Capital One 360 Card -- Fees for Cash Withdrawal?
Sep 1st, 2015, 04:23 AM
#21
Join Date: Oct 2013
Posts: 7,963
Likes: 0
Received 0 Likes
on
0 Posts
I can't understand this obsession with finding a card for cash withdrawals that has no fees. How much cash do you people use on vacation? I use my credit card for hotels and restaurants, and for major purchases. I rarely withdraw more than €500 a week when on vacation. A 3% fee would be €15 a week, or €10 on top of the 1% fee you really can't avoid, because nobody gives out money for free. It's hardly worth the time and energy required to find a better card and change banks. If you rent an apartment and need to pay cash (which, by the way, is illegal in Italy unless the transaction is less than €1000) your fees might be higher. Let's say you need €3000 in cash for an apartment rental. That would be €90, or €60 on top of the unavoidable fee, still a drop in the bucket compared to the cost of your vacation, and far less than the amount that people waste on mediocre tours, 1st class train tickets for short trips, unnecessary tips, and the like.
I live in Italy, but my pension is deposited in a bank in the US. It's a credit union, but not one of those with low fees. I use this bank for convenience, for personal reasons. I pay something like 3% every time I withdraw money, but it's less than what I spend on cappuccinos in my local bar.
Many restaurants add a 10% service charge to their bills, but I never hear anyone complain about it or do in-depth research to find restaurants that don't do this. And yet I'm sure that it costs most tourists more than the ATM fees. If you buy tickets to the Vatican Museums online, you pay a €4 reservation fee per ticket, 20% of the cost of the tickets. You could avoid this by standing in line to get your ticket. It would waste half and hour or more of your time, but that's nothing like the time it would cost to research a new card, read all the fine print, ask and absorb advice on a travel forum, and go through the hoops of opening a new account.
Is this just another of those fad issues that tourists latch onto to prove they're sophisticated travelers?
I live in Italy, but my pension is deposited in a bank in the US. It's a credit union, but not one of those with low fees. I use this bank for convenience, for personal reasons. I pay something like 3% every time I withdraw money, but it's less than what I spend on cappuccinos in my local bar.
Many restaurants add a 10% service charge to their bills, but I never hear anyone complain about it or do in-depth research to find restaurants that don't do this. And yet I'm sure that it costs most tourists more than the ATM fees. If you buy tickets to the Vatican Museums online, you pay a €4 reservation fee per ticket, 20% of the cost of the tickets. You could avoid this by standing in line to get your ticket. It would waste half and hour or more of your time, but that's nothing like the time it would cost to research a new card, read all the fine print, ask and absorb advice on a travel forum, and go through the hoops of opening a new account.
Is this just another of those fad issues that tourists latch onto to prove they're sophisticated travelers?
Sep 1st, 2015, 06:28 AM
#22
Join Date: Dec 2009
Posts: 1,904
Likes: 0
Received 0 Likes
on
0 Posts
bv: The 1% is on top of the 3%, plus many also have to pay a flat $5 per transaction. So 4% plus $5 is not nothing, on the other had it is probably less than $100 per trip.
As I stated on another post, I was not able to discern that the 1% was being charged by Mastercard for withdrawals in Italy anyway. All 4 withdrawals seemed to be just about service charge free.
Also, the 4 euro reservation fee for a child under 18 who enters for free is a lot more than a 20% surcharge, and annoying, but I paid it anyway.
As I stated on another post, I was not able to discern that the 1% was being charged by Mastercard for withdrawals in Italy anyway. All 4 withdrawals seemed to be just about service charge free.
Also, the 4 euro reservation fee for a child under 18 who enters for free is a lot more than a 20% surcharge, and annoying, but I paid it anyway.
Sep 1st, 2015, 07:24 AM
#23
Join Date: Apr 2005
Posts: 4,986
Likes: 0
Received 0 Likes
on
0 Posts
I haven't noticed a 4% fee but my bank does charge $5 plus that 3% conversion fee when I don't use a "partner bank." So, I'd like to ditch the $5 dollar charge and save a bit while I'm at it.
