Originally Posted by
FTRox87
why not just get a CC with no FTF?
In many countries, European countries included, many things cannot be paid with CC. Local transportation tickets for example. Small restaurants, street vendors, countless situations that a CC does not help you a bit.
Originally Posted by
bigshooter
You can usually get a cash advance through a bank twller off your debit card without any fees.
I was in a chase branch and called Schwab needing to make a big ATM withdrawal to fund n account and get a counter check to pay for something else. They actually recommended getting cash over the counter withy my card as opposed to standing outside in front of a ATM and grabbing a large amount of cash for security reasons.
Yes, Cash Advance is suggested by my BofA CSM too, largely to circumvent the daily limit on ATM withdrawal. In many cases the limit is as low as just $500.
Originally Posted by
meFIRST
Can you be specific as to which high risk country?
There are some which won't work at all ( Iran ) and believe it or not japan ( mainly due to technical reasons )
You can use 7-11 ATMs as well as ATMs in the Post Offices. There are also Citis and other major Japanese banks in tourist popular locations that have the international network function.
Originally Posted by
jeanie
I find a good method is to buy currency from my bank before I leave. Specifically, I have an account at Bank of America, and for a $7.50 fee they will convert currency before I leave. I believe they waive that fee if you convert more than $1000 USD.
I also bring some US$ along with me in cases of emergency. I don't want to bring my own ATM card with me on business trips to high risk countries because I don't like bearing that risk myself.
You should check the exchange rate you are getting - usually you are paying a 5% or more difference buying currency from the bank - just check the Buy / Sell rates. When you "buy" the foreign currency, you essentially "sell" your USD to the bank. Bank does not do this for free, aside from the processing fee. Bank does this to earn the SPREAD between the Buy and Sell rate.
ATM withdrawal OTOH, uses the Multi-Millions Interbanks settlement rates which are much much more tight spread, usually less than 0.25%.
ATM cards are much safer than bring cold hard cash. You do not bear the risk because any fraudulent usages, if there is any, as long as you report it in time (within 60 days of the statement where such fraudulent charges occurred), you are not responsible.
Originally Posted by
manneca
I love the Schwab ATM card. The only hassle I've ever had was in Guatemala when visa cut me off. I called Schwab and the agent worked with visa to let me get the $2500. I needed and then set my daily limit at $100. Since I could check the balance every day that wasn't too much of a risk for me
Yes, Schwab is Great. They also reimburse the ATM fees which in many Asian airports ATMs charge fees. I have seen that in BKK and ICN recently.
Originally Posted by
Father-of-3
In Japan I've found Chase Bank locations work for US cards. Unfortunately there are very few, but there is one in Tokyo and it saved me years ago.
Citi, Chase and a few big Japanese banks all have international network ATMs but as you said, outside main tourist areas you could not find any. BUT 7-11 ATMs all work as Citi partners with them from years ago to offer such service.