Originally Posted by
bj501
my son is heading out for a year and i would just rather not give him a wad of cash to take over. it would probably be better to give him a debit card as safety net and a way to perhaps budget himself. i just wasnt sure which would offer the most expansive coverage and lowest fees. by fees i mean atm and forex. unless i am missing something else. as a backup i will give a credit card but state its only for extreme emergency.
Sending someone with cash is a bad idea (risk of loss and lousy exchange rates upon conversion), so I agree with you.
For withdrawing cash at ATMs:
An ATM card from a bank or credit union that does not charge high fees for usage abroad
Almost all US banks and credit unions issue cards that will be pretty much accepted worldwide on the big ATM networks.
For making purchases in stores that accept credit cards:
A Mastercard or Visa issued by a bank or credit union with fees 1% or less
Using most credit cards at ATMs to withdraw cash is a bad idea--in general, extra fees are charged for cash advances and interest starts accruing at the cash advance rate immediately upon withdrawal (no grace period).