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Best ask your home bank what charges they make for overseas usage but it's normally better to pay in the local currency than your home one ie € than AUS$.
>>The only problem that I’ve found withdrawing money from an ATM is if the bank is a small regional bank.
Yes, always a good thing to do. Last thing you need is your cards cancelled because of 'suspicious activity'.
I agree, that for those from the US that a Schwab account is the way to go, but unfortunately, @Austinpaterson is from Australia, so can't use a Schwab account.
I missed that! Thank you for letting me know, and I hope there is something comparable in Australia.
Not really as far as I know, however a debit card from one of the major banks will work overseas with no problem. I once made the mistake of using a banks travel money card. A waste of time and money.
ING''s Orange Everyday Account rebates ATM fees both here in AUS and when travelling O/S, but only 5 per month and you have to deposit x amount of dollars to get this. I used an ANZ travel card once, only got it for the free travel insurance. Was declined once at the end of our trip when there was plenty of money in it. What saved us was that we never travel with just 1 card, at least 2 and from different banks. On the occassion our card declined I called ANZ to be told their whole banking system (ATM, Eftpos etc) was down. Thank heavens our other card was a Credit Union card, the fees didn't matter as it got us out of a pickle.
Credit card. I’ve taken to paying with a credit card via a phone tap when possible. From what I understand, the credit card number is not transferred, making it safer.
That's true. A unique number is generated for each payment. I usually find it easier to pull out my phone than a credit card card, so I love using Google Pay to tap and pay.
Yes - this is true - there are still a lot of "cash is king" places - especially in the smaller towns. I was more just commenting on whether or not credit cards "WORK". Yes - they work if they are Visa or Mastercard (not necessarily American Express) - but that is assuming you are trying to use a card in a place where a card, ANY card, is accepted.
Totally. Yah. Look for the sign that says, "no aceptamos pago de tarjeta", or something like that. That means credit cards are no bueno. That means no ApplePay or the like. You always gotta carry some cash! Just don't spend it unless you have to (in my opinion).
I don't know about this part... I kind of like carrying cash and trying to not use my cards at all! I totally can keep tabs on how much I have spent and I have no debt when I get home! In 2021 I took out 300-400 Euros in the big cities. In 2022 - I actually got all my Euros at home and never needed an ATM. I don't recommend others carry that much cash - but I actually enjoyed not having to worry about finding ATMs or worrying about the ATM fees and not using my cards most of the time! Thankful that I didn't get robbed lol... but I already keep my fanny pack on my body or at least within sight at all times.
Whilst I have rather taken to waving my ‘phone around to pay and pronouncing on how clever the Chinese are (same joke, different audience every night) I concur wrt cash. Unusually for me - and snatching a minor victory from the jaws of interminable disaster - I bought an unreasonable quantity of actual euros and dollars when the pound spiked on Brexit-night, and I’m still spending them.
Spain undergoing huge increase in cashless transactions, up something like 25% at the mo!
I’ve a couple of cards including ‘Jaja’ - which, God help us - used to be the Post Office. (Honestly, the world’s run by teenage marketeers.) and ‘Creation’ who are abysmal.
I use Monzo as main card. Got Metro too as back up. Monzo=no charges for ATM withdrawals in EU and free up to £200 a month rest of world. No charges on paying at retail establishment anywhere in world! Very happy with Monzo, especially the immediate ‘Ching’ noise when you do a transaction! ! Get addictive!
I used Metro for some significant transactions when working for a living, but through gritted teeth. They took some business which no one else would touch. - and the photos of the former chairman and his lap-dog were a bit spooky. (See ‘teenage marketeers’, above). Monzo, however, is interesting. I’ll take another look at them.
Yes friends in the finance world always advise steering clear of travel cards due fees! That said some people like them as they help manage their money. I guess there is a psychological aspect as we have seen a lot of folks overpaying their credit cards before a trip so they don’t have a big bill when they get back. Strictly speaking not the best use of funds but I understand the approach and the ‘warm glow’ when the next months CC bill drops through! Bit like buying Xmas presents in February! Especially as we are dealing on relatively small amounts to of money.
this is what I do.
It’s a good idea and can help versus fraud. I.e keep the bulk of your money in the unused travel account and switch when making a withdrawal!
Careful though....some debit cards of major banks have a high foreign transaction fee. (Wells Fargo debit card charges 3% fee on all foreign transactions.)
