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Mumbai, June 8 (IANS) Soon, you may be able to withdraw cash from an <keyword id="48577" type="TECHNOLOGY" weightage="20" keywordseo="ATM">ATM</keyword> without touching any part of the machine. AGS Transact Technologies, a provider of cash and digital payment solutions and automation technology, on Monday said it has successfully developed and tested a touchless ATM solution in light of the Covid-19 pandemic.<br /><br />The 'contactless' solution, currently under demo at interested banks, enables a customer perform all the steps required to withdraw cash from an ATM using the mobile app itself. <br /><br />The customer simply has to scan the QR code displayed on the ATM screen and follow the directions on their respective bank's mobile application. <br /><br />This includes entering the amount and mPIN required to dispense the cash from the ATM machine. <br /><br />According to the company, the QR code feature makes cash withdrawals quicker and more secure, and negates the chances of compromising the ATM Pin or card skimming.<br /><br />"The new Touchless ATM solution is an extension of the flagship QR Cash solution which ensures safety of the users and will provide a seamless cash withdrawal experience with enhanced security," said Ravi B. Goyal, Chairman and MD, AGS Transact Technologies Ltd.<br /><br />With minimum investment, the banks can enable this solution for their ATM networks by upgrading the existing software.<br /><br />AGSTTL has so far installed, maintained and managed a network of over 72,000 ATMs across the country and also provides customised solutions to leading banks. <br /><br />The company earlier introduced UPI-QR based Cash withdrawal solution in partnership with Bank of India. <br /><br />This is how the solution works.<br /><br />Open the Bank mobile application on your smartphone and select QR Cash Withdrawal. Enter the amount you wish to withdraw on the mobile app and scan the QR code on the ATM screen.<br /><br />Next, confirm the amount by clicking on 'proceed' in the app and enter the mPin to authenticate the transaction. Now collect the cash and receipt and you are done.<br /><br />"The seamless, cardless and touchless withdrawal method is designed to provide easy transaction flow, without the need to touch the ATM screen or enter the pin," said Mahesh Patel, President and Group Chief Technology Officer, AGS Transact Technologies.<br /><br />--IANS<br /><br />na/

Customers will soon be able to withdraw cash from ATMs using smartphones

Cash and ATM management companies will soon be allowed to attract 100 per cent foreign direct investment as they are not required to comply with the Private Security Agencies (Regulation) Act (<keyword id="2544663" type="ORGANIZATION" weightage="20" keywordseo="PSARA">PSARA</keyword>), according to news agency PTI.<br /> <br /> A clarification to this effect is likely to be issued by the home ministry shortly.<br /> <br /> The clarification will be against the backdrop of the confusion among firms in cash and ATM management relating to compliance with the Act, under which they can receive <keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword> only up to 49 per cent.<br /> <br /> The issue was discussed at a meeting convened by the Prime Minister's Office (PMO) last month.<br /> <br /> "In that meeting, it was decided that the home ministry would be asked to issue a clarification that these companies will not have to comply with PSARA and would be eligible to attract 100 per cent FDI," an official said.<br /> <br /> There are about a dozen cash management players in the country, including Writer Safeguard, SIS Securitas, CMS, Secure Value, Logicash, Brinks Arya, Securitrans and Scientific Security Management Services.<br /> <br /> According to experts, companies managing cash for banks have so far been caught in a policy tangle, with the home ministry insisting that 100 per cent FDI could not be allowed for them if they provide private security guards or armoured vehicles.<br /> <br /> Companies that make devices such as currency authenticators and sorting and currency counting machines will also benefit from this clarification, they added. Several players, including TVS Electronics and ITI, are in such businesses.<br /> <br /> Cash Management companies handle over Rs 40,000 crore of cash per day.<br /> <br /> The government in 2015 permitted 100 per cent FDI under the automatic route for white label ATM operations with an aim to promote financial inclusion.<br /> <br /> FDI into the country grew 22 per cent to USD 35.85 billion during April-December of 2016-17.<br /> <br /> Foreign investment is considered crucial for India, which needs around USD 1 trillion for overhauling its infrastructure such as ports, airports and highways to boost growth.<br /> <br /> A strong inflow of foreign investments also helps improve balance of payments and strengthen the rupee against other global currencies, especially the dollar.<br /><br />

