Aug 2 2010

Cash Withdrawal: debit card & credit card

Getting local/foreign currency has changed from traveler’s check era. Now travelers – at least I do – use their bank debit cards or credit cards to withdraw small amount local cash for incidentals, or where credit card isn’t accepted. 

Citi vs Chase

Citi Bank has few retail branches in London, surprisingly nothing in Frankfurt. I used both bank cards to withdraw cash: Citi is far more expensive to use than JP Morgan Chase. Citi charges US$74.1 vs Chase $69.9 for €50. On July 20, Citi’s exchange rate was 1.2932, Chase 1.29900, and Amex 1.2909. Credit card gives better FX rate with cheaper transaction fee.
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rates

American Express is widely used in Europe. Visa and Diners Club are accepted too. HSBC has a big presence in Europe. It’s the title sponsor at Wimbledon.