Singapo traveller cheques or ATM?

Please correct me if I am wrong.

The foreign ATM charges some extra fee on each transaction.

Does this not make it costly.


"Viv" wrote in message
...
Hi Klaus,
ATMS can be found everywhere, and VISA/MASTERCARDs are widely used.
I think travellers cheques are unnecessary.

mush97 wrote:
Please correct me if I am wrong.
The foreign ATM charges some extra fee on each transaction.
Does this not make it costly.

You are wrong. Very few foreign ATMs charge extra fees. Those in Vietnam
charge just over US$1 per transaction. In some countries, ATMs located in
convenience stores or casinos (as opposed to banks) charge fees. Other than
that, they don't charge anything.

The ATM network (Visa or Mastercard) charges a 1% fee.

All the other charges come from your bank, the one whose name is printed on
the card (some banks lie and claim the charges are out of their control but
this is not true). So it's all a matter of shopping around and finding a
bank that doesn't charge any extra fees. Once you have a card like this,
then the only thing you need pay is the 1%, which is much better than the
gap in exchange rates you'd pay for cash or travelers checks (not to mention
the increased convenience).

In some countries the retail banking market is not very competitive and it
is difficult to find a no-fee bank to open an account with.

miguel
--
Hit The Road! Photos and tales from around the world: http://travel.u.nu

"mush97" wrote in message
...
Please correct me if I am wrong.

The foreign ATM charges some extra fee on each transaction.

Does this not make it costly.

Depends on your bank. My bank charges $2.00 per transaction. So I take out
a large sum each time.



"Viv" wrote in message
...
Hi Klaus,
ATMS can be found everywhere, and VISA/MASTERCARDs are widely used.
I think travellers cheques are unnecessary.

"Miguel Cruz" wrote in message
...

All the other charges come from your bank, the one whose name is printed
on
the card (some banks lie and claim the charges are out of their control
but
this is not true). So it's all a matter of shopping around and finding a
bank that doesn't charge any extra fees. Once you have a card like this,

May be a bit hard to find such a miracle bank..

then the only thing you need pay is the 1%, which is much better than the
gap in exchange rates you'd pay for cash or travelers checks (not to
mention
the increased convenience).

It is the same for the cheques, do some shopping. For decent institutions
the *rate* is essentially the same with the plastic rates. People seldom
make a decision between the two media due to their respective economies
(that would be dull anyways).

Markku Grönroos wrote:
"Miguel Cruz" wrote:
All the other charges come from your bank, the one whose name is printed
on the card (some banks lie and claim the charges are out of their
control but this is not true). So it's all a matter of shopping around
and finding a bank that doesn't charge any extra fees. Once you have a
card like this,

May be a bit hard to find such a miracle bank..

Not that hard - it was the first bank I tried.

then the only thing you need pay is the 1%, which is much better than the
gap in exchange rates you'd pay for cash or travelers checks (not to
mention the increased convenience).

It is the same for the cheques, do some shopping.

You've claimed this for months with great bluster but never proven it. Other
people meanwhile have come up with plenty of examples to the contrary.

For decent institutions the *rate* is essentially the same with the
plastic rates. People seldom make a decision between the two media due to
their respective economies (that would be dull anyways).

Saving 3-4% on my travel costs is significant to me. But you're right, the
real bonus is the order-of-magnitude convenience advantage of ATMs compared
to changing paper.

miguel
--
Hit The Road! Photos and tales from around the world: http://travel.u.nu

(Miguel Cruz) wrote in message . ..
Markku Grönroos wrote:
"Miguel Cruz" wrote:
All the other charges come from your bank, the one whose name is printed
on the card (some banks lie and claim the charges are out of their
control but this is not true). So it's all a matter of shopping around
and finding a bank that doesn't charge any extra fees. Once you have a
card like this,

May be a bit hard to find such a miracle bank..

Not that hard - it was the first bank I tried.

My bank doesn't charge, either. Some ATMs charge. My bank (credit
union) credits me those charges so I don't pay regardless of the ATM.

then the only thing you need pay is the 1%, which is much better than the
gap in exchange rates you'd pay for cash or travelers checks (not to
mention the increased convenience).

It is the same for the cheques, do some shopping.

