North America Local Customs

ATMs

If you're coming from outside of USA/Canada: The simplest way to obtain local currency when you're in North America is by using an ATM (automated teller machine). Yeah, that machine that dispenses cash from your local bank account.

An ATM will normally give you a better exchange rate than what you'd get if you were buying foreign currency with cash or traveler's checks since the exchange is made at the interbank wholesale rate. Or worse, some friends in trying to help - tell you to use your Visa/ Mastercard to withdraw cash from these ATMs. NO! Such withdrawals are considered CASH ADVANCES... a definite no-no because of the EXHORBITANT fees charged by these credit card companies! Then how do you think these credit card companies survive? :-)) Now, go back and knock your buddy's head for being so ignorant. :-)

Today, you'll find an ATM machine at nearly every corner of North America. I mean, the USA has some of the world's finest banks... and these brilliant Americans literally perfected the entire ATM network worldwide! The American banking system is at least 10 years ahead (in terms of technology) compared to their European/ Asian counterparts! I only found out this truth when I worked briefly for a European bank and went for a job interview for a big German bank. Having worked for an Asian, European and two American banks before, I think I'm much more accustomed to the American banking system (personally speaking, of course)... You can learn so much more things because these Americans are so advanced!

Oops, sorry to deviate... Back to ATMs and their amazing uses. Even in the remotest parts of USA or Canada, you can STILL find an ATM machine. If you see the words 'Cirrus','Plus' or 'The Exchange' etc at the back of your ATM card, you can safely withdraw cash from these ATM machines too. So far, whenever I use my Citibank ATM card abroad, I haven't faced a single problem. I can't guarantee for the other banks and their fee structures though. But my CitiCard works just fine for me. :-) And they have so many branches dotting the globe. Read: Ultra-convenient!

The All-Important Steps:

Make sure your ATM card is compatible and it's linked to an international network. Call your local bank if you aren't sure. Does your bank's ATM card have a Plus, Cirrus, Visa or MasterCard logo? These networks operate throughout North America... so you should have no problems finding an ATM machine. My personal advice is - It's always good to check with your local bank first before coming to America - since a handful of banks from YOUR country may put restrictions on overseas use.

Don't change small sums. Most banks charge a flat fee for each ATM transaction outside their own networks. If a withdrawal of US$30 costs as much as a US$300 transaction, then it does make more sense to get the higher amount. Right?

And, don't forget to carry a back-up credit card (just in case). If you lose your ATM card or a machine can't read it, your Visa or MasterCard can be a lifesaver! But use it ONLY for cash advance(s) - as a last resort. You'll also find a credit card handy if your expenses are higher than planned and your bank account runs dry. If you've an American Express card, you can use it to obtain money at one of the company's many American offices. And no, I'm not working for American Express. :-) I just find it's convenient to use their 'don't leave home without it' CHARGE card (with no set limit unlike a credit card). It's useful if you (the guy) is intending to buy an expensive American designer outfit from Donna Karan for your loving girlfriend/wife and you have just maxed out your credit limit on your Citibank credit card. :-))))

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