Visa or AMEX money card/ travelors check

[Ann-Marie]

Has anyone used the Visa or Amex card that is out that takes the place of travelors checks? Apparently it is like a debit card, but guaranteed like the travelors checks. The money on it is insured, and the card can be replenished. I wanted to know how easy they are to use in Ireland where my daughter will be an exchange student for 4 months.

 

[ysr_racer]

Save yourself the headache and give her an ATM card.

 

[johnmfaeth]

I have always been a big Amex fan. But when I travel in Europe I always bring Visa and Mastercard too. It is amazing how you will find a town where no one will take Amex (usually not the case in big cities).

If I had to pick just one, it would be a Visa debit/atm card linked to a bank account. Make sure she picks a 4 digit pin # that does not start with zero. Some older European ATMs require that.

 

[bigrick]

I have never had success using travelers' checks when travelling. Many places would take a personal check rather than a travelers' check. Go figure! And when I got home, no local merchant would take them either! Took all the remaining checks back to my bank. No more for me!

 

[Ann-Marie]

This is not checks. It is a debit card.

 

[Ann-Marie]

This is a copy of the information from AAA. We thought she could use this as a debit card, and in addition, then use her bank account for cash withdrawels where there will not be an ATM fee.

Visa TravelMoney® Card
Use at any Visa merchants that accept debit cards and Visa ATMs to withdraw your travel funds when and where you need them
Accepted at millions of locations that accept Visa debit cards and more than 1 million Visa ATMs
PIN protected
Cardholders are entitled to:
AAA Global Advantage Service*
Visa Purchase Security*
Visa Emergency Assistance Service*
Visa Zero Liability Protection*

Fees
The minimum card load is $250, the minimum order is $300, maximum order $1,500
There is an activation fee of $4.95.
Reloads are $250 minimum by calling (866) 339 3378 or online at www.aaa.com/prepaid cards.
A second card can be taken for a fee of $2.00
Card cash out fee is $15
Orders over $500 receive free 2-day delivery, upgrades to next-day and priority overnight are available for additional cost.
Orders under $500 pay $7.00 for 2-day delivery, upgrades to next-day and priority overnight are available for additional cost.
Card life is 24 months, an optional monthly statement can be ordered for $0.50 per month, Inquiries by phone are $0.50 each, there is a $1.25 monthly maintenance fee after 12 months of inactivity. No fee for ATM balance inquiries.
Online balance inquiries are free at www.aaa.com/prepaidcards
Cash advance fee (in-bank) $10, $350 limit per advance
ATM withdrawals in the US are subject to daily and weekly maximum amounts of $350 a day and $850 a week, maximum international withdrawal $2000 per 24 hour period.
ATM withdrawal fee: Domestic: $2.50 International: $2.00
Reload fee: Free (maximum of 3 reloads per card life)

 

[ysr_racer]

Have I mentioned "Save yourself the headache and give her an ATM card."

 

[Icarus]

Sure seems like a lot of fees to me when they have the use of your money for free. Have you considered alternatives?

-David

 

[johnmfaeth]

Hi Ann-Marie,

I see that you are on LI. Go to Commerce bank and open a joint checking account with her, you get a free Visa debit card.

And you have no minimum balance or account fees for 12 months.

They are open on Saturdays, Sundays and every night til 8 pm for when you get that call that she needs money NOW!

And she and you can both manage the account through their web site which is great.

NO other bank in our region has the combo of such low fees (none), great hours, and at my branch, great people.

Did I mention free? Oh yes, it's really free, not free with a bunch of charges and limitations.

Sounds too good to be true but it is. Good luck!

John

 

[Ann-Marie]

She had a free account at Bank of America that is linked to mine. She can use there ATM at Barcley's Bank, and will not pay a transaction fee. However, we do not know how far away a Barclay's bank will be. She will not have a car. We thought she could use that for debits also, but just in case there is a problem with the card, she would have access to another means of obtaining money. Maye what she should do is open up an account at a bank on campus. She could use that for getting cash. the only thing is how will she get the money to put in that account until she can get to a Barclay's bank to take out a larger sum of money to deposit into the school account? I got her $200.00 in Euro's, which is about 160 euros. Maye I should get her some more euros to go there with to start off with. She has a 1st. financial bank visa card, but they will not give her more than a $300.00 limit. So, that is not very helpful, unless I send money so she would have a + balance or credit on the card.

 

[johnmfaeth]

Hi Ann Marie,

You already have a solution in place with both the BOA and 1st cards.

Just put the money in the BOA account and let her go to the ATM as needed. I have used my ATM cards worldwide (literally) and the fees have never been more than a few bucks. In four months at one withdrawal every two weeks, it's probably about $20.

Now what scares me a little is the level of research YOU are doing for her trip. Part of study abroad is the experience of being in a foreign place without the umpical cord of parents (yet safe and supervised). Please do yourself and her a big favor and make her spread her wings and fly on her own a little during this golden opportunity.

Personally, I would sit her down, explain what you have learned, force her to decide what is "best" on her own and then fund it. What's the worst downside risk? That she completely screws up and you just send her money by Western Union (takes all of 5 minutes to do).

Please don't be insulted, I mean well and this is no attack, but I get very concerned by the level of parenting that some adults (yes college is adulthood) need and get from their parents. It leaves them largely unprepared for the real world and at a severe disadvantage to their peers who were exposed to more responsibility themselves. I think this later hinders them in their career, relationships, work ethic, etc.

Either way, please encourage her to see this as an adventure. Things will fal in place either way.

Good luck!!!!

John

 

[Ann-Marie]

John, thanks for your post. I agree with you that we need to let her do this on her own. The finance part however seems to be the most technical. For some reason, the school there requires that she show proof tat she have $1,500.00 available in a bank account in Ireland. Strange, but I guess they do not want to be responsible for her if she runs out of money. My husband just had a brainstorm. When she gets there, she can open up an accout at the school. We can then just wire money into that account, and let her function off of the money in that account. What ever is left, she can withdraw before she leaves. We would just try to judge it so there is not that much money left.

 

[johnmfaeth]

With full respect for hubby, international wire transfers cost $35 each at BOA. If necessary, give her the $1500 in a bank check to bring and deposit at the school's bank. But then do the BOA approach discussed earlier. Gives her freedom and saves $.

My 20 year old neice is away in Paris this semester with NYU. Luckily she can buy and sell her folks with the money she has made babysitting since age 15. The last year she was a commisioned sales person part time at Ralph Lauren's boutique shop on Long Island.

She's a natural and a big part of my retirement plan :ignore:

Good luck!

 

[Ann-Marie]

I did not think of giving her a bank check. Will inquire about the wire transfer fees as well. Thanks.