cost of using EC/Maestro cards at ATMs in NZ

Hi all,

I will be spending 6 months in Auckland this year and I am right now
wondering what is the best way to access my money (I have an account with a
german bank) over there. Particularly, what would be the cheapest way to
get some cash from ATMs.

Of course I could always use a credit card, but the total fees are likely to
pile up considerably... ;-)

At http://www.new-z.net/neuseeland/info/finanzen.htm (German only, sorry) I
found the information that EC (EuroCard) / Maestro cards are regularly
accepted by ATMs in NZ. Can anybody provide some information on the actual
cost of using such a card in NZ?

Thanks in advance,
Christoph

--
Reply to:
christoph[dot]stark[at]tu-clausthal[dot]de

Hi Christoph,

the transaction fee depends on your local (german) bank.

Three years ago my bank (LBBW / BW-Bank) told me 1%, at least 3 EUR.
You can get up to 500 EUR per day, but some cash machine will only give you
about 250 EUR. For more up-to-date information contact your local bank.

In the end I was using my credit card as much as possible (visa or mastercard
recommended, amex was not accepted in many low-budget-hostels) and got money
with my maestro/ec-card.

For finding a maestro cash machine have a look at:
http://www.mastercard.com/atmlocator...d=211383182604
But it was no problem to find a cash machine in almost every town.

hope this helps
Gute Reise!
Andreas

"Christoph Stark" wrote in message
...
Hi all,

I will be spending 6 months in Auckland this year and I am right now
wondering what is the best way to access my money (I have an account with
a
german bank) over there. Particularly, what would be the cheapest way to
get some cash from ATMs.

Of course I could always use a credit card, but the total fees are likely
to
pile up considerably... ;-)

At http://www.new-z.net/neuseeland/info/finanzen.htm (German only, sorry)
I
found the information that EC (EuroCard) / Maestro cards are regularly
accepted by ATMs in NZ. Can anybody provide some information on the actual
cost of using such a card in NZ?

Thanks in advance,
Christoph

--
Reply to:
christoph[dot]stark[at]tu-clausthal[dot]de

As a general principle, you should only use credit cards for charging up
accommodation, meals at fancier restaurants and such like. Don't use them
for cash advances, or the banks will sting you. It's far better to use
account access cards (often credit cards are linked in this way) - but then
be careful using the machine that you specify savings or cheque account
rather credit.
Cash advances attract interest from the date of the transaction, whereas
there is usually an interest free period on purchases until you either get
the monthly statement or a payment period beyond that.

You'll get hit with a fee every time you use the card so it's better to
withdraw a reasonable amount each time rather than do frequent small
amounts. Use machines inside or outside banks, or those with a bank logo on
them. Beware of "multi-cash" machines, as found in some hotels arcades as
they often charge more than banks.

Check with your bank before you go.

Regards

David Bennetts
Australia

NZ Bank machines will not charge you anything

BUT

Your bank will. Typically between 1% and 3% (depending on the individual
bank), plus a foreign ATM usage charge of between $3 and $5. Ask your bank
they'll (reluctantly) tell you.

It's still better usually to use a cash card in an ATM to get your NZ cash.
The big plus is that they'll give you the wholesale interbank exchange rate
for the day - always better than the retail rate, especially for currencies
like the NZD which is not heavily traded.


"Christoph Stark" wrote in message
...
Hi all,

I will be spending 6 months in Auckland this year and I am right now
wondering what is the best way to access my money (I have an account with
a
german bank) over there. Particularly, what would be the cheapest way to
get some cash from ATMs.

Of course I could always use a credit card, but the total fees are likely
to
pile up considerably... ;-)

At http://www.new-z.net/neuseeland/info/finanzen.htm (German only, sorry)
I
found the information that EC (EuroCard) / Maestro cards are regularly
accepted by ATMs in NZ. Can anybody provide some information on the actual
cost of using such a card in NZ?

Thanks in advance,
Christoph

--
Reply to:
christoph[dot]stark[at]tu-clausthal[dot]de

Open a New Zealand bank account. It will be very easy when you get to NZ.
Most purchases are done using EFTPOS cards rather than cash..


"Christoph Stark" wrote in message
...
Hi all,

I will be spending 6 months in Auckland this year and I am right now
wondering what is the best way to access my money (I have an account with
a
german bank) over there. Particularly, what would be the cheapest way to
get some cash from ATMs.

Of course I could always use a credit card, but the total fees are likely
to
pile up considerably... ;-)

At http://www.new-z.net/neuseeland/info/finanzen.htm (German only, sorry)
I
found the information that EC (EuroCard) / Maestro cards are regularly
accepted by ATMs in NZ. Can anybody provide some information on the actual
cost of using such a card in NZ?

Thanks in advance,
Christoph

--
Reply to:
christoph[dot]stark[at]tu-clausthal[dot]de

Yeah!! For 6 months that's right. Bring Euros sufficient for your running
expenses in Travellers Cheques - put 'em in a NZ Bank Ac - then you can use
eftpos - which is totally fee free!!!





"Neil Raines" wrote in message
...
Open a New Zealand bank account. It will be very easy when you get to NZ.
Most purchases are done using EFTPOS cards rather than cash..


