After digging through ING's site, it appears that the ATM card they issue is a MasterCard and their is a 2% international transaction fee for international usage + additional MasterCard fees. So, I'm gonna use my regular ATM checking account. Drats! I was hoping in this electronic world I might find a better rate! Thanks anyway DebitNM.

There are a few on-line banks that have no chequing account fees, no mimimum balances, issue free debit cards (although I would prefer a vanilla ATM card but no matter), have no fees fort accessing YOUR money at an ATM and re-imburse you for the fee the other banks charge for having the audacity to use their machine to access YOUR money.

One example is Charles Schwab Bank. You do not need a Charles Schwab brokerage account. They have all of the above services. I believe they pass along the 1% visa foreign currncy conversion fee although I'm not sure if they do, it's no more than that.

Several other things to be aware of. If you use a bank ATM in almost all of Europe operated by one of the shared teller network (Plus or Cirrus), their regulations do not permit the owner of the ATM to charge any fee, the only fees permitted are those of your bank and as noted Charles Schwb Bank does not charge any fee. Privately owned machines may charge a fee but then you would be covered by the Charles Schwab reimbursment policy.

From what I've read, Capital One has begun to charge fees on its debit card transactions.

I did call Cap One recently to ask if the account had changed, since P_M had a change in her account and posted about it online. At THAT TIME, I was told my online checking account with no fees for ATM use nor monthly fees was intact. I will call again. We did realize at that time that there was a difference between the strictly online accounts [mine] and accounts in branches [P_Ms'] were different. Will also ask if my type account is still available and if so, how one gets to it. I will report back.

I would be really interested to hear back from the OP how she does it without using an ATM card. Get euro at home enough for the entire trip and carry it in a money belt? Are you at least willing to use a charge card?

I'm just having trouble picturing how this would work, in this day and age.

Bookmarking to see answer to Cap One overseas ATM question. I have both a CC and a Money Market account with it's ATM card, so I have an interest here.

ok - just got off the phone with Cap One. As of June 1st, ING Direct is handling their online banking, so the account I have is no longer available thru Cap One. Sorry...

Again my account was Online Direct Checking Account. I don't know about any other types of checking accounts. A quick phone call will answer questions about a specific account, the Customer Service rep. was very helpful.
[I also was able to verify that I still have up to $25 per month of ATM fees reimbursed and that there is still foreign fee for for ATM withdrawals. It will be 12 -18 months before my account sees any changes.]

I didn't ask about credit card, because I don't believe there was any change as a result of ING Direct acquisiton.

Wow, how timely. I opened my Capital One online checking account on 5/31. Hopefully I made it in just in time and like DebitNM, I will be able to use my card this summer without fees.

Thanks for checking, DebitNM. I'm just finishing a trip, and had been counting on not paying fees for my ATM withdrawals! Do hope the ING acquisition (news to me) doesn't mess things up.

I have a regular Cap One account, not online, so don't know those terms but think there is perhaps too much concern about an international ATM fee with Cap One cards, I think the more important thing you should care about is whether there is an international transaction fee and other terms regarding the bank account as that will add up to a lot more than a couple ATM fees. They don't have a foreign transaction exchange markup, so that's more important, I would think. You don't have to use your ATm card that often on vacation if you charge major things to a credit card, I never use one more than once or twice a week.

While it may not be important to everyone, I wanted to set the record straight about the Cap One account and debit card I have been recommending.

It appears that the new ING Direct account will be pretty much like all others = 2% fee from ING and Mastercards' 1% --


"<i>Foreign Transaction. If you use your Card for a foreign transaction (any transaction made in a foreign currency or that MasterCard® classifies as a cross-border transaction), a charge of 2% of the foreign transaction amount will be applied. If it’s in a foreign currency, this will be based on the amount after it’s converted to U.S. Dollars by MasterCard. This is in addition to what MasterCard may charge as part of converting the purchase to U.S. Dollars. Please remember to notify us if you are travelling overseas.</i>"

I.e., ING Direct is as bad as the worst banks charging a 3% conversion fee. Though the very worst banks also charge a transaction fee.