I suppose that bvlenci is right that in the scheme of things it doesn't total up to all that much... it's something of a head game.
I suppose that bvlenci is right that in the scheme of things it doesn't total up to all that much... it's something of a head game.
Sep 1st, 2015, 09:03 AM
#25
Join Date: Oct 2008
Posts: 2,556
Likes: 0
Received 0 Likes
on
0 Posts
bvlenci--I'm not disagreeing with you about "how big a deal is this?" regarding a decent ATM fee.
The fee DID come into question when we were having to pay rent in cash more or less under-the-table overseas.
Otherwise, compared to other purchases, ATM fees are something you can write off, as you say, to convenience. My husband is still willing to use his regular check card overseas and could care less about the few dollars per transaction.
In his mind, "This works. I'm not gonna worry." And he checks EVERY restaurant check, so it's not like he disregards the cost of things.
The 3% foreign transaction fees, however, for credit cards, I am the one who blissfully wrote off for years until one day I examined what that was costing me. Whoa! Cap One and I became fast cc friends.
DCC (or for anyone who has not witnessed our rants here on the forum--Dynamic Currency Conversion) is something I am VERY unwilling to pay because it's an outright con.
The fee DID come into question when we were having to pay rent in cash more or less under-the-table overseas.
Otherwise, compared to other purchases, ATM fees are something you can write off, as you say, to convenience. My husband is still willing to use his regular check card overseas and could care less about the few dollars per transaction.
In his mind, "This works. I'm not gonna worry." And he checks EVERY restaurant check, so it's not like he disregards the cost of things.
The 3% foreign transaction fees, however, for credit cards, I am the one who blissfully wrote off for years until one day I examined what that was costing me. Whoa! Cap One and I became fast cc friends.
DCC (or for anyone who has not witnessed our rants here on the forum--Dynamic Currency Conversion) is something I am VERY unwilling to pay because it's an outright con.
Sep 1st, 2015, 11:07 AM
#26
Join Date: Aug 2015
Posts: 2
Likes: 0
Received 0 Likes
on
0 Posts
joan, thanks for the info.
bv, a couple of obvious points:
1) you don't know anyone else's trips, so you can't know how large or small their cash needs.
2) if your bank or landlord or any other business you deal with regularly charged you 3% + $5 every month, would you be saying "big deal?"
My banks have made plenty off me on the float and other fees charged local businesses over the years; I've got no need to apologize about not wanting to pay them a lot more, relatively speaking, for an extremely low cost transaction (averaged out). So yes, it is a big enough deal to do something about. Plus in this case, my main checking account bank, which has been making plenty on me over the years, turns out not to email customers if there's a problem with their cards, but only makes a robot call to the home phone, which doesn't help much from another continent. So after all these years using Cap One as a savings only account, why not get the benefit of using their debit card?
bv, a couple of obvious points:
1) you don't know anyone else's trips, so you can't know how large or small their cash needs.
2) if your bank or landlord or any other business you deal with regularly charged you 3% + $5 every month, would you be saying "big deal?"
My banks have made plenty off me on the float and other fees charged local businesses over the years; I've got no need to apologize about not wanting to pay them a lot more, relatively speaking, for an extremely low cost transaction (averaged out). So yes, it is a big enough deal to do something about. Plus in this case, my main checking account bank, which has been making plenty on me over the years, turns out not to email customers if there's a problem with their cards, but only makes a robot call to the home phone, which doesn't help much from another continent. So after all these years using Cap One as a savings only account, why not get the benefit of using their debit card?
Jul 11th, 2017, 11:56 AM
#29
Join Date: May 2007
Posts: 49,521
Likes: 0
Received 0 Likes
on
0 Posts
If you want no fees for transactions just buy as much as you can using your Visa or Master Card. You will get the best exchange rates from your bank when you get your statement.
