|
|
|
|
|
Money Matters: Using Debit Cards Abroad
Debit Cards and Cash Machines - Traveler's Cheques of the 21st century
Gone are the days of keeping track of fifty travelers checks stashed in your money belt.
In our electronic world the easiest, fastest, and least expensive way to get local currency
when you travel is using your debit card in a cash machine.
Using your debit card this way is a quick and easy way to access your home country or
host country bank account and retrieve money in the currency of the country you are in.
When planning to use your debit card, keep in mind these important tips before you travelabroad:
- Double Check Your PIN
Many foreign cash machines require a four-digit Personal Identification Number
(PIN) that does not begin with a zero. So, if your PIN is 5 digits, change it to four,
if possible.
If your bank only offers 5-digit PINs, consider finding another institution better
suited to overseas travel.
- Learn the Lingo
Find out what the word for "cash machine" is in the language of your destination
country - it is almost as important a term to learn as "toilet" when traveling
overseas.
From "ATM" to "Bankomat" if you know what you need to ask for before you
go, you'll be prepared when you arrive and need to find a cash machine at the
airport.
- Locate Cash Machines
Look at the back of your debit card; the logos on the back indicate the network
your bank participates in and you must use a cash machine displaying one of
those logos.
If you see "Maestro" or "Cirrus" on the back, the card belongs to the network
owned by MasterCard, and if you see "Plus" on the back, the card is part of Visa's
network.
Then, take a minute to check out Visa and MasterCard's online cash machine
locater. A few countries only offer cash machines in one network (Serbia, for
example, does not have any Plus machines).
- Remember the Fees!
While most foreign cash machines probably won't charge you much to use their
machine, the little charges on your bank's end can sure add up. Also consider
shopping around to find the best deal on relevant fees.
- Have a backup plan
When living and traveling overseas you want to be sure to always have a backup
source of money with you in case of emergency. Carrying all three—a bit of cash,
as well as your credit, and debit cards - is safest.
Be aware that many cash machines have daily withdrawal limits which may differ
from your bank's limits.
Be sure you know the limits imposed by your financial institution, but plan ahead
in case you encounter lower limits at a cash machine at some point in your
journey.
|
|
