Users like you can add images, links and other relevant information about this topic.
posted: Jan. 31, 2004 @ 3:49p
Most Recent Posts
I selected the 0% fee option. In any case, the exchange rate I got from my Fidelity debit card was the same as that I g... (more)
beethovengirl (Apr. 06, 2010 @ 7:14p)
I am planning on using my Compass ATM in Thailand next month, so I have been discussing the fees, etc., with my bank (in... (more)
mdg007 (Apr. 17, 2010 @ 12:58p)
Better get that in writing
ShakuniMama (Apr. 17, 2010 @ 2:06p)
Too many replies and too much disorganized info, let's focus on updating at Flyertalk's wiki page FlyerTalk's much better formatted table http://www.flyertalk.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange
3% Bank of America, Cambridge Bank and Trust, Citibank, Citizens Bank, Commerce Bank, First National Bank of Omaha, JP Morgan Chase, MBNA, Metropolitan National, National City Bank, Ranier Pacific Bank, Target Visa, US Bank and Wells Fargo
2% American Express , BB&T Bank, Charles Schwab (FIA), Merrill (FIA), Helena National Bank, Juniper Bank, Pulaski Bank, PenFed (as of 11/30/09)
1% Household, HSBC, Providian (some cards), Fidelity FIA (YMMV - some accounts are being charged 3%), USAA, State Farm Bank
No Fees Amalgamated Bank BMW Bank Tompkins Trust Company Discover (note: None until May 1, 2009; then, 2% of the U.S. dollar amount) Charles Schwab Invest First Visa Credit Card Capital One -confirmed 02/01/06 (I just returned from Egypt/Jordan and used my Capital One card for the whole trip and there were no fees added)
ellory said: As of 12/07 I have used a CapOne Cash Back rewards card in Australia. No fees. And no need to have a mortgage for application}
Me too - 12/06 trip to Israel, no fees and good rates on No Hassle Cash card. No mortgage or any other Cap1 accounts.
yeastbeast said: Still true as of 4/07. My No Hassle Cash card incurred no fees and even yielded 2% at foreign supermarkets
psychtobe said: Definitely still true 3/08. No fees, no jacked up currency exchange rates. Essentially wholesale rates for 10 days in Italy.
Still true in 9/08. No fees as always to Australia.
psychtobe said: Still true 11/08. No fees, good rates x 10 days in Spain.
psychtobe said: Still true 5/09, Israel and Jordan. No fees and rates within 1/2% of wholesale.
The following is an older list and may or may not include the 1% fee charged by visa and mc:
Columbus Bank & Trust 2% FNBO/Emigrant Savings Bank 1% - 2% First Tennessee Bank 1% Huntington Direct Bank 2% People%u2019s Bank 2% Sovereign Bank 2% WAMU now Chase 1% on ATMs November 2008
As of 10/06, there is still no transaction fee on my Charles Schwab (MBNA) card. 0%. Nothing at all. Update: As of May 2007, Charles Schwab charges 2% of the transaction amount as the fee, which puts it on par with Am.Ex. and slightly better than many other MC/Visa cards with 3% FX fee.
Citibank Debit: 0% only at citibank branch, 3% elsewhere (including 7-Elevens, verified in Taiwan, 02/2007)
=================================================================== AFAIK, no one has been able to specifically confirm that they were not charged a 1% fee when using a plain (non-MC/non-VISA) ATM card (from any bank) overseas. It does not seem to be disclosed and the CSRs at all the banks just guess when asked.
Maybe a hidden 0.5%, 0.75%, or 1% is buried in the transaction somewhere, but from feedback provided by FW posters, Bank of America, USAA, and credit unions seem to be offer competitive exchange rates for plain (non-MC/non-VISA) ATM usage.
Most bank assess a Foreign ATM fee ($1.50 for non-HSBC ATM, $1 for PayPal, $1.50 for Capital One), but unless you plan on making many small withdrawals (20E here, 40E there) via ATM the better exchange rates win out over any $1.50 fee. Bank of America has Global alliance to help avoid the Foreign ATM fee, but otherwise their Foreign ATM fee is $5 plus any FOREX. Chase is horrible with a $10 Foreign ATM fee.
