Palma de Mallorca Favorite Tips by dlytle

Using ATM machines

Favorite thing: If your ATM card is linked to the PLUS or CIRRUS networks, you have the option of using it to obtain cash in over 135 countries worldwide. The CIRRUS Network currently has over 780,000 ATMs worldwide; and the VISA/PLUS has over 750,000.

The biggest advantage of exchanging money with your ATM card is that cash withdrawals, regardless of size, are exchanged based on wholesale exchange rates which are usually reserved only for large interbank exchanges. This rate is often 2-5% better than what you get from exchanging traveler's checks at a local exchange counter. Also, local banks or money change bureaus will add on transaction fees which can easily eat up another 2% of your money.

I use my ATM card, at a Citibank location where possible, to exchange money in foreign countries because I get the best exchange rate doing that. Sometimes, however, I have been in cities that do not have a Citibank location.

I've attempted to use ATM machines from some of the major banks in a foreign country, but without any luck. Then I discovered what I had been doing wrong and why they had not worked for me.

The secret is making sure to use an ATM machine that displays the PLUS or HONOR logos (usually near the keypad) on the machine you are using. If it does not have those logos prominently displayed then it is a machine that probably cannot tie into those networks.

If there are a number of ATM machines grouped together, for instance at an airport, look them over carefully for the machines displaying those logos before you try to use them.

See www.citibank.com and their ATM locations for more information.

For those who need larger amounts of currency when using ATM cards overseas, talk to your bank about raising your daily limit. Most limits tend to be about $200.00. But you can ask to have this limit raised to say $400.00 daily and just explain the reason for the increase—you’ll be traveling overseas. Should be no problem. Then you can have it lowered again when you return home.