south america - best way to bring cash

jobless

just a quick for those of you that have been to south america... whats the best way to access cash over there?... i have a credit card but they charge me a % for every withdrawal i make... my atm has the cirrus sign on the back of it... does this mean it can be used over there?....
I'm travelling up through bolivia and peru so i'm not sure how often ill come across a machine.. so wondering if i should bring a wad at all times

Kernunos

I spent a little over 2 months there and travelled through Chile, Argentina, Brazil, Bolivia & Peru. While I was there i mostly relied on my credit card (it was the end of a year trip and the old current account was running empty). It was Mastercard and was accepted in every ATM machine i went to. I could use my bank card for a while and it was also cirrus, they still charge you a fee for using it though, which can definately add up. It was accepted in pretty much every ATM as well though.

Saying that however, it was not always rosy. While there are plenty of ATMs in the cities (and they are pretty safe too, mostly inside secure rooms with camera that you can access 24/7), they can get pretty rare when you are out in the country. Even when you do find one it can often be out of money and they are not refilled over the weekend. There were two particular situation where i was stuck in a town for the weekend with no access to cash as the ATM had run out on a Friday. You might also find it hard to find places that accept credit-card for transaction, and I found next to nowhere that would accept LASER/EFT-POS type transactions.

Saying that though I would not recommend taking lumps of cash around with you places. It all depends where you go and where you are staying. When we first got into Argentina and Brazil we took out relatively large amounts of cash, but that was as we were staying in pretty good hotels and felt the money was secure. In Bolivia and Peru we did not feel quite as safe but that was not the real reason we did not take out a lot. There are very, very few places outside Bolivia or Peru that will change your currency. When we flew from Bolivia to Rio de Jenerio they looked at us like we had two heads when we tried to change our Bolivianos, hence me having a drawer full of them at home.

So I would reccommend you play it by ear. When you are in a city just take out as muc as you need to get through the day, especially as you are more likely to be robbed in the cities (never happened to me or anyone in my group but statistically you are). Then when you are travelling through quieter places try and figure out how much you will need, look at it as an exercise in budgeting. If you have access to travel guides they are also helpful. I had the Lonely Planet one and it would tell you if the place you are heading to has an ATM. Not always 100% reliable but gives you a good idea.

jobless

thanks for taking the time to post....
looks like the best thing to have an emergency stash (not too much) in case of emergencies... was just reading there that cirrus can be sometimes more than credit card charges...
i was gonna put money on my credit card but the lady advised against it as its not covered it the card is stolen and used...

Mercy

There's a few threads on this already, i'm pretty sure the consensus was to put money into a credit card so that technically the bank owes you money. When you withdraw this money there will not be a charge on it or at least it will be reduced. Pretty sure that was the gist. Someone also recommended carrying a few emergency notes in your shoe just incase your card and wallet are nicked. Not a bad idea.

jobless

hi mercy,

i was gonna go with the idea of putting money on my card but the girl (at MBNA) told be it was not advised because if the card if frauduantly used then the cash used was not covered.
MBNA charge 1.5% on each withdrawal..... is that the same with other credit cards?

BuffyBot

Most card providers will not cover the loaded cash on a credit card if used fraudulently/gets lost and used.

You'll also get his with a fee each time. Some banks allow free withdrawal if you load your credit card but from my experience they've been moving away from that for a while - I suspect the increasing number of people doing exactly that has prompted them to start charging.

Another option is the Halifax Visa debit card - available with their current account. Load your money into the current account and then spend away. Works globally, anywhere Visa is accepted - so both for ATM withdrawals and payments. I think the fee is 1.75% of the transaction when used for non-Euro transactions, but it might be worth confirming that personally with them.

However, considering the areas you're going to, always bring at least a small amount of emergency cash considering where you are going to!

Zoodlebop

The answer to the loaded cash on your card being covered is internet banking. Put your credit card account on you online service and then you can top it up from your current account from any internet café. Keep the amounts small (something you can afford to lose), like $150. You don't (or at least I didn't) get charged anything at all for taking money out of the wall on a loaded card. Helps to have a back up card that is also linked up to your account, stashed in the lining of your trousers or something.