Soon 100% FDI in ATM management companies

Two weeks have passed since the announcement of <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> but there are still long queues outside banks and ATMs. However, bankers expect the <a href="http://www.businessinsider.in/searchresult.cms?query=cash+crunch&amp;sortorder=effectivedate">struggle to get cash </a>will end soon as the supply of <keyword id="3842168" type="UNKNOWN" weightage="20" keywordseo="New-Rs-500-Notes">new Rs 500 notes</keyword> is to go up.<br />
<br />
"Next week should be much better. <a href="http://www.businessinsider.in/searchresult.cms?query=ATMs&amp;sortorder=effectivedate">ATMs</a> are replenished regularly and are not running out of cash which should give comfort to customers. The supply of notes (from the central bank) is in plenty but the point is that people should start spending," <keyword id="6379603" type="PERSON" weightage="20" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword>, chairman of <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword>, told ET.<br />
<br />
"Next week, we should also see good supply of Rs 500 notes which will ease the situation,” she said.<br />
<br />
Apart from easing cash crunch situation, banks are also expected to inform public about online channels to do bank transactions.<br />
As per few bankers, ATM cash withdrawal limit could be raised from Rs 2,500 as ATMs are being recalibrated to dispense the new Rs 500 and Rs 2,000 notes.<br />
<br />
Also, the limit to exchange old banknotes with new one will be reviewed on November 24.<br />
<br />
Presently, an individual can withdraw Rs 24,000 per week, Rs 50,000 from current account for payments of salaries and other dues and Rs 2.5 lakh to spend on weddings.<br />
<br />
"The government may review the Rs 24,000 cap as currency supply will improve next week. But at the same time, the government may scrap the facility to exchange notes while directing banks to encourage people wanting to exchange notes to open banks accounts,” a bank chief told ET.<br />
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<a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">PM Narendra Modi </a>said <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> led to collection of Rs 5 lakh crore.<br />
<br />
(Image: Reuters)<br />

ATM cash withdrawal limit may be raised as supply of new Rs 500 notes to go up

<ul><li>Payment solutions provider AGS Transact Technologies opened its IPO today and will close on January 19.</li><li>The IPO is entirely an offer for sale by existing promoters and shareholders of ₹680 crore through the public issue.</li><li>Out of the ₹677 crore IPO proceeds of Ravi B Goyal, chairman &amp; managing director, ₹650 crore will be used to pay half of the company’s debt.</li><li>Cash management being a core business of the company in the growing digital world, its financial performance has been on a declining trend in the last three years.</li></ul>Payment solutions provider AGS Transact Technologies that has opened its initial public offering (IPO) today is going through a rough phase because of COVID-19. <br /><br />Our business is largely linked to cash management and due to the pandemic some transactions were impacted, says Ravi B Goyal, chairman &amp; managing director at AGS Transact Technologies to Business Insider in an interview. <br /><br />The company reported a loss of ₹18 crore in the first five months of the financial year April to August, 2021. It raked in less profit in the last financial year than it did in the year before the pandemic.<br /><div type="image" title="ags transact rev 2" height="900" width="1200" msid="88987001" hostid="261"></div>The company operates in three business segments:<br /><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Payment solution <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offers services such as ATM, cash management, digital payment solutions, POS machine service and so on<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Banking automation solutions <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sale of ATM, cash recycler machine etc<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other automation solutions <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">System automation products for clients in petroleum, color segment <br /><br /></td></tr></tbody></table>“As a business we have gone through a lot of challenges, it all started with demonetisation, where we had no cash as 85% got wiped up and we had a new currency. And all these ATMs needed to be recaliberated so that was also a massive job. So first no cash then cash available but cannot be used. Then we have a first pandemic with massive lockdown but ATM being an essential service, our team in the field has done a remarkable job,” added Goyal. <br /><br />The company earns 75% of its revenue from the payment solutions segment and only 15% from digital initiatives. <br /><br />While the entire ₹680 IPO is an offer for sale by existing promoters and shareholders, the company’s chairman is selling shares worth ₹677 crore. <br /><br />Out of the ₹677 crore IPO proceeds of Goyal ₹650 crore will be used to pay half of the company’s debt.<br /><br />Currently, the company’s debt is at ₹1,100 crore debt after the 650 IPO proceeds, it will halved to ₹550 crore<br /><br />Goyal indirectly owns 97.61% of AGS Transact with 55% through direct equity ownership and 42% through Vineha Enterprises, which is also a firm held by him and his wife. <br /><br />While Goyal is selling shares worth ₹677 crore, among others VC Gupte, Shailesh Shetty, Rakesh Kumar, Nikhil Patiyat and Rajesh Harshedrai Shah will sell the remaining ₹2.42 crore worth of shares.<br /><br />Further, analysts recommend avoiding the IPO because of increasing digital payments in the country that could have an adverse effect on AGS Transact’s business. <br /><br />“The company is one of India's leading Omni-channel payment solution providers with a strong network. However, the government's focus on digital payments will further decrease the use and availability of cash can have an adverse effect on business activities,” said analysts at Swastika Invest while recommending a ‘avoid’ rating to the IPO. <br /><br />“AGS has high client concentration with top three customers accounting for 33.6% of revenues and has reported a loss for the first five months of FY22. Given premium valuations, high client concentration and losses in the first five months we have a neutral recommendation on the IPO,” said Jyoti Roy, DVP - equity strategist at Angel One. <br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-prepays-30791-crore-spectrum-liabilities-a-month-after-airtel-prepaid-over-15000-crore/articleshow/88986783.cms">Reliance Jio prepays ₹30,791 crore spectrum liabilities, a month after Airtel prepaid over ₹15,000 crore</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/even-after-the-lic-ipo-indian-government-may-be-well-short-of-its-divestment-target/articleshow/88938799.cms">Even after the LIC IPO, Indian government may be well short of its divestment target ⁠— for a third year in a row</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">The Indian government has spent less than half the money it had budgeted for capital investments, so far</a>

