ATM Withdrawal Fees?

Old Mar 17th, 2005, 10:07 AM
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ATM Withdrawal Fees?

Does anyone know of a credit card that does not charge fees when withdrawing $'s at an ATM? We are planning a trip to Italy this summer and have heard you get charged $3.00 per transaction along with an interest rate on those 'advance' funds withdrawn.
Any comments?
Thanks!
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Old Mar 17th, 2005, 10:12 AM
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Hi ww,

First, do NOT use a credit card to get money from an ATM. It is treated as a cash advance, with large interest charges.

You want an ATM card.

Second, transaction fees on ATM cards are set by your bank. Mine charges 75 cts.

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Old Mar 17th, 2005, 10:12 AM
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The credit card charges interest on cash withdrawals. The BofA now charges $5 for an ATM withdrawal excepty with a member bank. Credit unions tend to not charge for foreign withdrawals (the exchange rates includes a conversin fee).
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Old Mar 17th, 2005, 10:21 AM
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Check with your bank and credit card company -- Call. They're all different.

European ATM's will not charge you -- your Stateside bank will. They vary from bank to bank. Mine charges none, and as you have heard above, some charge as much as $5 or 3% for withdrawals.

If you use your credit card in the ATM's, you will incur interest from the time of withdrawal as a cash withdrawal. If you pay the balance off as soon as you return to the States, the interest is minimal -- sometimes much less than some banks charge for ATM fees/conversion fees/ATM transactions.

There are credit cards and banks who do not charge fees for using ATM machines. USAA & MBNA were two mentioned on the numerous threads on this board concerning this topic.
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Old Mar 17th, 2005, 04:32 PM
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Taking money by credit card from an ATM (or at a bank for that matter) becomes an instant "cash advance" normally with a much higher interest percentage rate.

When people are recommending use of ATM machines, they are talking about a special ATM debit card which takes funds from your checking account. And yes, the home bank will charge between $0-5 fee per international transaction.
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Old Mar 17th, 2005, 04:47 PM
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suze, you are absolutely right. USAA charges me 6% on purchases (if I maintain a balance), and 8.25% on cash advances. Cash advance is .6875% per month if I pay off the balance when I return from travel. Still, much cheaper than most other credit card "fees."

My bank, Commerce in NJ, does not charge me for using overseas ATM's, nor do they charge me for anything more than the 1% conversion fee which is normal with all credit cards/ATM transactions.

My advice to travelers -- check with your bank/credit card company for fees/charges that will incur when you travel overseas. Everyone is different.


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