Yeah, a few banks out there will rebate all or some Foreign ATM fees each month, but they have not been tested out and any savings might be eaten up by a mediocre exchange rate. Schwab HighYield Checking seem to rebate ATM fees.
Since most travelers to western (or other countries with entrenched ATM networks) will want to charge as much as possible via CC, the typical traveler will really not need much cash. $500 might be enough cash for the whole vacation. Get it in one or two shots via ATM, and thats it. If you know you will need $10k of cash for a specific reason (e.g. buying diamonds in Tel Aviv), then it might be worth someone's time to research more thoroughly. And in such a case, a bank wire is probably the safest, cheapest, and customary method to complete such a purchase. =================================================
Thanks for visiting FatWallet.com. Join for free to remove this ad.
posted: Jan. 31, 2004 @ 5:17p
Thanks for the info,,,
I have been wanting to find out about this.
Are there any banks that dont charge an additional fee, leaving out the Mastercard/Visa fee ?
AMEX is good with only 2 % , but doen't have as high an acceptance abroad.
posted: Jan. 31, 2004 @ 5:28p
This is a list of the cards which do charge additional fees. For possible ones that don't, check the links to older threads i have already posted.
I myself have used Fleet cards abroad, they used to not charge additonal fees. though I will NOT use them again due to atrocious customer service & my experience in contesting a charge (in summary, they found against me even though I had a signed receipt from the charger listing a different amount. even more d@mning, the vendor eventually responded to me much later & made good on the difference, claiming he was out of touch when i tried to contact him originally, and said that fleet didn't even try to contact him. though who knows if that was true, he may have only made good with me because he was associated with the university hosting the conferrence we were attending & I wrote him & said I was going to tell them what he did -- he got back to me right away then!) I will probalby use CapOne next time I travel, I think they are still 1%.
posted: Jan. 31, 2004 @ 6:06p
The following don't charge an additional conversion fee beyond the built-in 1% from mc/visa:
Farm Bureau MBNA Fleet most Credit Unions Capital One ?
posted: Feb. 2, 2004 @ 1:08a
posted: Feb. 2, 2004 @ 1:17a
we were in Mexico this past December and a $400 bill came out to $412 when charged on my AMEX.
A $191 bill came out to $185 with Visa. It generally depends upon the peso to dollar conversion rate which should have been based upon about 11 to 1, but AMEX seems to not give as favorable conversion rate, at least in this case.
posted: Mar. 1, 2004 @ 12:30p
I know that MBNA-branded cards do not have a foreign currency surcharge. But the AAA 5% gas rebate card is not explicitly MBNA-branded.
Anyone care to share their experiences?
posted: Mar. 1, 2004 @ 3:30p
posted: Mar. 1, 2004 @ 5:47p
Senior Member - 1K
posted: Mar. 1, 2004 @ 11:54p
<< Bump. >>
Enough with the bumps, OK? Whoops I just gave you another
posted: Mar. 2, 2004 @ 12:16a
At my age, bumping is as good as it gets.
Senior Member - 2K
posted: Mar. 2, 2004 @ 2:04a
are low conversion fees mean made up to visa/mc/issuing bank with poor fx rates?
posted: Mar. 7, 2004 @ 12:21a
posted: Mar. 17, 2004 @ 3:35p
<< The following don't charge an additional conversion fee beyond the built-in 1% from mc/visa:
Farm Bureau MBNA Fleet most Credit Unions Capital One ? >>
Add Principal Bank to this list. At least that's what 2 separate CSR's have told me.
If you use a credit card overseas, MasterCard, Visa and American Express add a “currency conversion fee” to the charge when converting it to dollars. On all Mastercard and Visa charges the amount is 1%; American Express charges 2%.
