Leslie

I apologize if this question may seem a bit redundant, but here goes ... <BR> <BR>I checked with my bank and found out that I will not incur a service charge from my bank when using my debit card in an ATM that is not owned by my bank, whether it is abroad or in the USA. However, I could possibly incur a service charge from the bank that owns the ATM that I will use (it makes no difference what network the ATM is a member of -- eg. Cirrus, NYCE, etc). Here's the question, is that service charge in Prague, a flat fee or a percentage based on the funds I withdraw? Here in the Boston area, the banks post the service charge which is either $1 or $2, so that answer is a flat fee. But what about Prague? If it's a percentage then it makes no difference how much I withdraw and will make smaller multiple withdrawals. If it's a flat fee, then it seems that it is wiser to make larger withdrawals. I understand that there will not be a service charge at all if I am making a point of sale purchase. This is the guidance that the manager at my bank gave me. <BR> <BR>Bottomline, if it's a flat fee, how many Czech crowns per transaction, and if it's a percentage of the withdrawal, what is the percentage? Also, if service charges vary, please advise which Prague bank ATMs are more favorable to use? <BR> <BR>I appreciate your answers and you looking at your bank statements for me. <BR> <BR>I am off to Prague in November, and am so excited, but I want to be prepared. <BR> <BR>Thanks again, <BR> <BR>Leslie

Lou

Hi Leslie, <BR>I don't have a direct answer to your question, because we never looked at it that way. We look at our bank statements when we return, and we just look at what the total exchange rate was, regardless of fees. Example: We took out 8,000 crowns at an ATM. When we returned we found that it cost us $195.60 U.S. That is a total rate of 40.9 crown to $1 US. It was much better than the 35-38 to 1 rate offered by the local change whores at the time. So I do not know what the fees were. However, we generally withdraw as much as possible due to a combination of hoping for flat fees, use of a money belt, and laziness. No clear answer for you, but you have been topped. Best wishes on your visit to my favorite city!

Leslie

Dear Lou, <BR> <BR>Thanks for your response. I actually could not have wisely planned this trip without reading the posts that you, Marc and Lee have provided (including the ones you posted on the Frommers site). In fact, I was going to stay at your favorite hotel, but was advised that there might be a lot of noise in Old Town late at night (discos open to 6am -- my goodness). Also, someone warned me that I could possibly wake up one morning as an insect (only kidding). Anyway, I opted for Mala Strana, at another 4 star hotel, The House at the Charles Bridge (aka Kampa 15), which also had a more favorable rate for a single. <BR> <BR>Your conversion from Crowns to USD was based on the daily Citibank/Visa commercial exchange rate, which is used for all debit, ATM and credit cards. Even if there was a service charge, that's a phenomenal exchange rate. <BR> <BR>Thanks again. Anything else I need to know for my trip? <BR> <BR>All other responses regarding service charges are still more than welcome. <BR> <BR>Leslie

Ross

I don't know what bank you're using in the Boston area, but we have Fleet, and they charge a flat fee of $5.00 PER international ATM transaction, which is outrageous!

Leslie

Metrowest Bank -- it's an awesome small bank, primarily catering to consumers. I used to have Fleet until my account was sold to Sovereign. Sovereign was inconvenient, so I switched. I did it last year, but should have done it a long time ago. No fees for checking if you have direct deposit. Free checks too. Also, they are part of the SUM network, so if you use a foreign ATM that belongs to SUM, then there are no transaction fees using the ATM on either end. Also, Metrowest Bank does not add on incidental charges if you use your Debit card at any machine, no matter if it's in the network or not. However, if you use your ATM card (which is different, maximum withdrawal of $300 a day) Metrowest charges a $1 processing fee per transaction. By the way, the maximum withdrawal with their debit card is $1000 per day. Also, on Saturday mornings, all of the branches serve donuts and coffee to their patrons. It's just a nice little extra. <BR> <BR>Fleet is primarily a commercial bank, and they give the impression that they don't want consumer accounts. In Massachusetts they now charge $3 just to talk to a teller. Shame on them. I'm sticking with Metrowest Bank.

Christina

I only used an ATM in Prague a couple times but there was no service charge whatsoever. I have never encountered a service charge from any foreign ATMs in Europe (I don't think they can do that, I'm not sure, but I think not, just as in US I don't think they charge fees to foreigners; my ATM has a sign on it clearly stating there are no ATM charges for foreign accounts). The only ATM fees I've ever had were from my own bank (who charges the same for any ATM outside their system, whether in US or abroad). So, I don't think there are any ATM service charges from Prague banks for using their ATMs. On the other hand, I have never heard of the SUM network and perhaps my experience is because my ATM card uses a more standard network (PLUS)--your post states that you know it doesn't depend on the network but then you say you have no fees if you use the SUM network, and you say your bank charges no ATM fees but then you say they charge a $1 transaction fee if you use the ATM, so I'm confused on that but maybe I read it quickly. My bank always itemizes the withdrawal from the ATM fee, so it is easy to know; my statement always itemizes fees for ATM withdrawals outside my network by date and location and it is their fee, not the foreign ATM's. I really wouldn't use a bank that had a $5 per transaction fee. Wow. In any case, I wouldn't worry about large ATM fees from Prague banks, but I don't think it's a good idea to withdraw a lot of small amounts in any case as you are making yourself a mugging target everytime you use one if you are visible to the public, which you usually are, and you are risking losing your card in some mistake (I almost lost my card in a PRague ATM).

Leslie

Christina, <BR> <BR>Thanks for your reply. My bank offers 2 types of cards -- a debit card and an ATM card. If I use the debit card, I don't incur any transaction fees with my bank, or banks that belong to the SUM network. My debit card can also be used in CIRRUS, NYCE and Plus networks too, but in those networks, with my debit card, I have to pay the bank who owns the machine a transaction fee (but no fee within the SUM network). However, if I use an ATM card in those networks, then besides paying the transaction fee to the bank that owns the machine, my own bank charges me a $1 transaction fee. Hope that clarifies my prior post. <BR> <BR>Leslie