AGS Transact is a cash management firm looking to halve its debt with IPO money

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Noah Berger</span></p></div><p></p></div></div></p><ul><li><strong>The FBI sent a confidential email to banks Friday outlining a potential ATM security threat.</strong></li><li><strong>The scheme is known as an "ATM cash-out."</strong></li><li><strong>Hackers use malware to access machines, lift controls and access large sums of money.</strong></li></ul><p>The FBI is privately warning banks of a potential global hacking scheme that could be carried out through their ATMs.</p><p>The bureau sent a confidential alert to banks Friday to notify them individuals are planning a large-scale fraud scheme known as an "ATM cash-out," journalist <a href="https://krebsonsecurity.com/2018/08/fbi-warns-of-unlimited-atm-cashout-blitz/">Brian Krebs first reported</a> on his cybersecurity news website. </p><p>Business Insider confirmed this with a spokesperson from a major US bank. FBI spokesperson Lauren Hagee did not comment on the matter specifically, but sent Business Insider the following statement in response to questions about it:</p><p>"In furtherance of public-private partnerships, the FBI routinely advises private industry of various cyber threat indicators observed during the course of our investigations. This data is provided in order to help systems administrators guard against the actions of persistent cyber criminals."</p><p>In an ATM cashout scheme, hackers can use malware to access a bank or payment card processor and sometimes make fraudulent copies of cards by imprinting stolen card data on reusable magnetic strip cards.</p><p>Krebs said they can also manipulate account information and security settings to make large sums of money available for withdrawal.</p><p>"Just prior to executing on ATM cash-outs, the intruders will remove many fraud controls at the financial institution, such as maximum ATM withdrawal amounts and any limits on the number of customer ATM transactions daily," Krebs wrote.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/black-klansman-cop-infiltrated-kkk-spike-lee-ron-stallworth-2018-8">How a black cop infiltrated the KKK - the true story behind Spike Lee's 'BlacKkKlansman'</a></h3>        <div>                    </div>    </div>

The FBI is quietly warning banks of a potential large-scale hacking scheme that could hit their ATMs