BuffyBot

You don't (or at least I didn't) get charged anything

As said, it depends on the card and bank. Most, however, have cottoned on to this and are charging

RATM

Kernunos wrote: »

There are very, very few places outside Bolivia or Peru that will change your currency. When we flew from Bolivia to Rio de Jenerio they looked at us like we had two heads when we tried to change our Bolivianos, hence me having a drawer full of them at home.

I know that feeling all too well. I still have about €70 worth of Honduran wotsits in a drawer at home.
Kernunos, if you are in Dublin before June 15th I'll buy those Bolivanos off you, Im headed that way in the summer so I'll be able to 'repatriate' them

Likewise if anyone is going to Honduras I can sort you out a good rate for some local currency.

RATM

BuffyBot wrote: »

As said, it depends on the card and bank. Most, however, have cottoned on to this and are charging

Just rang Ulster Bank credit card division about this (as Im also going to S.A.)and they said they are now charging €3 or 3% (whatever figure is higher) to withdraw from a loaded credit card :mad: Annoying as thats how I was planning on withdraw cash this summer.

Also rang my other CC company MBNA and they said that the charges for them are 1.5% commission ( which goes to the local bank) and then if you are outside the eurozone a further 2.65% which goes directly to Visa. Minimum charge is €1.90 and the maximum is €31.70.
So according to MBNA you'll get stumped for 4.15% and also the exchange rate that you are forced to take on the currency. Sounds like an extremely bad deal,you'd probably lose nearly 5% of your cash for every withdrawl. I reckon you'd be better off using Cirrus/Maestro.

jobless

does anyone know what the charge is for cirrus?

booooonzo

any more updates or advice on this?

Four of a kind

Yeah I'm really curious to find out what the updated info on this situation is? Seems really bad for long term travelling that you'll get screwed with all these fees on top of the local ATM fees :eek:

Coeus

When I was last there (Nov 2009), I drew money with my bank card which had cirrus and I was charged a conversion fee by my bank (permanent tsb). Think this was about 3%.

For your emergency stash bring dollars, they are as good as the local currency in some places.

Daisies

When I travelled South America in Sept- Nov 2010, I put money onto my credit card (every week or so) and used that to withdraw. BoI cover that money if your card is stolen and it by far wrked out the cheapest way to do it

dory

Daisies wrote: »

When I travelled South America in Sept- Nov 2010, I put money onto my credit card (every week or so) and used that to withdraw. BoI cover that money if your card is stolen and it by far wrked out the cheapest way to do it

We've been trying to get more info on this. Was it free? Or just the cheapest option?

cailinoBAC

Well, I’m not sure about the credit cards, but my boyfriend and I usually took money out on cirrus. He was with AIB, I was with BOI and my charges tended to be 3 times as much as his (or at least, his statements is dotted with €1.something amounts and mine with €3.something. Also, the idea was to take out a fairly hefty amount at a time, but in many countries the max you could take out in one go would be equivalent to €80 or so.
If you are going to Venezuela, bring dollars cash. Hide them away or whatever. Even other currencies, euro, brazilian real, Colombian peso, but cash is king and unless there have been some great changes in the last year or so, you will get about twice as much of the local currency than taking from the ATM.
Also, remember that in some places there won’t be any ATMs. Copacabana in Bolivia and El Chalten in Argentina were some examples. Well, El Chalten had installed an ATM so it might be working now. Copacabana had an ATM, but only for the locals. We thought we were going to have to take a 4 hour trip back to El Paz. Luckily, one of the banks could offer a cash advance on visa (not mastercard) so we were fine.

Coeus

cailinoBAC wrote: »

Well, El Chalten had installed an ATM so it might be working now.

I can confirm this ATM was working when I was there just over a year ago. This isn't always the case though as its connection to the rest of the banking system is sometimes down...

dory

Last time I was there Tupiza, Bolivia was another place with no ATM. But again you could get a cash advance on a CC.

Seems we're none the wiser on the CC situation.

Four of a kind

Daisies wrote: »

When I travelled South America in Sept- Nov 2010, I put money onto my credit card (every week or so) and used that to withdraw. BoI cover that money if your card is stolen and it by far wrked out the cheapest way to do it

Hi,

What were you charged by BOI for each transaction and also what were the ATM fees on top of this like?

doriansmith

I spent last June-Sept in South America. Sometimes loaded the CC with money & took it out that way & sometimes used normal ATM card. When we took out money on our ATM cards the bank charges came up separately on statements but when we used our CCs it didn't show any extra charges on statements so I'm pretty sure it was free. Unless the charges were included in the amount withdrawn if you know what I mean. But I think it was free.

