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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


Moving Money

how about we also keep updating at FATWALLET too...

Please update if you learn that anyone of these is incorrect. When updating include the entire fee with the 1% visa/MC included. THANKS!

The following info comes from articles at Bankrate, USA Today, and Consumer-action.org

Each of these includes the 1% visa or MC fee:

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.

Bank Cards

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.
=================================================

NYT Article-2006

Pack the Right Credit Card, NY Times Jan 2009
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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.

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%.

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 ?

thanks sloppy1

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.

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?

Bump.

Bump.

CrankyOldGuy said:

<< Bump. >>



Enough with the bumps, OK? Whoops I just gave you another

At my age, bumping is as good as it gets.

are low conversion fees mean made up to visa/mc/issuing bank with poor fx rates?

Bump

sloppy1 said:

<< 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.

There is an updated May 2004 survey:

http://www.consumer-action.org/English/CANews/2004_May_CreditCard/

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.”

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?

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!

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.

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%

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.

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.

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.

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.

seems that HSBC would be a good back for those who travel/bank internationally...thoughts? maybe a new thread on international banking??

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.

Where are all the Indians who would have more experience than most on here with foreign withdrawals and stuff?

Does Juniper have any foreign currency fees in addition to the standard Visa/Mastercard 1%?

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.

u know, i would know the answer if i worked for juniper

TheWiseGuy said: u know, i would know the answer if i worked for juniper
Very witty. Looks like douchebag-itis has overtaken this forum.

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.

The answer is 2% above the standard Visa/Mastercard 1%. No thanks to you people.

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?

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.

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.

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

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.

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...
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



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