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#1
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ATMs abroad..
Generally (never been to India, but assume general principles will apply)
the only fee you pay is levied by YOUR bank (unless you use a 'private' ATM in the USA, Australia or Canada.....). It varies - and your bank will tell you just how much it is. The exchange rate you get is the wholesale interbank rate for the day - AND a charge of about 1% to 2% is applied as commission. I no longer take TC's at all - just three different ATM cards and a reserve of USD in cash. TC's involve commission (1% in Australia) on purchase; often commission on encashment; and always bureaucratic delays - sometimes of Homeric proportions. The downside of relying on plastic is the risk of loss or theft of your card - two of us - three cards each minimises that!! "SD" wrote in message ... Is anyone aware if there are any fees other than bank transaction fees to withdraw money from ATMs abroad. I'm in the US and planning on making a few withdrawals in India. I checked the ATM locators and found that there are a lot of Cirrus ATMs all over Bombay where I will be and Citibank (who I bank with here) has a few right near where I stay. It seems extremely convenient (as compared to TCs / cash) as a way to withdraw money straight from my bank account. Are there any drawbacks, extra fees, things I should think about when comparing with TCs or cash? TIA for any help SD |
#2
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ATMs abroad..
"Paul O" wrote in message u... Generally (never been to India, but assume general principles will apply) the only fee you pay is levied by YOUR bank (unless you use a 'private' ATM in the USA, Australia or Canada.....). It varies - and your bank will tell you just how much it is. The exchange rate you get is the wholesale interbank rate for the day - AND a charge of about 1% to 2% is applied as commission. I no longer take TC's at all - just three different ATM cards and a reserve of USD in cash. TC's involve commission (1% in Australia) on purchase; often commission on encashment; and always bureaucratic delays - sometimes of Homeric proportions. The downside of relying on plastic is the risk of loss or theft of your card - two of us - three cards each minimises that!! Wow, that's quite a bit of safety built in. We usually take ATM cards from 2 different banks. Each person carries a different one. "SD" wrote in message ... Is anyone aware if there are any fees other than bank transaction fees to withdraw money from ATMs abroad. I'm in the US and planning on making a few withdrawals in India. I checked the ATM locators and found that there are a lot of Cirrus ATMs all over Bombay where I will be and Citibank (who I bank with here) has a few right near where I stay. It seems extremely convenient (as compared to TCs / cash) as a way to withdraw money straight from my bank account. Are there any drawbacks, extra fees, things I should think about when comparing with TCs or cash? TIA for any help SD |
#3
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ATMs abroad..
Cards: Amex, Visa and cashcard - all with ATM affiliation!! Not too much in USD cash. Keep the equivalent of $300 between us in local cash too. "Peter L" wrote in message ... "Paul O" wrote in message u... Generally (never been to India, but assume general principles will apply) the only fee you pay is levied by YOUR bank (unless you use a 'private' ATM in the USA, Australia or Canada.....). It varies - and your bank will tell you just how much it is. The exchange rate you get is the wholesale interbank rate for the day - AND a charge of about 1% to 2% is applied as commission. I no longer take TC's at all - just three different ATM cards and a reserve of USD in cash. TC's involve commission (1% in Australia) on purchase; often commission on encashment; and always bureaucratic delays - sometimes of Homeric proportions. The downside of relying on plastic is the risk of loss or theft of your card - two of us - three cards each minimises that!! Wow, that's quite a bit of safety built in. We usually take ATM cards from 2 different banks. Each person carries a different one. "SD" wrote in message ... Is anyone aware if there are any fees other than bank transaction fees to withdraw money from ATMs abroad. I'm in the US and planning on making a few withdrawals in India. I checked the ATM locators and found that there are a lot of Cirrus ATMs all over Bombay where I will be and Citibank (who I bank with here) has a few right near where I stay. It seems extremely convenient (as compared to TCs / cash) as a way to withdraw money straight from my bank account. Are there any drawbacks, extra fees, things I should think about when comparing with TCs or cash? TIA for any help SD |
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