sorry if I%26#39;m going over ground already covered -I%26#39;ve read the threads posted in this forum going back 20 pages, but balked at going further. we%26#39;re planning on a 4 month trip all over europe (and a month in Paris). the question is how to minimize transaction fees - is it better to use a credit card (visa) for purchases or an ATM for cash for restaurant meals and hotels, etc.? or should we consider setting up a checking account in advance with swiss or deutche bank or something that would be accessible all over europe? I realize that the airport ATM%26#39;s are the best for some quick cash, but I can%26#39;t keep running back to an airport. so what%26#39;s the best tactic for a long term trip? mixed up! thanks for any advice.
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You will get the same rate by using any ATM, there is nothing special about an airport location. That is indeed the best way to get cash, least exchange rate. You must have a 4-digit numerical PIN for European ATMs. Be aware of whatever your bank%26#39;s daily limit is for withdrawals (may allow more while overseas).
A credit card is good for any purchase not paid with your cash/Euro. Get a card from a bank that will not add more fees on top of the VISA 1% conversion fee (unavoidable). Issuers known to NOT add more fees are MBNA, Capital One and Compass Bank (Alabama?).
I believe it is very difficult to open a bank account overseas - I%26#39;m sure there is information on the web, but not sure it is necessary for you. Do you have the means to keep your checking account funded? Do you have online banking to pay any bills that aren%26#39;t automatically debited?
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travelnutty - thanks for your very helpful and informative post. it sounds like we won%26#39;t need to bother setting up a checking acct and can rely on the right credit cards and atm machines. any other suggestions?
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