In addition to the MasterCard and Visa charge, many banks add another fee of their own. This year 26 of surveyed issuers are adding their own currency conversion charges that are separate from MasterCard and Visa fees. The number has grown since last year’s survey, which found 17 issuers including American Express with currency conversion fees. However, the average fee has dropped from 1.86% to 1.56%.
The bank charges range from 1% to 3% of the amount converted, which does not include the MasterCard/Visa commission of 1%. “Of the large issuers, we found that Capital One, Fleet Bank and MBNA do not add a charge of their own.”
posted: May. 24, 2004 @ 4:42a
So the question is, as a general rule, am I better off exchanging cash in the airport/exchange office or paying with my citibank? Airport exchange rates are known to be bad so I would think CC is still better. How about using a debit card at an ATM?
posted: May. 24, 2004 @ 5:01a
use a credit card, it will almost always be the best and easiest way to buy, plus you get tons of protections (depending on the card) such as lost /damaged item, return protection, chargeback rights, possibly extended warranty)
if you dont have a MBNA card, get one!
posted: May. 24, 2004 @ 6:44a
SUCKISSTAPLES said: if you dont have a MBNA card, get one!
I do have one; do you mean it's better to use it while overseas instead of my Citibank dividend CC? My MBNA card points system is not as good.
posted: May. 24, 2004 @ 6:52a
monicutza said: SUCKISSTAPLES said: if you dont have a MBNA card, get one!
I do have one; do you mean it's better to use it while overseas instead of my Citibank dividend CC? My MBNA card points system is not as good. uh yeah, read this thread. Citi charges you 2% on top of the 1% visa/mc fee. MBNA does not, so using an MBNA card has 2% less fees. I doubt your Citi card rewards beats your MBNA rewards program by 2%
posted: May. 25, 2004 @ 8:43a
monicutza said: So the question is, as a general rule, am I better off exchanging cash in the airport/exchange office or paying with my citibank? Airport exchange rates are known to be bad so I would think CC is still better. How about using a debit card at an ATM?As a "general rul" I'd say CC -- even citibank, if you absolutely must (I wouldn't use that CC!) -- but that doesn't mean always. I personally prefer CCs for general travelling abroad for the convenience & protection you get, as SIS points out. However in special circumstances you might find it worthwhile to go with an ATM.
posted: May. 25, 2004 @ 9:24a
MarkM said: monicutza said: So the question is, as a general rule, am I better off exchanging cash in the airport/exchange office or paying with my citibank? Airport exchange rates are known to be bad so I would think CC is still better. How about using a debit card at an ATM?As a "general rul" I'd say CC -- even citibank, if you absolutely must (I wouldn't use that CC!) -- but that doesn't mean always. I personally prefer CCs for general travelling abroad for the convenience & protection you get, as SIS points out. However in special circumstances you might find it worthwhile to go with an ATM. For example, my wife has family in Mexico & she (and sometimes I) go there for weeks, and shop at many places that don't take CCs. We have found that an HSBC ATM card, used in machines owned by their Mexican subsidiary Bital, give us the best exchange rate possible, just about 1.1% above interbank internal rates (CCs typical give you a rate 2% above, and then add the fees discussed here), with no ATM fee. But I only bothered to search that out because of the special circumstances I mentioned & because we need to move thousands of $ cash to Mexico each year.
a bank may charge conversion fee for withdrawing cash from ATM too.
posted: May. 25, 2004 @ 9:35a
fotomaniak said: a bank may charge conversion fee for withdrawing cash from ATM too.Yes, as I stated in my first sentence, CCs are probably better than ATMs as a general rule, before I went on to give a possible exception to the rule.
Senior Member - 1K
posted: May. 25, 2004 @ 3:22p
just got my fleet cc statement for last month, here is an example of the rates i got while in london. on april 22 when the interbank range for GBP was 1.7627 to 1.7764, i got 1.7845, no other additional fees on my statement.
posted: May. 25, 2004 @ 10:34p
seems that HSBC would be a good back for those who travel/bank internationally...thoughts? maybe a new thread on international banking??
posted: Jun. 1, 2004 @ 2:12p
Another good card for foreign currency transactions is the USAA MasterCard, which does not tack on any additional fees to the 1% MC conversion. We have used the USAA debit card (attached to our checking account) extensively in W. Europe and Central America, withdrawing in both dollars and local currency, and have never been charged any fee.