New Delhi, Dec 27 () From January, SBI customers will be able to make ATM withdrawal above Rs 10,000 only after an OTP verification during 8 PM to 8 AM.
<p> The OTP-validated ATM transaction has been introduced to minimise the number of unauthorised transactions, State Bank of India (SBI) said in a Facebook post on Thursday.
</p><p>"With the introduction of its OTP-based cash withdrawal facility, State Bank ATMs have added another layer of security for cash withdrawals. OTP will be received on the customer's mobile number registered with the bank," SBI said. 
</p><p>This additional factor of authentication will protect State Bank card holders from unauthorized ATM cash withdrawals, it said further.
</p><p>SBI said that the new feature will not require any major change in the present process to withdraw cash from its ATMs (automated teller machines). 
</p><p>However, this facility will not be applicable for transactions, where a State Bank card holder withdraws cash from another bank's ATM, because this functionality has not been developed in National Financial Switch (NFS), it added. 
</p><p> In this process, once the cardholder enters the amount they wish to withdraw, the ATM screen displays the OTP window. The customer has to enter the OTP received on the registered mobile number to complete the transaction.
</p><p>  NFS is the largest interoperable ATM network in the country and it manages more than 95 per cent of the domestic interbank ATM transactions. 
</p> "This will safeguard the customers against the risk of unauthorized transactions on account of skimmed/cloned cards, while withdrawing cash at State Bank ATMs," the bank said.    KPM RUJ
RUJ

SBI to introduce OTP-based ATM transactions from January

<ul class="summary-list"><li><a href="https://www.businessinsider.com/category/wawa">Wawa</a> discovered a <a href="https://www.businessinsider.com/data-breaches-retailers-consumer-companies-2019-1">data breach</a> caused by malware that began running on its payment processing systems in early March. </li><li>The nine-month data breach affected credit and debit card numbers, expiration dates, and cardholder names at potentially all purchases made in Wawa locations and at fuel dispensers.</li><li>Wawa is encouraging customers to review their credit and debit card account statements and is providing customers a free year of identity theft protection and credit monitoring. </li><li><a href="http://newsletter.businessinsider.com/join/4np/drivethru">Sign up for Business Insider's retail newsletter, The Drive-Thru, to get more stories like this in your inbox</a>.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>Wawa announced on Thursday that it had discovered a data breach that could have impacted customers over the last nine months. </p><p>"Our information security team discovered malware on Wawa payment processing servers on December 10, 2019, and contained it by December 12, 2019," Wawa CEO Chris Gheysens wrote in a public letter. "This malware affected customer payment card information used at potentially all Wawa locations beginning at different points in time after March 4, 2019 and until it was contained." </p><p>According to Gheysens, in-store payment processing systems were impacted by the data breach starting in March. By late April, the malware was running on payment processing systems in most Wawa locations. </p><p>The data breach affected credit and debit card numbers, expiration dates, and cardholder names for potentially all purchases made in Wawa locations and at fuel dispensers. No other personal information was accessed, including PIN numbers, credit card CVV2 numbers, and driver's license information. ATM cash machines located in Wawa locations were also not impacted. </p><p>Gheysens said that the company believed the malware no longer posed a risk to Wawa customers and that the company has "initiated an investigation, notified law enforcement and payment card companies, and engaged a leading external forensics firm to support our response efforts." </p><p>Wawa is encouraging customers to review their credit and debit card account statements. The company is also providing customers who may have been impacted a free year of identity theft protection and credit monitoring via Experian. More information on how customers can protect their information is <a href="https://www.wawa.com/alerts/data-security">available on the Wawa website. </a></p><p>"I apologize deeply to all of you, our friends and neighbors, for this incident," Gheysens wrote in the letter on Thursday. "You are my top priority and are critically important to all of the nearly 37,000 associates at Wawa. We take this special relationship with you and the protection of your information very seriously."</p><p><strong><em>SEE ALSO:</em> <em><a href="https://www.businessinsider.com/ignition-retail" target="_blank" rel="noopener">Apply here to attend IGNITION: Retail, an event focused on the future of retail, in New York City on January 14.</a></em></strong></p>

Wawa announces data breach that may have impacted customers at all of its locations for 9 months

