Banking Outside the US in Western Hemisphere

[GordMay]

Good information, osirissail.
What’s the difference between an ATM and a Debit card?

[Maddog]

I believe that an ATM card will only allow basic bank transactions at an ATM machine. A Debit Card works like an electronic check with merchants and at ATM machines - or - I could be full of crap.

We came across this issue when we wanted our teenage kids to have access to their bank accounts. The bank issued debit cards, we sent them back asking for ATM cards. We wanted them to have access to cash, but not have a play CC.

[dofthesea]

Check into having at least one Visa card and one mastercard. I just spent 3 months in Southeast Asia recently and on a rare occasion only one of the cards would work. Oh and its always better to log into online banking with your own computer. Aloha

[GordMay]

Originally Posted by osirissail

... it is a very good idea to have at least 2 different credit card accounts and an ATM (not a debit) card. If one card gets compromised or "shut down" by the bank you have the other card to work with until the replacement can get to you...

Why NOT a Debit card (vs an ATM card)?

[anglooff]

A designated ATM card can only be used in a ATM machine, with daily withdrawal limits. Most Debit cards can be used in ATM machines, but also can be used to buy anything else up to the limit of what cash/overdraft limit is in the account/s it services.

Regards

Alan

[anglooff]

Sorry when I copy pasted I missed out a paragaph...

One of my bank ATM cards can only be used within country...although their debitcard can be used Internationally. Subsequently I carry for emergencies a Visa Travel money card. Note: I am a Private banking Client with this issuing bank and as such pay little or no fees. I am sure that other accountholders will. Therefore I would suggest they check before hand and fees (especially foreign currency transactions) could be loaded. Never the less the card is reloadable and useful therefore as a backup or in an emergency.

Regards

Alan

[osirissail]

anglooff has the correct answer - ATM cards can ONLY be used in ATM machines. Debit/cash cards can be used in ATM machines and at merchants/stores to buy items. Both cards instantly debit your bank account for the cash withdrawn or the item purchased.
- - Debit cards were introduced right after the US Congress passed the credit law that requires banks to basically refund or make good on any misuse of your credit card or the item purchased is not proper. The banks really were blindsided by this and quickly issued "Debit/Cash" cards that are not covered by the Federal law. Since the Debit/cash cards are not covered by the Federal credit card laws, the banks could choose whether to extend privileges/conditions of credit cards to debit cards - or - not - (otherwise known as "screw you, you're not getting your money back").
- - You have to really insist and go to a supervisor of most banks to get an ATM-only card. Some banks will flatly refuse to issue them to you.
- - As far as USA "plastic" goes - credit cards are protected by Federal Law and you have a grace period to "repay" the bank for your "loan" or be charged interest and other fees. Debit/cash cards are not protected by Fed credit card laws and remove the money from your bank account "instantly." ATM cards are normally bank specific and only function in ATM machines.

[heatherbrie]

If you have served in the military (or your parents or grandparents were/are members) USAA has a great online banking system that charges no ATM fees, refunds others' fees, has online bill pay AND lets you scan signed checks and submit for deposit online.

They do charge a 1% foreign transaction fee, which is why I set up a second account with Charles Schwab, which doesn't have the scanned deposit option, for cash withdrawals. Same deal - no fees, refunded ATM fees, but also has NO foreign transaction fees.

[matauwhi]

G'day, again mates. To date, I can not give enough praise for Charles Schwab. As stated above, they have no foreign transanction fees and their exchange rates are as competitive as the rest. Heck, they even rebate you back 2%. Their support staff have even called me direct, after emailing them the current contact details, on a couple of occasions to facilitate some transaction details.

Now, having said that, who knows what will happen in the future. Based on recent events in the financial markets, we have boosted the amount of a couple of currencies we carry on board. We also try to keep at least 6 months of basic food and fuel supplies on board in case the SHTF big time. Cheers