Capital One 360 Card -- Fees for Cash Withdrawal?
 

Has anyone used the Capital One 360 debit card in Europe for cash withdrawals? I am thinking of opening an account but want to be certain there truly are no fees.
Thank you!

Don't they have terms on the website when you apply? I think that is legally required. I only have a regular Cap One bank account in a real brick-and-mortar bank, so can't say from personal experience, but I notice the website seems to clearly states up-front that the fee-free thing for this type of account is only for Cap One or Allpoint ATMs. Then it gives you a box to search for where those are. I presume none are in Europe. And the terms clearly state there is a foreign transaction fee charged by Mastercard.

Those online type of accounts are different from regular Cap One bank accounts like mine, as I don't have a foreign transaction fee.

Fees Purchase No Transaction Fee
Fees ATM ($400.00 per day limit) $10 or 3% + ATM + Int 24.99%

No fees on my Cap 1 World card.
That being said, look into the Barclaycard Arrival card, 40,000 points (after $1,000 in purchases) no foreign transaction fees. It has become my go to card for Europe.

If you want a fee-free debit card and you don't need a brick and mortar bank, look at Charles Schwab. No minimum balance, interest paid, and you can use any ATM anywhere in the world for free - if the other ATM charges fees, Schwab refunds them to you! You have to open a brokerage account with them too, but you don't have to fund it - mine has had a zero balance as long as I've had it. And they have absolutely awesome customer service.

I, like artsnletters, rely on my Schwab debit card. I like it that I can reduce any possible charges on it to 1 penny, so I use it just like a check card at ATMs and do not use it for purchases.

As artsnletters said, Schwab's customer service is outstanding. I did not know you could have a 0 balance in the brokerage account. That's amazing.

I also have two CapOne SAVINGS accounts (one has a plain ATM card and the other is an MC debit card) and one CAPONE no-foreign-transaction CREDIT CARD which I can use, along with a Chase Sapphire Preferred no-foreign-transaction CREDIT CARD.

ONE of my CapOne savings accounts does not charge at ATMs; the other now does. But darn it I have to ask CapOne people every time I travel which card that is. I just don't use them enough to remember because I so rely on the Schwab. The only time I actually use the CapOne savings account cards is if I have to withdraw massive amounts of money in one day.

<i>By way of explanation, I had to pre-pay three months of $$$ rent in Paris for my daughter in 2011 since she was not allowed to open a bank account and since wired transaction costs at the Paris end were just horrendous. That's when I opened up the Schwab and the two CapOnes in both our names. We looked like drug dealers as we hopped from ATM to ATM collecting cash. But we were able to pull out thousands with the three cards within 1/2 hour, and we were darned pleased with ourselves. The landlord was not as pleased:)</i>

The Schwab will refund any ATM charges up to $40 or $45 a month, I think.

I have heard also good things about the Charles Schwab card, thanks artsnletters. I am glad to hear you have been happy with your debit card and will look into it. A happy customer who uses their card was exactly what I was hoping of find here! I was unsure about needing a coexisting brokerage account but it sounds like that isn't a big issue.

I think the Barclaycard and Cap 1 World cards are credit cards? I do have a Cap 1 Credit card but am now looking at a new debit card as my bank has raised their fees for cash withdrawals. Every little bit of savings helps!

AlessandraZoe, I was composing my response as you posted. Thanks also, for your input. I love the image of you and your daughter dashing between Parisian ATMs and showing up with a huge wad of cash to pay the landlord!

By the way, I was once at a bank here in California and I am pretty sure I was behind drug dealers as they deposited an enormous amount of cash. The bank teller looked very nervous and these customers had an intimidating appearance. Somehow, I think you and your daughter likely looked more reputable!

US law requires them to disclose this information. Get it from Cap One.

I did actually read it on the Cap One website, I'm not sure what hpeabody is posting, those look like the fees for cash advances on credit cards. The website says the daily limit is $1000.

this is what it says about the 360 checking acct
<<We think you should have instant access to your cash without paying to get it. That's why 360 Checking® lets you tap over 38,000 fee-free Allpoint® ATMs and 2,000 Capital One® ATMs. >> In the acct disclosures:
<<on trasaction limits.... This does not include withdrawals from an ATM. Withdrawals from an ATM made using a 360 Checking Card are limited to $1,000 per day.>> and

<< Transactions made with your Card in foreign currencies and transactions that are classified by MasterCard® as "cross-border transactions" (generally, transactions that are processed outside the United States) are called "foreign transactions." If a foreign transaction is in a foreign currency, it will be posted to your account in U.S. Dollars. The exchange rate between the foreign currency and U.S. Dollars is a rate selected by MasterCard®. Basically, here's how MasterCard® calculates the exchange rate: they usually start with either a government-mandated currency rate or a wholesale rate as of the day your foreign transaction is processed (i.e., not the date you made your purchase and not the date your purchase is posted on your statement). Once they have that rate, they add their own adjustment factor to it.>>

Thanks, Christina.

I did plan to call Capitol One to be certain I understood the benefits/limitations of the card. I was really wondering if anyone here was using this card.

Since artsnletters and AlessandraZoe have been happy with their Charles Schwab cards and the customer service provided, I am now thinking I will go that route.

I just received my capitalone 360 debit card and with it the paperwork states No Foreign transactions fees.. It states for purchases but nothing is said about withdrawals of funds...

I just posted and called Capital one 360, they stated no Foreign fees for purchases or withdrawals of funds at ATM outside the USA. But, the owner of the ATM might charge their fee and will advise you what it is before you accept to make a withdrawal...

I called Capital One 360, and here's what I found out as of March 26, 2015:

Capital One 360 does not charge *their own* ATM fee for foreign ATMs. However, the ATM vendor that you are using may charge a fee.

Capital One 360 does not charge *their own* foreign transaction fee. However, Mastercard may charge a 1% currency exchange fee.

I used this ATM card in the UK and France-- there are no fees.

Foreign ATM withdrawals apparently use the Master Card system to process withdrawals from one's Capital One 360 checking account. But their statement that Master Card MAY charge a 1% currency exchange fee is extremely vague!
Do they or do they not charge the 1% fee, likely hidden in the conversion rate, when drawing funds from ATM's at banks in Europe?

As a follow up to my question, Capital One 360 responded that it is totally up to their Master Card clearing house as to whether the 1% fee will be charged on a european bank ATM withdrawal. Capital One has no control over this. The fee is "hidden" in the conversion rate used to convert euros to the dollars debited to one's 360 checking account.

I've been planning on using my Cap One 360 debit card in Johannesburg South Africa and Paris. However, Cap One uses the Allpoint network and checking that, they don't have ATMs in either location. I assume that means the ATM's bank in those locations is going to charge me. Is that others' experience? Thanks,

My experience (2014): No charge in France for using Cap One 360 debit card, from any bank ATM. (not the independent ATM's, must be a bank)

Bookmarking -- looking into a Cap One 360 account for a future trip... If the fee is as "high" as 1% it sounds like a bargain compared to the 3% foreign conversion my bank charges.