"Christoph Stark" wrote in message
...
Hi all,

I will be spending 6 months in Auckland this year and I am right now
wondering what is the best way to access my money (I have an account with
a
german bank) over there. Particularly, what would be the cheapest way to
get some cash from ATMs.

Of course I could always use a credit card, but the total fees are likely
to
pile up considerably... ;-)

At http://www.new-z.net/neuseeland/info/finanzen.htm (German only, sorry)
I
found the information that EC (EuroCard) / Maestro cards are regularly
accepted by ATMs in NZ. Can anybody provide some information on the
actual
cost of using such a card in NZ?

Thanks in advance,
Christoph

--
Reply to:
christoph[dot]stark[at]tu-clausthal[dot]de

I was thinking about that, too. However, in order to transfer some money to
this account I would either have to place a wire transfer, which is AFAIK
rather expensive, or buy traveller cheques, as you mentioned. But IIRC
there is a 1% fee for buying traveller cheques.

I realize I may be nitpicking, but suppose I require EUR 6000 for my time in
NZ (probably more), that's a total fee of 60 EUR. I'd rather spend that
money in a restaurant than give it to a bank... ;-)

I just found out that Deutsche Bank (not the bank where I have an account,
unfortunately ;-)) cooperates with Westpac in NZ, and supposedly I am able
to withdraw money from their ATMs at no cost using my german bank card. Is
Westpac big, i.e., would I be ale to find a Westpac ATM all over NZ?

Bye & thanks for your comments
Christoph

P.S.: By the way, what's eftpos?

A Mate wrote:

Yeah!! For 6 months that's right. Bring Euros sufficient for your running
expenses in Travellers Cheques - put 'em in a NZ Bank Ac - then you can
use eftpos - which is totally fee free!!!

"Neil Raines" wrote in message
...

Open a New Zealand bank account. It will be very easy when you get to NZ.
Most purchases are done using EFTPOS cards rather than cash..

--
Reply to:
christoph[dot]stark[at]tu-clausthal[dot]de

Hi!

A Mate wrote:

NZ Bank machines will not charge you anything

BUT

Your bank will. Typically between 1% and 3% (depending on the individual
bank), plus a foreign ATM usage charge of between $3 and $5. Ask your bank
they'll (reluctantly) tell you.

I just mailed my bank; let's see what they have to say. Anyway, I always
thought that both my own bank and the foreign bank would charge me... ;-)
Thanks for the info!

It's still better usually to use a cash card in an ATM to get your NZ
cash. The big plus is that they'll give you the wholesale interbank
exchange rate for the day - always better than the retail rate, especially
for currencies like the NZD which is not heavily traded.

By chash cards you mean e.g. EC/Maestro?

Bye,
Christoph

--
Reply to:
christoph[dot]stark[at]tu-clausthal[dot]de

Hi David!

Thanks for the info.

I just checked with my bank:

* use a credit for paying stuff (restaurant, hotel, etc.): 1% fee for all
countries outside of the EU
* use a credit card to get cash: 1% + 2% (min. EUR 5,11)
* use a Maestro Card for paying stuff: EUR 1,25 for each transaction
* use a Maestro Card to get cash: 1% (min EUR 4,50)

God, this sucks.... ;-) Alas, there's no free lunch, is there? ;-)

David Bennetts wrote:

As a general principle, you should only use credit cards for charging up
accommodation, meals at fancier restaurants and such like. Don't use them
for cash advances, or the banks will sting you. It's far better to use
account access cards (often credit cards are linked in this way) - but
then be careful using the machine that you specify savings or cheque
account rather credit.
Cash advances attract interest from the date of the transaction, whereas
there is usually an interest free period on purchases until you either get
the monthly statement or a payment period beyond that.

You'll get hit with a fee every time you use the card so it's better to
withdraw a reasonable amount each time rather than do frequent small
amounts. Use machines inside or outside banks, or those with a bank logo
on
them. Beware of "multi-cash" machines, as found in some hotels arcades as
they often charge more than banks.

Check with your bank before you go.

Regards

David Bennetts
Australia

--
Reply to:
christoph[dot]stark[at]tu-clausthal[dot]de

Hi Andreas!

Andreas Hallermann wrote:

the transaction fee depends on your local (german) bank.

Three years ago my bank (LBBW / BW-Bank) told me 1%, at least 3 EUR.
You can get up to 500 EUR per day, but some cash machine will only give
you about 250 EUR. For more up-to-date information contact your local
bank.

I have an account with Dresdner, same limits apply here, the fee is a little
bit more expensive (min EUR 4,50), see my posting in response to David.

In the end I was using my credit card as much as possible (visa or
mastercard recommended, amex was not accepted in many low-budget-hostels)
and got money with my maestro/ec-card.

For finding a maestro cash machine have a look at:

http://www.mastercard.com/atmlocator...d=211383182604
But it was no problem to find a cash machine in almost every town.

That's a good link, thanks! ;-)

Anyway, I think the idea of changing my bank (close my account with Dresdner
and open one with Deutsche) is becoming more and more interesting... ;-)

Viele Grüße & Danke,
Christoph

--
Reply to:
christoph[dot]stark[at]tu-clausthal[dot]de