ATM Warning

Old Jul 24th, 2001, 06:25 AM
  #21  
A Traveler
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Even if you have a debit card connected to your checking account, call your bank to find out what they charge on overseas withdrawals. Fleet Bank now charges $5.00 per withdrawal even though it costs them no additional money to process. Anything more than $1-2 is a ripoff.
 
Old Jul 31st, 2001, 03:00 AM
  #22  
Teresa
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Just returned from France and could not use my ATM card to withdraw money, even though I had called my bank and they had assured me I would be able to. I tried several different banks (that had the logo for my card - Cirrus or whatever) and all said "transaction not authorized" or words to that effect. Fortunately, I had taken some personal checks and cashed one ($500) at the American Express office for petty cash. They told me I could cash up to $5,000 every 21 days. No cost for this service, but of course you have to have an AX.

We used Visa for all purchases and meals. Ended up using cash the last day just to use up what we had in Francs.

A co-worker went to France a week before we did and used her ATM with no difficulty. So whatever you choose, make sure you have an alternate option.
 
Old Jul 31st, 2001, 03:42 AM
  #23  
Joy
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Why use an ATMmachine at all--if you have credit cards where the exchange rate is actually better and travelers cheques for the cash you need. I have never predicted what I needed and run out. Also you can use a credit card that gets you miles and start earning your next trip.
 
Old Jul 31st, 2001, 03:53 AM
  #24  
bob
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Joy, reread some of the above posts. I have been charged as high as 10% to cash a Travelers check. That is high exchange rate plus fees. So an ATM will cost less. You may find also that a small Inn in Europe may want cash not a credit card when you check out. I use cash for everything but hotel and car.
 
Old Jul 31st, 2001, 10:05 AM
  #25  
Gerry
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Be advised some banks are now charging an "international transaction fee" (eg. $3) for every time you use your credit card overseas. It's a good idea to check out the charges before you leave home.
 
Old Jul 31st, 2001, 10:58 AM
  #26  
JOdy
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This posting made me curious, so I just called First USA , whose Visa card I carry. It was explained to me that it is not the individual banks that are charging the International Transaction Fee but Visa. therefore any bank's Visa card will carry a 3% TF. $30.00 for every $1000.00 you charge!
 
Old Jul 31st, 2001, 11:38 AM
  #27  
Gerry
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JOdy:
Some banks are charging a fee in addition to that 3% charge you mentioned. And your bank gave you wrong information. Surprise? The bank, not Visa decides the fees.
I guess its a good time to bring this up:
The latest edition(August 2001) of Smart Money Magazine(Published by the Wall Street Journal) has a "Traveler Advisory" which I quote:
"While it's true that credit cards carry a better exchange rate than cash or traveler's checks(banks use the low interbank exchange rate on credit cards), there is one thing you need to watch out for: the high fees that some banks charge for converting foreign currency into dollars.
MNBA and Capitol One cards carry a fee of 1% of purchases. Use cards from Citybank or Chase, or a FIRST USA[caps added]...and you will pay 3%. American Express charges 2%.
With debit cards most banks charge the same conversion fee as they do on credit cards....."
As you can see, these fees can add up and make a difference. $30 per thousand plus ATM fees, "international trasaction fees", the bank exchage rate differential etc. It's more than the just $1 or $2 that some people think. So it's a good idea to check your card.
As you can see JOdy, you are paying the high end.

Gerry


 
Old Jul 31st, 2001, 11:46 AM
  #28  
JOdy
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Gerry
Nothing banks do surprises me any more!!I'm going to call them again and nail them down. He definitely said they just charged the 3% Visa ITF . I asked about credit cards only as I hardly ever use my ATM , even here at home. But am going to check with Bank of America on that too, Thanks for the additional info..
 
Old Jul 31st, 2001, 11:51 AM
  #29  
Brian
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Jody,

What your bank told you is not correct. Visa and Mastercard add 1%. It is then up to the individual card issuer whether they tack on more. Most banks add on another 2% (for the 3% total your bank charges). Some banks add on less, or nothing (such as Bank One). Also, most (if not all) credit unions do not add on anything above the 1% Visa/Mastercard fee.
 
Old Jul 31st, 2001, 11:55 AM
  #30  
Brian
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Jody,

p.s. Bank of America definitely adds on a 2% conversion fee. I recently opened an account with them thinking I could use their ATM card through the new Global Alliance ATM program (no ATM fees at participating banks). However, when I found out about their extra 2% conversion fee, I abandoned that idea and will just use traveler's checks and my credit union ATM card on my upcoming trip.
 
Old Jul 31st, 2001, 11:56 AM
  #31  
chris.woolson
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I jsut returned from Greece as well and had no problems pulling money from my Savings account. I usually put it in my checking no matter what but for some reason I found it interesting and tried it -- and sure enough it was taken out of the correct account.

One thing to check when traveling is which network your card is working on ... Cirrus, PLUS, etc. Most banks use these and your ATM card will work fine -- but never count on pulling money from your savings overseas.
 
