nanabee

I was trying to make the point that Kmdsen should check out various banks and credit union savings companies before using the current ATM card he has.

The fees vary widely.

The biggest problem is if you use a bank that is not your bank you get hit with high fees to withdraw money in Europe and possibly unfavorable exchange rates.

If you use B of A in France/Germany/England you have no fees because those banks partner with B of A.

LarryJ

Bank America may not charge you the $3 to $5 foreign ATM fee but much more importantly and expensive is the 3% foreign transaction fee for transactions not done in US dollars. This is what makes Capital One so attractive as they charge no fees of any kind. With the current exchange rate of $1.58 per euro a 300 euro ATM withdrawl amounts to $474 X 3% for a fee of $14.22.

Larry J

Robespierre

Schwab Investor checking:

º International Service Assessment <s>1%</s> 0%
º Currency conversion fee <s>2%-5%</s> 0%
º Foreign ATM fee <s>$1-$5</s> $0
º Annual fee $0

(It is not necessary to have a Schwab brokerage account to open a checking account.)

Patty

<i>Anyone had trouble with a pin number with a leading zero?</i>

My husband hasn't had any issues with a zero leading pin.

List of fees for various ATM/debit/credit cards http://www.flyerguide.com/wiki/index...reign_Exchange

nanabee

I don't think there is a 3% foreign transaction fee on BofA ATM cards.
There is a foreign transcation fee on Master CArds.

Anyway, check with the various banks to see what the fees are:
such as transaction fees, interbank fees, exchange rate fees.

cmeyer54

We found that the ATM's often default to checking. I'd make sure you have either plenty of money in your checking or an overdraft protection plan that automatically transfer cash in.

cmeyer54

and I second the mention of notifying your bank as to your travels - lenght of time and countries you're visiting.

Robespierre

<i>There is a foreign trans[ca]tion fee on Master CArds.</i>

Sorry, overgeneralizing again. <u>Some</u> MCs assess foreign currency markup, and some don't. Check your facts before posting.

You will find them in my 05:41 pm, above.

bob_brown

I might add that in addition to Schwab, Fidelity Investments also makes available a debit card of the Master Card type. I used it all over the Czech Republic, Germany, and Switzerland at virtually no extra charge above the wholesale bank exchange rate.

Let me cite two examples in US $$:

1. On 7/8 I withdrew Swiss francs and paid from my account at the rate of $.97686 per franc. The max that day was $.96855. Given the normal MC mark-up of 1%, I paid .96719 per franc before the 1% mark-up.

2. On 7/2 I did the same and paid $.98154 per franc. The max rate that day was .98510. Assuming the 1% mark-up, I paid .9718 before mark-up.

Time differences make tracking the date of the applied rate a little difficult. But the bottom line is that my bankomat transactions were not out of line with the max exchange rate at wholesale prices for the date.

I can assure you that one gas purchase made without thinking using a Bank of America debit card did indeed result in a 3% add-on to the purchase. Should have known better!
Luckily, that was not a constant lapse!!

Had I inserted my B of A ATM card in a Swiss bancomat, I would have without doubt incurred a $5.00 fee plus 1% on each transaction.

Had I used my B of A credit card, I would have had 3% added to each transaction. That, however, was not easily done because my B of A card was sitting in a drawer at home. I used my Capital One card exclusively.

I would like to comment on one assessment made above.
&quot;A BofA account is good only for England, France and Germany. Anywhere else in Europe, BofA will charge $5 per transaction.&quot;

If you use a B of A debit or ATM card to withdraw cash from any machine other than one operated by Barclays in the UK, BNP Paribus in France, or Deutsche Bank in Germany, you will pay the $5.00 fee, plus the normal 1%.

If I am in Germany and go to a machine operated by a bank other than Deutsche Bank, I get clipped $5.00 per card insertion.

At least I have learned not to tote along a wad of travelers' checks hoping a restaurant will accept one.

There are still people out there who swear that is the way to go. Tote them travelers' checks because if lost they will be replaced! Great insurance.

I have some that if they were getting frequent flier miles, they would now have a credit of 99,000 miles.

nanabee

You want to be very careful about using Master Card to withdraw money from and ATM machine.

If you do get cash using your Master Card, it is an advance or loan against your account. It is not money you have in a bank account that your are withdrawing. It is a loan and the loan amount is usually 12-16% (or more depending on your account) and it begins to accure interest immediately. When you get your monthly statement you will have a large interest payment!

Robespierre

Wrong again (at least you're consistent.)

Master Card, like Visa, offers both credit and debit cards. The best of all possible worlds in Europe is to use the debit to get cash from ATMs to get &quot;walking around&quot; money for small purchases, and the credit for large tickets like rental cars, train tickets, and hotel bills.

Using a credit card to get a cash advance is where the problem comes in - be it branded MC or Visa or Amex. A debit card withdraws the money from (usually) your checking account.

kmadsen

I have returned from Europe and had great success with my credit union VISA card and Capital One card. The most I was ever charged was a 1% transaction fee. Thanks again for all the help and I am really glad I learned about the B of A 5.00 fee before I went. That is the card I would have used being ignorant and would have paid the extra fees.

Woody

When one uses a Capital One ATM card in Europe to access cash, do the banks owning the ATMs charge a fee for using their machines? Thanks.

Woody

LarryJ

Woody, no. There are no fees of any kind when using Capital One credit cards or ATM cards. No ATM fees, no foreign currency transaction fees.

Larry J

Robespierre

If the ATM in question is <u>not</u> operated by a bank, its owner can assess a &quot;convenience fee&quot; for the use of the machine.

That is why it's best to only use ATMs that are attached to, or inside of, a bank.

Woody

Thank you LarryJ and Robespierre for the helpful advice.

Woody