jman8888

I have an account with USAA and am traveling to Sweden the first couple of weeks of May. I'll be traveling in Sweden, and perhaps Denmark, maybe a little bit of Germany... Actually, I'm open to suggestions of things to do while there (pref. on the cheap!) Anyone spent time there?

Anyway, I'm looking at ways to take out money... it seems that using my USAA card in ATMs is the best way to go. Does that seem right? Or should I order some foreign currency?

Thanks!

njref511

I used my USAA debit card in Italy (for cash) and had no problems drawing Euros while I was there. Many places accept chip and signature credit cards, so bringing one along with no forex fee is your best bet for general spend.

jman8888

I have the Chase Sapphire Preferred and will be trying to use that as much as possible (for protection, points, etc) but I figure I'll need some cash for street food and places that don't accept cards.

Is the cheapest way (read: best exchange rate) to get cash through an ATM with my USAA?

gfunkdave

Yes. Check with USAA on the fees for using foreign ATMs.

Also, ask Chase for a chip version of your credit card if you don't already have one.

uhclem

Cheapest way is usually with an ATM. Make sure your bank doesn't impose large conversion and convenience fees for each transaction. I found my community bank was a better option than the large regional bank I normally use. It helps to let the bank know ahead of time of your travel plans--this makes it more likely you'll be able to access your cash when traveling.

mattp1987

USAA does not charge a foreign transaction fee on ATMs. I just used my USAA debit card at ATMs in Istanbul and Amsterdam. There were no issues getting cash and the amounts debited from my checking account matched the receipts.

KevinDTW

Unfortunately this is not correct. USAA charges a 1% transaction fee. The fee doesn't show up on the ATM receipt, but is baked in to the exchange rate. Nevertheless, you still get a competitive exchange rate and your USAA ATM card will work without any problem all over the world. It's the only thing I've used for years. The 1% fee was imposed beginning about 2 years ago. The following is directly from USAA's Depository Agreement and Disclosures, on the 3rd page under "USAA ATM/Debit Card Fees and Agreements."


ALL ATM & DEBIT CARD
Foreign Transaction Fee .................................................. .................................................. ... 1% Of Transaction Amount
Applies to debit card or ATM transactions with a merchant or ATM in a foreign country, whether the transaction is originally made in US dollars or converted from foreign currency.

GUWonder

For Denmark, taking out cash via ATM using my US bank card is as good as it gets and saves me money over using even a chip+pin or any other non-Danish credit/debit card.

For Sweden, my regular "no forex fee" credit cards (no chip generally) work fine at most places but sometimes I need cash which I get from ATMs using my US bank ATM cards. In all these places, it's cheaper generally to minimize withdrawal frequency by maximizing the withdrawal amount in DKK or SEK or EUR currency at the ATM.