Some countries like Norway (for example) are almost completely cashless.
Some countries like Norway (for example) are almost completely cashless.
Jul 11th, 2017, 02:23 PM
#30
Join Date: Apr 2005
Posts: 4,986
Likes: 0
Received 0 Likes
on
0 Posts
Here's my report: since I last posted on this thread, I went ahead and opened the Capital One 60 account and started using their atm card exclusively while overseas. I've never had it rejected (over 3 trips so far) and since I turned on text alerts, I receive a text stating exactly how much was deducted from my account after withdrawing from an atm and what the current balance is.
Additionally, I don't have to keep searching for a Barclay's or Deutsche Bank.
Here are some examples:
on June 8, 2017 the DKK was 6.6299 to $1 on xe.com.
I withdrew 400 DKK and $60.65 was deducted from my account for a rate of 6.5952, so I was charged roughly 32 cents for the withdrawal. (As Nanabee said, they don't require cash much there.)
On 6/11/17 I deducted 300 euro ($335.85) and was charged a total of $1.08 difference between exchange rate received and exchange rate on xe.com.
On 6/20/17 I deducted 300 euro ($333.75) and was charged $2.60 as the difference in rates.
6/24 I deducted £200 ($254.28) and charged 41 cents difference in rates.
At BoA or Chase I would have been charged $5 (insult) for each transaction, plus an additional 3%, (injury) so I'm a pretty happy camper using Cap One for my travel funds. As always, YMMV.
Additionally, I don't have to keep searching for a Barclay's or Deutsche Bank.
Here are some examples:
on June 8, 2017 the DKK was 6.6299 to $1 on xe.com.
I withdrew 400 DKK and $60.65 was deducted from my account for a rate of 6.5952, so I was charged roughly 32 cents for the withdrawal. (As Nanabee said, they don't require cash much there.)
On 6/11/17 I deducted 300 euro ($335.85) and was charged a total of $1.08 difference between exchange rate received and exchange rate on xe.com.
On 6/20/17 I deducted 300 euro ($333.75) and was charged $2.60 as the difference in rates.
6/24 I deducted £200 ($254.28) and charged 41 cents difference in rates.
At BoA or Chase I would have been charged $5 (insult) for each transaction, plus an additional 3%, (injury) so I'm a pretty happy camper using Cap One for my travel funds. As always, YMMV.
Aug 22nd, 2017, 11:17 AM
#32
Join Date: Aug 2017
Posts: 1
Likes: 0
Received 0 Likes
on
0 Posts
Trophywife007, I think you also forgot the fee charged by the atm. You could easily be looking at $13+ dollars per withdrawal.
I don't get why folks like bvlenci only see from one perspective or frankly care about other people's choices/reasons. I have traveled Europe a lot and when I do I never need to use ATMs, even in so-called "cash countries" like Italy, but I am traveling to Japan/South Korea and I will be gone for three weeks. Japan is truly a cash country with very few places excepting card. I travel alone and I don't like the idea of carrying large amounts of money in cash. That is why I want a debit card to use with little to no fees.
1% is incredibly reasonable and with exchange rate fluctuation hardly negligible.
I don't get why folks like bvlenci only see from one perspective or frankly care about other people's choices/reasons. I have traveled Europe a lot and when I do I never need to use ATMs, even in so-called "cash countries" like Italy, but I am traveling to Japan/South Korea and I will be gone for three weeks. Japan is truly a cash country with very few places excepting card. I travel alone and I don't like the idea of carrying large amounts of money in cash. That is why I want a debit card to use with little to no fees.
1% is incredibly reasonable and with exchange rate fluctuation hardly negligible.
Aug 22nd, 2017, 12:07 PM
#34
"you also forgot the fee charged by the atm. You could easily be looking at $13+ dollars per withdrawal."