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p><p class="caption">Venmo does charge a fee in three main ways, but it's relatively easy to avoid.</p></div><p></p></div></div></strong></p><ul class="summary-list"><li style="font-weight: 400;"><strong><a href="https://www.businessinsider.com/category/venmo">Venmo</a> does charge a fee in certain cases, though it's pretty easy to avoid these fees depending on how you use the service.</strong></li><li style="font-weight: 400;"><strong><a href="https://www.businessinsider.com/category/venmo">Venmo</a> charges a three percent fee to send money from your credit card, though if you only use your <a href="https://www.businessinsider.com/category/venmo">Venmo</a> balance or bank account to send money, there are no fees. </strong></li><li style="font-weight: 400;"><strong>Instant transfers to your bank account come with a one percent fee, though standard transfers are free. </strong></li><li style="font-weight: 400;"><strong>If you have a <a href="https://www.businessinsider.com/how-to-get-a-venmo-card">Venmo Card</a>, there may also be additional fees for cash withdrawal. </strong></li><li style="font-weight: 400;"><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><p>Like any financial service, <a href="https://www.businessinsider.com/category/venmo">Venmo</a> does charge fees in certain cases. </p><p>Though, depending on how you use <a href="https://www.businessinsider.com/category/venmo">Venmo</a>, it's entirely possible to use the app for free without ever paying fees. </p><h2><strong><a href="https://www.businessinsider.com/category/venmo">Venmo</a> does charge a fee if you use a credit card to send money</strong></h2><p>The most common fee you are likely to encounter with Venmo is when you make a purchase or send money to another person. </p><p>If you send money using a credit card, Venmo adds a three percent fee (which is the fee from the credit card company being passed on to you). </p><p>You can avoid the three percent purchase fee by only sending money from your Venmo balance, bank account, or debit card. As long as you're not using a credit card directly, Venmo does not charge a fee to send money. </p><h2><strong>Venmo may also charge a fee if you use Instant Transfer, or have a Venmo Card</strong></h2><p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p><p class="caption">The Venmo Card has additional fees for withdrawal.</p></div><p></p></div></div></strong></p><p>There will be a fee if you transfer money to your bank account with an Instant Transfer. If you choose an Instant Transfer, Venmo charges one percent (with a minimum fee of 25 cents and a maximum of $10). </p><p>Standard bank withdrawals, which take 1-3 business days, are always free. </p><p>If you <a href="https://www.businessinsider.com/how-to-get-a-venmo-card">get the optional Venmo Card</a>, there are additional fees associated with it, including an ATM cash withdrawal fee ($2.50) and an over-the-counter cash withdrawal fee at the bank ($3).</p><h2><strong>Related coverage from <a href="https://www.businessinsider.com/category/tech-how-to">How To Do Everything: Tech</a>:</strong></h2><ul><li><h3><a href="https://www.businessinsider.com/is-there-a-limit-on-venmo">There's a limit on your Venmo transactions - here's how much money you can send and receive with each account type</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-receive-money-on-venmo">How to receive money on Venmo and transfer funds to a connected bank account</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-delete-venmo-history">You can't delete your Venmo history, but you can make all past and future transactions private - here's how to do it</a></h3></li><li><h3><a href="https://www.businessinsider.com/does-venmo-work-internationally">'Does Venmo work internationally?': No, you must be physically located in the US - here's what you need to know</a></h3></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-plane-tires-dont-explode-during-landing-2019-10">Why plane tires don't explode during landing</a></h3>        <div>                    </div>    </div>

'Does Venmo charge a fee?': A guide to Venmo fees, and how to avoid them

<a href="http://www.businessinsider.in/searchresult.cms?query=The+Reserve+Bank+of+India+&amp;sortorder=effectivedate">The Reserve Bank of India </a>(<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) increased the weekly <a href="http://www.businessinsider.in/searchresult.cms?query=ATM&amp;sortorder=effectivedate">ATM</a> cash withdrawal limit from savings bank accounts to Rs 50,000, from the current Rs 24,000 and the limit will be removed from March 13.<br />
<br />
"Effective February 20, 2017, the limits from cash withdrawal from savings bank accounts will be enhanced to Rs 50,000 per week from the current limit of Rs 24,000 per week (and) effective March 13, 2017, there will be no limits prescribed by RBI on cash withdrawal from savings bank accounts."<br />
<br /> The limits were imposed by the Government and RBI on withdrawal of money from <keyword id="60866" type="PERSON" weightage="20" keywordseo="ATMs">ATMs</keyword> and bank branches in view of the currency shortage following <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a>. These limits, however, are being gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000.

