So does anyone have experience with a prepaid debit card for ATM withdrawals over seas?
My 16 y.o. D will be in Germany and Austria and we wanted something she could take with her Just for 2 weeks
Thanks!
Yes. We have used them with no problems. Some have a maximum withdrawal amount per day so check on that and make sure it meets your needs.
Thanks -there are lots of different brands out there
What’s wrong w just a regular ole ATM card?
Yes, what’s wrong with a just a regular ATM card? When I travel overseas, I do not do anything different than what I would do in the US. I take money in the local currency with my ATM card, and I use AmEx and Visa/Master cards. D1 studied abroad in Australia and D2 studied abroad in UK. We didn’t have to do anything special for them.
I don’t know it seemed like a lot of trouble to get her a debit card for my account. But maybe it would be simpler than the prepaid ones.
She doesn’t have her own checking acct? Is it because she is under 18? I opened a joint acct with D2 when she was under 18. It was no issue with D1. Banking regulations have changed a lot in the last 5+ years. I wouldn’t add her to your acct unless you want her to see all of your activities. It would be better if you were to open up a separate joint acct with her.
Also thinking about a “back up” in case a card got lost or got a security hold on it or something. We have had a card not work when traveling before
No -she doesn’t have her own checking account- she doesn’t have any money
( re gap year)D used a regular debit card, however, as her wallet was stolen shortly after arriving, we had it canceled as soon as we heard. Thankfully, we had added her dad onto her account before she left, and he still had his card, so we sent it to her, so she could take money out.
a prepaid card, as I understand it, would be the same as cash, so if she lost it, that money wouldn’t be recoverable.
For her travels in high school, as far as I knew, all costs were already taken care of, although she must have had some travelers checks, as she brought home souvenirs.
Some families have their kids get bank accounts. It’s a place to put gift money, or from work, and it can help for them to develop a habit of saving a portion of whatever money they have.
Maybe I will open a joint account with her
Emerald Kitty -the kind of card I was looking at is registered -so you can recover loss. But there are fees associated with using it
You can set up a prepaid card through places like USAA or Fidelity Investments (as well as others) that are pretty much the same as setting up a bank account and zero fees involved with those two firms. You can fund it then add money at any time electronically that is instantly available. Also, if the card is lost, you call them or go online and put a stop on the account. You don’t lose your money. (Speaking from experience on this one!)
Skip travelers checks. More hassle than they are worth in the electronic banking age.
Old fashioned traveler’s checks can be a good backup and can usually be cashed at hotels.
Both my kids have had their own checking acct & ATM card since mid-teens. Whenever they travel abroad solo they just draw foreign currency from an ATM.
@gmtplus7 - My kids have had accounts forever as well. The one advantage to a debit card is it can be used as a charge card and an ATM card. Just an added level of flexibility.
I would just have her open up a checking account, connect it to yours, so you can transfer money when needed, and get an ATM card. And as she starts driving, and goes to college, yes that money will be needed. Even if she doesn’t have money now, she will eventually, and they have zero fee accounts for students. You’re going to need to do it eventually, so skip the hassle and do it now.
How much are you expecting her to spend?
200-300 euro?
She can be responsible for that much cash.
She has to take care of her passport, so why not a few hundred of euro?
Thanks all -I am leaning towards getting her her own checking. Beerme -I think she probably could handle the cash - I just want a “back up” in case .
Try Capital 360. You load it with cash and use at ATM’s with no fees. Make sure she tries it before she leaves.
H did not and did not have the correct 4 numbers so it was useless on our last trip. But a lesson to try it before leaving was learned. When the trip is over you request the balance and it lands in your bank account within a few days.
I also had joint accounts with S and D in HS. Still have one with D even though she is an adult. There are still occassions when a check arrives here and I can deposit it rather than mail it to her as her mail does not seem secure.