So from my research here on the TA Paris forum, it seems that the general consensus is that ATM withdrawls are the best way to go for getting euros once we get to Paris.
Background: we%26#39;re coming for our first trip to Paris in a few weeks - from Toronto (Canada). Staying for 10 days.
Last May when we went to London, I just carried cash. I exchanged some CAD into pounds (about 1K in Sterling) before we left and kept $1K in CAD and exchanged it when I got there, halfway through the trip. I kept what I didn%26#39;t think I%26#39;d need during the day in the hotel safe. Not one withdrawl from an ATM, not one credit card swipe over the entire trip. It seemed to work fine for me... but of course made me slightly nervous to be carrying that much cash on the way there.
SO. My bank says that my debit card will work in any ATM with the Intarac or PLUS sign... which I assume Paris has... and it will charge me $3 per withdrawl (and most ATMs have a withdrawl fee as well, it seems) plus, %26quot;you will be charged the amount we are required to pay to buy the foreign currency, plus a fixed rate charge of 2.5% of the converted amount.%26quot;
Is that just talking about the exchange rate?
Can anyone help me decipher what this actually means? Are ATM withdrawls really the best way for me to go?
HELP!!! Thanks so much!
|||
%26gt;%26gt;%26gt;SO. My bank says that my debit card will work in any ATM with the Intarac or PLUS sign... which I assume Paris has... and it will charge me $3 per withdrawl (and most ATMs have a withdrawl fee as well, it seems) plus, %26quot;you will be charged the amount we are required to pay to buy the foreign currency, plus a fixed rate charge of 2.5% of the converted amount.%26quot;..... Can anyone help me decipher what this actually means?%26lt;%26lt;%26lt;
I%26#39;m still not sure how your bank assigns %26#39;foreign transaction fees%26#39;...but if they add all that onto an foreign ATM withdrawal, then the should probably also be carrying a gun and wearing a mask when they do.
The fixed-dollar amount fee charged for foreign currency transactions is perfectly routine. Paris banks do not charge an ATM fee to foreign accounts (perhaps this is intended for US useage). The financial network (VISA or M/C logo) will %26#39;..bury..%26#39; a 1% conversion fee within the exchange rate calculation.....but if your bank then imposes its own 2.5% conversion fee....then that%26#39;s un-armed robbery.
Assuming that even Canadian banks aren%26#39; t THAT rapacious with their fees, you might want to check with them again.
|||
Hello, another Canadian here, I used my ATM in Paris( no way on earth would I carry 1 K in pounds , even in a hotel safe, you are brave!).
I have a Royal Bank VIP account and ATM withdrawals were free to me, plus the Paris bank ATMs also charged me nothing. So other then the going rate on conversion( which you will pay no matter what) I thought ATMs were the way to go. Even if your bank charges 2 or 3 dollars for a ATM fee, I would still use it, just use fewer times. I took out 300 euros every two or three days , and used my credit card for the hotel and an exspensive bus tour.
Just a note, when I asked at my local branch about the ATM international fees they thought I would have to pay a fee, but, I knew from opening this account that it had said free international withdrawals, so I had them check with the main branch, I am just saying this so that you make sure you are talking to the right person at your bank, a teller may not have all the correct info.
|||
Depends on your bank. There is an agreement with Scotiabank and PNB Paribas
|||
If you have an AMEX card, you can withdraw money from your CDN bank account from the Paris office, near l%26#39;Opera. They do not charge you and your bank will not charge you, as it is like drawing a check. You will pay exchange rate conversion fees, but that is all.
|||
ATM definitely best. Most bank ATM cards will work in Europe/Paris, it%26#39;s not necessary to have a debit card.
The %26quot;plus 2.5%%26quot; sounds fishy. I have not run into a Paris ATM which charged a fee. The $3 your bank charges also sounds like a lot compared to most people%26#39;s $0.
I have an HSBC acct, I think there are branches in Toronto. There are several HSBC branches in Paris, plus the PLUS / Cirrus network. No fees, reasonable conversion rate.
For 10 days, you%26#39;re likely to make multiple withdrawals or one HUGE withdrawal.
Hope this helps...
|||
Hello Rosie,
Say do yourself a favor and do not carry around a lot of cash. Pay the extra charge and get what you need every couple of days. You might consider the extra charges insurance. I know that some people are fine with carrying cash but have met people who certainly were NOT. My husband has never been pickpocketed but I have been hit twice (in many years). Maybe some of these posts will help you get lesser charges.
We use debit cards for mostly everything we buy and for cash withdrawals. (Just make sure you have a 4 numbered pin). Some of our debit cards do charge more than others and one charges a fee for cash withdrawals although that may be the ATM machine we use in Paris. The basic exchange rate always seems to be quite good on all of them.
I never carry more cash than I could afford to loose..............and being very cheap, that aint much.
|||
I have to agree, Amex is the best bet in a country with another currency, the exchange rate is the one from the day and there is no charge on top of that. I think the fee for an atm withdrawal is ridiculous it might be the safer option but paying 3$ + ?? for withdraxing 20€ is not worth it so you%26#39;ll end up withdrawing big amounts to compensate and you%26#39;ll have to carry them around anyways...
|||
I have a Citibank ATM and even when I went to a Citibank in London (and I believe Paris as well) they nail you with these silly fees that you wouldn%26#39;t get hit with if you were in the U.S.
For instance, at Citibank in London I got popped with a fee for using my ATM card (even though it was a Citibank card) and an some other silly fee. When I called Citibank to complain, they gave me some double-talk.
I don%26#39;t think it matters which card you use and at which bank you use it, you are still going to get hit with some fees. But more importantly, you need to keep in mind that to withdraw money, most French banks require that the money be withdrawn from your checking account instead of your savings account. So, my other ATM card from my credit union where I have money in my savings account is useless in Paris.
As a precaution, I would bring more than 1 ATM card with you. If possible, I would bring a few euros (less than 100) with you for when you get off the plane. For instance, whenever I return to the U.S., I make sure I bring 50 or so euros back with me so that I have them handy for my next trip back to Europe.
|||
%26gt;%26gt;%26gt;Just a note, when I asked at my local branch about the ATM international fees they thought I would have to pay a fee, but, I knew from opening this account that it had said free international withdrawals, so I had them check with the main branch, I am just saying this so that you ***make sure you are talking to the right person at your bank, a teller may not have all the correct info***. %26lt;%26lt;%26lt;
This is your best advice.....I simply can%26#39;t imagine that your bank is adding on ALL of these fees to a foreign currency transaction. Most local branch customer service representatives and many local branch managers simply don%26#39;t have that much occasion to deal with the question....and even then, the questions of useage fees may vary, depending on the type of account(s) you have with the bank.
So go back to your bank and CHECK AGAIN...if necessary, have someone there give you the direct telephone number or extention of the department that deals with foreign currency transactions, and contact them yourself---DIRECTLY.
But from the standpoint of best net exchange rates, convenience and personal security....using your ATM / Debit card will almost always be your best bet.
|||
So your CDN bank charge a fixed fee of 3 CAD per withdrawal. Because it%26#39;s a foreign exchange transaction, they charge you the %26quot;wholesale%26quot; exchange rate plus 2.5%. (if you were to exchange cash at a CDN bank, it will be like 5% but it%26#39;s hidden. If you exchange at the airport, it%26#39;s 5-15%, again hidden).
Some foreign banks do have an additional ATM fee if you use their machines (typically found in the US).
Cashing a personal cheque (not the ATM) at the AMEX office offers the BEST rates and no fee, and your cheque doesn%26#39;t get cleared for weeks. Only *charge* card holders have that priviledge.
