ATM use overseas...novice

[kinkacruiser]

I have never used an ATM overseas and would like to know how it works. I've heard that if I get the CC into credit I can use that for cash withdrawals overseas and incur no charges.
Probably a silly question , but I'm curious to know if you key in the Australian amount into the ATM and it gives you the equivalent in foreign currency, or whether you key in the amount of foreign currency you need?
Is there a conversion chart somewhere on the ATM machine or do you carry your own?
Thanks,
Kinka

 

[rotuma1]

What have is a visa debt card from my credit union and use this in the ATMs.

• Make sure you have a 4 digit pin, as some ATM overseas take only 4 digits.
• I select "savings" to withdraw cash.
• The amount you select to withdraw is in local currency
• Balance shown is in local currency
• I have found atleast with credit union Visa debt card I pay no ATM fees and get exchange rate minus 2%.

If you google Visa card, they do have a Visa card currency conversion rate card.

I have not used my credit card in Credit balance to withdraw cash, as I use it for purchases, for rental cars, hotels, etc.. Also rental car companies, etc, take out holding deposits eating up "my cash balance" putting at risk of a debt balance when withdrawing cash, incurring a hugh fee.

My advise would be to seperate usage, one card for spending, one for cash withdrawal.

 

[jsd]

Hi,

My understanding is (Don't quote me on this) that you just press the credit button when you are overseas, I got a Visa Debit card with Suncorp recently and it came with a little slip of paper that said this, the access method might cary from bank to bak but it might be worth having a look at some of these.

http://www.commbank.com.au/personal...rms/accessing-your-money-overseas-adb2323.pdf

Accessing Money Overseas - Westpac

NAB - Accessing my money while overseas


Josh

 

[MAX_1]

Kink,
I flew into Dubai a few years ago, went to an ATM , selected "Chq" as I had been doing here in Aust. and nothing happened. I thought that maybe I had used the wrong pin so tried again. On the 3rd attempt it took my card and I was left without a cent. I had my Credit Card. Luckily my wife had a Maestro card and she was able to use that.
So what had happened is that the CBA person who gave me the card had linked it to my Cheque account. She did not make me aware that I had to select "savings"

I also suspect that if you draw out money from your dredit card ( regardless that its in the "blue" ) you will begin paying interest immediately. If this is the case, get an alternative.

 

[Alanslegal]

I have never used an ATM overseas and would like to know how it works. I've heard that if I get the CC into credit I can use that for cash withdrawals overseas and incur no charges.

If your credit card account is in 'credit positive' and you withdraw cash, you do not incur interest charges on that advance, however this transaction can incur a % based cash advance surcharge (there are one or two cards out there that do not have a cash advance surcharge eg. wizard clear advantage).

Probably a silly question , but I'm curious to know if you key in the Australian amount into the ATM and it gives you the equivalent in foreign currency, or whether you key in the amount of foreign currency you need? Is there a conversion chart somewhere on the ATM machine or do you carry your own?
Thanks, Kinka

IME the ATM will ask you how much 'local/foreign' currency you intend to withdraw. (Some ATMs may be kind enough to let you know roughly how much equivalent AUD it is)

 

[vbap]

I would not recommend using a credit card to withdraw cash from ATM, regardless whether it is in Debit. You will start worrying about FX rates and whether you have withdrawn too much etc, then the banks will do the usual charge-as-cash-advance-at-25%...

Much better to just make sure your local savings account ATM/EFTPOS card is Maestro/Cirrus compatible (should be a logo on the back of your card). Check with your bank if it's not and see if you can get it enabled.

And yes, as mentioned, you always request an amount in local currency (some fancier ATMs give you the option of showing you a balance in your home currency).

 

[rotuma1]

My father went to an ATM only to be refused, apparently the bank's computer could work out how cash could be accessed overseas and a charge from a SYD supermarket could happen on the same day.

A phone call to the bank unlocked the funds for cash withdrawal. The bank told him to just ring before he goes overseas.

 

[snufl]

The bank told him to just ring before he goes overseas.

I think this is very good advice and I always do it before going overseas, they put a note on my account. Better a quick phone call before leaving than having to sort out problems when overseas.

 

[serfty]

I would not recommend using a credit card to withdraw cash from ATM, regardless whether it is in Debit. You will start worrying about FX rates and whether you have withdrawn too much etc, then the banks will do the usual charge-as-cash-advance-at-25%...

Much better to just make sure your local savings account ATM/EFTPOS card is Maestro/Cirrus compatible (should be a logo on the back of your card). Check with your bank if it's not and see if you can get it enabled. ...