When using my ATM card the charges are outrageous. I'm with BOI. My boyfriend's with AIB & he gets charged 1% on withdrawals which is pretty good. I got charged about 4 times as much as him. Same in NZ - for every 200 Euro I withdraw I get charged between 8 & 9 Euro so avoid if you're with BOI!

cailinoBAC

Yeah, I really should have just transferred money to my boyfriend's AIB account rather than using my BOI card. I'm not sure why there's such a big difference. To be honest I didn't check do the credit card thing, first because my card was never in debit, but also I just assumed it wasn't like that any more. Must look into that more closely if there's a next time.

By the way, I remembered another place where there was no ATM (at least over a year ago) - San Pedro de Atacama. A 2 hour trip to Calama otherwise.

Four of a kind

doriansmith wrote: »

I spent last June-Sept in South America. Sometimes loaded the CC with money & took it out that way & sometimes used normal ATM card. When we took out money on our ATM cards the bank charges came up separately on statements but when we used our CCs it didn't show any extra charges on statements so I'm pretty sure it was free. Unless the charges were included in the amount withdrawn if you know what I mean. But I think it was free.

When using my ATM card the charges are outrageous. I'm with BOI. My boyfriend's with AIB & he gets charged 1% on withdrawals which is pretty good. I got charged about 4 times as much as him. Same in NZ - for every 200 Euro I withdraw I get charged between 8 & 9 Euro so avoid if you're with BOI!

I am with BOI Have a both my mastercard and current account with them. I'll have to look into changing and getting set up with AIB and also get online banking sorted.

phelixoflaherty

jusqu'a le poo poo

doriansmith

By the way, I remembered another place where there was no ATM (at least over a year ago) - San Pedro de Atacama. A 2 hour trip to Calama otherwise.

There is definitely an ATM there now. I was there in July & remember there being at least 2 of them

I am with BOI Have a both my mastercard and current account with them. I'll have to look into changing and getting set up with AIB and also get online banking sorted

Definitely get online banking set up. You can then use it to transfer money onto your CC everytime you want to withdraw money to avoid the ATM card charges. It's shocking the difference in charges between BOI & AIB. I would've expected them to be pretty similar

Four of a kind

doriansmith wrote: »

There is definitely an ATM there now. I was there in July & remember there being at least 2 of them



Definitely get online banking set up. You can then use it to transfer money onto your CC everytime you want to withdraw money to avoid the ATM card charges. It's shocking the difference in charges between BOI & AIB. I would've expected them to be pretty similar

Was just reading the AIB "fees and charges for debits card holders" from their website:


Card Usage Abroad/Debit and
ATM Cards

AIB Debit Card
Point of Sale Purchase and ATMTransactions €0.20 each
Transactions in euro incur no other charges.

Non-euro transactions also attract additional charges
as follows:
Currency Conversion Fees
Point of Sale Purchase Transactions 1.75%
(Minimum €0.46,
Maximum €11.43)
ATM Cash Withdrawal Transactions Up to 3% of value
depending on currency
Commission Charges
ATM Cash Withdrawal Commission 1% of value
(Minimum €1.27,
Maximum €6.35)

A MasterCard Scheme Charge also applies to all
non-euro currency transactions:
AIB Banklink Card
ATM Transactions €0.20 each
Transactions in euro incur no other charges.
Non-euro transactions also attract additional charges
as follows:
Currency Conversion Fees
ATM Cash Withdrawal Transactions Up to 4% of value
depending on currency
Commission Charges
ATM Cash Withdrawal Commission 1% of value
(Minimum €1.27,
Maximum €6.35)
Transaction Location
MasterCard
Scheme Charge
Within MasterCard Europe Region 0.10% of value
Outside MasterCard Europe Region 0.39% of value


Can someone please break this down into simpler terms as I can't quiet fully understand it.

For ATM transactions in non-euro zones your charged 1.75% on all transaction if you use your debit card? + whatever local ATM fee is applied.