You can withdraw Rs 50,000 per week from savings bank accounts today onwards

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Alastair Grant/AP</span></p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Credit cards with no foreign transaction fees, like the <a href="https://thepointsguy.com/card-details/chase-sapphire-reserve/?utm_campaign=bi_handle-payments-outside-US-111619&amp;utm_source=referral" rel="nofollow">Chase Sapphire Reserve</a> and the <a href="https://thepointsguy.com/card-details/wells-fargo-propel-american-express-card/?utm_campaign=bi_handle-payments-outside-US-111619&amp;utm_source=referral" rel="nofollow">Wells Fargo Propel American Express® card</a> are the best way to make a purchase outside of the United States due to low costs and added fraud protections.</strong></li><li><strong>ATMs usually give the best exchange rate - just look out for fees charged by your bank for using an international ATM.</strong></li><li><strong>Cash is a good backup plan, but avoid using your debit card when traveling. If a thief gets your debit card, they can drain your account and it's difficult to get the money back.</strong></li><li><a href="https://www.businessinsider.com/personal-finance">Read more personal finance coverage.</a></li></ul><p>I love the feeling of <a href="https://www.businessinsider.com/cheap-airfare-book-online-2018-10">stepping off a plane in a new country</a>. After stretching out from a long flight, I love winding my way through the airport following signs in exotic languages, through a hopefully quick and easy customs and border control, and into the expansive terminals that usher new visitors onto the next phase of their trip.</p><p>One stop I always try to make in that terminal is at an ATM. While I know I can use my credit card to pay for a taxi or use my phone to hail a ride here in the US, money isn't always so simple abroad. Here's how I handle my money when traveling anywhere outside of the United States.</p><h2>Always use credit when you can</h2><p>Credit cards are hands-down the <a href="https://www.businessinsider.com/which-is-better-credit-vs-debit-cards-2018-3">safest and best way to make any purchase</a> abroad, when it's an option. If you have a card with no foreign transaction fee, you'll generally get a competitive exchange rate with all the $0 fraud liability most US cards offer.</p><p>Tourists are often a target for payment scams and fraud. I was on a trip at the same time my sister was traveling and both of us had card numbers stolen in the same week! Because we used credit cards, we were not liable for any purchases we didn't make.</p><p>If you use a debit card and the number is stolen, the bad guys can drain your checking account. If you do get the money back, it can take months. Credit card protections are more extensive and easier to use. And in many cases, you'll get additional <a href="https://www.businessinsider.com/credit-card-purchase-protection-benefits-best-cards">purchase protections</a> or <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> coverage. That's why you should always use credit when you can.</p><p>Note that you shouldn't be paying fees for transactions outside the US, and there are plenty of no-foreign-transaction cards that can be used all over the world without incurring those fees. Some of the best available options are:</p><ul><li><a href="https://thepointsguy.com/card-details/chase-sapphire-preferred-card/?utm_campaign=bi_handle-payments-outside-US-111619&amp;utm_source=referral" rel="nofollow nofollow nofollow">Chase Sapphire Preferred Card</a> ($95 annual fee)</li><li><a href="https://thepointsguy.com/card-details/chase-sapphire-reserve/?utm_campaign=bi_handle-payments-outside-US-111619&amp;utm_source=referral" rel="nofollow nofollow">Chase Sapphire Reserve</a> ($450 annual fee)</li><li><a