Need tips to avoid paying credit card fees while traveling in France

Leaving next week? Likely too late to get a Capital One card... apply now anyway to be ready for next time. Also check with Charles Schwab.

You may have time to seek out a local credit union who will offer better terms.

Travelers Checks? Forget them altogether. You'll have a hard time cashing them and will lose money when you buy them. Even if they're 'free', you'll lose on the exchange rate.

If a quick visit to a credit union doesn't do the trick the best you can do is find out if Chase has an arrangement with a foreign bank so at least you save the out of network fees.

Capital One is really your only option for a credit card (that I know of)...

Chase has a British Airways card with no transaction fees- too late to get it also. Best thing to do is what I do- chaulk the fees up to the cost of your vacation. A month after your statement won't remember them but you will remember the good time you had.

The other thing you can do that may help, is check with the bank that holds your ATM card, if they have a partner in the country you are in you can avoid some of the ATM fees.

I have 2 credit union credit cards, both of which charge only 1% over the interbank rate. Ditto for their debit cards for ATM withdrawals. So check the local credit unions, both the speed with which you can get a card and the actual surcharge. I'm told that not all credit unions charge only the 1%.

Other than credit unions, I do think Capital One is your only choice for a credit card without a fee. Chase cards like that have large annual fees.

ATM fees are a different story from credit cards, as I think there are more possibilities there. Like some brokerage account (Schwab) has some kind of accounts that don't have foreign fees, I think. People mention them but I don't know what all is involved, I presume you have to have some kind of account with them.

Travelers checks have always had fees and always will. And they would be higher than 3 pct, in any case, so that really don't make sense, even if you could use them more easily than you currently can. Perhaps yo uhave never used them so don't realize places charge fees to cash them.

Charles Schwab got out of the credit card business in 2010.

Capitalone.com best for me

Visa taken widely no FE fees

Venture 2 for 1 miles recently

Great promotions snagged 70000 miles

On a matching deal I posted not too long ago.

Might look at comething like that

The only other way to avoid fees book hotels

Through US sites betterbidding.com

ATM Euros big banks for best euro exchange pay cash for everything

BA.com no fee AMEX

SPG.com also

Not taken as widely worth it for the points FF miles deals sometimes

According to cardhub.com, the Chase Saffire Preferred Card does NOT charge foreign transaction fees. Card costs $95 a year but is dropped for first year. Perhaps you can call today and get your current Chase card switched to that type.

Agree with most suggestions above, and especially since you wil not have time to get any other cards than what you have, do check by calling or seeking online to see if your current ATM card has "partnership" branches.

Bank of America,for example, charges no ATM withdrawal fees at BNP Paribus in France.

One reflection, though: credit cards may add fees but usually give you a good exchange rate. And I agree that a good travel experience tends to wipe out worries about the fees.

Did want to summarize what you can do for future:
--Capitol One Credit Card**--no foreign currency fees and small to none annual fee (lots of card options available)
--Charles Schwab Debit Card--Can reduce the Visa debit part to less than a $ but still have a $500 withdrawal limit. and they will refund any foreign ATM withdrawal fees
--Bank of America ATM has partner banks in a lot of countries

Good luck.

Chase has a British Airways card that does not charge the foreigh transaction fee. The Virgin Atlantic Amex card also does not charge a fee. and The BA miles are good on American Airlines, and the Virgin can be used on US airways, if tyour city is not served by Virgin or BA.BIt late to worry about it though

My Bank of America debit card charges no fees if I use it at a partnerbank and they give the current exchange rate.

The first thing I did when I moved to France (from UK) was dump my Capital One card as they were charging a fortune for every ATM transaction on top of foreign exchange charges.

Here's another thumbs up for a Capital One card.....when you apply get a Capital One Venture card....you'll get 2 points for every dollar spent.
I just upgraded to the Venture card....there is a $59 annual fee....my old Capital One card had no fee but I was only earning 1.25 per dollar.
Have a great trip!!

ps...I use my Capital One card as a charge card...not as an ATM card.

We applied last week for a Holiday Inn Priority Club card. It doesn't charge a foreign transaction fee and they drop the $49 annual fee for the first year. At the end of the first year, they give a certificate for a free night at a Holiday Inn and they also give various amounts of points depending on what you buy (we don't pay attention to points so we don't care about that part.)