Mastercard/credit card transaction are what then?

cailinoBAC

There is definitely an ATM there now. I was there in July & remember there being at least 2 of them

Cool, I was surprised when we were there (2009) that there wasn't, as it's such a touristy place, and especially when you have people arriving from Bolivia and Argentina. We were ok, but we heard people complaining about having to go to Calama.

Coeus

cailinoBAC wrote: »

Cool, I was surprised when we were there (2009) that there wasn't, as it's such a touristy place, and especially when you have people arriving from Bolivia and Argentina. We were ok, but we heard people complaining about having to go to Calama.

I was there in 2008 and I remember there was one near the main square. Dunno if it was working as I didnt need to use it. Peeps may have to gone over to Calama if the ATM was empty or their cards didnt work in it which can be the case in some of these more out of the way places...

solerina

I didnt have a problem in South America, even the small towns had an ATM. However as you get charged a transaction fee each time I always took out enough money to last a few days/ week to minimise the fees.....
The only place I had a problem was Rio De Janeiro...huge city, hundreds of ATMs and practically none seemed to be attached to cirrus (even though many had cirrus signs on the) we must have tried 60+ machines and only found 3-4 that actually gave us money ( AIB banklink card, AIB visa card and PTSB visa card + atm card all were a problem)

Wild Rover

I've just been in touch with BOI since im heading to south america soon. They advised me to only use my Laser ATM card as a backup and to put money into my credit card account and then withdraw it. The fees are:

ATM Laser Card
3.75% of the transaction
Min €3.17
Max €11.43

Credit Card (with money in the account)
1.75% of the transaction (cross border handling fee)

Credit Card (no money in the account)
1.75% of the transaction (cross border handling fee)
PLUS
1.5% of the transaction - Cash Advance Fee (Min €2.54)

Hope that helps someone.

Four of a kind

Wild Rover wrote: »

I've just been in touch with BOI since im heading to south america soon. They advised me to only use my Laser ATM card as a backup and to put money into my credit card account and then withdraw it. The fees are:

ATM Laser Card
3.75% of the transaction
Min €3.17
Max €11.43

Credit Card (with money in the account)
1.75% of the transaction (cross border handling fee)

Credit Card (no money in the account)
1.75% of the transaction (cross border handling fee)
PLUS
1.5% of the transaction - Cash Advance Fee (Min €2.54)

Hope that helps someone.

I presume you also have to pay the local ATM fees as well on top of this?

I wonder what the fees are with AIB for the above....any know? Yes, I know I could just ring them, but obv none of them will have a clue about stuff like that.

Four of a kind

Just off the phone to AIB regarding transaction fees on their credit card.

You get charged a 1.75% conversion fee which she said is hard for anyone to work out what exactly how much that could be.

Plus you get charged 1.5% handling fee on whatever you withdraw regardless if your have money on your card or not.

So again, I still don't fully understand what costs are involved and she wasn't able to tell me either, except to "make sure you read the small print" on the terms and conditions etc....
:mad::mad::mad:

Four of a kind

Wild Rover wrote: »

I've just been in touch with BOI since im heading to south america soon. They advised me to only use my Laser ATM card as a backup and to put money into my credit card account and then withdraw it. The fees are:

ATM Laser Card
3.75% of the transaction
Min €3.17
Max €11.43

Credit Card (with money in the account)
1.75% of the transaction (cross border handling fee)

Credit Card (no money in the account)
1.75% of the transaction (cross border handling fee)
PLUS
1.5% of the transaction - Cash Advance Fee (Min €2.54)

Hope that helps someone.

No wonder no one knows what the F$%k is the story.

Im just after getting of the phone with BOI(who i bank with) and this is what they told me:

Credit Card (with money in the account)[/U] Outside Euro Zone
1.75% of the transaction (cross border handling fee)

ATM Laser Card Outside Euro Zone
1.75% of the transaction
Min .46cent
Max €11.43

So as you can see there's a BIG difference between what you were told and what I'm just after been told?

Four of a kind

Rang Ulster Bank regarding their Visa debit card.

For Atm withdrawals (outside euro zone)
2% per transaction min: €3 max: €12
Plus
Exchange fee of 1.5% of transaction! :mad:

So, for example, If you wanted to withdraw €500 at once from an ATM it would cost you €17.50 from the bank plus whatever local ATM fees apply!

Obv the advantage with a Visa card is that its more widely accepted...but these fees are F$%king crazy imo.