To answer other questions, I would never exchange money other than through an ATM. ATMs are ubiquitous, safe, easy, and by far the cheapest and most convenient way to get foreign currency. We charge where possible and use ATM/cash when necessary. You can't buy crêpes on the streets of Paris with a cc! LOL.
posted: Jun. 1, 2004 @ 7:45p
Where are all the Indians who would have more experience than most on here with foreign withdrawals and stuff?
posted: Jun. 20, 2004 @ 10:05p
Does Juniper have any foreign currency fees in addition to the standard Visa/Mastercard 1%?
posted: Jun. 21, 2004 @ 10:40a
CrankyOldGuy said: Does Juniper have any foreign currency fees in addition to the standard Visa/Mastercard 1%? Come on people. One of you douchebags must know the answer.
Senior Member - 1K
posted: Jun. 21, 2004 @ 11:13a
u know, i would know the answer if i worked for juniper
posted: Jun. 21, 2004 @ 1:33p
TheWiseGuy said: u know, i would know the answer if i worked for juniper Very witty. Looks like douchebag-itis has overtaken this forum.
posted: Jun. 21, 2004 @ 1:43p
I think what he was trying to say was, instead of waiting 2 days for an answer here, it would have been quicker to just call them up and ask them.
posted: Jun. 21, 2004 @ 2:45p
The answer is 2% above the standard Visa/Mastercard 1%. No thanks to you people.
Senior Member - 1K
posted: Jun. 21, 2004 @ 3:11p
hey thanks for that info. i was just about to call them but i knew someone here would know and save me the time.
CrankyOldGuy said: The answer is 2% above the standard Visa/Mastercard 1%. No thanks to you people.
Such bad service!
What do you want, a refund?
posted: Jul. 18, 2004 @ 6:03a
MarkM said: a bank may charge conversion fee for withdrawing cash from ATM too.
Netbank don't charge any ATM fees abroad. But i dn't know what are the fees on exchange rate.
posted: Jul. 18, 2004 @ 6:34a
meehawl said: CrankyOldGuy said: The answer is 2% above the standard Visa/Mastercard 1%. No thanks to you people.
Such bad service!
What do you want, a refund?LOL.
posted: Jul. 18, 2004 @ 9:38p
MarkM said: May I suggest no one ever respond to a COG post/taunt. That's my resolution Awww, I'm crushed - the stay at home dad won't be answering my question. Thankfully, I don't have many stay at home dad type questions
posted: Jul. 19, 2004 @ 7:23a
Just returned from trip to Spain (planned to go there before I knew of their lame buckling to terror...) I used international ATM withdrawal from my Chase account, Visa issued by Chase and an AMEX card for charges in a 2 week period. AMEX gave me the best rate it seems.
The rates I got were:
AMEX ~ 1.24 $/Euro International ATM (including all fees for a withdrawal of 300 Euros) ~1.26 $/Euro Chase Visa ~ 1.28 $/Euro
I didnt account however for variation in the daily exchange rate Euro/$ during this time period.
Senior Member - 2K
posted: Jul. 19, 2004 @ 1:23p
USrules said: I didnt account however for variation in the daily exchange rate Euro/$ during this time period.
Then your conclusion that AMEX is the cheapest is not valid. Over a 2-week period, exchange rate alone can fluctuate between 1.24 to 1.28 easily.
Skipping 644 Messages...
Senior Member - 4K
posted: Apr. 17, 2010 @ 2:06p
mdg007 said: I am planning on using my Compass ATM in Thailand next month, so I have been discussing the fees, etc., with my bank (in Texas.)
They say that if I am charged any "fee" on either side of the ATM transaction I can send them a copy OD th receipt and they will pay it back into my account. Better get that in writing
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Our customer experience team is here around the clock - real people ready to assist.