Maybe you could call Holiday Inn's 800 number, ask if they can sign you up for the card, sign up to be a Priority Club member. Or maybe you don't even have to be a member. We got the info last week and already have the card. You might be able to get one before you leave.

I applied for a Cap One card about ten days before leaving for Paris in February. Once approved, I asked them to put a rush on it. They told me to follow up in 5 days, by phone, to make sure it was in the works, which I did. I received it the day before we left. I was really pleased, to say the least. A week could be cutting it a little close, though...

Good luck!

There are several banks that do not charge for foreign credit card transactions: TD Bank and Capital One for example but paying $95 per year for a card disqualifies it as free.

Bank of America does waive their onerous $5 per transaction fee per foreign ATM withdrawal from members but only eliminates the 1% currency conversion fee on SOME accounts.

Many credit unions and several small banks allow free ATM withdrawals from any bank's ATM.

3% is excellent unless yo sign up for Cap One - but you don;t have time for this trip. Much better than the 10% you will pay for Trav checks or changing case.

Keep in mind that there are fees your bank card will charge as well as fee charged by VISA or Mastercard. Capital One Venture card does not charge ANY fee and absorbs the Visa and MC fee. If you are only using it for foreign travel, get the no annual fee Venture Card. Yes, it only gives 1.25 miles per dollar, but if you aren't using it for free miles, it is worth not paying annual fee. Also, get an Cap One online checking account to get their free ATM card too.

Cap One Bank ATM card does have point of service ATM fees abroad, I believe.

Charles Schwab High Yield Account Debit/ATM card's deal is that they will refund all charges.

Cap One ATM does NOT have point of service ATM fees. We used it exclusively in April in 4 countries and did not have ANY fees.

Hi AB,

>Need tips to avoid paying credit card fees ......<
Don't use a credit card.

Chase offers Marriot rewards card with no transaction fees. It gives you one Category 4 free night good for the next 6 month plus 30K points (can be used for 1-2 nights) - first year is free. If you decided to keep it for $65 you will get one free night Cat5 every year on renewal (black card). Everyone in my family has one .
If your bank does not charge fees you can withdraw cash and pay cash – also works well.

DebitNM--You are right in that Capital One ATM does not charge fees, but as they state clearly on the website (look under the FAQs on http://tinyurl.com/5v8aywa), the ATM "owner" may charge you.

You personally may not have visited any ATM that charged you, but Cap One is obviously aware that the possibility exists. I had hoped there was an offer to refund (see why below), but that does not seem to be the case.

Schwab knows that an ATM owner can charge too, but the difference is that Schwab promises to REFUND any such charges. I think two people on this forum said that Schwab had indeed automatically refunded them at then end of the month.

Capital One makes no such promises for refunding any such fees. I had asked them, too.

I cannot emphasize enough, however, that I have been very pleased with my Cap One credit card. It saved us so much money in New Zealand.

I just opened (long story) three bank accounts so that I can access several ATMs on the same day overseas...

Bank of America because of the BNP Paribus
Charles Schwab High Yield
Cap One

...so fine print and I have been sleeping together

I guess it matters where you use ATM but in France, there were no ATM fees by owners of the ATMs. Nor in Copenhagen, the towns we visited in Sweden or Norway either.

As for reimbursment, this is from Cap One webpage:

† Fees assessed at any ATM within the United States and at some ATMs located outside the United States will be reimbursed within 5 business days, up to $25 per statement period.

Of course it says some ATMs so I don't know for sure which ones are covered.

http://www.capitalone.com/directbanking/online-checking-accounts/interest-online-checking-account/?

we used Cap 1 CC and BA-Chase for 3 weeks - didnt see any 3% fees as promised.

also did Cap 1 checking for ATM use - I believe they told me they would eat up to 5 per month - OK so far!!

Good information

French BANK ATMs do not charge fees (not all ATMs belong necessarily to banks however). There is a 1% currency conversion fee which is charged by Maestro, Cirrus, or Pulse. Any other charge comes from your bank.

B of A charges $5 per ATM transaction and passes along the 1% currency conversion fee to most of its customers. Customers using BNP may avoid the $5 fee. Depending upon the agreement you have with BA, some customers may avoid the currency conversion fee (but not everyone).

