Chip and PIN credit cards for Europe

[explanade]

I just don't like the link to my high balance brokerage account.

I spend the dividends basically.


As for tracking the withdrawals with XE.com, they don't always post the same time and currencies are traded around the clock so you can't exactly withdraw it if it closes at a favorable rate because by the time your withdrawal is posted, it maybe entirely a different rate is used.

Same thing with credit card charges, it doesn't always line up with what the exchange rate is showing at a given point in time.

 

[Alan]

I use XE.com regularly to do transfers as well as spot checks for exchange rates. I think it gives a good guideline. My ATM card refunds up to $8 of ATM fees each month and has no foreign exchange fee, so I guess any fees are baked into the exchange rate.

 

[anethum]

Out of curiosity, I compared the Euro/US$ "mid-market" exchange rate on XE.com for June 13, versus the rate I got that day using my Schwab ATM card to get some euros, versus the rate I got using my PenFed Visa card that same day. I realize that the rate varies throughout the day.

XE.com: 1.3523
Schwab ATM rate: 1.3580
PenFed Visa rate: 1.3573

There were no additional fees for either my Schwab ATM card or PenFed Visa credit card.

 

[mpeirce]

1.3917 - XE.com on 7/7/14
1.3949 - B of A Visa from a purchase I made in Vienna on 7/7/14

There is a slight bias, but half a percent or less. This was a Pin & Signature Visa card, not an ATM card.

 

[nwsteve]

I just don't like the link to my high balance brokerage account.

I can not swear this is true but I believe you can set up a separate account with only money market account in it. You can then transfer balances as you need and do not directly expose your brokerage balances.
We use our working account money market balance for our link to fund the atm.
Nwsteve

 

[kcowan]

so I guess any fees are baked into the exchange rate.

Yes all the fees are baked in the rate. In Mexico where it matters to me a lot, a TD debit card gave me a rate of 11.5 all in, whereas using my Intercam account gave me 12.25 so I use Intercam all the time now. Plus there are no daily limits on withdrawals. And Chase Visa for a charges.

But in Eastern Europe, it seems to be a crap shoot.

 

[audreyh1]

I can not swear this is true but I believe you can set up a separate account with only money market account in it. You can then transfer balances as you need and do not directly expose your brokerage balances.
We use our working account money market balance for our link to fund the atm.
Nwsteve

Right, this is what I would have to do if I went that route.

But now I have a PenFed ATM/debit card linked to a checking account that I don't use for anything other than pay my PenFed VISA bill. So I'll try that route.

 

[audreyh1]

Anyone use the PenFed ATM/debit (VISA Gold Check Card) overseas? Any fees?

 

[Chuckanut]

I just got a chip/pin/signature card. Interestingly, the documentation that came with the card says that the card will function as chip and signature card when used internationally at a place with human clerks such as a hotel or restaurant. To use it as a chip-n-pin card overseas I must first use the card internationally as a signature card. After that the pin will work in automated devices like ticket machines and toll booths. Apparently, if the business has human operated card readers, it reverts to chip-and-signature.

I imagine this is some type of work around until we adopt real chip-n-pin processing domestically.

 

[audreyh1]

I just got a chip/pin/signature card. Interestingly, the documentation that came with the card says that the card will function as chip and signature card when used internationally at a place with human clerks such as a hotel or restaurant. To use it as a chip-n-pin card overseas I must first use the card internationally as a signature card. After that the pin will work in automated devices like ticket machines and toll booths. Apparently, if the business has human operated card readers, it reverts to chip-and-signature.

I imagine this is some type of work around until we adopt real chip-n-pin processing domestically.

That's an interesting caveat - that in must be used as a signature card overseas first, before trying to use it as a chip-n-pin card. Hmmm - that might be important for me.

It's so complicated!!!!!

I wish we could get the USAA true chip and pin card. My husband's 4 years service doesn't help, or does it?

 

[Sarah in SC]

I will say that DH is using our Chase Sapphire (no chip, no pin) in the UK and Europe with little hassle. Or at least that's what my (from home) review of his receipts from the pubs tells me!

 

[Chuckanut]

Or at least that's what my (from home) review of his receipts from the pubs tells me!

Thanks for the warning.

 

[GalaxyBoy]

As my old card is expiring, my new BoA BankAmericard came today and it's got a chip. Along with a 3% foreign transaction fee, unfortunately. I didn't ask for either. But perhaps some little progress is finally being made towards cards with chips in the USA.

 

[Chuckanut]

As my old card is expiring, my new BoA BankAmericard came today and it's got a chip. Along with a 3% foreign transaction fee, unfortunately. I didn't ask for either. But perhaps some little progress is finally being made towards cards with chips in the USA.

Good point Galaxy. Some banks are offering the chipped card and tactfully avoiding mentioning their transaction fees.

 

[bmcgonig]

I'm in Ireland now using a chase united airlines MasterCard with no chip and no issues. When I hand it to them I tell them that it needs to be "swiped" and they then understand. No foreign transaction fee with this card. One thing to watch out for is : don't let them charge you in dollars. They sometimes ask as a nicety but it's really not nice . They will give u a lousy exchange rate where the credit card company is very fair. Make sure the transaction is always in local currency.

 

[audreyh1]

As my old card is expiring, my new BoA BankAmericard came today and it's got a chip. Along with a 3% foreign transaction fee, unfortunately. I didn't ask for either. But perhaps some little progress is finally being made towards cards with chips in the USA.

