avoiding ATM fees
 

I have both a Citibank and a Chase debit card through different bank accounts, and it seems like the fee is 3% for either of these accounts to withdraw foreign funds. I'll be traveling (assuming no BA strike drama) to Paris and London after Christmas, and I'm wondering if there's any way or any banks that avoid these fees? I seem to remember not having a problem in the past with a past HSBC account or my Bank of America account through Barclays, but these are no longer active.

I also have an ally account, but just the savings.

Thanks!

Only way to avoid the fees is to not use them.
I set up a checking account at a credit union that has lower fees and use it when traveling abroad.

Pages 2 & 3 of this link show cc and ATM transaction fees. Up to date as of April, '09.
http://www.bankrate.com/finance/cred...on-fees-1.aspx

I also use my credit union ATM card (for cash) and my credit union issued credit card (only to charge purchases).

Probably too late to set up anything else. The 3% is not an uncommon fee and often a $5 fee is added for using a non-bank owned terminal. But each card issuer determines there own fee structure. I use a credit union that does not add any fees beyond the 1% network fee. That is fairly common with credit unions. It is report (no experience) that a Schwarb checking account does not and may even refund the 1%. Capital One has a similar arrangement. And I am sure there are others but you have to shop around. The some Capital One credit cards do not charge the conversion fee either. So that is my credit card of choice in Europe. You debit card in Europe has to be tied to a checking account. Very rarely will you see a choice between savings and checking.

Thanks; yes, I have a CO credit card for this reason, and you are right, it is too late. I'll try to limit my cash withdrawals then, I guess, and charge as much as possible.

And, yes, based on past experience it seems that savings only will not work, so that rules out Ally.

Not much else to add except have a nice trip, JoeTro!

If you already have a Capital One card then you're set. They don't charge for ATM withdrawls.

ATM withdrawal: 0% Retail customers
Credit card purchase: 0%
Debit card purchase:0%
Credit card cash advance: 0%
Fees charged even if transaction is in U.S. dollars?: No

Amwosu, are you recommending use a Capital One credit card at an ATM to withdraw cash? If so, that is a bad idea since it will incur lots of fees. Capital One debit difference from their credit card.

<<JoeTro on Dec 16, 09 at 9:59pm : ...I'll try to limit my cash withdrawals then, I guess, and charge as much as possible."

Using a CC to charge does <u>not</u> mean you won't get hit with all kinds of fees. Check the fees on your CC, compare with debit/ATM card fees. It may be better to withdraw the max amount of cash at an ATM than to use your CC.

Ah, gotcha. My mistake and bad advice. I always use a debit card for ATM withdrawls and a cc for purchases but when I saw the 0% ATM withdrawl charge for CO cc I didn't realize other charges would still be charged.(slinks off to my little hole).

Seamus, I'm confused about the Capital One credit card thing (not the sharpest tool in the block for sure). The link below, which is what I posted earlier shows CO having a 0% ATM withdrawl charge and a 0% credit card cash advance fee (pg 2 of link). http://www.bankrate.com/finance/cred...on-fees-1.aspx

I thought between no cash advance charge and no ATM charge there would be no fees accrued for using the CO credit card at an ATM.

What are the fees that will accrue if not an ATM or cash advance charge? What are the hidden fees they aren't listing on the chart?

I don't currently have a Capital One credit card but have been considering getting one for international travel purposes. I've resisted doing so in the past because my international travels are only every couple of years and I really hate having additional accounts to deal with.

I was hoping I wouldn't need both a Capital One cc for purchases and a CO debit card for ATM withdrawls to avoid all the charges associated with international charges. Thanks for helping me.

>>>I thought between no cash advance charge<<<

I think you are talking about two different things. While there may not be a set fee to process a cash advance such as $5 or 3% as you are making the withdrawal, they will charge interest on the money (usually at a high rate) from the day of withdrawal. Many cards will do both.

Ahhhhh, the dull knife gets it. Thanks.

Credit cards are CREDIT, that's the difference. It isn't like taking money out of your own bank account, taking cash on a CC is like taking out a very expensive short-term loan, they aren't going to give you money for free for your use. As far as I know Capital One has cash advance charges, they certainly do.

I don't know where you got the info that CO gives free cash advances, that would be giving money away, as people could take out lots of money free and then pay it back, and make money off the "float", so to speak. This is right from the Capital One website, as the terms for their Visa credit card for folks with "good credit":
<<Cash advance fee: 3% of amount of the cash advance, but not less than $10>>

It appears that zero pct cash advance you are quoting from bankrate referred to the currency conversion fee, that's all, not the fee for the advance itself nor for the interest.

"I don't know where you got the info that CO gives free cash advances"

This is where I got the idea. http://www.bankrate.com/finance/cred...on-fees-2.aspx

I did see that on Capital One's website they charge a 3% cash advance fee but on the link above concerning currency conversion fees Capital One is listed with a 0% cash advance fee whereas every other card lists a fee or say "Their regular cash advance fee applies; no additional charges" or "Standard 3% as with any other cash advance."

Since Capital One did not say "standard rates apply" or "The foreign currency change rate fee is 0% plus 3% for each transaction" I thought there was a 0% fee as stated.

I do now understand, thanks to kybourbon, that interest starts on the cash advance the moment the cash is withdrawn. Apologies for my denseness.

Joe...do I recall correctly that in your thread on Berlin, you visited the Max Liebermann villa in Wannsee. Next door, the Wannsee Conference House is located...I visited both "homes" in 2005. The Conference house is one of the most chilling holcaust sights in the all of Europe, IMO. I'm quite sure you know the story behind it's being the cornerstone of the holocaust.

My dear friend, Barbara Gilbert, once a curator of the Skirball Museum in L.A., is devotee of Liebemann's work, and she presented a Liebermann exhibit two years ago. Over the years she has made numerous visits to Berlin and the villa. I have Wannsee Conference House pix if you'd like to see them.

stu tower
L.A. [email protected]

addenda:

...along similar lines here are some pix of the Chagall window in Sarrebourg, France

http://picasaweb.google.com/stuartto...owsFrance2006#

Joe...sorry to have broken into your thread.
stu