Did you read the many posts since last year on this topic? USAA wins hands down re: fees.
M

annieladd -
Visa adds 1%
Bank adds 0%
Card issuer adds xx%

(very few banks actually issue cards; normally, they just use a vendor ie. MBNA, Providian, etc)

My Capital One imposes a 3% conversion fee along with the 1% by VISA.

I guess it depends on the card you have.

I have a Capital One "GO Miles".

Christina--what kind of Capital One card do you have?

Thanks,

Mary

mikemo: Just wondering why the USAA card is considered to have the best fees. (Could you be more specific?)

kelbert: I too have the Capital One Go Miles Platinum card, and was told that there is NO conversion fee whatsoever for foreign purchases. Maybe you need to call them to clarify...unless it is an issue of Platinum vs. non-Platinum cards?

Hi bettyo70--

Arrgghhh!! We all seem to be getting different answeres from the cc companies. I DID call Capital One and ask them! Maybe it is because I am in California....:-) Who knows!!

Hmm...maybe I'll call and ask someone else and see what tehy say.

Kelbert

I apologize for my atrocious typos. Dog was jumping up on me....had to go out the poor thing. :-)

There was a leaflet in my boss's CitiCard statement last month announcing additional 2% FINANCE CHARGE on foreign transactions. This leaflet did not mention currency conversion fees, but I wonder if they charge that as well.

I don't think these fees are NEW, I think the cc companies are just required to disclose them now, thanks to some class action lawsuits.

That's just my understanding of the issue.

Okay, called Capital One: They reiterated that they charge NO EXTRA FEE on top of the 1% charged by VISA. When I mentioned that other cardholders were told about a 3% fee strting April 1, Capital One said that everyone's account is different, so I recommend each person check what his/her current situation is. And, ask for them to PUT IT IN WRITING and MAIL THE FEE POLICY TO YOU in case you have problems later.

Furthermore, I was told by other travellers that BANK OF AMERICA does not impose ANY FEE on foreign ATM use. CAN ANYONE VERIFY THIS that currently uses Bank of America abroad? Because I would be happy to switch from Washington Mutual -- my current bank-- which told me of a $3/foreign withdrawal. (I live in NYC.)

Thanks!!

As I understand it, Bank of America has parternship agreements with specific banks in various European countries and when you use the ATM's of those banks, they charge no fee (although you have to check what exchange rate they use and some banks are surcharging ATM withdrawals with the same 2 or 3% additional conversion charge above the 1% international credit card charges who control the major shared teller networks).....

Incidentally, if you use a bank ATM, you will not be charged a fee for having the audacity to use a machine that is not your bank's which is a common practice in the US as the regulations of the shared teller networks prohibit such charges.

Thanks, xyz.

Hello Folks, I just called Citibank to inquire about their change in terms notice regarding foreign purchases. I was told the difference is now they will separate the finance charge from the purchase and put it at the bottom of the bill. The woman told me there has always been a charge, they are just making a separate charge now. I have to admit, I never read the fine print on my initial agreement. Does this sound like an answer fro anyone else's c.c. company? Thanks

i just called MBNA and they stated that they do not charge fees, but that mastercard adds 1%, over the Wallstreet quoted rate. He said the same applies to VISA (I have MBNA Mastercard)

Betty,

This is what the information I just received from my BofA branch:

I just picked up BofA's Personal Schedule of Fees, and in it I learned that as of February 14, withdrawals from an ATM in a foreign country will be charged $5, up from last year's $3. That's 5% on $100, which could be a normal withdrawal since ATMs are ubiquitous in large cities.

But if the money is withdrawn from a bank belonging to the Global ATM Alliance, no fee is charged. These banks are: Santander Serfin, Barclays, Scotiabank, Deutsche Bank, BNP Paribas and Westpac.

I might add that my local credit union is not charging any fee, and I will join just for my ATM withdrawals abroad.

I have a Capital One Platinum card.
I haven't received any notice from them that their foreign currency transaction fees have changed.
So I emailed an inquiry to Capital One. Their response and my original message to Capital One are pasted below.

<b> Dear Ms_______,

Thank you for contacting Capital One.

When you process a transaction outside of the United States, your account
may be subject to a one percent conversion fee charged by MasterCard or
Visa. Capital One does not assess additional processing fees to your
account.

Please respond to this e-mail if you have any additional questions.



Sincerely,

L. Forbess
eCorrespondence
Capital One Services(R)

Original Message Follows:
-------------------------

I am aware that VISA itself adds an additional 1% to the amount of each
purchase made in a currency other than USD.
What additional percentage fee does Capital One VISA add for purchases
made in foreign currencies? I am specifically inquiring about purchases
made in Euro and in Pounds Sterling.
Yours truly,
M______________ <b>

</b></b>

The credit card companies hide those
&quot;extra&quot; fees-No Kidding! So, cut those
cards up and call your company and
complain that you won't pay their fee!
They get what they want-so get another
card-now!

Just called Bank One and Bank of America. Credit or Debit check card - 3% fee (1% goes to VISA, 2% - to either bank). Every ATM transaction is subject to a 5$ fee, even if processed at the affiliate bank. Only free option - order cash in your local branch free of charge. Hope it helps, although I feel it's a highway robbery. Your 5000 USD vacation automatically turns into 5150 USD vacation with no benefit to you.

Michael,

Thank you for your research!

I am not currently in a credit union. Do you think it's worth it to join one just to save some $ on foreign ATM withdrawals?

And yes, Folks, it's worth it to find out which credit cards tack on these inane fees and which don't.

From what I understand: Capital One (my card), USAA and MBNA DO NOT CHARGE EXTRA FEES.

Citibank, Bank One and most others DO.

Betty,

It does not cost anything to join a credit union, but you have to be eligible by occupation or location. The one I will join just requires a minimum $100 deposit in a savings account.