Banks that reimburse ATM fees and charge no forex fees?
 

Hi,

I'll be spending a lot of time overseas next year and am looking to open an account at a bank that does not charge foreign exchange fees when I withdraw money from overseas ATMs and that will also reimburse the foreign ATM fees. If anyone has a recommendation, please let me know. Thanks!

It would be helpful to know where you live now. There might not be much point recommending California banks if you are in New York, or vice versa.

Also, does "spending a lot of time overseas" mean you will be traveling in many different countries or temporarily living abroad? If the latter, especially if in the Eurozone, you might want to open a bank account there.

Don't know where you are, of course, but my local bank here in Texas does not charge forex fees and only $1 per ATM transaction. I can't speak to other countries but Ireland and Northern Ireland banks ATMs don't have fees. ATMs not associated with banks (in convenience stores, for example) may or may not have fees.

So you might check with local independent banks and also credit unions as they often have good deals.

Thanks. I live in Massachusetts and will be traveling to several different countries in Europe and Asia.

Scroll down to the chart and perhaps you can find a bank for your area.

http://www.flyerguide.com/wiki/index...reign_Exchange

I have an account with Capital One that meets your requirements - don't know whether it's available where you are. I live in NC, but I know you can't get the account I have if you live in Manhattan!

Check your local Credit Union to see what they offer in terms of foreign transactions on your ATM and Visa card.

European banks will not charge you a transaction fee for taking out money.

FOREX is the overnite currency exchange rate we trade off of

st forex.com daily rate varies www.coinmill.com

I think you mean "foreign exchange/transaction" fees

capitalone.com Venture in the US my fav for this

double points no FE fees www.everbank.com of banks best

Varies by country though so do careful reasearch.

Do be aware that ALL ATM withdrawals are treated as

cash withdrawals from DAY of withdrawal so I go online

right away pay it off so no high interest charges.

Transactions pay off in full at the end of each month

get double miles with Capitalone.com VISA works GREAT for me.

Can dispute/reverse any transaction 0% liability.

Debit cards I never travel with too many fees "skimming"

and 100% liability a good PIN thief can clean u out...

So Caveat Emptor!

qv - once again, you failed to read the question. The OP is asking for a BANK ACCOUNT, not a credit card.

We use our Charles Schwab account. There are no foreign transaction fees and when I make a withdrawal from an ATM they reimburse me for the ATM fees.

I use Capital One Bank and I love it. They pay a lot more interest than B of A (my former bank) and they reimburse any ATM fees up to $20/month, both at home and abroad. They also charge no foreign exchange fees for both the debit and credit cards.

USAA Bank. Given their roots in serving military personnel, it was designed with the mobile customer in mind.

https://www.usaa.com/inet/pages/bank...D=VURL_banking

IMO, they offer the best customer service of any company I have ever dealt with in any industry. Plus, top-notch online tools, including remote deposits of checks using either a scanner & computer, or by using an iPhone or Android phone.

I'll throw out a related question/caveat.

If a bank does nto charge a Forex fee,does that mean that withdrawals in foreing currencies are "free"?

I ask based on what some exchange bureaux do...no fees, but they sway the exchange rate to their advantage..in essence, they still get their fee, just differently.

Someone here can also speak more intelligently on how some American banks have arrangements with european banks in regards to customer costs of using their networks.

Michel- you are right to question the "no fees" terminology. I have seen posters say that they got Euros here in the states from their bank with no fees. The exchange rate was, however, several percentage points above the posted rate. When I compare the Charles Schwab exchange rate for foreign transactions on my debit card, I can see that it is very close to the posted rate - so they appear to be truly "free". But you do need to ask the question and look carefully at what is given to you. Tell you truth, when I did question my Schwab rep they said their transaction fee was 1% but again, when I actually compare it to historical rates found online it looks like it is 0% - perhaps the amount is so small that I really can't see it.

Michael, that is a good question but I made the comparison after my last trip and it does look like I paid nothing or very little for those withdrawals. I know it goes against logic that this service s/b free but it looks that way to me.

Thanks, all. I've narrowed it down to Capital One, Schwab, and USAA. None of them has strong presence in Massachusetts, so I have to select one with good online tools and customer service over the phone.

Does any of these banks allow international wire transfer to be initiated online? My current bank (Citi) allows that and I use that feature from time to time, so if my new bank has that feature, I can close Citi.

Another vote for USAA. Don't worry about them not being there in MA. They are based out of TX and don't have branches like a typical institution. Their online tools are excellent, and their customer service over the phone is absolute tops! I sound like an ad for them,lol, but rest assured it is only from using them for years.

Out of curiosity, why do you need wire transfers?

From my experience, the cheapest international transfer of money can be done through http://www.xe.com/fx/

>>>I ask based on what some exchange bureaux do...no fees, but they sway the exchange rate to their advantage..in essence, they still get their fee, just differently.<<<

Some banks waive such fees as an incentive to attract business. They are not tacking it on in a higher exchange rate. You can always look at the rate the bank charged you on the currency converter websites such as Oanda or XE. You use the history function to find the actual interbank rate for the date you made the transaction. Many US credit unions don't charge many of these fees to their members. For years, my credit union charged no foreign transaction fees and I was always charged the exact interbank rate. A year or two ago, they started charging 1%. This is added at the end of my statement as a separate listing for each transaction.

Is USAA FDIC? I don't see any insurance logo on their website.