MilesBuzz! - ATM vs Bank wire vs Debit card
John Brock
Aug 3, 08, 7:44 pm
I am taking a group of friends to Rome. Our hotel bill will be a little over
$5000. I think I have 4 choices to pay the bill: wire the money as euros before we leave; or draw out $750 in euros a day from an ATM there; or use my debit card to pay there; or charge it on my Chase Visa card. Does anyone have a clue as to which method will save me the most money, including fees,etc.?Any suggestions?
underpressure
Aug 3, 08, 7:49 pm
Which of these options gives the most miles/rewards?
I am taking a group of friends to Rome. Our hotel bill will be a little over
$5000. I think I have 4 choices to pay the bill: wire the money as euros before we leave; or draw out $750 in euros a day from an ATM there; or use my debit card to pay there; or charge it on my Chase Visa card. Does anyone have a clue as to which method will save me the most money, including fees,etc.?Any suggestions?
If what you really want is to save money (rather than acquire miles or points), the best option is to get a CapitalOne credit card and charge the entire amount. Your foreign exchange fee will be zero and you will get a 1% cash rebate. None of the four options you mention are better than the CapitalOne Visa. Or read the credit card thread -- you will see that there are lots of low-cost options, but they are all worse than CapitalOne in terms of total amount of USD spent. It is a fact that CapitalOne customer service leaves a lot to be desired, and they may well decline your charge even if you notify them in advance, but there is no way around it. Just prepare yourself to call them (collect, if need be) from Rome. Eventually they will approve the charge.
Also see, in Travel Buzz forum:
ATM vs Bank Wire payment vs debit card? (http://www.flyertalk.com/forum/showthread.php?t=851573p://)
safigan
Aug 3, 08, 8:29 pm
Chase will charge a foreign transaction fee. My bank also charges a foreign transaction fee on ATM withdrawls. Call each of your options and ask. The other posters are right that Capital One will save you money, probably about $150 on the hotel bill alone.
flipside
Aug 3, 08, 8:31 pm
As you've cross-posted this in travel buzz, I'm going to close it here.
Regards
Flipside