ATMs
The easiest and best way to get cash away from home is from an ATM (automated teller machine). The Cirrus (tel. 800/424-7787; www.mastercard.com) and PLUS (tel. 800/843-7587; www.visa.com) networks span the globe; look at the back of your bank card to see which network you're on, then call or check online for ATM locations at your destination. Be sure you know your personal identification number (PIN) and daily withdrawal limit before you depart. Note: Remember that many banks impose a fee every time you use a card at another bank's ATM. In addition, the bank from which you withdraw cash may charge its own fee. To compare banks' ATM fees within the U.S., use www.bankrate.com.
You can use your credit card to receive cash advances at ATMs. Keep in mind that credit card companies protect themselves from theft by limiting maximum withdrawals outside their home country, so call your credit card company before you leave home. And keep in mind that you'll pay interest from the moment of your withdrawal.
Traveler's Checks
Traveler's checks are something of an anachronism from the days before the ATM made cash accessible at any time. Given the fees you'll pay for ATM use at banks other than your own, however, you might be better off with traveler's checks if you're withdrawing money often.
You can get traveler's checks at almost any bank. American Express offers denominations of $20, $50, $100, $500, and (for cardholders only) $1,000. You'll pay a service charge ranging from 1% to 4%. By phone, you can buy traveler's checks by calling tel. 800/807-6233. American Express card holders should dial tel. 800/221-7282; this number accepts collect calls, offers service in several foreign languages, and exempts Amex gold and platinum cardholders from the 1% fee.
Visa offers traveler's checks at Citibank locations nationwide, as well as at several other banks. The service charge ranges between 1.5% and 2%; checks come in denominations of $20, $50, $100, $500, and $1,000. Call tel. 800/732-1322 for information. AAA members can obtain Visa checks a $9.95 fee (for checks up to $1,500) at most AAA offices or by calling tel. 866/339-3378. MasterCard also offers traveler's checks. Call tel. 800/223-9920 for a location near you.
Credit Cards
Credit cards are another safe way to carry money. They also provide a convenient record of all your expenses, and they generally offer relatively good exchange rates. You can also withdraw cash advances from your credit cards at banks or ATMs, provided you know your PIN. If you don't know yours, call the number on the back of your credit card and ask the bank to send it to you. It usually takes 5 to 7 business days, though some banks will provide the number over the phone if you tell them your mother's maiden name or some other personal information. Keep in mind that many banks now assess a 1% to 3% "transaction fee" on all charges you incur abroad (whether you're using the local currency or U.S. dollars). But credit cards still may be the smart way to go when you factor in things like exorbitant ATM fees and the higher exchange rates and service fees you'll pay with traveler's checks.
