Traveling
can be a wonderful, but often-complicated experience. Throw an
unfamiliar language, legal system and customs into the mix and the
unprepared travelers can quickly find themselves
in trouble. However, with a little planning and research those same
foreign experiences can be some of the best in your life. We can
help you prepare so you’ll be able to enjoy the differences you
find abroad and have a safe, healthy trip.If your ATM card is linked
to the PLUS or CIRRUS networks, you have the option of using it to
obtain cash virtually anywhere in the U.S. and in over 135 countries
worldwide. The CIRRUS Network currently has over 780,000 ATMs
worldwide; and the VISA/PLUS has over 750,000.
The biggest advantage of exchanging money with your ATM card is that
all cash withdrawals, regardless of size, are exchanged based on the
wholesale exchange rate which is usually reserved only for very
large interbank exchanges. This rate is often 2-5% better than what
you can get from exchanging traveler's checks at a local exchange
counter. In addition, local banks or money change bureaus will add
on transaction fees which can easily eat up another 2% of your
money.
Before you leave home with just your ATM card, however, make sure
that the Cirrus or PLUS networks are readily available where you're
going. While PLUS and Cirrus ATMs are increasingly common overseas,
they are still only available at a limited number of banks in
selected countries. Your bank should be able to give you a listing
of all ATMs available on your network. CIRRUS users can also call
(800) 424-7787 for a current list of locations worldwide. The PLUS
system has a toll free ATM locator as well at (800) THE-PLUS,
however, it currently lists only U.S. and Canadian ATM locations.
The PLUS network is associated with VISA so your VISA card will
usually work at those ATMs as well and vice versa. Likewise the
Cirrus network is associated with Mastercard and Cirrus ATMs usually
accept Mastercard for cash advances and vice versa.
Using
Your Card Abroad
If you want to use your ATM card overseas, keep in mind that many
ATMs abroad, particularly in Europe, do not accept PINs that are
longer than four digits. If your PIN is longer, you can go to your
local bank and have it changed. If your PIN is based on letters
rather than numbers, translate the letters into numbers before
leaving the country. We found several ATMs that only had numbers on
the keypad. Also, keep in mind that most ATMs abroad will only let
you access the primary account on your ATM card.
Cirrus and PLUS ATMs overseas work pretty much like they work at
home. You will probably be charged the same transaction fee, if any,
that your bank charges you when using other bank ATMs. However, you
should check with your bank before using your ATM card at non-branch
ATMs or abroad. ATM transaction fees are becoming more commonplace
and increasingly surcharges are being imposed by both the customer's
bank and the ATM's owner as well. Some banks are reportedly charging
as much as $5 per transaction for the use of overseas ATMs, however,
most banks do have much more reasonable fees.
Tips For ATM Usage at Home and Abroad
Since
your ATM is a direct link to your financial savings, guard it as you
would cash or other valuables. Visa
offers some tips for ATM safety:
— Make sure that no one waiting behind you can see you entering
your PIN number.
— Do not throw away your receipt at the ATM, take it with you.
— Observe your surroundings - if the machine is poorly lit, or is
in a hidden area, use another location.
— Don't count your cash while standing at the ATM.
— If you are using an indoor ATM that requires your card to open
the door, avoid letting anyone come in with you that you do not
know.
— If you lose your Visa card or your ATM card, contact the
financial institution that issued your card immediately. |