Im with BOI and I've a mastercard with them. Which the only charge is 1.75% per withdrawal outside of eurozone.....no other fees(as long as your card is in credit).

So if I was to withdraw €500 I'd only be paying €8.75 in fees(plus whatever local ATM fees apply)

The disadvantage with mastercard from what I've read is that its not as widely accepted as visa.
:mad::mad:

Anyone know what the cheapest way to access your cash abroad is? im heading to SA soon and ona budget so dont want to waste money on bank fees where possible.

It looks like AIB is the cheapest, although its still a rip off.

Handy11

Have your credit card attached to your online banking and load on a few days at a time. Bring a second card if you can, with f*ck all in it, but also linked to the account. That one you can literally sew into your backpack unless you need it.

Through 7 countries I never had any major hassle getting money, and even when we got robbed of all our cards (on the border at La Quiaca / Villazon) and had nothing, AIB were very quick on the phone to Western Union credit card advances to me wherever I was. The charge wasn't terrible either, considering the situation we were in.

My other half's experience with Ulster Bank in the same situation was shockin. They were completely unhelpful, slow, ponderous. They lacked any ideas and had to be threatened (and pleaded with - we had nothing) before they did anything.

Civilian_Target

Handy has sound advice. Bring 2 cards, a credit card to use most of the time, and a second card for backup. Visa is best, Mastercard and Plus/Masetro are OK, the rest are pretty much useless. Make sure it's rectangular with a chip and a magnetic stripe.

Then one goes on your person, and the other is well hidden your backpack, with a couple of hundred euros in cash in large notes (50 or up). Withdraw cash from your primary card every few days, and try to withdraw before you run out, because there's not a bank machine at every corner. Strictly avoid paying for local goods by card, aside from the possibility of fraud, there's a good chance your bank will freak out when they suddenly see transactions in columbia, and block your card until they can phone you.

Make sure your contact details are up-to-date with the bank before you leave, and let them know where you're going. Try to arrange lower fees - most of the banks have an account option of flat monthly fees for foreign withdrawls, mine charges 11 euro a month and it's worth it. Also keep a copy of your credit card numbers and pin somewhere, because you can forget them.

Enjoy the trip

Cheers thanks for the advice. Whats the benefit of using my credit card rather than my debit card, is it actually cheaper or am i just protecting myself agaisnt fraud (in that if a card is fraudently used, the bank will usually refund a credit card but not a debit card)?

Unfortuantly my credit card is one of them stupid AIB ones that has the curve so its not rectangular, but hopefully this doesnt cause many problems.

Edit: Just read that the most that can be withdrawn from a non-EU ATM with AIB is now only €100!! Thats a joke, i'll be at the ATM every couple of days and paying the fees each time. Im not going to have time to set up an account with another bank by the time I leave. Feck.

Handy11

Mascher wrote: »

Edit: Just read that the most that can be withdrawn from a non-EU ATM with AIB is now only €100!! Thats a joke, i'll be at the ATM every couple of days and paying the fees each time. Im not going to have time to set up an account with another bank by the time I leave. Feck.

Don't think that's true. The limits are placed by the countries AFAIK. I was able to take out around €250 + at a time in Chile, Argie, Brazil, and the limit was lower in Bolivia. I'd say that limit you quote must be for a debit card.

Depending in where you are going, even a 100 withdrawal could do you for 2-3 days if not more. The best thing you can do is contact AIB and ask about the credit card withdrawal limits in the countries you are going to.

Credit cards are more widely accepted in machines there and dont have ridiculously low limits as you quotes above

i'm batman

Does anyone have a definitive answer to this now? I have just heard that AIB are going to start charging for transactions now so I want to move to Ulster Bank. Are there any foreign banks that might be worth opening an account with to remove the transaction fees?

ck086

BOI clear mastercard, if loaded, only charges you 1.75% cross boarder handling fee. Be careful to keep it loaded though as it'll cost you €2.50-€3.00 cash handling fee for each withdrawal otherwise. I'm in SA at the moment and I've been stung a few times with it...

I met an English couple who had some Natwest acc that didn't charge them anything for withdrawals abroad so there are definitely foreign accs that are better. I don't know how you'd access them though.

I also have visa debit that's worked fine but charges me about €5 each transaction to withdraw about €140!!