Nikki

Jill, that is correct. I was addressing the feature of the rebate of ATM fees, and how that does not apply in Europe. So that the limit on the number or amount of them attached to some of the types of Schwab checking accounts is irrelevant if you are using the card in Europe.

ellenem

I have used my HSBC debit card successfully in Europe. The only time I had slight difficulty with it, I had typed in a withdrawal amount of my choosing and the transaction would not go through. I cancelled the transaction and retrieved my card an paused--AHA! I tried again at the same machine, this time using the highest listed withdrawal. Success!

I suspect that in choosing my own amount to withdraw, I may have exceeded the per-transaction amount in calculating the exchange rate. Since my bank doesn't charge me a withdrawal fee for foreign transactions, now I always choose one of the preset amounts listed.

Nikki

Jill, as I said above, the Schwab card uses the same rate as other debit and credit cards, but it does not add the currency conversion fee that most of the others add.

JillDavis

I AM SO EXCITED ABOUT THIS SCHWAB CHECKING ACCOUNT! I don't know why anyone would use anything else and pay foreign transaction fees!

Christina

If you want to bank with Schwab, sounds like a good deal. I don't. I have a local community bank not far from where I live where I can easily go for any problems, to deposit checks, get money, etc. Also, because I have a certain amt of money in there, I am a premium customer and get various things free (like I can get travelers checks free, and various other services, like cashiers checks, etc., and no ATM fees out-of-network).

Now I have never encountered one, but lots of places offer no ATM fee cards and it simly means their own fee, not that there can be no fee on the other end. I don't think any place guarantees that (except my bank, actually, as because I have that premium account, they even refund any fees from the ATM, like those expensive private ones you find in some places in the US). US banks can charge fees to US customers, also, and mine refunds those (I mean US banks are allowed to charge ATM fees to customers from other banks if they are American, they can't to foreign cards, just like in Europe they can't charge fees for foreign cards). So I presume Schwab won't refund any fees from banks/ATMs except in Europe?

JillDavis

Schwab will refund any ATMS fees, no matter where the place. America, Europe, etc....

Nikki

Christina, Schwab does refund ATM fees imposed by ATMs in the US that charge them. It does mean there is no fee on the other end. In Europe it does not have to refund fees because there aren't any.

I opened my account there for the sole purpose of using it in Europe (and as an incidental bonus, at ATMs in the US that charge a fee). My ATM card from my local community bank started charging a foreign exchange fee a couple of years ago so I got the Schwab one. I still go to my local bank for all the things you mention.

JillDavis

Nikki - so even in those European ATM machines in hotels, airports, and retail stores that charge an ATM fee, Schwab will refund those as well?

Christina - I still am keeping my Bank of America checking account. I am just using this for travel.

Nikki

I don't know about private ATMs in Europe, I steer clear of them everywhere. But the ones in airports are usually bank ATMs and I do use those.

JillDavis

I just got off the phone with Schwab and they said that they refund ALL ATM fees, even the fees imposed by Europe. (which is RARE, but in the rare case of an ATM in a hotel, retail, etc)

Paul1950

We have a checking account with PNC bank here in the USA. They charge us no per-transaction fee for ATM withdrawals and refund any per-transaction fee from any non-PNC ATM worldwide. The refund is automatic.

Do watch out for non-bank ATMs (private ATMs): apparently in many countries (if not all), they can set their own exchange rate. We saw this in a hotel in Toronto--someone used the private ATM in the lobby and was quite upset when she didn't get nearly as many Canadian dollars as she thought she would. We figured out with her that she had paid almost a 15% premium for the convenience of using the lobby ATM.

anjgupta

If one has the Charles Schwab credit card (with no foreign trans. fees) - would the benefit of also having a checking account with them (and, thus an ATM card) be to have access to cash?

Are the benefits the same (credit card and ATM) for the Charles Schwab accounts discussed above - as far as foreign transaction fees? That is, charging an item or paying with cash withdrawn from an ATM (noting the limitations on number of withdrawals per month) would require the same total outlay of money?

Thanks - I'm new to the idea of using ATMs abroad and even avoid them in the US due to fees.

Nikki

I don't know about the Charles Schwab credit card, I only have the debit card. In order to do that, I opened a checking account.

Why would you avoid ATMs in the US because of fees? You can almost always easily find a bank where you don't have to pay ATM fees. And if you get and use the Schwab card, there are no ATM fees.

janisj

Jill -- BofA doesn't charge any ATM fees if you use their partner banks in Europe.

MLF611

"When I go to Europe, I ususlly have some euros from my last trip, so I don't have to get money right away."

We do the same. We make sure we finish our trips with the equivalent of $100 - $150 in euros in mixed bills plus some change. On the next trip, we don't have to stand in line for the ATM machines, don't have to worry about ATMs that are out of cash (it DOES happen) or will only give large bills.

It's not a huge amount of money but it's very convenient to have it available as soon as we arrive. There are enough lines to deal with on transatlantic travel--check in, security, boarding, getting off the plane, passport control, we don't need an ATM one as well.

Susielou

Wow ! I`m taking a trip overseas later this year.Does anybody know if there is an Australian version of the Charles Schwab card?

enlehman76

Take some cash with you but you really won't use it and exchanging money is $$. Get a Capital One credit card....we use it for all our overseas trips with no foreign transaction fees. Excahnge some of your cash at the hotel or at the airport before you leave...really depends where you are going and what you are spending money to know what is best for you.

Susielou

enlehman76,I am Australia going o`seas Capital one is USA based,yes?

Peter_S_Aus

Susielou, we have used ANZ bank travel cards, which are a Euro denominated debit card. Take a look at anz.com, and maybe they will suit you. No currency exchange fees, and I think a 1 Euro charge for ATM withdrawals. No charge for conventional merchant transactions.

You can top the card up as you go using bPay.

Susielou

Peter-S-Aus. thank you I``ll check out the ANZ card.