Banks with No ATM Fees to Withdraw Euros

Well, I don't know banks for regular accounts out there, but I have an ATM card with my money market account at Capital One (which anyone can have nationally), and it has no foreign transaction exchange fee. To be honest, I can't recall if there is a flat fee or not, but if so, it's only around $2. I think there used to be one but now is not, but can't swear to it as I don't use it very often as it's mainly a savings account for me. They have pretty decent rates for a MM account, also, which is why I opened it (much better than my bank).

Christina - Thanks for your help. I have a Capital One credit card so I will inquire with them about the money market account and their international fees!

It's a good choice for a secondary account if you are satisfied with your regular checking account at B of A for other reasons, also. I think that's one advantage of having a couple ATM cards to use -- I used my regular bank one and then my Cap One MM one in Paris last Fall when I needed a lot of money for an apt. Because it's a MM, the number of withdrawals per month is limited, but it's actually enough for a vacation. I think you get at least four a month, check on that, also.

I live in Southern California and I'm a member of Wescom Credit Union. I just returned from Italy to find no transaction fees for withdrawals and the exchange rate was the same as the withdrawals with my bank ATM card.

I also bank with Chase (formerly Washington Mutual) and with my type of checking account the transaction fee was 1% of the amount and nothing else.

With both ATM cards I got an exchange rate of $1.30 - $1.31, which was the going exchange rate at the time I was in Italy.

Because it's a MM, the number of withdrawals per month is limited, but it's actually enough for a vacation. I think you get at least four a month, check on that, also.

For the Capital One High Yield MM account: "ATM withdrawals are limited to $500 per day, with no monthly limit on how many times you use the card."

That is my ATM card of choice when traveling. No fees, no limit on usage except for $500 daily maximum.

Bank of America charges $5.00 each time you withdraw cash, plus a 1% transaction fee , AND a 3% foreign currency exchange fee.

I don't know where you got this misinformation. Yes, there is an ATM fee if you don't use partner banks, but there is only a 1% foreign currency exchange fee and that's it.

I just came back from Austria and Hungary last week. Based on my online statement, I was only charged a 1% foreign currency exchange fee. [I wasn't even charged the ATM fee, but perhaps it was waived because of the type of account I have.] In any case, there should not be both a 3% fee and a 1% fee for ATM withdrawal.

yk - The information I got was directly from the B of A website. B of A DOES HAVE affiliations with some countries, however, Italy is not one of them. And all fees are as stated.

Schwab Investor Checking:

0% Currency exchange markup
0% International Service Assessment (Visa "fee")
$0 ATM withdrawal charge
$0 Annual fee

galestorm,
See http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

Henry

Seconding luvto's info on WAMU/Chase. I just checked with them and was told that, despite the change to Chase, there's still just a 1% fee and no other charges when you use the ATM/debit card overseas.

cheryllj - thanks for the information confirming Cap One's MM accounts.
Robespierre-thank you for the Schwab info. Gotta love those percentages!
Henry-What a great informative link! Thank you so much! It still looks like Capital One, Schwab, Union Bank of California are the ones I will be looking at. I have gleaned from Fodorites that it is good to have two or three accounts/cards to choose from.

HSBC Premier.

No annual fee, no international transaction fee.

I think they even reimburse you if you use another bank's atm -- can't be sure because I have always been able to find an HSBC to use.

I have a Chase ATM card in New York and there is at least a 3% fee plus a $3 each time I use the card overseas. Can it be that it is different in each state?

It is burning me up to pay these amounts, and now learn that Chase does not charge the same in California (see luvto's post above). When I questioned Chase about this, today, they told me there was no way around these fees. No matter what type of account one maintains.

The agent actually suggested I get an ATM card from another bank for travel use.

I checked out HSBC as I was thinking of getting a new CC or changing banks, and they do have a 3 pct fee on their credit cards now, and they also have a 3 pct fee on their checking accounts except for the above-named premier account (which requires you keep at least $100K in their bank or something very high). That's a very high limit to have to keep in a bank. My bank only requires $15K to get into their premier-level accounts (although I admit my bank now charges a 3% foreign transaction fee on debit cards, so I can't recommend them -- they used to have none). My bank doesn't charge an ATM fee, though, at least not for premier acct customers.

Capital One's High Yield MM is the way to go. Just did it.

ekscrunchy, the difference might be because my Chase account used to be a WAMU account and that's what WAMU charged. BTW, I'm in Illinois.

Join a credit union. They don't charge all those pesky fees and give you the interbank exchange rate.

Can anyone join a credit union? Do their ATM cards charge fees in the US?