From the BA website:

In addition, an International Transaction Fee may be charged for ATM card and Debit Card transactions made for ATM cash withdrawals in currency other than U.S. dollars, regardless. The International Transaction Fee will be 1% of the U.S. dollar amount for each converted ATM cash withdrawal. This International Transaction Fee will appear as a separate item on your banking statement for each international transaction.

http://www.bankofamerica.com/deposits/checksave/index.cfm?template=lc_faq_ATM&context=&statecheck=TX&cd_bag=&sa_bag=&ch_bag=

I have never really understood why someone would open an account at BA simply to be restricted as to where they could make feeless ATM withdrawals. Many credit unions and smaller banks (such as USAA) never charge for ATM withdrawals anywhere in or outside of the USA and they reimburse fees you may incur when using other bank's ATMs.

Just returned from France. Got the Capitol One card with 0% transaction well in advance of trip. I bank with Chase too and my Premium Account allows 4 no fee ATM withdrawals / month. Check with Chase.

DebitMN--I saw the bank account type on your link and thought, "Darn--I applied for the wrong bank account type with Cap One!". I own a High Yield Money Market account; your link was to the Interest Online Checking Account.

You were right--unlike my Cap One banking account, yours will refund any ATM charges.

But I had a nice chat with Cap One people today before I switched types, and I'm going to stick with the one I have, and here's why:

--it's highly unlikely I'll get charged a fee by a French ATM
--the card I get is ONLY an ATM card, something I want because...
--the debit card I would get from the Interest Online Checking Account cannot be reduced below $2500 in purchases per day (see what Schwab does below).

My goal--and that does not have to be everyone else's goal--was to get money only from ATMs and prevent anyone from using the card for any purchases. So I'm going to keep my current Cap One banking account type but I thank you for posting another Cap One option that will obviously be useful to others.

I SHALL be using another type of debit card--the Charles Schwab High Yield--but they will allow me to reduce the purchasing ability to a penney. Therefore, it can only act as an ATM card. I thank the people who steered me in this direction, by the way.

I have only gotten the BofA banking/ATM cards (and that has been a struggle) because apparently, that helps us open a needed French bank account at one of their "sister" banks that's right down the street.

As soon as we close the French account, the BofA is GONE. Dealing with BofA online banking has been like getting a root canal. They WILL give you an ATM-only card, but there has been a lot of passive-agressive stuff that has gone along with it.

With a bit of an argument, BofA did cancel the debit card they sent me a week after I applied and then they did send me an ATM card a week later, but they didn't send a PIN before or with it. I had to call five times (and get disconnected three) to find someone who merely suggests that I walk into any BoFA bank and get this straightened out. God forbid that I explain there is no BofA bank within 100 miles. Dead silence. Transfer call; disconnect.

I will keep my fingers crossed I will get a PIN by Friday this week (called a week ago Monday).

Just back from 8 days in Ireland and have paid a total of $20.81 in foreign transaction fees on my Citibank MasterCard and $12.00 in foreign ATM fees at my bank.

This is a local bank that does not charge a foreign transaction fee but just the current interbank rate euros/dollars. I had three ATM cards for the same account so made twelve withdrawals of as much as the ATM would allow (3/day as needed). Was careful to use only ATMs attached to bricks-and-mortar banks as none of them charge transaction fees.

The only things that went on the credit card in euros were advance admission tickets, tolls, and that full tank of diesel to Dan Dooley on rental....but the day I left, leaving a full tank, my account was credited for the diesel and the appropriate FTF. Oh, yes, and insurance4carhire charged me in pounds sterling so FTF for that.

Paid cash for food, diesel, snacks, souvenir shopping, B&B's (much appreciated by the hosts/hostesses; sometimes required), entrance fees to sites, etc.

Not bad for 4 people, 8 days on the ground and 2 travel. Came home with a few euros to get me started on the next trip.

I have a Cap One bank account and they do refund up to $10 a month on other ATM fees. It's in the terms, it is a promise. However, conversely, they also charge a $2 fee per transaction of their own if you use a non-CapOne ATM, which they do not refund, not matter what kind of customer you are (as I have a premium account). But they probably have diff. kind of bank accounts, I just know that's what mine does. I have Cap One as my regular neighborhood bank, it isn't some online account. Given they don't charge any foreign transaction fee, paying $2 per ATM use isn't that big a deal if you don't take out small amounts.

IN fact, I also have a Cap One Money Market account which is "virtual", I did it my mail before they opened regular banks in my neighborhood, and that ATM card does NOT have any ATM fee at all, so I use that one when I go abroad, and the one attached to my bank acct as a backup.

