Hi all,
I'm curious whether there are any ATMS that do not charge a 'user fee' for withdrawal or if they all do, what bank ATM charges the least?
Are most ATMs secure?
Any other tips on carrying money (US dollars, traveler cheques, etc.) would be appreciated..
Thanks!
There have recently appeared some advocates of blowing off ATMs in favor of cash. On one hand cash is more vulnerable to crime but there are perils in going the other way as well. To consider is the risk of losing your whole stash which many feel is reasonably minimal . On the upside there is less currency conversion/atm fees, atm fraud risk and less hassling with robot tellers. I prefer a one in a million chance in losing a large sum in one event than a 100% chance of losing the same amount piecemeal over a prolonged term.
If you go my way, squirrel it around in belts & undergarment pouches & shoes & lock it up in your backpack when you leave your room, except for beer money.
I'm curious whether there are any ATMS that do not charge a 'user fee' for withdrawal or if they all do, what bank ATM charges the least?
I understand Charles Schwab refunds all ATM charges at the end of the end of the month.
http://www.schwab.com/public/schwab/banking_lending/checking_account
All Banks and ATM's are a little different, about $3-5us per withdrawl, always get the most allowed.
Are most ATMs secure?
Use one inside of the bank or just on the outside.
Any other tips on carrying money (US dollars, traveler cheques, etc.) would be appreciated..
Not sure you can even get TC's anymore, if you can avoid them. Old as dinosaurs.
Carry about $200-300us cash as backup in 20 dollar notes, make sure they are new and clean.
Total cash is fine, just spread it out and don't flaunt it.
Here's my take on money, reposted from a previous thread.
___________
For money I take US cash in small bills and (usually) enough local currency to get me started which I save from previous trips or order online and pick up at my bank. Generally you'd be fine with just USD to get from the airport to your 1st destination. I also take American Express travelers checks for backup and for hotels, Spanish schools, dive ops, etc. that allow me to pay that way - I find out in advance; they can be exchanged in banks, too, but not all banks and sort of a pain. Most folks have given them up but they're incredibly convenient for largish tabs at places that take them. Then for the rest I use ATMs as I go; in my experience you get the cash in the local currency and the exchange rate is decent. There are fees involved but that's just a travel expense along with many others; some banks charge more than others. I check out the forums ahead and check with hotel and Spanish school folks once I'm on the ground and avoid ATMs in areas with a history of problems.
A few years ago I set up a travel account at a credit union, separate from where I normally do my banking; ATM card use is free and they reimburse foreign fees as mentioned above. I use it while traveling, then change my password and empty it so I don't have worries about subsequent removal of the funds if the ATMs are buggy - often the fraudulent withdrawals are made months after the trip. I have it set up with daily emailed balance notices so I can keep an eye on my balance without having to use my bank password in questionable wifi environments. I have a newish travel credit card from Bank of America, too - no foreign transaction or ATM fees.
I set up my accounts to be notified by email when there are deductions (in case of fraud) and when my balances get to a certain level; I can transfer money between accounts online but only do it from secured wifi.
I only go out with the amount of money I need, sometimes in a 'throw down' wallet with a few expired cards and the day's cash. If I am transitioning from 1 place to another I keep my passport, cash, cards, etc. under my clothes.
Be sure any US (or other foreign) bills you bring are in very good condition - no tears or pen marks on them. The banks are getting increasingly picky about accepting bills like that so providers are generally careful to check and will reject imperfect bills. Also at least some banks in Guatemala will only exchange $50 and $100 bills now, not $20s.
One of my best tricks to avoid handling a lot of cash as I travel is to deal with really reputable hotels and transport providers and make larger payments before I travel. For me this is mainly with folks I use trip after trip and really trust so isn't something that works for everyone.
Remember to notify your bank and card company you'll be using the cards on foreign shores - where and when - and also find out before you hand over your card if there will be an additional fee for charge card use - sometimes 5% or more. I email myself a scan of the travelers check numbers and our main passport pages and pack a copy of them with me, too. I also go to http://www.oanda.com/currency/travel-exchange-rates and make tiny cheat sheets with the conversion rates for each country to keep handy. Happy trails!
The User fee for the Banks ATM is usually Minimal. It IS your Bank Card, that charges you to use a ATM out of Network, as a Foreign Transaction. Some banks charge up to 15% of a transaction or withdrawal, so you need to look into this.
So know what YOUR Bank Charges.
I carry a ATM/Debit Card that charges a Non Network Flat fee of $2.50. No Foreign Transaction fee. so that is 2.5% on $100, or take out $200, and its 1%.
hopefulist, you make reference to "questionable wifi environments" and "from secured wifi." Are you talking about your own computer being in those two diverse conditions? And if so, what is it that you think makes the difference. Thanks.
Scotia Bank ATM's do not charge user fees but your Canadian bank will. Charles Schwab cards are only available to US citizens.
I have never experienced a security problem with ATM's whether located inside banks or stand alone ones in 10 yrs of travelling.
I carry a couple hundred US dollars as backup, travellers checks are a product of the stone age and not worth the hassle.
The biggest bank network of Cajeros (what an ATM is called here) is 5B. An out of network fee for any amount (Q2000 is the max) is about $4. Banco Industrial has their own network and the fees are about the same. But, not all Cajeros accept international cards. For example, the 5B machines are happy in Panajachel but not San Lucas Toliman.
Are the machines secure? Not a chance as they run Windoze XP. Not sure if US-based machines have been upgraded but everything I have seen here is a XP system.
Each bank seems to have its own policy regarding conversion of money from US$ to Quetzales and its own conversion rate. There is a lot of info at https://decodeit.org/index.php/board,28.0.html but here are some data points:
* Banco Industrial allows you to exchange up to $200 for Quetzales per day but, strange as it may seem, only after noon. They accept any size bills. They exchange rate is about the best I have seen in a bank.
* BAM will cash up to $200 per day of American Express Traveler's checks. They don't do US$ to Quetzal exchanges unless you have an account.
* BanRural will let you exchange up to $500/month in US$ for Quetzales but only from US$50 and US$100 bills. Their exchange rate sucks.
* Exchange rates at the airport are horrible. One of our hotel guests got Q6.5 per US$ there when the bank rate was about Q7.6 per US$.
* In Guatemala City, coyotes tend to have almost decent exchange rates. I have used one on 6ta Ave. in Zona 1.
What works/doesn't work has been a moving target. For example, earlier this year you could convert $2500/mo in BanRural. The change to $500 happened on 1 September.
