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Rob_Prague_2004's Avatar
Rob_Prague_2004
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Quote:
Originally Posted by JIZEK
agreed- use atm, or exchange currency in Cz. DO NOT use a currency exchange kiosk!!!!

if you must exchange currency- use a travel agent rather than a kiosk or bank. many offer no fee exchange with good rates.

In general, yes. But some of them are good value. I use http://www.exchange8.cz/ to change small amounts when I'm going to the UK. They are very reasonable, especially when you buy more than 25 000 CZK at once, you get a VIP card which is valid permanently and gives you better rates in both directions (to and from CZK).
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05-03-12, 01:44 PM

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JIZEK
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Quote:
Originally Posted by JKG
Do you actually own a US debit card, and have you recently used it in a Czech ATM Machine?


donīt be silly- of course not
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05-03-12, 02:06 PM

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jezovec
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JKG: thanks. Yup, the fine print in light grey Enron Belzebub font.

As for Czech banks not charging any fees for cash-less transactions in foreign currencies - one factor is the exchange rate they use for such transactions. I do not follow this topic closely as I do not travel abroad much, but I read somewhere that e.g. mBank that charges no fees for withdrawing cash abroad uses least favourable exchange rate (when comparing with other Czech banks) instead - thus getting the "fees" amount indirectly.
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05-03-12, 03:22 PM

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Rob_Prague_2004
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Quote:
Originally Posted by jezovec
JKG: thanks. Yup, the fine print in light grey Enron Belzebub font.

As for Czech banks not charging any fees for cash-less transactions in foreign currencies - one factor is the exchange rate they use for such transactions. I do not follow this topic closely as I do not travel abroad much, but I read somewhere that e.g. mBank that charges no fees for withdrawing cash abroad uses least favourable exchange rate (when comparing with other Czech banks) instead - thus getting the "fees" amount indirectly.


I believe that the exchange rate when withdrawing from ATMs is worse than the one used for card payments in foreign currencies, and this usually comes on top of fees.

I have paid by debit card abroad in EUR, GBP, PLN and HUF. I have checked the exchange rate on my bank statement each time and it was fair, and better than anything I could have found in an exchange office (not to mention time saving and convenient). My UK debit card used to be free, but they have since introduced charges. A counter example to all those whinging about Czech bank charges...

This doesn't help the OP much though, as he's accessing US funds here
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05-03-12, 03:30 PM

JKG
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Quote:
Originally Posted by Rob_Prague_2004
This doesn't help the OP much though, as he's accessing US funds here


Yes exactly.

Some posters seem to have missed that though.
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Don't worry be happy.
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05-03-12, 04:52 PM

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amahlert
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We have Bank of America Debit and Visa cards. For ATM withdrawals, the ATM fee is usually $5 for BoA and $5 for the foreign bank. So when we pull cash out of the ATM, we pull our the max. of $600 in koruns.
For using the debit card and visa card for purchases, BoA charges a 1% transaction fee...and yes, it adds up!
We used to have a Chase Visa card. They also charged 1% for foreign transaction fees.
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05-03-12, 06:23 PM

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Jen
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Quote:
Originally Posted by JKG
Czechraiser, Jezovec and Jen, not sure when you last used US credit cards in Europe, but they are not cheap any more. Though I have heard that there are a few providers that still offer good rates, so if you know any good ones, please let us know. But once Chase, Amex and BOA started with the heavy foreign fees most others followed. BOA will charge you a Foreign Transaction fee, a Currency conversion fee and an ATM fee.

FYI I still use ATMs to get foreign currency, as I don't believe its worth my time to shop around, but in this case the OP specifically asked for "cheapest".


USAA charges 1% of the transaction amount for foreign transactions or ATM withdrawals. You need to be military, former military, or a spouse or child of present or former military personnel to get a USAA account. They do offer fee-free checking and ATM transactions in the US.
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Adolescence is a period of rapid changes. Between the ages of 12 and 17, for example, a parent ages as much as 20 years.
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06-03-12, 10:27 AM

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