Currency Exchange - ATM'S

To quote rick Steves: Rick Steves from the following site

http://www.ricksteves.com/plan/tips/moneytip.htm 

I cashed my last traveler's check years ago. And I haven't stepped into a European bank in ages. Now, I get my cash from ATM machines."

In my mind the two worst places to obtain foreign currency is the Airport kiosk and your local US bank. Next would be Travelers Checks and a bank in the destination country, in this case Germany.

It is better to use your debit card to take money out of ATMs. You can use a credit card, but you'll pay more and I believe interest is charged from when the withdrawal is made.

Before you go, confirm with your bank that your card will work in Europe and alert them that you'll be making withdrawals while traveling — otherwise, the bank might freeze your card if it detects unusual spending patterns.

ATM transactions using bank-issued debit cards come with various fees. Your bank may levy a transaction fee each time you use an ATM. Owner of the ATM you use might charge its own fee,and Visa, MasterCard or Amex will charge there own fee.It is a good idea to make fewer visits to the ATM and withdraw larger amounts.

European ATM's use 4 number pins, . A PIN with more than four digits will not be accepted. I always take two or more different cards to provide a backup if one doesn't work.

Ask your bank how much you can withdraw per day. Note that most German banks will allow more per day than most US Banks. Also keep in mind the exchange rate. Once in Rome I thought I could use a trial and error method to access the maximum and I got shut down after three tries. I was starting high and when my US Bank rejected the amount, I tried a lower amount. They blocked access after 3 errors and I had to e-mail the bank to get setup again. We had multiple cards so not a huge problem. Some Banks will let you increase the daily limit upon request before you go.

It pays to shop around for the best rates, both for debit-card ATM withdrawals and credit-card transactions. There are different types of fees. Visa and MasterCard levy a 1 percent fee on international transactions.. Some banks that issue those cards add an additional 1–2 percent, and the ATM owner may charge an additional fee. Check online with the issuing organization, Visa, Mastercard, or AMEX, for corresponding Banks and Locations for the best exchange rate.

Capital One has a good reputation for no-fee international transactions.

For my personal experience we have found that the "Visa Smart Card" issued by Fidelity Cash Management is the equal to Capital One and we also use a Third Federal Debit card that is almost as good as the Smart Card" The following sit list many banks and their card fees:

http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange