Banks, ATMs, Traveler's Checks & Money

This is a great question! I, too, would love to know. Reply to this

Travelers checks are heading the way of the Dodo, some companys like money gram, western,travelex etc are now providing money cards, these are preloaded with money and can be topped on, the are some fees to use it but less than using your own bank card and it also means if the card is lost the is no access to your bank account as the is only the money loaded on the card that can be accessed.

In the UK nationwide bank have the flexi accoun t which has a visa debit card which does not charge fees but they covert currency below the interbank rate....so you get less bang for your buck so to speak.

Another option is that you can get an account with a gobal bank like HSBC and get one of there international accounts, I forget the name but you pay a set fee and you can withdraw cash anywhere in the world without charge, but it depends how the fee works out against no charges?

Hope that helps😊

take care

Mike😊 Reply to this

Thank you everyone for the suggestion. The HSBC or global bank option sounds like a good idea. The preloaded money card is also interesting, but I'm assuming I'll get robbed at some point so I don't want to be out a lot of money.

I had no idea traveler's checks were on the out. Thanks again.

Any other suggestions are appreciated! Reply to this

Nice find Yannatry😊, are fidelity gobal and so can anyone set up an account or are they US or European based?

Thanks

Mike😊 Reply to this

Thanks Claire😊 Reply to this

jonathanandzara--
does this mean you do not get charged with the 1% conversion fee either? Which credit union is it?
Claire Reply to this

Just got the Fidelity account. Here's the info:

Key Benefits Fidelity Advantage Open online today to:

* Competitive interest rates (see current rates PDF) This link opens in a popup
* No account fees
* No minimum deposit or balance required
* Deposits are eligible for FDIC insurance3
* Easy cash management features, including:
– ATM/Debit Card – never pay another ATM fee2
– Free Fidelity BillPay®
– Free unlimited checkwriting
– Free automated money transfers
– Electronic Funds Transfers
– Direct Deposit
– Fidelity® Investment Rewards® Credit Card



* Reimbursed ATM fees at over 1 million ATMs worldwide2
* Invest efficiently – establish the new automated money transfer feature – set high balance alerts to tell you when cash is available to invest in potentially higher yield options
* No annual fee Fidelity® Investment Rewards® Credit Card lets you earn points that can be redeemed for cash into a mySmart Cash Account® at a 1.5% rate.4



* Enroll in free Fidelity BillPay, ATM/Debit Card and checkwriting
* Establish Electronic Funds Transfer and direct deposit
* Have checks sent to you (when you sign and return your signature card)

1. The mySmart Cash Account is a brokerage account designed to meet your everyday spending needs. It is not intended to serve as your main account for securities trading. Customers interested in securities trading should consider a Fidelity Account.® You can also link these two accounts for seamless management of your finances.
2. All Fidelity ATM withdrawal fees will be waived for your mySmart Cash Account®. In addition, your mySmart Cash Account® will automatically be reimbursed for all ATM fees charged by other institutions while using a Fidelity Visa® Gold Check Card linked to your mySmart Cash Account® at any ATM displaying the Visa®, PLUS® or STAR® logos. The reimbursement will be credited to the mySmart Cash Account® the same day the ATM fee is debited from the account. Please note there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account. The Fidelity Visa® Gold Check Card is issued by PNC Bank, DE and administered by PFPC Trust Company, which are not affiliated with Fidelity Investments.
3. The Cash Balance in the mySmart Cash Account is swept to an FDIC-insured interest bearing account at a Program Bank. The deposit at the Program Bank is not covered by SIPC. The deposit is eligible for FDIC insurance subject to FDIC insurance coverage limits. For more information about FDIC insurance coverage, please visit the FDIC website at www.FDIC.gov. As referenced in the FDIC-Insured Cash (Core) Disclosure Statement for the mySmart Cash Account, customers are responsible for monitoring their total assets at the Program Bank to determine the extent of available FDIC insurance. All FDIC insurance coverage is in accordance with FDIC rules. See list of Banks Eligible to Receive Cash (PDF) or Bank Assigned to Receive Your Cash (PDF). For additional information please see FDIC Disclosure Document (PDF). Reply to this

One thing I should note: When you view the 'official exchange rates', they are the inter-bank rates and almost alway accompanied by a note that the rate is valid for transactions over $1,000,000. I believe Visa & MasterCard add a set percentage to that amount (somewhere around 1-2%!)(MISSING). S no matter where you bank, you will never get the published exchange rate.

For me, Bank of America charges a flat $5 fee for using a foreign ATM. Of course, I also have to add a 1%!V(MISSING)isa conversion fee plus the fee charged by the ATM's owner. Irregardless, as I usually withdraw $100-200 at a time, the $10 or so in fees/conversion percentage is MUCH better than the large fees for converting cash/travelers' checks. My last time using traveler's checks, it cost 2%!f(MISSING)or the checks (again, from Bank of America...put the fee is waived for people with certain premium checking accounts) plus I get charged a €15 by the currency exchanger (and I don't know what the extra %!t(MISSING)heir 'exchange rate' was). If you want to get something expensive, it might be more beneficial to get traveler's checks in the currency you need. If traveling to a popular country, you can see if your bank sells foreign currency...you will probably be charges a small percentage fee, but you will avoid the fees imposed by your bank for a foreign ATM and by the ATM's owner. Reply to this

I just received my Wizard Clear Advantage credit card. 55days interest free, no international ATM withdrawal or purchase fees. You are able to put excess money on the card so that you are never using 'credit' but watch out because this money (your own money) is not covered by insurance should somebody scam you. Reply to this