Not at all.

See this thread:

• Wizard Mastercard Cash Advances while overseas

No fees at all ...

 

[straitman]

I would not recommend using a credit card to withdraw cash from ATM, regardless whether it is in Debit. You will start worrying about FX rates and whether you have withdrawn too much etc, then the banks will do the usual charge-as-cash-advance-at-25%...

Much better to just make sure your local savings account ATM/EFTPOS card is Maestro/Cirrus compatible (should be a logo on the back of your card). Check with your bank if it's not and see if you can get it enabled.

And yes, as mentioned, you always request an amount in local currency (some fancier ATMs give you the option of showing you a balance in your home currency).

This is good advice for some cards.

I went to an ATM in Scotland and used my linked CC and thought I had withdrawn from my savings account. Later I found out that the ATMs there linked back to the CC as a default.

Not at all.

See this thread:

• Wizard Mastercard Cash Advances while overseas

No fees at all ...

A good idea I believe.

 

[JetLagged]

I've used CCs in both Europe and US - need to be careful about commission fees and also exchange rates.

Have found that my Credit Union account only charges a flat $4 fee for an overseas transaction - better than AMEX's and VISA's by a very significant degree - even better when use a debit card so you get no nasty surprises upon your return. USe it both for over-the-counter purchases as well as at ATMs.

Point to note that in a lot of places you will have to sign rather than use your PIN when making a transaction - overseas banking systems (especially in the UK) seem to have a big hassle with 'foreign' credit cards (even if with the same card company or even bank).

Hope this helps.

 

[11sjw]

+1 on the Wizard Clear Advantage Card.

Thanks to the advice from others on here. I managed to get one of these and a Spouse Card inside of two weeks prior to departure. We loaded it with cash and had no problems in Hong Kong at ATMs or normal CC purchases.

 

[Fantic125]

I have a few cards which I use OS depending on my needs.

I have an Access Card which is linked to my savings account - this is used purely for cash withdrawls at ATM's or Exchanges. (Most banks charge a International purchase fee and/or a currency conversion fee.) I also have a Visa Credit Card which travels in the same wallet as the Access Card. Most of the time these cards stay in the hotel safe :shock: (or some other safe place).

I also have a Visa Debit Card which I usually use for any non-business related purchases. The Debit Card is usually in the same wallet as the Amex Card for business use. These cards and cash are normally carried with me.

The reason I do it this way is due to having the misfortune of losing my wallet (which at the time had all my cards and cash) on the train from Seoul to Daejon, and not realising until a few hours later. There's no worse feeling than finding yourself in a foreign country (where not a lot of people understand english) with no money or cards. Thankfully I got them back the next day (there are honest people out there), if not I would have been stranded.

Since then when I'm travelling I always keep the 2 sources of funds separated.

 

[notzac]

I can happily recommend the ING Orange Everyday card for accessing cash overseas if you don't want to go through the nuisance of getting another actual credit card - AUD $2.50 Overseas ATM fee and that's it. Exchange rate was within a few cents of what XE said it should be.. which is a damned sight better than what ANZ was charging me for using my Access account card last time I used it overseas!

 

[soh]

I have a Wizard Mastercard that I only got for a 6 month RTW trip. Worked in every single ATM with one exception in Swaziland. I loaded it up with cash before I left and topped it up by Bpay a few times. No fees of any kind and almost wholesale exchange rates that always beat anything available locally. Check it in Aus by making a withdrawal at a Westpac ATM to check everything is working.

Get a pin number but even in the UK you can still sign if you advise it is not a chip and pin card. If you are ever offered to pay for a foreign purchase in $Aus instead of local currency always decline - they set their own exchange rates and make a killing on the difference.

 

[jsd]

ANZ

Well there is the problem right there notzac, big 4 bank = greedyJosh

 

[kinkacruiser]

What a great response...thanks everyone. I'll be exploring all your suggestions before the trip.
Kinka

 

[Mal]

A few additional points:
- Sometimes ATMS don't recognise the concept of a savings account attached to a credit card (UK is one area where this occurs). If planning to withdraw from savings/cheque, might be a better idea to get a standard card for your account (as well as the linked one to your credit card).
- Some ATMs reverse the order of card/cash/receipt. Make sure you collect them all !
- Do some research on country specific card fees - eg the 150 Baht fee in Thailand.
- Also watch out for transaction charges levied by the ATM operator.

Probably also worthwhile to give the card acceptance slot a quick shake/tug to try and detect if a skimming device is installed, plus cover your hands when entering your pin. Neither step prevents card skimming, but can assist...