You've claimed this for months with great bluster but never proven it. Other
people meanwhile have come up with plenty of examples to the contrary.

And continue to. He's wrong.

"Miguel Cruz" wrote in message
...
Markku Grönroos wrote:
"Miguel Cruz" wrote:
All the other charges come from your bank, the one whose name is
printed
on the card (some banks lie and claim the charges are out of their
control but this is not true). So it's all a matter of shopping around
and finding a bank that doesn't charge any extra fees. Once you have a
card like this,

May be a bit hard to find such a miracle bank..

Not that hard - it was the first bank I tried.

Most people don't have such a card though.

then the only thing you need pay is the 1%, which is much better than
the
gap in exchange rates you'd pay for cash or travelers checks (not to
mention the increased convenience).

It is the same for the cheques, do some shopping.

You've claimed this for months with great bluster but never proven it.
Other
people meanwhile have come up with plenty of examples to the contrary.

Actually I did. There has been only ONE anyhow meaningful comparison
pronounced in this group as far as I know. One European currency was
compiled to one Asian currency at one given date this year. One convertion
was for plastic by one bank and the other was for TCs by another bank. Rates
were about as equal as they can (difference being 0.06% to one direction or
another (this magnitude in granulation is typical)). This comparison didn't
take in account the very time the rates were compiled and published (which
may have an impact of 0.1% or 1% or more to either direction). When
choosing between the two media this example in mind, their economy is not an
issue (in general respect). There are a few wizards around denying this (why
then is not known to me). Only me and one British chap has given these
attributes. Nobody else has made any contribution whatsoever in this matter.
It would be nice if you stopped insisting that plastic rates are natively
better over TC rates, because such a claim does not hold the truth. Some
unexperienced readers might take it as you say and that would be of some
annoyance.

"Peter L" wrote in message
...


Depends on your bank. My bank charges $2.00 per transaction. So I take
out
a large sum each time.

Hmmm.... To fill one's pockets by wads of notes, just to "save" a few bucks.

"Markku Grönroos" schreef in bericht
...

"Miguel Cruz" wrote in message
...
Markku Grönroos wrote:
"Miguel Cruz" wrote:
All the other charges come from your bank, the one whose name is
printed
on the card (some banks lie and claim the charges are out of their
control but this is not true). So it's all a matter of shopping
around
and finding a bank that doesn't charge any extra fees. Once you have
a
card like this,

May be a bit hard to find such a miracle bank..

Not that hard - it was the first bank I tried.

Most people don't have such a card though.

then the only thing you need pay is the 1%, which is much better than
the
gap in exchange rates you'd pay for cash or travelers checks (not to
mention the increased convenience).

It is the same for the cheques, do some shopping.

You've claimed this for months with great bluster but never proven it.
Other
people meanwhile have come up with plenty of examples to the contrary.

Actually I did. There has been only ONE anyhow meaningful comparison
pronounced in this group as far as I know. One European currency was
compiled to one Asian currency at one given date this year. One convertion
was for plastic by one bank and the other was for TCs by another bank.
Rates
were about as equal as they can (difference being 0.06% to one direction
or
another (this magnitude in granulation is typical)). This comparison
didn't
take in account the very time the rates were compiled and published (which
may have an impact of 0.1% or 1% or more to either direction). When
choosing between the two media this example in mind, their economy is not
an
issue (in general respect). There are a few wizards around denying this
(why
then is not known to me). Only me and one British chap has given these
attributes. Nobody else has made any contribution whatsoever in this
matter.
It would be nice if you stopped insisting that plastic rates are natively
better over TC rates, because such a claim does not hold the truth. Some
unexperienced readers might take it as you say and that would be of some
annoyance.


Markku, the only one here who believes your crap is a guy called Markku
Grönroos.

Sjoerd

"Markku Grönroos" schreef in bericht
...

"Peter L" wrote in message
...


Depends on your bank. My bank charges $2.00 per transaction. So I take
out
a large sum each time.

Hmmm.... To fill one's pockets by wads of notes, just to "save" a few
bucks.


Hmmm ...to fill one's pockets by wads of travellers cheques, just for the
wrongly perceived convenience and cost savings of an antique way of getting
foreign currency.

Sjoerd