If anyone is a member of USAA, meaning that you have an insurance policy with USAA (for military and former military) which could be one of your parents btw, their Visa and MC fees are only the 1% and nothing else when using their checking a/c ATM when abroad.

I just started a very similar thread on this topic recently!

I am now trying to decide between opening a Schwab account and a credit union (Wescom).

Is there an advantage or disadvantage to having one or the other?

LUVTOTRAVEL: It sounds like you have no complaints with Wescom, especially regarding international use?

By the way, I was with WaMu (now Chase). When I called them recently, they said the foreign-ATM-transaction fee totaled 3%! I used to live in NYC and am now in SoCal. I think this info is confirmed on their website. Needless to say, I'm eager to get rid of WaMu/Chase altogether!

A great article I just came across today about this:
www.usatoday.com/travel/deals/inside/2009-05-21-best-overseas-credit-card_N.htm

My credit union gives the actual interbank rate. I'm wondering if Schwab does?

I also have a Fidelity MySmart Cash account and it works like the Schwab one, meaning I pay nothing ever. In random checks of the daily rate at xe.com it appears to be exactly that. Happy Travels!

galestorm, I've been w/B of A for many years and my charge for an ATM w/d has always 1% plus $5 if you are not using a partner bank. I wonder if the person who told you about an additional 3% was mistaken so I suggest calling again. People in banking call centers do occasionally make mistakes. A few years ago I called to ask about the conversion fee for using a debit card for purchases. I kept getting the run-around because the person who answered didn't understand my question. Finally she spoke with a supervisor who said that charge is 3%. It's possible the person you talked to was confusing this 3% with the ATM charge.

When I'm not in a country with BofA partners I use my credit union account where the flat fee is $1 plus 1%.

Betty, I've talked to WAMU/Chase twice in the past couple of weeks. I've been assured that WAMU customers are grandfathered in to WAMU's 1% fee for ATM usage overseas. My daughter and SIL were told the same thing. It might be worth your while to call again.

P_M, Bank of America recently added a 3% foreign transaction fee for their credit cards. I think they may have also added it to their ATM/debit cards.

Hi CAPH. I don't have a BofA credit card, but I know they add 3% on the debit card for purchases so I only use it as an ATM card. I will call and ask if this new fee applies to ATM w/d's too, thanks for the heads up.

BANK OF AMERICA UPDATE

I just got off the phone with BofA and I asked if the conversion fee for ATM withdrawals has been raised from 1% to 3%. The rep said is has not been raised and she confirmed what I said above. The conversion fees are as follows:

Purchases on debit card: 3%
ATM withdrawals: 1%

This does not just pertain to my account as I did not give any account info other than it's a personal account and not a business account.

I'm glad for this info but due to the $5 flat fee I will only use my BofA card in case of emergency. Thank heavens for my handy credit union account on the side.

P_M - Yes, having opened the Capital One MM account I too will use my BofA only as a backup.

Thanks for the update, P_M.

I probably should add that, even if WAMU/Chase did charge 3%, as long as that's all they charge, I'd still be better off using it than our other ATM card which charges 3% plus $3. However, I'm obviously hoping the people I've spoken to knew what they were talking about when they told me WAMU/Chase is still just 1% with no other fee.

WaMu people, who are now Chase/WaMu (this link is directly from their website):

www.wamu.com/NR/rdonlyres/E58D9C54-1024-49DE-878A-661CC5518942/0/OurFeesandFrees_original_060108.pdf

So it looks like $2, plus 1% for each foreign-ATM withdrawal.

The 3% FEE seems to be when using the card for foreign PURCHASES (not just an ATM withdrawal).

How strange! A few hours after my last post, I received a new brochure from Chase, saying that is now $3 per ATM withdrawal, plus 3% fee for the amount taken out.

This back-and-forth just never ends, does it? I look forward to using my new SCHWAB account for foreign transactions!

I don't think I've ever paid an ATM transaction fee in Europe, using my credit union's ATM card: just the 1% Visa conversion fee. (I can make 6 withdrawals per month at a "non-member" ATM machine before any fees - and I don't think Europe ATM machines charge you anything.) I'm not quite sure why people stick with their banks that simply reward them with these egregious fees.

It is very strange, Betty, because I just called again both to verify the charges and to put the travel alert on my account. Once again, I was told 1%. I'm going to be going in to the branch today or tomorrow to deposit money into this account. When I do, I'm going to ask to talk to the manager to try to get to the bottom of the conflicting info on these fees.

I think you were wise to switch to another account.

