fee situation is more favorable if you go through a credit union. Mine only offers a Mastercard check/d ebit card, not a VISA one. I'm going to Italy, would I be able to use Ma stercard at an ATM there? I find that in the states, VISA is more widely accepted than Mastercard. So I am wondering if it is the same situation in Europe. Karen, how about trying to go INTO the bank with your Mastercard and ask for money that way. You can also likel y use the card at exchange windows displaying the logo, but I assume the fees would be higher. If Mastercard is blocking ALL transactions in Spa in and not just ATMs, that would be BIG news. USA 11/21/2005 ATMs in Spain We just learned from our bank that MasterCard is blocking ATM withdrawals in Spain due to fraud. Wish we had learned this before we left the US with little cash or travelers checks! Karen Burgi Denver, CO USA 11/21/2005 Credit Card fees I'm going to Europe in January. Is it true that Capital One credit cards do not charge the extra foreign transaction fee? Thanks in advance for your "travel knowledge" Eric San Diego, USA 11/20/2005 UK post office exchange rate Bob, I have an old Rick Steves VHS tape where he talks about currency exc hange, and he says in essence, if the rate is good, it comes with a high commission, and if the commission is low, the rate is bad. Compared to Oanda's interbank rate for today, the UK's postal rate is 7%. Although I agree that ATM rates tend to be the best, we have to carefully monitor what is going on. Today , some banks are already hitting their customers with a 3% rate, plus a fee, making the total near 4%. I agree that, usually, the ATM rates are still the best, but it is important to continue to compare all of the ra tes. USA 11/18/2005 re: Cash or no cash Dear USA: You are correct that Atlanta IS in the US and that I did state I got some GPB there before my flight to England. There were NO BofA ATM s at Hartsfield (only the Travelex as you mentioned), and I chose to get a minimal amount of cash in case I needed it for transportation upon ar rival. However, once into Gatwick I found I didn't need the cash (the va rious train services into London all took credit cards), and the 60 GBP I got in Atlanta was sufficient for my entire time in London (2 days) si nce so many places took credit cards. I still state that ATMs gave me th e best rate, and using the major country banks (Barclay's in England and Deutsche Bank in Germany) provided the best exchange rates and lowest ( or even non-existent) fees. Richard USA 11/18/2005 Allen Before buying any prepaid "travel" card, please read the fine print. Then compare and contrast the fees and flexibility of this card with one fro m your local bank. Lafayette, LA USA 11/17/2005 Exchanging at Post Offices in the UK The UK Post Office does not charge commission, but you have to look at the exchange rate as well. If you want to change pounds into dollars, the rate is 16405. There a re plenty of places in Europe where you can exchange dollars, but the ra tes are invariably better at an ATM. Bob Bristol, UK 11/17/2005 Exchanging at post offices in the UK Is it true that one can exchange US dollars in England at Post Offices wi thout a commission? Adrian Los Angeles, ca USA 11/15/2005 Rude Awakening with Credit Union ATM Card We travel frequently and I have used my credit union ATM card all over th e world to withdraw cash. I was shocked when I came home to find out tha t a 1% fee was charged on all my ATM withdrawals in Greece and Italy. I used various banks there so I know it must be stemmed from my card which has a VISA logo on it to allow merchants to debit it like a charge card even though it's a basic ATM card. Ann San Francisco, CA USA 11/09/2005 AmEx travelers' cheque card I have to disagree with the previous poster who claimed that the Amex Che ck card is THE biggest rip-off. If used smartly, ie lo aded to the max in US$ and max ATM withdrawals, the Check card will cost about 33% for cash in other currencies. Compare that to the Visa check card, w hich charges 7% plus a fee, or to Travelex, which charges 7% for foreig n currencies online or 11% at the airport. However, the weakness of the Amex card is the scarcity of ATMs that take it. Although Melissa claims to have had no problem using it at any ATM, her report is inconsistent with others on this board. You can look on th e Amex website for ATMs in foreign cities. If you go prepared with a list of ATM locations yo u should have no problems. Credit Unions are fine, bu...