Heading to the med next month and was reading up on money and exchanges, etc. I have read a lot about using the ATMs in Europe and think that may be the way to go instead of carrying large sums of U.S currency. My U.S. bank does not charge me to use an ATM in my network while in the U.S. I will call them to see what the charge (if anything) for me to use my ATM card in Europe. I know my Capital One doesn't charge a foreign exchange fee, but not sure about ATM fee. I'll check that out.
Now, the question I cannot find an answer to is.......will the ATM machine charge me a fee?
In example: If my bank says, yes, we will charge you 2 euro to use an ATM in Europe. When I go to an ATM and withdraw 100 Euro, will I be hit for 102 euro or 102 euro plus some machine fee?
I think that is going to vary from country to country and ATM to ATM. You'll have to wait and see when you get there. Most of the ATMs we saw have an "english" button so that you can read what you are agreeing to. If your card does not charge an exchange fee then you are in good shape but I would expect to pay a ATM fee at most machines.
If you have a "free" network you can use, go to their website and see if they have machines in the places you are going.. it may give you an idea of how likely it is you'll be able to find a ATm in your network there.
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It is advisable to contact your credit/debit card company when traveling overseas. You can ask them when you call about any foreign exchange charges. Will the owner of the ATM also charge a fee? Probably. If you exchange US dollars at a foreign exchange you will usually have to pay a commission. It's hard to get around paying some form of fee no matter which method you use. Here is a site which may help you find ATM locations.
Thanks for the input. I plan on taking an amount of U.S. $, but since I will have to pay an exchange fee anyway, I may as well use an ATM for the bulk of my money needs. That way I only carry what I need for a few days. Guess there's not much difference: pay the bank exchange fee or pay the ATM fee.
Be very careful, a lot of people and business will not take US dollars in Europe. we found that out the hard way. It will be best you take some Euros to get started. PLus another thing to remember that most business will not take a credit card if it does not have the clip feature. My best friend found this out the hard way also.
On all of the new credit card there is a computer clip inside the card where you swipe the card thou a machine yourself and enter a PIN number, same as a debit card. There is no requirement for a signature. In Canada, whenever we get a new credit card they all have this feature and require a pin number which only you know. My friend went to England for a vacation and still had his old credit card and he had a very hard time finding anyone who would take this. Europe is way ahead of us in new stuff.