I think someone above said Cap One charged $59 for their credit cards, and while they do for some particular kind, they have other cards without any fees as I have one. So it is easy to get a Cap One CC without any annual fee.

Ultimately, I think people bank where is most convenient to them for a lot of reasons. There are Cap One branches all over where I live and it is close to my home, also, so I am deinitely going to bank there given I like most everything about them, even if they do have a $2 ATM fee for using nonCapOne ATMs, which I only do on vacation. Lots of people cannot use USAA for example, it's only for certain kind of people related to the military or something. I know because I asked them and they wouldn't allow me to get their card. Most people aren't military families.

USAA is also for former military; my husband was three years active USMC and three years inactive reserve. And our adult children are eligible from his service.

You are right, Christina. CapOne has oodles of types of credit cards and oodles of type of banking accounts.

One result of my chat with a CapOne associate today was the information that I cannot tie in my CapOne credit card with my bank account(s) in that you can't just sign in online and see all cc and bank accounts with CapOne BUT you can transfer any miles earned from various CapOne things to other Cap One things.

I'm not planning on doing anything like that soon, but it was fun exploring. Nice service.

Lots of people cannot use USAA for example

Sorry Christina but this statement is absolutely inaccurate. Anyone can use USAA banking services, only their insurance services were once limited to military officers. Why would anyone want to bank at USAA?

1. Checking is free - accounts actually pay a bit of interest.

2. Checks are free - not too many people actually use them now days but check stock is free non the less.

3. ATM withdrawals are free, anywhere in the world. When US banks impose ATM fees, USAA reimburses them to its customers (there is a limit which I have never exceeded). USAA passes along the Pulse/Maestro/Cirrus currency conversion fee of 1% however.

4. You may deposit checks on line at no cost.

5. Web pay is free.

As for credit cards, if your payments are timely and complete there are no fees, ever. USAA does pass along the Visa/MC 1% currency conversion fee but my cc account pays me 1% on all charges so effectively I never see the 1% currency conversion fee.

I am in no way connected to USAA other than as a satisfied customer for almost 40 years. There is a lot written on this forum about many banks but none offers the service that USAA does and anybody can enjoy the same advantages by simply opening an account.

Open a BofA account and use its ATM card with any BNP-Paribas ATM in France at no charge. But use an ATM from another foreign bank and BofA charges $5 per transaction.

sarastro- is Usaa insurance now available to the general public as well? We always thought that was limited to the military.

ncounty - to my knowledge, USAA now offers insurance to everyone but check with them for details as I am unable to answer specifically.

Another vote for Capital one. Big savings.good luck

Chase Hyatt card - as a bonus, 2 nights at any Hyatt free!

In response to any suggestions re a Bank of America bank account to use at BNP Paribus--establish one ONLY if you have a Bank of America bank office near you.

The root canal like experience with BofA I described here on June 28 continues--supposedly my PINs for my Bank of America ATM cards have been "reissued" three times to an address that certainly matches mine. The problem? The PINs have yet to arrive.

Accounts were opened in early June. As of July 12, Bank of America now suggests it's a problem with my mail carrier.

Now here are the facts: Their debit cards and PINs got here, the ATM cards got here, other ATM cards from other places got here, other PINs got here, but BofA people honestly believe that three alleged "reissues" of three card PINs of theirs are being pocketed by my post office.

Their alternative theory is that somehow I missed three sets of three similar envelopes in the mail.

Again, if you have a bank center near you, I think any and all problems can be handled. If you do not, I heartily encourage Schwab debit card or Capitol One ATM cards (even without any bank offices) instead.

Can anyone else confirm if it is true the Marriott Chase does not charge any fees? I am leaving for France in two months. If I need to I can order the Captial One card.

Does AMEX really charge a fee?
Even so wouldn't you want the points?

Most of my trip to France is paying paid by points.

Can anyone else confirm if it is true the Marriott Chase does not charge any fees?

I know of several credit cards which impose no currency conversion fees but they charge an annual fee of up to $300 and higher just to carry one. The Marriott Chase card costs $65 a year just to put it in your wallet. Paying for a credit card defeats the concept of low cost and is never necessary to avoid transaction fees.

