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ATM:

Automatic teller machines (ATMs) are, overall, probably the most convenient way of obtaining cash worldwide. All you need do is memorize your Personal Identification Number (PIN) code and carry around your ATM card. The biggest disadvantage of using ATM's is the fees involved. In addition to the fees that your bank charges you for the withdrawal, they will probably charge you an additional "Network Fee" for using the Cirrus, or Plus networks, and the bank that owns the ATM often charges "convenience fees" for using their ATM. The "White Label" ATM's (ATM's not associated with a bank, usually located in convenience stores and hotels) often charge even higher convenience fees. These fees are almost always fixed amounts, so it is usually better to do fewer withdrawals that are large amounts rather than a number of small withdrawals. Your bank also usually charges a higher currency exchange than you could get elsewhere. If you withdraw small amounts it is not uncommon to pay as much as 5-10% in fees.

There are two major international ATM networks, namely Cirrus (http://www.mastercard.com/cardholderservices/atm/) (affiliated with MasterCard) and Plus (http://www.visadps.com/prod-plusatm.html) (affiliated with Visa). Nearly all international-enabled ATMs support both and nearly all bank cards can use both, although you may want to confirm with your bank — in particular, you may have to get international ATM support specifically activated for your bank account.

There are some catches to beware of:

• PIN code lengths vary from country to country. 4-digit PINs are more or less universal, but longer codes may be rejected. Ask your bank to issue you a 4-digit PIN for travel.
• Many Third World countries either have no ATMs, very limited ATMs or are not connected to the international networks. At time of writing, this includes eg. Cambodia, Laos and Myanmar in South-East Asia, as well as much of Africa.
• Some countries have extensive national ATM networks but very limited international support. The most notable example is Japan, where you will often be limited to Citibank and post office ATMs (which are fortunately quite common).
• Many ATMs also support credit card advances in addition to cash withdrawals, but this service can be considerably more expensive as you will usually also have to pay interest.

For longer trips or stays in any country, it's worth considering opening a local bank account and obtaining a local ATM card. Procedures vary widely though, you will usually need at least a local mailing address and many countries will also insist on a valid residence permit.

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