Perhaps the easiest way to obtain money from your accounts is to use a debit card. Generally your bank will charge up to $5 per transaction and up to 3 percent exchange surcharge of the amount withdrawn. Consider using a low- or no-charge debit card to obtain your cash. For example, if you use a Bank of America debit card at a Global Alliance ATM, you will not be charged fees.
Some overseas ATM machines require a five-digit personal identification number instead of the standard U.S. four-digit PIN. Check with your bank a month or two before your trip to determine whether you will need a new PIN. If you have a MasterCard or Visa logo on your debit card, an international list of ATM locations can be found online.
While obtaining cash from your accounts using a debit card can be a wise move, Ed Perkins, a contributing writer for SmarterTravel.com and USA Today, suggests that travelers use credit cards to pay for large purchases. Generally, there is an additional 3 percent surcharge for international purchases. Some credit cards, such as Capital One, do not have a surcharge. Notify your bank a week before your trip so that it will not block charges that occur overseas.
If you are going to spend a significant amount of time overseas, consider banking with an international institution. Before your trip, identify the locations of the banks in the country you will visit. Consider using online banking services while overseas to provide immediate access to your accounts. Also, obtain non-toll-free banking phone numbers so that you can contact a representative by phone should a problem arise.
You can wire money from your bank or credit union to a local bank in the area. However, hefty fees are sometimes charged.
If you are an American citizen who is destitute, the U.S. Embassy in your area can help. It will try to locate your family, friends or business associates to obtain funds. That contact person can then send money to the Department of State's Office of Overseas Citizens Services. OCS will establish a trust account in your name and have the funds sent to the embassy in the country you are visiting. Funds can be sent using Western Union, bank wire or by postal mail. If sent by Western Union, funds can be available for use within 24 hours.