CAPH52: The only other explanation I could think of for the different rates is that we all may be under different accounts under Chase (or Chase/WaMu). Speaking to a manager is a good idea. And while you're at it, have them provide it in WRITING in some way... so that you don't end up with surprises when you return from you trip!

Thanks, Betty! That was my thought too (getting it in writing). It's one thing to be told on the phone three times that it's 1%, another to actually get the statement when you get home!

I'm also wondering whether state laws may possibly have something to do with it.

I'll post back after I've been to the bank.

WE have used the travel money visa from AAA three different timesin Italy and France. You pay approx. $495 for one card and I think $2.95 for the second. You deposit the cash you expect to use. It can be refilled on line and in person at the AAA office. There is no fee in Europe for atm and the exchangerate was good but I can't rember exactly. You needto join AAA to get the card. We then only used the Capital one cardfor credit purchases. It isth only card that doesn't add the extra transaction fee . We never use a credit card for ATM b/c the interest rates charged and we didn't want our regular banking account etc. exposed to identity theft.

That is $ 4.95 for first card. andit is good for 2-3 years and can be refilled unlimited times.

No matter what anyone SAYS to you, all that matters what is WRITTEN and effective at the time of your trip. Whatever the rules seem to be, get it in writing, and it should be the rule at the time of your trip, which means updating the information just before you go. And the rules are being changed. My no fee, no foreign surcharge card just got zapped into 3% surcharge range on page 97 of the updated fine print that came in the junk mail. Who knows when Captal One decides it would like a few million unearned profits and zaps its present policy. Maybe they will, maybe not.

AAA is really never the best bet if you compare total cost to total cost. I use USAA exclusively, but if you shop around and are willing to open a new account somewhere, there are similar low cost arrangemets. Most credit unions (nearly all of which have very open membership requirements) are equally good deals. I know, you can get so much other stuff at AAA, but I can print out my own maps, thank you very much.

BTW, the kids in the major banks' phone banks answering customer service questions, usually cannot find Europe on a map and have no idea what they are talking about. Careful review of your statement is more informative.

AJ & Cynthia: You are both spot-on regarding bank policies and customer service these days! Seems like because of Obama's new laws demanding that banks & CCs "come clean" on their fees, every day I seem to be receiving a "notice of change" regarding their policies! Read carefully.

By the way, I inquired about a credit union that many people here in SoCal were raving about. Was surprised to find that they charged an upfront $15 just to start an account and be a "member". No thanks! Annoying fees are just the reason I escaped some of my old accounts.

Moral of the story: Just because someone joined a credit union years ago and paid no fee does not mean that the same will apply to you today.

Hmm. My credit union here in Oregon requires a minimum $5 deposit to join (I think it's state law). Whenever I close the account, I get the $5 back. Are you sure the same didn't apply to the $15 you are talking about? Just a minimum deposit, not a "fee?" Never heard of a fee to join a Credit Union. If it really is a fee, try a different credit union.

Even so, after three $5 fees all the banks charge you are even. I've used my credit union ATM card a dozen or two times in Europe and never paid a fee (except Visa's 1% conversion fee almost everyone pays).

I just came back from WAMU/Chase. The manager told me that on July 25th our account will become a Chase account with Chase fees. Until July 25th it's a WAMU account with WAMU fees. Fortunately for us, we come back June 21st!

He gave me a couple of brochures with fees listed. Unfortunately, none of them gives a date when the accounts will convert. But he said, first of all, since it's still a WAMU account, there's no reason we should be charged Chase fees. Secondly, in the unlikely event that we get back and find that we were, he said customer service should be able to help us.

And that's just going to have to be good enough for me. As I said before, our other bank account charges $3 and 3%. The only advantage for me of using that account is that my husband's paycheck will be direct deposited into that account while we're gone. Fortunately, the WAMU account is one that I opened with my daughter when she did her semester abroad, so she'll be able to deposit a check for us the day that my husband gets paid.

Obviously, we're going to have to look into some of the other options Fodorites use before our next trip abroad. However, I doubt that'll be anytime soon!

sounds good to me, also.

I might be interested in joining a credit union, but I've never heard of one that anyone off the street can join. All the ones I know of you have to be an employee or special case in some way (like those USAA things, you have to be military or have parents that were or something, I know because I called them). I live in Wash DC, does anyone know of a credit union in this area where anyone can join? In practice, I wouldn't join just for an ATM card with no foreign fees, though, I admit, if their services were not convenient for me or as good in other ways. IN fact, my bank has been bought by Capitol One and by next year, my own ATM card might be foreign fee free, unless they change their rules for banks they take over. I hope not.

Christina, I don't know how things work in your neck of the woods but around here most anyone can join any credit union due to numerous loopholes. I have never been turned away from joining a credit union. Please make some calls.

