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An ATM. In Swedish: "Uttagsautomat." German: "Geldautomat." French: "Guichet automatique." Hebrew: "כספומט." And in Japanese: "現金自動預け払い機."
The best way to obtain cash overseas is with an ATM card.
Use an ATM to benefit from the wholesale exchange rate banks use for large scale transactions. Since it has become more difficult to cash traveler’s checks in many countries, ATM debit withdrawals and cash advances from major credit cards have become more common. It’s the easiest way to obtain currency of the country where you withdraw — provided the country has a modern ATM network. - Contact your bank before you go to let them know you will be traveling.
If your ATM card also works as a Visa, check card, or other type of credit card, your bank probably has automated fraud protection in place. Unless you contact your bankers to let them know you will be traveling, they may automatically suspend your card if unexpected foreign transactions are made.
This is great for protecting your money from credit card fraud while you’re at home, but you don’t want your card to be suspended while you’re traveling. Call your bank’s customer service number in advance of your trip. Tell the representative you will be traveling and need to make sure your card’s anti-fraud feature doesn’t prevent you from having access to your money. Ask the representative to make a note of what countries you will be visiting and on what dates you will be there.
If your bankers are doing their job, this should prevent any interruption of access to your funds. - Check cash advance and ATM policies
To use an ATM card overseas, check your card’s network and find out if this network is available in the country you’re visiting by asking your bank for a worldwide directory. If the networks match, your card may work overseas. - Be sure to check with your U.S. bank to see if your PIN will work abroad and if there are charges for using a foreign ATM. Most banks charge a small additional fee for using an ATM abroad.
- To locate ATMs worldwide, visit either of these websites:
- www.mastercard.com/atm
- visa.via.infonow.net/locator/global/
- Keep in mind that some banks will levy additional foreign transaction fees.
Cash advances from credit cards are usually subject to interest charges from the day of withdrawal, and at higher interest rates than those used for credit purchases. However, other than the transaction fee, there are no interest charges for an ATM debit card withdrawal. - Be careful with ATM & credit cards
Aside from protecting your cards from theft and making sure they will work overseas, it’s important to protect the physical card, because replacements are extremely difficult to get while traveling. The most common physical problem with credit cards is de-magnetization.
De-magnetization Facts & Myths
Protect the black magnetic strip on your card from being de-magnetized. Avoid letting your card touch or sit for too long close to the following items:- Demagnetizing pads used in stores to turn off the security strips in new books, DVDs, and music
- Refrigerator magnets
- Speakers (speakers, headphones, and microphones all contain magnets)
- Some cell phones
- Magnetic clasps on wallets and purses
- Some security screening machines. Airport x-ray machines are completely safe, as they do not contain magnets. Airport walk-through metal detectors are not normally a problem, but the hand held detector wands used in hands-on security screenings might be strong enough to damage a magnetic strip.
To be safe, ask the security guard to give your card safe passage around the gate at the airport, or send your card through the x-ray machine instead of the metal detector.
- Bring a duplicate card
Some card companies will provide a duplicate card at time of issue, while for others you may need to request one at a small fee. Either way, bringing a duplicate card and keeping it in a separate place from the original is a smart way to avoid being without a card while abroad. - Leave personal checks at home
Be aware that personal checks generally are not accepted overseas. There may be a few exceptions, but don’t count on it. Due to currency exchange rates and check cashing fees, nearly all overseas merchants will refuse personal checks.
More on credit cards and airport security
The user forum at Flyertalk.com has an informative thread on getting through airport security without having your card inadvertently demagnetized.
PHOTO CREDIT: ATM IN SWEDEN BY JORDGUBBE (USED UNDER CREATIVE COMMONS ATTRIBUTION-SHAREALIKE 2.0 LICENSE)
