whayes
Mouseketeer
- Joined
- Nov 6, 2007
The countdown to our vacation continues. I started posting about 8 months ago. I cannot believe it is almost here!
The real reason for this post was to let you know about some information I found.
It is recommended to use cash in foreign countries because the credit card companies charge outrageous fees for foreign transactions. The best way to get cash is from ATMs. According to everything I have read, the ATMs provide the best conversion rate.
Most ATMs still have fees, but they are better than the credit card fees. However, I have found a well known bank that provides a money market account with ATM access and no fees. Capital One, the big credit card bank, provides a money market account and they do not charge fees for using your ATM card in a foreign country. The only thing you might pay is the fee at the ATM in the foreign country. You also have a daily limit of $500 on ATM transactions. The other good thing is that the money market account has a pretty good interest rate. The current rate is 2.75%
I think it depends on your comfort level, but the no fee ATM withdrawals up to $500 per day are a good sell for me. I have signed up for an account. As soon as I get my ATM card, I will let you know which ATM networks (STAR, CIRRUS, etc.) it can access.
Hope this helps!
The real reason for this post was to let you know about some information I found.
It is recommended to use cash in foreign countries because the credit card companies charge outrageous fees for foreign transactions. The best way to get cash is from ATMs. According to everything I have read, the ATMs provide the best conversion rate.
Most ATMs still have fees, but they are better than the credit card fees. However, I have found a well known bank that provides a money market account with ATM access and no fees. Capital One, the big credit card bank, provides a money market account and they do not charge fees for using your ATM card in a foreign country. The only thing you might pay is the fee at the ATM in the foreign country. You also have a daily limit of $500 on ATM transactions. The other good thing is that the money market account has a pretty good interest rate. The current rate is 2.75%
I think it depends on your comfort level, but the no fee ATM withdrawals up to $500 per day are a good sell for me. I have signed up for an account. As soon as I get my ATM card, I will let you know which ATM networks (STAR, CIRRUS, etc.) it can access.
Hope this helps!