Here is a review of this card:

http://www.dailymarkets.com/personal-finance/2010/12/05/marriott-premier-rewards-credit-card-from-chase/

AMEX charges 2.7% on all international transactions.

keppie- just order the capitol one card. it is the smartest imo. why not have it available especially when you have two months, unlike the OP who had only one week.

btw- don't forget to call all cards before you leave and inform them of your travels; otherwise it may become unauthorized during your trip due to concern of fraud.

Here is a chart of fees for various ATM/DEBIT and CREDIT CARDS. The chart does not list every card, but has a lot of the major ones.

http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

You are the best!!!! thanks.

Kybourbon:
Brilliant!

KeppieAngel:
I really do value points. But there are ways to earn points that do not involve increasing your foreign transation fees.

I churn two cc cards, one BofA and one Barclay, stateside to obtain a base of 20,000 Preferred Miles on USAirways. Flying 5,000 miles on Continental/United and/or on USAirways after that automatically grants me Silver Star Alliance status. I usually end the year at Gold Star Alliance, and the "boost" from the two credit cards is vital to attaining that status.

But...

...foreign transactions fees on credit cards bite.

Christina and others finallly talked me into a Capital One cc, and I use that for ALL foreign transactions. I bring my other credit cards just in case, but Capital One has become my "go to" card in a foreign country. It saved me a ton of cash in New Zealand.

Christina also mentioned the Capital One banking account, too, and my experiences to date with them has been quite good.

DJBooks steered me to Schwab, and I shall be forever grateful. Wonderful people to talk to.

Another vote for USAA.

Ncounty--No, USAA insurance is not available to the general public. If you ask, they will refer you to what they call their general agency which is Progresesive.

aaaah, thanks mms. figures, lol.

Just got off the phone with my current Chase Marriott Visa Signature- $30 annual fee, 3% foreign transacation fee on cc and ATM withdrawls.
Spoke with Cap one too. No annual fee, 0% foreign transacation fee, however a 3% ATM withdrawal fee. do you have to get a separte Cap one ATM card? I don't intend on opening a chekcing account with them.
Is there any way to get around the 3% ATM fee with use of a cc?

My bank offers me free travelers checks. would you say that is a good idea or too inconvenient?

I use my bank's atm card. I have an account that waives foreign atm fees; many don't but consider that a small cost in the grand scheme of things.

ncounty - you are right - thanks for reminding me of the important things

KeppieAngel--

General rule is never to use credit card to issue cash advance via ATM outlet. Use ATM card for ATM.

I totally agree that ATM cost with any regular bank ATM is not that big of a deal in a short trip. Use your bank's ATM and be happy. It's repeated use over months that I am fretting about right now; otherwise I would not bother.

And the Cap One bank account does take a bit of time. They are extra careful in a very nice way.

I think I am finally figuring all this out. I need to use a debit card for cash advances. You can tell I don't do this much!


I just left a message with my banker letting her know Cap One waives ATM fees with the exception of the $1.50 fee. However, just to clarify my understanding can someone answer this: is that what you have experienced? that is what is states on the link kybourbon sent: http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange .

I know 3% isn't a lot, but it is the principle behind the issue of "why do business with a bank if they can't offer competitive services?"

Keppie:

I'm still deciding which credit card to use on my trip. Sounds like I may be getting one of the CapOne cards. I don't care about points, just foreign fees and annual charge.

As for ATM's I'll open an account at a credit union that has no FE fees for foreign withdrawals. There may be the $1 or $2 charged by the foreign bank. But no % fee.

It's not my regular bank account, I doubt if they'll give me overdraft coverage on a new acct. So I just have to be careful and track withdrawals (converted to $$) and make sure I have enough in there to cover me.

KeppieAngel: I have to add that I have been persnickety about debit cards--I don't want them.

I made my home bank (the one I grew up with)give me a regular ATM card instead of a debit card*. They try to sneak a debit card in on me from time to time and I explain to them that I don't NEED a debit card. ATM check cashing card ONLY for me.

Making sure you get just an ATM card can be a fight. I had a bank representative tell me with a voice of authority two days ago: "Well, ATM cards will not work overseas." I said, "Ma'am, I've been traveling overseas for the two decades without any problem withdrawing money--and I have yet to use a debit card." She told me her supervisors always told her that. I believe her.

Note that I have obtained a Schwab debit card, but that's ONLY because there is no alternative instrument offered and I can lower potential purchases to nothing. Many of the debit cards will not allow that control.

