Quickly i would like to discuss some important information on ATM card transactions when you are away for business or for personal holiday. While the rate of risk for bank fraud when on the highway has reduce drastically such as arm robbing and other vices due to the introduction of credit and debit cards. Just like many things have merit and demerit same is applicable to credit card and debit cards.
I will be discussing some booty traps to avoid in order to protect your credit card and debit card while on the road.
Travel With Fewer Cards
It really important to take to Europe only the credit and debit cards that you expect to use, plus a backup, and keep them protected from pickpockets in your moneybelt. Upon returning home, verify the balance and charges on your debit and credit cards. Some travelers monitor balances as they travel, though it is important to be careful when accessing a financial account online.
Make Purchase Only With Our Credit Card
Always use your credit card to buy any thing you want because a debit card pulls funds directly out of your bank account, potential charges incurred by a thief are scary – it is your money that is gone, and it will stay gone until the fraudulent use is investigated by your bank. For that reason, limit your debit card use to cash-machine withdrawals. To make purchases, I pay with cash or a credit card.
Make A Fast Move If Notice Your Card Is Missing
Act quickly if your card is lost or stolen report it immediately by making a collect call to your bank, as your liability can be linked to timely reporting. You should still act quickly.
At ATM cash machine stand: Be vigilant, be smart be responsive and look out for various ATM scams.
Protect Your Atm Pin Code
Memorise your PIN; you would be surprised how many people foolishly write it on their card. (If you don’t trust your memory, you can keep a clue to your code in your moneybelt and/or your phone. That why is advisable to you special date in your life as pin for easy remembering such that could be your birthday date, matriculate date, marriage date or birthday date on my of your close relative the point is just be sure that your reminder is utterly. Take note of‘Shoulder surfing’ it could be thief watching you as you type your PIN into a keypad, and it is worth being aware of. When entering your PIN, block other people’s view of the keypad by covering it with your free hand.
Look Out And Inspect The Atm For Card Skimmers
sure it worthwhile before inserting your card into a cash machine, inspect the front (especially if the ATM machine is not inside a bank). If anything looks crooked, loose, or damaged – or if the entry to the card slot bulges out dramatically – it could be a sign of a card-skimming device (which captures your keystrokes as you enter your PIN).
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Beware Of Stuck Cards
Keep an eye out for anything in the card slot that could trap your card (or in the cash dispenser that could trap the cash). If your debit card gets stuck in an ATM, don’t re-enter your PIN. Thieves have been known to insert a thin loop of tape cleverly designed to trap your card in the slot, then promptly arrive on the scene posing as a good Samaritan. They will either tell you that you can retrieve it by retyping your PIN, or point to a sign recommending that you enter your PIN twice if there is trouble. Either way, someone is nearby watching you enter your code. Once you give up on getting your card to eject and leave the scene, the criminals collect it and use it.
If your card or cash does get stuck, try to avoid leaving the machine. If you are traveling with a partner, have one person go inside the bank while the other one stands by the machine — if your card or cash has indeed been trapped, the thieves won’t wait long to retrieve it.
Avoid Helpful Strangers
Honest strangers willing to lend a hand abound in Europe, as they do here at home — but when it comes to troubles with your bank card, politely and gently decline any offers of help.
Also, pay attention to strangers loitering near a cash machine, especially if they are in pairs (most commonly, the first one distracts you; the second one grabs your cash). Remember that you are most vulnerable just after you have entered your PIN and the withdrawal amount. Be savvy about the many clever ruses used to distract ATM-goers. The scammer may pretend to sell you a newspaper, place a €5 bill at your feet and tell you that you dropped some money, or ask you for a charitable donation. Sometimes the scammers are children.
Throughout Europe, the ATMs are the easiest and smartest way for travelers to get cash. You will pay withdrawal fees, but you will still get a better rate than you would exchanging dollars for local cash at a currency exchange booth (terrible rates).
Locating ATM Cash Machines
In most places, cash machines are easy to locate — ask for a distributeur in France, a “cashpoint” in the UK, and a Bankomat just about everywhere else. Small towns may have a limited number of or even no ATMs. To avoid getting into a bind, consider stocking up on cash before heading to a small-town or rural destination.
When possible, withdraw cash from bank-run ATMs located just outside that bank. Ideally use the machine during the bank’s opening hours, so you can go inside for help if your card is munched. Bank ATMs usually do not charge usage fees and are generally more secure, as a thief is less likely to target a cash machine near surveillance cameras. Many European banks place their ATMs in a small entry lobby, which protects users from snoopers and bad weather. To get in, look for a credit-card-size slot next to the door and insert your card.
Avoid “independent” ATMs These have high fees and may try to trick users with “dynamic currency conversion.” Note that these “independent” ATMs are often found next to bank ATMs in the hope that travelers will be too confused to notice the difference. Their machines may even have signs that scream “Free cash withdrawals” – don’t believe it.
Cash machines are easy to use. They always have English-language instructions and work just like they do at home — except they spit out foreign cash instead of dollars, calculated at the day’s standard bank-to-bank rate.
It is best to use a debit card that charges low fees for international ATM transactions. To further reduce fees, limit the number of withdrawals you make by taking out larger sums.
Remember that you are withdrawing cash in the local currency. If your daily limit is $300 in US dollars, you may be able to withdraw just €250 or so (depending on the exchange rate). Many frustrated travelers get an “insufficient funds” message and walk away from ATMs thinking their cards were rejected, when actually they were asking for more cash in euros than their daily limit allowed.
In conclusion, be aware that ATMs themselves have withdrawal limits. for example Nigerian ATM has it maximum withdrawal limit to be 40k so If the ATM won’t let you withdraw your daily maximum, try several smaller withdrawals to get the total amount you want. (Or, to avoid excessive per-transaction fees, try another ATM cash machine because sometimes maximum withdrawals vary by bank and location.) Note that few ATM receipts list the exchange rate, and some machines don’t dispense receipts at all.
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