Cash withdrawal with credit card or bring cash?

Rosenberg-Larsen

I am soon travelling to Mumbai - Pune - Goa with my family.

We will bring some dollars, which we will then eschange for INR in India (in the airport at arrival I guess). But for safety reasons we will not bring all the cash needed for the entire trip.
So when I need extra cash, can I then count on being able to easily find a machine, which accepts Mastercard, American Express or VISA for my withdrawal?
Or do I need to bring to bring more cash from home?

SueJ

I no longer carry any extra cash at all and rely totally on ATMs. If you would feel more comfortable, I would suggest that you have a few USD or EUR travellers cheques which you could use in an emergency.

Just bear in mind that not every ATM will take your foreign cards - you'll need to look out for State Bank of India, ICICI or similar. But I have always been able to find one whnever I have needed to over the last two or three years.

Indizen

ATMs are widely accessible across India, especially in areas frequented by tourists. All ATMs accept either Mastercard, or VISA or both. American Express may not be widely accepted. Carry both VISA and Mastercard or Cirrus cards.

the three b's

Mastercard and cirrus are the same thing, and there are many visa(credit or debit) atms as well. Look up the mastercard and visa atm locators on the net and you'll get a pleasant surprise!
Have a wonderful journey

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gypsyqueen

I have a debit card and an ATM card for the same account, and I find that the ATM card always works, while the debit card seldom works for withdrawing money at an ATM machine. I wish I had known that before I came last year!

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lonelytravel

if i am i will bring some cash n traveler cheaque

Don't bring us dollor currently us$ rate fall like any thing bring euro's for your good exchange rate

Rosenberg-Larsen

Thanks a lot for the advises. I will rely on the amount of cash, that I´ve got now - and then supplied by my credit cards.

04274108

When it comes to foreign currency, there are three financial costs to consider...transaction fees, foreign exchange costs, and interest charges. The transaction fee is what is paid when you engage in a currency exchange. The foreign exchange cost is the markup the financial institution will charge to convert from currency A to currency B. Interest charges are the costs for assuming debt to fund your spending in any currency.

Where you can, make withdrawals from an ATM using your bank card. You'll incur a transaction fee plus a markup on the foreign exchange rate (which is the financial institution's commission). I usually withdrawal several hundred dollars worth of currency at a time so that I don't have to make numerous ATM withdrawals, each charging the transaction fee.

If you use your credit card to make cash withdrawals, you'll likely incur the same transaction fee and foreign exchange costs as your bank card, however you'll also have to pay interest charges unless you add credits to your account prior to leaving home. With my bank, foreign exchange fees and transaction fees are the same on my credit and ATM cards. For large purchases (not cash withdrawals), I use my credit card all the time because I get purchase insurance should my purchase be stolen, damage etc. I get the full amount back.

I avoid travelers checks because the foreign exchange rates are very high, especially compared to credit and ATM foreign exchange costs. Banks purchase foreign currencies in high volumes whereas even "brand name" foreign exchange franchises have some leeway (I have found these places to charge upwards of 7% commissions on the foreign exchange costs whereas my bank charges 2% for credit card or ATM card). Should you choose to use travelers checks, purchase them in your home currency. Doing this, you will only have to pay the exorbitant foreign exchange rates once when you convert to rupees. Plus, if you have any checks left over after your trip, you can use them back home like cash.

madan80

04274108- thats a good load of information. To add to it, please keep in mind when you withdraw cash from your Credit card, the interest rates are MUCH higher. Please check with the back on this before you attempt. If i remember correctly, you end up paying somehting close to 1% a Day vis-a vis 3% a month on the amount ( when you swipe your card on purchase)
Look for ATMs with the Cirrus/ VISA logo. Most ATMs display the cards they accept. There is also a "Cashnet" network that is operated by euronet (Part of NCR) that has customers like Standard Charted bank.
Most nationalized banks and international banks' ATMs are availble here (Citi, Amex, Standard Charted, Barclays, Deutsche Bank). there are SEVERAL Indian bannks also that tap into the International network ( ICICI Bank, SBI, HDFC, Kotak Mahindra).
Most Indian Banks tap into SBI's network so if you see a "State Bank of XXXXX" Rest assured the ATM network is shared with State Bank Of India's network.

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Casey

If you make credit card advances you can avoid the interest by transferring the funds from your bank account into you credit card immediatly if possible. I actually emailed someone back home and had them do it for me. I probably paid less than two Canadian dollars in interest during my trip. It was easy to get cash advances from banks and stores. I didn't try it in any machines, as I have long fogotten the PIN number.

brownboy66

Great advice from madan80 and 04274108. Not many people realise you can use a credit card just like a debit card - but it has to have a positive balance (i.e you have to put funds into your credit card account so that you aren't drawing on the "credit" portion of the account - otherwise large nasty interest rates).

Hadn't heard of the cashnet network - but had heard of cirrus. Also present in India is the plus network.

Aishah

If you have your Visa card linked to your savings account you avoid these large interest rates and the need to transfer. This would have to be done back in own country before you leave. You then click on Savings in menu at ATM. Also, as suggested earlier, find out your maximum limit - most ATM's in India will allow only up to 20,000 or 15,000 rupees at one time in one day. Take the maximum then you avoid too many fees at your bank end.

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04274108

All good comments. madan80 and brownboy66, you are correct about the extremely high interest fees banks will charge for cash withdrawls assuming you have not added credits. My bank charges me 13%/annum for cash.

Aishah, I agree. Withdrawal large amounts. I would say the maximum you feel comfortable carrying and/or storing in your hotel room.

atala

Since OP lives in Europe his bank card is most likely a Maestro card. The Maestro card is the preferable card to use since it is a debit card. There is a nominal fee for every withdrawal, both at your bank side and the ATM side.

It is not advisable to change all your currency at the Airport since often the Airport banks do not have the best exchange rate. Exchange only what you need right away for a taxi and so on.

snookie

Casey mentioned getting cash advances from stores and banks using VISA card ..

From stores, I imagine the cost would be high because the store has to pay VISA merchant fees ..

From Banks, they do this over the counter ?