Using credit card abroad

[Shasta_man]

There will be places you describe Splash-X, but for the places I want to go, the place that charges in USD is not the place you want to go. You want to avoid the tourist oriented shops, and get back in the woods for the real deal. Yes, that may not be possible but that's where you'll find the best price and more importantly the best quality and maybe even the craftsmen who made it.

 

[dmoore19]

Not only does the ATM generally charge you a fee of $2 - $3 but your bank will also whack you a fee of $2 - $3. You're paying $6.00 EASY. Most banks limit your daily cash withdrawal to roughly $300. $6.00 in fees is equal to the 2% fee your credit card company is going to charge you and you aren't carrying a wad of cash around.

You can contact the bank and have your daily cash withdraw limit upgraded during your trip.

 

[diver 85]

Wad of cash----but, can't you pay for the rental up front before you leave---on a CC??....

 

[Splash-X]

There will be places you describe Splash-X, but for the places I want to go, the place that charges in USD is not the place you want to go. You want to avoid the tourist oriented shops, and get back in the woods for the real deal. Yes, that may not be possible but that's where you'll find the best price and more importantly the best quality and maybe even the craftsmen who made it.

The OP never said he was "getting back woods". He specified he was going to be renting a car and doing misc things. His question was how to combat the 2% - 3% fee his credit card company charges

 

[Splash-X]

You can contact the bank and have your daily cash withdraw limit upgraded during your trip.

I myself don't feel comfortable using an ATM machine in another country. The account I would be using is my bank account which would mean someone could easily skim my information and take all of my cash. It happens all the time to people.

In my opinion, I would much rather pay a slightly higher price to use a credit card that has fraud protection and get the piece of mind that even if the number gets stolen I won't be out of cash.

A dispute with a debit card can take months where a dispute with a credit card usually takes a matter of days.

 

[dmoore19]

I myself don't feel comfortable using an ATM machine in another country. The account I would be using is my bank account which would mean someone could easily skim my information and take all of my cash. It happens all the time to people.

In my opinion, I would much rather pay a slightly higher price to use a credit card that has fraud protection and get the piece of mind that even if the number gets stolen I won't be out of cash.

A dispute with a debit card can take months where a dispute with a credit card usually takes a matter of days.

Just offered the idea as a alternative to only being able to get 300 or 400 a day from the ATM

 

[cappyjon431]

In Panama the official currency is the USD (they call them Balboas but they are the same thing, printed in the U.S.A.). There should be no conversion fee, but everytime I use my credit card here I get whacked with a 2.5% fee. They don't call it a conversion, just a foreign transaction fee. Same with ATM, except with the ATM I also get a $3 charge from the ATM in Panama and a $2 charge from my bank in the States.

 

[HowDidIGetIntoThis?]

Wad of cash----but, can't you pay for the rental up front before you leave---on a CC??....

Not only does it avoid the CC charge but you'll know the cost in advance; be able to compare prices from the comfort of your home at your convenience; and be able to spend your holiday time doing more important things (diving?)

 

[robint]

We used the ATM in Bonaire at the bank several times and never got an extra charge.... $100 US withdrawn, and only a charge for $100 came through on our account each time. I expected my bank to take some $ at the very least but they didn't.

We used ATM in Cozumel and there was a fee, but it was small and only on that end, nothing from our bank.

 

[Rhone Man]

It doesn't need to be a currency conversion to whack you - some credit cards charge you a 1% fee just because you use the foreign banking network for a transaction.

I have a credit card with a US bank and a credit card with a BVI bank. When I use my US credit card in the BVI, I get hit for the 1% surcharge. Which winds me up no end.