Old Jul 31st, 2001, 12:08 PM
  #32  
Gerry
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JOdy and others:
Why should these fees bother us? Just a small example.
When I was in Rome, I paid my approximately $1000 hotel bill with my BA Visa. I was charged a currency conversion fee of $29.34 and an "international transaction fee" of $3. I wasn't expecting these fees. On retrospect I could have done this: Gone to the ATM and got cash (Wells Fargo). No conversion fee, 4 withdrawals at $2 per withdrawal=$8. The hotel would have given me a 5% discount for paying in cash instead of my credit card=$50. My savings for doing this would have been $74 on that one bill. I could have used that money to do something else. It did give me something to think about.
 
Old Jul 31st, 2001, 12:14 PM
  #33  
JOdy
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Thanks Brian,
You saved me trying to find a live person at my Bank of America telephone number!!!!!!! There's a very funny ad on TV now for some bank, maybe a local one,
A man goes in to cash a $100.00 check and the teller gives hime $75.00

Whats up he asks, she removes $5.00 ffrom the pile , The 25. was for coming into bank and taking up my time, the $5.00 for aking me a question.

When did all this start, he aasks, she removes another $5.00

Let me see the manager!, she removes $25.00

He grabs his $40.00 and leaves...
 
Old Jul 31st, 2001, 12:24 PM
  #34  
Brian
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Jody,

That's a great commercial (haven't seen it). The lesson - bank fees are everywhere, doubtlessly even at the bank running that commercial - we just have to know where to look.

Question for the group. Does anyone know of a bank in the UK that charges especially low (or especially high) ATM usage fees??
 
Old Jul 31st, 2001, 04:41 PM
  #35  
Jeff
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Two banks I've been very pleased with. MBNA charges nothing on top of the Visa/MC fee. And JaxNavy Credit Union in Jacksonville charges NO FEES for any ATM transaction.

Oh, for you with MBNA cards that you haven't used, they have a promotion going on to get you back. %1.7 on cash advances! Good value.
 
Old Aug 2nd, 2001, 05:47 PM
  #36  
jan
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People, You are strange!!!
Never, ever use Debit or ATM cards
out side of USA (i would not use
debit cards in USA too). ATM card
is only for one reason - to get
cash.. When you use Debit card (Visa,
Master Card Logo) you are not
protected by the same consumer
laws as you are when you pay with
credit card. On credit cards max
liability per "card being lost" is
50$. If you pay with Debit Card
("check Card") or with ATM (Post
transaction) you have higer liablity
and most important "ALL ACCOUNTS
THAT ARE LINKED TO ATM" can be frozen
while your bank investigates that
mater.

You still consider using Debit Card -
too bad....
 
Old Aug 2nd, 2001, 05:56 PM
  #37  
JOdy
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JAn= Then how do we get cash if we need it? I use my credit card for everything, don't mind the fees as I get miles, but sometimes , you need extra cash. Contrary to what everyone says here I always take about $500.00( not on me at all tmes) in local currency, for taxis, drinks, flea market dealers,
newspapers, church contributions, etc. If I see a great deal at an antique show, how do I pay if I can't get extra cash on a sunday????? Most dealers won't take travelers checks even in their local currency, and I don't want the bother of having them and maybe not using them.
 
Old Aug 2nd, 2001, 06:18 PM
  #38  
Jan
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Answer is quite simple... Get credit card that does not charge "Cash advance fee" (you will end up paying 1% VISA's
currency exchange rate, that you would
at least, WITH ANY TYPE OF CARD. It is
added to total and does not show as
additional fee). What i do to avoid
finance charge? I make advance payment that equals to planned ammount that i am
going to spend. What else... You can make in that case any number of small
cash advances. That is probably even more important for your safty!
Try this Credit Union -
http://www.cpcu.org/FrameSet.asp?FS=PS
They take anyone...
This credit card is probably the
best tool i known for "Oversees"
transfers of big ammounts of cash if
you need to, up too your credit limit
line. Bad part is that they realy DO
check your credit history and approval
rate is not as high as for Big Cards.
They also want you to have any type of
saving or checking account. But with
no montly fees and minimum balance of
20 or 50 $ it will pay back very
fast..
 
Old Aug 10th, 2001, 05:46 AM
  #39  
denise
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Most banks allow you to take money out of either account. My friends as well as myself have taken money out of checking and savings accounts numerous times in Greece and had no problems. The only thing I would suggest about banks is to find one that is most compatible with you. I found that Alpha Bank wasn't so good for me and that the National Bank was... it's different for everyone.
 
Old Aug 29th, 2001, 12:54 PM
  #40  
Karen
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To the person who posted about gaining frequent flyer mileage when taking out of an ATM - my bank (Citi) does not give FF mileage on cash advances, only on purchases. My credit union statement shows an additional $4.00 charge, which I assume is related to my ATM usage in Europe in July.
 

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