AlessandraZoe - what would be the drawback of using a ATM debit card if you only used it to withdraw cash from a ATM? i
also what did you mane you can lower potential purcahses to nothing?

JeanneB I am going totlook into the creidt union route too for foriegn cash waithdrwals and order the Cap One credit card.

To all - sorry for the typos.. i do proof read but i guess my dyslexia doesn't allow me to see my mistakes until later.

KeppieAngel:
If someone takes your debit card, they can be charging away. Yeah, you might have overdraft protection, insurance, but it's a hassle I don't want.

ATM card=money
Credit card=purchases

My home bank's plain ol' ATM card has ALWAYS worked in France and has usually worked everywhere else (in Italy, often ATMs seem to go out for coffee or something--an hour or two later, that same ATM would always work again). My husband and I have two different accounts, so we always have a back-up.

Because of a need to take out more money in a short period of time for an upcoming trip, I have obtained other bank accounts and their associated ATM/Debit cards. DJBooks recommended the Schwab account because of their fee arrangement, etc. The downside was I had to get a debit card because that truly is the only thing they offer. The upside was that I could make it work as an ATM-only card by limiting any purchases to a penney.

For purchases, I have always used credit cards**. And again, I love my Capital One credit card.

**One caveat about using credit cards for all purchases: In some countries, the worst of which in my experience was Ireland, the hotel and restaurant people do a thing to tourists called Dynamic Currency Conversion. They supposedly charge you in your HOME currency on your credit card as a "favor". It's a long explanation, but essentially that conversion means that the proprieter gets a mark-up on your purchase. My husband and I got tired of telling them to re-do the purchase to Euros because there would always be some sort of struggle explaining why to the waitstaff, front desk, etc, and it starts to ruin your vacation. In areas where every resto and hotel was using DCC, we just gave up and would pay in cash.

I just called the credit union my company has for it's employees. They offer a savngs account with a $5 minimum that provides a free ATM card with no charge for the first 10 ATM withdrawls per month and no FE transcation fee.


Hmmm - now i can use this savings to buy some french audio tapes.

fantastic.... sounds like you are set for your trip.

one last little tip: make sure your pin is only 4 numbers. I don't know how I skated by not knowing this till my trip last month. Some countries and some ATMs won't work with pins longer than that.

You've gotten a lot of good advice here. Alessa is right: ATMs = cash and credit cards = purchases. I never knew it was preferable to be charged in the home currency rather than in dollars, interesting.

My system, because I am totally paranoid and the worst thing is to end up overseas with no funds:
-I notify my bank and my Cap One card i am traveling.
-I use my Cap One card exclusively but have several back up CCs just in case.
-I have not just my normal ATM card but I set up a back up account called my travel account and put funds in it just in case my regular card doesn't work so I have a back up ATM card.
-I still take at least $300 in case, just in case.

ok - so what does it mean that credit cards = purchases as it relates to being charged in the home currency? Can you elaborate with an example? Will i be charged an interest rate on the money i am floating until i pay the credit card bill even with the Cap one credit card that has no fees or FE fees? i always pay my monthly credit card in full every monnth. thanks.

i will also take a back up ATM card and back up credit card and cash. does you bank provide you with Euros at no fee? i think my bank wants to charge me.

"Home currency" I think means the currency of the country where the card was issued (US dollars in our case). When a merchant overseas offers to charge your purchase in your home currency, instead of the local currency, as a "convenience" it does so at an exchange rate favorable to that merchant, and leaves you still subject to your bank's "foreign transaction" charge (if any) because the transaction took place overseas. So using the credit card with DCC can cost as much as 5% or more (if your bank card has the typical 3% surcharge).
When you carry no balance on your credit card, there's no difference between domestic and foreign purchases as far as incurring interest is concerned.

AlessandraZoe, thank you. I now see your explanation. I think I sent out my reply when you were posting yours and missed it.I can now say- I feel comfortable with all of this.

Many blessings to all that have contributed.

Banks don't do much of anything for free, why should they, they are a business. So it isn't surprising a bank wants to charge you for a service like getting you euro notes, as it obviously takes them time and some expense to do that. If it is like most local banks (like mine), it has no euro lying around and it has to get them from some foreign currency service. I think my bank uses Travelex. And of course they charge a fee.

Anyway, my bank charges about 7 pct to get you foreign currency, I think that is fairly typical.