href="https://thepointsguy.com/card-details/the-platinum-card-from-american-express/?utm_campaign=bi_handle-payments-outside-US-111619&amp;utm_source=referral" rel="nofollow nofollow">The Platinum Card® from American Express</a> ($550 annual fee)</li><li><a href="https://thepointsguy.com/card-details/gold-delta-skymiles-credit-card-from-american-express/?utm_campaign=bi_handle-payments-outside-US-111619&amp;utm_source=referral" rel="nofollow nofollow">Gold Delta SkyMiles® Credit Card from American Express </a>($0 introductory annual fee for the first year, then $95</li><li><a href="https://thepointsguy.com/card-details/wells-fargo-propel-american-express-card/?utm_campaign=bi_handle-payments-outside-US-111619&amp;utm_source=referral" rel="nofollow nofollow">Wells Fargo Propel American Express card</a> ($0 annual fee)</li></ul><p><em><strong><a href="https://www.businessinsider.com/best-credit-cards-no-foreign-transaction-fees">See Business Insider's full list of no-foreign-transaction-fee credit cards »</a></strong></em></p><h2>Avoid exchange shops and get cash from the ATM</h2><p>If you walk through downtown Jerusalem, where I spent a semester in college, you'll see busy currency exchange shops dotted throughout the area. While it may feel safe and easy to walk in and turn your dollars into shekels, you probably won't get a very good deal. The same is true of airport currency exchange shops, and virtually all exchange businesses when traveling abroad.</p><p>Like any business, currency exchanges have to make money. They typically do this by offering unfavorable exchange rates to customers. Big banks usually offer much better rates. You may be able to exchange cash in a branch, but it's much easier to use your ATM card to get what you need.</p><p>My <a href="https://www.businessinsider.com/checking-accounts-no-foreign-transaction-fees-for-travelers">Schwab checking account doesn't charge any ATM fees</a> and automatically reimburses anything other banks charge. But even if your bank charges a modest fee, you may still save by getting your cash at the ATM.</p><h2>Balance security, cost, and convenience</h2><p>Travel is fun and exciting. With limited time to explore and enjoy your trip, you shouldn't waste too much time dealing with money. If you are visiting most developed countries, you should be able to easily use your credit card to meet your money needs.</p><p>Cash is a good backup plan, and with the right checking account you can get it for the best possible rate from a local ATM when you land. Then you can move on to worrying about more important things, like where you can find the perfect piña colada by the beach.</p><ul class="read-more-links"><li>More <a href="https://www.businessinsider.com/category/credit-cards">credit card</a> coverage</li><li><a href="https://www.businessinsider.com/best-airline-credit-card-comparison-delta-united-american">What's the best airline credit card?</a></li><li><a href="https://www.businessinsider.com/best-cash-back-credit-cards">The best cash-back credit cards</a></li><li><a href="https://www.businessinsider.com/southwest-credit-card-comparison-which-to-get">Southwest credit card review</a></li><li><a href="https://www.businessinsider.com/best-rewards-credit-cards">Best rewards credit cards</a></li></ul><p class="tagline"><p style="font-size:14px;"><em>Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.</em></p><p style="font-size:14px;"><em>Business Insider may receive a commission from The Points Guy Affiliate Network, but our reporting and recommendations are always independent and objective.</em></p><p style="font-size:14px;"><em>Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.</em></p></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/singles-day-alibaba-25-billion-largest-shopping-holiday-2018-11">How Alibaba turned a fake holiday into a $25 billion shopping extravaganza that's bigger than Black Friday and Cyber Monday combined</a></h3>        <div>                    </div>    </div>