Are you sure you didn't always have a 3% foreign transaction fee?

Switch to the Travel Rewards VISA if you want a chip card with no foreign transaction fee.

 

[Disappointed]

I have been using Chase Marriott for the last 20 days in London, Moscow, and St. Petersburg. The card has a chip but it requires a signature, no fees. Strangely enough I was able to top off my Oyster card (Underground) on the machine without using pin or signature yesterday.



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[Disappointed]

Forgot to mention that a few places including Harrods offered to charge in US $, I do not know if the exchange rate was competitive or not as I just told them to charge in local currency.


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[audreyh1]

Forgot to mention that a few places including Harrods offered to charge in US $, I do not know if the exchange rate was competitive or not as I just told them to charge in local currency.


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Best idea. Usually you get ripped off in such a scenario.

Best to have a zero transaction fee and tell them to charge in local currency.

I almost fell for this recently with Paypal. When I was invoiced from Amsterdam (for a B&B deposit) the invoice came up in US$, with a hefty fee for the conversion! I clicked on the button to switch it back to Euros - much better!

 

[audreyh1]

I have been using Chase Marriott for the last 20 days in London, Moscow, and St. Petersburg. The card has a chip but it requires a signature, no fees. Strangely enough I was able to top off my Oyster card (Underground) on the machine without using pin or signature yesterday.



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Interesting! I may have to try this - no PIN, no signature - LOL!

Seems like if the charge were low enough they wouldn't bother. Just like in the US they don't require sigs for charges below $25.

But actually, in Europe I don't think they offer customers the same level of protection as here in the US in terms of being able to contest fraudulent transactions.

 

[pixelville]

I just got back from a month in Italy, Germany and England. Used my Capital One (no foreign transaction fees) magnetic stripe card everywhere. Used it in automated machines to buy train tickets in Germany and England (Tube/Oyster cards), hotels, restaurants, really everywhere. Every business had a machine for swiping our US cards. The only place I had trouble (where a PIN was reqd) was the train ticket machines in Italy - I ended up using cash or ATM Debit Card there. I could have paid with the credit card at the ticket office, but the line was too long.

 

[explanade]

If you ever rent a car, you may have to fill up gas at unattended stations, putting on more than 50 Euro.

That is where chip and PIN will be needed.

 

[EveryLady]

I just got a chip/pin/signature card. Interestingly, the documentation that came with the card says that the card will function as chip and signature card when used internationally at a place with human clerks such as a hotel or restaurant. To use it as a chip-n-pin card overseas I must first use the card internationally as a signature card. After that the pin will work in automated devices like ticket machines and toll booths. …

It is confusing …

This is similar to what a Charles Schwab rep told me for the 2012 trip to Europe for using the magnetic strip debit card. The card first needed to be used as a signature card before using it to withdraw funds. The rep for the 2013 trip said that was nonsense.

We're just back from a month in Italy and Romania. The magnetic-strip Chase Sapphire was a life saver when buying unanticipated and last-minute Trenitalia train tickets at an unattended station. I plugged in the debit pin when queried for "the pin" and to my great surprise and relief it worked. And worked again at another Trenitalia machine in a different city. Using the debit pin also worked for making a purchase in a store when it did not default to signature. (Per the Chase Sapphire rep the debit pin was *supposed* to be useless except for cash advances.)

I wanted to test but never had a chance to whether making up *any* 4-digit code would also do the trick. At other stores (except for that one, which was a clothing store a tad off the tourist track in Treviso) purchases defaulted to signature.

A few years back an AMEX starwood rep said any combination of 4 digits could be used for their pinless card if one is required overseas. But I never tried it out since that card comes with foreign transaction fees and so wasn't used.

Sobering to hear reports of debit cards being eaten by ATMs. I always worry about that every time I stupidly withdraw cash at night right before leaving a country. Never a problem, though, with Charles Schwab (either being eaten or dispensing cash). Capitol One (before they instituted conversion fees last year) also had a good record. Opened a Citi Gold checking account (that can be converted to a non-fee account now that I'm home) to use as a back-up since it too doesn't have conversion fees but never used it on this trip.

Charles Schwab (debit, at ATMs) and Chase Sapphire (credit purchases) handled it all. Shame that Chase Sapphire is about to cut the 7% end of the year mileage bonus and eliminate double-miles for travel and dining purchases.

 

[Alan]

Update from Australia.

We've been here for 3 weeks now and as expected the so called CHIP & PIN Penfed card is definitely CHIP and Signature. Any unattended kiosk such as a self service check out at a supermarket or gas station requires a signature so I have to call an attendant or go into the gas station to pay. I've been warned a couple of times that August 1st is the big switch-over day where ONLY CHIP and PIN will be accepted, and my brother has talked to his bank a couple of times including a manager as he is interested in what will happen going forward as he also can't believe they will still start turning away tourists who don't have CHIP and PIN. The bank personnel were clueless.

Yesterday we went to a restaurant where you order the food and pay at the desk and they bring food to you. There was a big sign on the desk saying they wouldn't do signatures after August 1st and the first time she tried my card it came back declined but tried again and it went through requiring a signature which she allowed me to do with no questions asked.

Earlier on the trip I also tried my ATM card which is traditional magnetic stripe and it worked just fine to get cash so no issues there, so far.

 

[explanade]

So Chip and Signature worked after the supposed cutoff?