I think it's good to have some backup plans, but you are really going to a lot of extremes I don't, so don't worry. I mean the idea of setting up separate bank accounts just for travel just in case your regular ATM card doesn't work. You can get cash by a CC if you had to in the rare event your ATM card didn't work, for example. Anyway, my bank wouldn't allow you to set up small bank accounts for free, I think a lot of banks nowadays won't, but you are certainly covered with lots of ways to get money.

Anyway, my bank wouldn't allow you to set up small bank accounts for free, I think a lot of banks nowadays won't

But a credit union would because a minimal account is usually sufficient to become a member.

Low and behold, a Fodor's editor, Doug Stallings, made a summary of everything we've been chatting about:

http://www.fodors.com/news/story_3870.html

Great job, Doug!

I found it searching for Dynamic Currency Conversion (DCC) so that newbies could read how incensed we oldsters have been for ages about DCC. Read down the list to #6, which will lead you to another posting about DCC. Heck, just search for "Dynamic Currency Conversion" in the forums and be prepared for a lot of emotion. I can get angry all over again just hearing "DCC".

I think of most of Doug's article is on point. Just want to emphasize, however, that Cap One and some other ones we like have a variety of banking accounts, each with it's own characteristics, so you should go with your preferences.

As to getting Euro before you go:
I used to be able to go to a local American Express office and get some currency for free or for a small fee. No more.

Now I just don't worry. There are ATMs all over CDG. I withdraw enough right off the plane for a taxi and a cafe meal for however many are travelling. Since we usually arrive early a.m. and eat either breakfast or an early lunch, I get about 150 to 200 Euros at the airport.

Once at the hotel, after I've dropped off the bags, I have two hands free and can be a little less frazzled and more aware of my surroundings. Then I go to an ATM and draw the rest of whatever my daily allowance is. If my husband is with me, he does the same.

Hope this helps.

sorry about the misuse "it's" in the above post. Soon I will be typing "alot". Goodness gracious.

Bless yer heart. LOL!

Amex Platinum and Centurion Cards will no longer charge international transaction fees:

http://www.dailymarkets.com/personal-finance/creditcards/2010/12/27/american-express-eliminates-foreign-currency-transaction-fees-on-u-s-platinum-and-centurion-cards/

"American Express (NYSE:AXP) just announced some good news for their personal or small business cardmembers. It said that it will eliminate foreign currency transaction fees for U.S. cardmembers who use their American Express Platinum Card or Centurion Card for international purchases."

Wow, for only $450 per year, I can avoid a currency conversion fee. How much does that Capital One card cost per year?

Whew - I did feel as if I were going to extremes. It's good to have someone I don't know point it out to me!



It has been fun and again thanks to all.Especially putting up with my typos. AlessandraZoe I have got you beat by a mile!!!!!

Sarastro,

I agree the $450 is high but my point with the AMEX post was for those that have the card already.

i never get the foreign currency before i leave home; they do charge for it and it is generally not necessary. i get the local currency at the airport atm upon arrival.

Lately, I've just kept the euros or pounds left over from one trip and keep it in my safe and take it with me when I return. It is just enough for train or bus to get me into the city where I can use a bank atm.

Back to Ira's comment from June 22nd on not using credit cards -- If I want to change dollars (cash) to Euro in Paris, anyone know of where to get the best deal? Banks? at the airport? What about Exchange places? Any caveats or recommendations would be appreciated!

If I want to change dollars (cash) to Euro in Paris, anyone know of where to get the best deal? Banks? at the airport? What about Exchange places? Any caveats or recommendations would be appreciated!

Don't bother. Establish an account with a financial institution that does not charge for the use of the credit card.

YOu will never get the best fee at an airport for anything. Have you never been to an airport?

The best place are private exchange places, you can shop around for rates. Some of the ones near the Louvre on rue de Rivoli give decent rates. I know a few others that do, also, but who knows if you'll be around them (one inside a travel agency near bd Montparnasse and Vavin, and another a few blocks north of bd Montparnasse on rue de Rennes).

I doubt if banks are going to have anything to do with you, but never tried that. Why would they want to function as an exchange service for people who aren't their customers. Seveeral decades ago when some did exchange TCs for tourists, they gave worse rates than the private exchange bureaux, at least if you shop around. There are lots in Chinatown, also, that give decent rates.

There is no particular caveat except to know what the going interbank rate is for comparison, and get clear on whether the rate is the whole thing to compare or if there are any flat fees in addition, to consider.