The safest, smartest way to buy things abroad is the same as in the US: a credit card

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Timur Emek / Stringer / Getty Images</span></p></div><p></p></div></div></p><ul class="summary-list"><li><strong>I have 25 credit cards, plus bank accounts, and it's hard to keep track of them all.</strong></li><li><strong>I use <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> to help me see everything at a glance, for free.</strong></li><li><strong>I've found that it's user-friendly, it incorporates just about every type of account, and it neatly tracks your spending trends to suggest a budget.</strong></li></ul><p>If you're juggling a collection of bank accounts, credit cards, and investment profiles linked to different banks, lenders, and companies with different websites, identifiers, and passwords, it can be really difficult to manage all of them at once.</p><p>I'm right there with you - <span>I have 25 credit cards in total, and I've been tracking my rewards seriously since 2013. Now, I travel six to eight months of the year with a good portion of travel booked on rewards.</span></p><p>I need to keep things straight. </p><p>It's much easier to monitor multiple accounts from one place, and there are wealth management tools for doing just that. <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> is one of my favorites.</p><p>Basically, <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> is a personal finance program that collects all of your accounts into one place, calculates your net financial worth, and runs analysis on your spending habits. The app keeps track of every transaction and sorts them into categories, creating your own personal budget that can be compared to months past. </p><p>It's not perfect, and I'll get to that, but it's a free, streamlined, user-friendly program that does a pretty good job of organizing multiple accounts and presenting spending habits in an easily digestible form.</p><h2>It has wide reach</h2><p>One of the potential problems with collaborative and comprehensive account managers is that they may not interface with each one of your accounts. But in my experience, <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> has done a pretty good job of reaching to some more esoteric banks and profiles.</p><p>For example, I hold an account with a region-specific credit union, and Personal Capital had no problem validating and syncing my account credentials. Additionally, I hold a micro-investment profile through Acorns and that profile is accessible through <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> as well.</p><p>As long as you can log into your bank, credit union, investment profile, or credit card with your credentials, Personal Capital should have no problem securely linking your information. </p><p>Occasionally, <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> does lose the link between the app and your account, requiring me to sign back in. This isn't a huge issue but rather a slight annoyance; it still seems like something that wouldn't be necessary once the accounts are initially linked. </p><h2>It's user-friendly</h2><p>As far as wealth management goes, you don't have to be a proficient accountant or financial adviser to use a tool like <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a>. On the contrary; it was designed for anybody who wishes to keep track of their assets and accounts, however large or small.</p><p>Setting up your <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> account is as simple as providing standard personal information and linking your account to your financial accounts using your credentials. <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> does the rest in terms of net worth, analysis, and trends.</p><h2>It tracks budgeting and trends</h2><p>Speaking of trends, knowing your current state of affairs is just as important as understanding your cash flow and spending habits. <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> takes the guesswork out of that by tracking every transaction in almost live time (it does a pretty good job of keeping up to date) and making sure that you know how exactly your money is moving.</p><p>The budgeting tab keeps track of each category of spending (online services, travel, ATM/cash, entertainment, restaurants, insurance, surcharges and fees, etc). When you click on a category, you can see each particular charge as well as when the charge was posted during the month. You can even compare your overall monthly spending to the previous month to make sure you're on track with your financial goals. </p><p>While the app isn't buggy overall, there are a few default settings that surprised me. For example, <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> has a tendency to double-report some of my liabilities, which creates an inaccurate picture of my net worth and responsibilities. Specifically, I have a credit card attached to my bank account which <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> identifies as a line of credit through the bank, but again as a personal loan from the bank. That means that every time a transaction is posted on the card, the liability is doubled.</p><p>To fix this, I've deleted the personal loan double, but it seemed odd to me that <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> would do that at all. Additionally, many PayPal transactions will get reported twice if the credit card or bank account that PayPal is connected to is also part of your <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> profile.</p><p>Overall, <a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Personal Capital</a> is a good tool to have in your wallet. </p><h3><a href="https://track.flexlinkspro.com/a.ashx?foid=1067927.139959643&amp;foc=2&amp;fot=9999&amp;fos=1&amp;fobs=bipfi_070219_cl_personal-capital">Learn more about Personal Capital »</a></h3><p class="tagline"><p style="font-size:14px;"><em>Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.<em></em></em></p></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/meek-mill-michael-rubin-criminal-justice-reform-1-million-people-2018-12">Meek Mill and Michael Rubin want to get at least 1 million people out of prison and probation</a></h3>        <div>                    </div>    </div>

I use Personal Capital to keep track of dozens of credit cards and bank accounts, and it's the easiest option I've found so far

<br /> <keyword id="34499" type="POSITION" weightage="100" keywordseo="private-equity">Private Equity</keyword> firms have invested around $ 4 billion through 128 deals during the quarter that ended this June. The figure is up by 80% year-on-year, a Venture Intelligence report says.<br />
<br />
The investment was 80% more than $2.24 billion in the April-June quarter last year. There were 115 transactions in total reportedly. <br />
<br />
The latest figures take the total PE investments in 2015 to $6.87 billion through 288 transactions, 53% more than the $4,480 million across 252 transactions in the first six months of 2014. <br />
<br />
The figures exclude private equity investments in real estate. According to the report there were several big deals in the second quarter of the year. There were 11 PE investments worth $100 million or more and 7 transactions were over $200 million during the second quarter of this year. <br />
<br />
The largest investment during the April-June quarter was Baring Asia's $440 million buyout of Blackstone-backed ATM cash management services firm CMS Infosystems, followed by Olacabs' $400 million fund raise from a group of existing and new investors (including GIC, DST Global, FalconBSE 1.27 % Edge Capital and Accel USA). <br />
<br />
Other major deals include, Advent International led $315 million buyout of a 34.4% stake in Crompton Greaves Consumer Electricals from its promoter Avantha Group. <br />
<br />
Sector-wise, IT and ITES companies grabbed 44% of the investment by value terms (attracting $1.77 billion across 84 deals), followed by healthcare and lifesciences ($737 million across 10 transactions) and Energy ($309 million across 7 deals), the report said. <br />
<br />
(Image credit: Indiatimes)

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