I'm sticking with my credit union accounts, which only charge the Mastercard/Visa system 1% for both ATM withdrawals and credit card charges. And no transaction fee.

BTW, we're just back from a trip to Istanbul and Greece. Spent a few days in England coming and going. Twice there we were offered credit card charges in dollars. Once was for entry into Christ Church College in Oxford. So it looks like the DCC menace has spread in England. But no such problem in Istanbul or Greece.

Without reading every answer above... for goodness sake join the 21st century and get an ATM card! My 90 year old parents use them!

If you are concerned about fraud and having your money stolen from your account set up a new account and put the money for your trip in it. This can be a good learning experience for you. Hopefully you have credit cards and it will be difficult to stay in a hotel or rent a car without providing a credit card imprint these days.

Try an ATM... they don't bite. ;^)

I was confused by some of the posts on this thread , as they seemed to say that holders of Cap One cards would now have to pay foreign transaction fees, now that Cap One has acquired ING. I just called Capitol One Customer Service, and they tell me that holders of current Cap One credit cards will not be charged either foreign transaction fees when they use their cards for purchases overseas, and that holders of Cap One Money Market accounts that issue an ATM card will not be charged for overseas use.

I was ready to go out looking for a credit union, but I'm going to relax, as I am quite happy with Cap One.

I think you misread my post from yesterday. It said:
<i>ok - just got off the phone with Cap One...[I also was able to verify that I still have up to $25 per month of ATM fees reimbursed and that there is still foreign fee for for ATM withdrawals. It will be 12 -18 months before my account sees any changes.]</i>

Okay, I'm not looking for a fight here, BUT...

If you change dollars for euros at the airport the rate is outrageous. If you change dollars for euros in Rome at the right place the rate is like 1 eurocent less than you get at an ATM.

I personally don't like using ATMs in Europe although I do when necessary.

On a recent trip (March) the ATM rate was $1.35165 per euro. The exchange rate at a dollars for euros cambio was $1.3809. This translates into .7398 euros per dollar against .7241 euros per dollar or 1.5 euro cents per dollar. This is insignificant for my purposes.

If you want to use ATMs, that's fine as far as I'm concerned; but, thinking you're getting a great a deal is delusional.

When we go to Italy, we take several hundred dollars in cash and change them there, split the euros between us and have never had a problem except at the Hotel Ala in Venice where the chamber maid stole $200 from us because I was stupid and failed to leave my billfold in the safe at breakfast.

If you are going to Rome, use your credit card to buy a ticket to Termini. When you arrive at Termini, walk out the via Marsala exit, cross the street, turn left and walk one block to via Vicenza. There is a change place on the corner where you will receive a rate no more than 1 euro cent less than you will get at an ATM.

Why people here demand that you use ATMs is beyond me. I also know places in Paris and Lisbon where the same rates apply; I think it's just a case of people who don't want to take the time to find a good cambio..

Okay, no significant difference in rates.

What about fees?

>I think it's just a case of people who don't want to take the time to find a good cambio..<

Is that not the point? Why hunt around for a cambio that gives a worse rate than any of the ATM's you've walked past on the way?

I'm sure there are places in Rome, Paris and Lisbon where you may be able to get a decent exchange rate. But why spend your vacation running all over those 3 cities and others in Europe to find the places? What if you are in Panzano, Italy? Or Sarlat, France? Why carry lots of dollars with you? Why not use an ATM? So much easier. But convincing some people of that is the hard part.

Cath

As for fees, there were NONE. I receive 289.65 euros for $400 at a cambio; I received 200 euros for $272.70 at an ATM.

Weejie,

I didn't walk all over. I went to the FIRST cambio I found to get a good rate.

Mam,

Do you get a commission from the ATM people? There are good cambio rates everyplace. Why carry lots of dollars with me? I carry them here, why not carry them there?

Oh, and by the way, banks in Italy do change dollars to euros.

You walk in the door, ask for the cambio and change your money there if you choose. I know this is true because I have done it; the rate at banks, however, is not as good as a well selected cambio.