Capital One refunds fees charged by foreign ATMs, if any. And where did you get the idea the fee could be $13?
A debit card is much less secure.
I was in Japan and South Korea last year, and not just in Seoul, Tokyo and Kyoto. I was able to use a credit card much of the time. If a place won't take a credit card they probably won't take a debit card either.
Capital One refunds fees charged by foreign ATMs, if any. And where did you get the idea the fee could be $13?
A debit card is much less secure.
I was in Japan and South Korea last year, and not just in Seoul, Tokyo and Kyoto. I was able to use a credit card much of the time. If a place won't take a credit card they probably won't take a debit card either.
Aug 25th, 2017, 03:40 AM
#36
Join Date: Oct 2008
Posts: 2,556
Likes: 0
Received 0 Likes
on
0 Posts
Thursdaysd--
I have said this before, but it may be helpful to repeat:
My Schwab debit card can be reduced to 1 penny for use as a credit card, while I can increase its ATM withdrawal to thousands. That fact alone has been a lifesaver for overseas apartment rentals, etc where cash is king but where I am frightened about the card's being stolen.
Nanabee--I really love dealing with Schwab. I get to talk to real people when I call before I travel, and I often ask for their advice on what I should do in certain circumstances. And they actually know stuff, unlike my bank, whose reps have frequently told me that my vanilla non-Visa checking card would not work in ATMs overseas (wrong, wrong, wrong). In fact, the bank personnel are so uninformed that I don't bother notifying them when we travel now. AND THE ATM CHECK CARD STILL WORKS.
In reality, though, I use my Cap One accounts as my back-up for cash withdrawal.
AZ
I have said this before, but it may be helpful to repeat:
My Schwab debit card can be reduced to 1 penny for use as a credit card, while I can increase its ATM withdrawal to thousands. That fact alone has been a lifesaver for overseas apartment rentals, etc where cash is king but where I am frightened about the card's being stolen.
Nanabee--I really love dealing with Schwab. I get to talk to real people when I call before I travel, and I often ask for their advice on what I should do in certain circumstances. And they actually know stuff, unlike my bank, whose reps have frequently told me that my vanilla non-Visa checking card would not work in ATMs overseas (wrong, wrong, wrong). In fact, the bank personnel are so uninformed that I don't bother notifying them when we travel now. AND THE ATM CHECK CARD STILL WORKS.
In reality, though, I use my Cap One accounts as my back-up for cash withdrawal.
AZ
Aug 25th, 2017, 05:06 AM
#37
AZ - that's interesting, but I don't know whether that is standard with debit cards since I don't use one.
Was the bank with the bad info Wells Fargo? They tried to tell me that too. One of several reasons I left - I was only there because they bought Wachovia.
Was the bank with the bad info Wells Fargo? They tried to tell me that too. One of several reasons I left - I was only there because they bought Wachovia.
Aug 29th, 2017, 05:35 AM
#38
Join Date: Oct 2008
Posts: 2,556
Likes: 0
Received 0 Likes
on
0 Posts
No, the bad bank was PNC, but we did not leave them. We still use that checking account, but I dropped their debit card eons ago. I still use my plain ol' check card--and I am reminded by them every year why I am "wrong". Now I don't bother to argue. The day my check card stops working in the ATM will be the day I am wrong.
But again, even though the check card works overseas, we most use the Schwabbie and Cap One for cash. In answer to your other question, I think the Schwab debit is unique in the manner in which you can tweak the debit's credit ability down to almost 0. I know we could not do that with our Cap One debit.
But again, even though the check card works overseas, we most use the Schwabbie and Cap One for cash. In answer to your other question, I think the Schwab debit is unique in the manner in which you can tweak the debit's credit ability down to almost 0. I know we could not do that with our Cap One debit.
Thread
Original Poster
Forum
Replies
Last Post
NinaSearching
Europe
11
Nov 30th, 2010 01:12 AM