Christina: www.joinacu.org

suz123nj on May 27, 09 at 06:31 PM

There is no fee in Europe for atm and the exchangerate was good but I can't rember exactly.

Use the calculator at xe.com/ccc to see exactly how much money you left on the table. I think it will probably be around 10% (which sucks).

FWIW, which probably isn't much considering how close it's getting to July 25th, I used our WAMU/Chase ATM card the whole three weeks we were gone (Ireland, Barcelona, London, York and Edinburgh) and was never charged more than 1%, no flat fee.

CAPH52: I'm surprised to hear that, especially considering Chase/WaMu recently mailed me a new prospectus, indicating a $3 flat flee per withdrawal for foreign ATMs, PLUS 3% on top of that!

And that's what we'd have to pay after July 25th, Betty. But, as I posted earlier, WAMU fees are still in effect until that date.

CAPH52: Yep... sorry. Didn't realize that you had already travelled. Our trip will be well after the changeover date. Hope your trip was wonderful!

Yep, it was! Thanks, Betty! Hope you have a wonderful one too!

Christina,

Not sure what the account policies are regarding ATM withdrawals, but I joined Alliant in order to obtain the best car loan rate that I could find....at the time I took the loan, no other lender could touch it.

You may want to check it out; I will for an ATM card and compare to the Schwab alternative as well. I'm tired of paying that pesky foreign transaction fee.

What's to compare? The total cost of spending dollars in Europe (including annual fee) using a Schwab account is ZERO.

If you are not sure what the term of your debit or credit card are just get on the phone and ask for the cardholder agreement.

You should also watch your mail because nearly all the companies will be changing their terms in advance of the Feb. 2010 regulations.

I just opened a MM account with Ally Bank, formerly GMAC bank, with a high interest rate and some other features beneficial to me. You can check it at www.ally.com.

Although this article applies to credit cards it is indicative of changes which are coming in the card industry.

JULY 9, 2009.Fixed-Rate Credit Cards May Vanish

In June, Bank of America Corp. and J.P. Morgan Chase & Co.’s Chase Card Services notified some cardholders that their fixed rates were being converted to a variable rate tied to the prime rate. In March, Discover Financial Services also notified some customers that their fixed rates were changing to a variable one.

http://online.wsj.com/article/SB20001424052970203577304574276302614628572.html#mod=todays_us_personal_journal

Just noticed that Bank of America has a section on the website:

"Learn about using ATM cards and check cards outside the United States"

Honestly, this is not something I know much about. My advice would be to just bring cash, and exchange at your own bank prior to departure to avoid fees. ATM cards often don't work right away over here, and there are many problems that can best be avoided by traveling with cash. Besides, many places give cash discounts, so take advantage! If you're worried about storage, try a money belt.

Dobermina: :"Honestly, this is not something I know much about"

That does seem to be the case.

"My advice would be to just bring cash, and exchange at your own bank prior to departure to avoid fees."

They may not have "fees" but they will pay a really REALLY rotten rate. Sorry, but that is not good advice at all ---

"ATM cards often don't work right away over here, and there are many problems that can best be avoided by traveling with cash."

Simply not true. If one tells their bank they are traveling out of the country, the ATM card will work immediately . . . .

I don't like to pay cash abroad if I can avoid it because I like to have a clear record of all my spending, plus I agree with JANISJ -- I think the banks are aggressive about giving their customers the best exchange rate possible when you use your credit card.

Thanks to Robespierre, I opened up a Schwab Checking account so I can avoid all ATM fees anywhere around the world!

Also, for you CAPITAL ONE credit card holders: Not only does Cap One NOT CHARGE a foreign-transaction fee... they also eat the 1% fee that Visa/MC charge for foreign purchases. I think this makes them even better than USAA! Cheers, Everyone.

I opened up the Capital One High Yield Money Market account and will use this for withdrawing money on the trip. I will also take my Cap One credit card and get a few euros in advance for immediate needs. The Cap One HYMM account does not charge any fees for withdrawals in Italy or elsewhere, however, utilizing the Plus system you must realize that you will be charged a fee for utilizing whatever ATM machine you choose. It's kind of like having an ATM card with BofA and withdrawing from Wells Fargo, there is a fee.

My Schwab account reimburses any ATM fee around the world. Yes, you are charged while you are using the ATM... but later you are directly reimbursed the full amount for ANY ATM fees.

I can't speak for Capital One as an ATM card. I have only used it for credit-card purchases and never been charged any extra fee. (I only plan on using my Schwab account for foreign ATM use.)