CAPH52

KT, I may eventually wind up opening a second account too. I don't want to change banks because, for my day to day needs, mine is very convenient. They have service counters (open 8AM to 8PM, seven days a week) in two of the grocery stores I most often use, ATMs in those and our usual gas station, etc.

And this is actually the first time we've ever used the check card at ATMs on a trip. When we travel in the US, we usually use it as a debit card at a WalMart, grocery store, etc. and get cash back. The bank charges a 30cent fee for using it as a debit card. But, obviously, that's much less than paying their $3 ATM fee plus whatever the other bank charges.

For this short trip, a total of 5 nights in Ireland, it didn't seem worth the hassle of opening another account.

chemgirl

I was also being charged for the 'cash back' option when using my debt card and I've promptly closed that account! Check out bankrate.com for good rates. I just opened a money market account with 4.5% interest that gives me free atm withdrawals with no added fees (regardless if it's my bank's ATM or not)--foreign or domestic--AND they refund me up to $6 a month in ATM charges charged by a bank for using their ATM. So I use my card from my Bank A at Bank B's ATM. Bank A doesn't charge me but Bank B charges me, say, a $2 fee for not being a bank B customer. Well, bank A will refund me that $2!! I love it! And the 4.5% interest is awesome! And no minimum balance for the account...it's great. Check out the website and find a good deal!!

Neopolitan

Regarding Bank of America charging a fee for using ATMs: KT is right, of course, that they charge no fee if you are using their partner banks. And some people are fooled into thinking that some countries in Europe have no partner banks. There is no Italian bank that is a partner, but there are literally hundreds of Deutschbanks in Italy and using their ATMs will still mean you pay no fee.
In addition to that, my BofA "Advantage Account" which costs me nothing (except also having an Equity Credit Line with them) has a few extra benefits. One of those benfits is that there is no charge on ANY ATM usage twice a month. So if for some reason I can't find a partner bank in Europe I still avoid any fee for the first two non-partner banks each month. My last three month trip to Europe, neither my partner or I ever paid an ATM fee for using our BofA cards.

Budman

chemgirl, I also hate to pay fees, especially to get access to my own money. Watch out for the DCC when you go to Ireland. They are notorious for it. It'll add an additional 3% on to all purchases over & above what your bank/credit card will charge you.

CAPH52

Well, we finally got the hard copy of our bank statement yesterday. I wanted to pull this back up to clarify. Turns out that the $12 *was* the compilation of all the out-of-state fees. The $7.56 was a currency conversion fee.

NEDSIRELAND

$7.56 'currency conversion fee' for a charge of less than $100 is OUTRAGEOUS!

Many U.S. Credit card issuers charge Visa/MasterCard standard 1.5-percent; then they tack on their own (maximum) 3-percent. That still doesn't account for how a 43.45 Euro charge became 60 or 75 US Dollars on your Credit Card billing.

**************************************
Dick writes: "The reason I try to use ATM's and pay for everything in cash is to avoid the "foreign exchange" fees tacked on by most credit card companies."

That's what I do; it's easy in Ireland with ATM's all over the place. I only use my Credit Union ATM that doesn't add any Foreign Currency Transaction fee.

*************************************

Your Credit Card issuer should have sent you a 'privacy' statement that tels you, among other things, what its Foreign Currency Transaction fee is. If you are planning a trip to Europe, you should read that carefully. You might even decide to leave those 'high fee' credit cards behind and rely on an ATM card, especially if you have a Credit Union ATM Card.

Your Ireland trip may end up costing you a lot more if you allow people to do the Dynamic Currency Conversion scam and don't do some research on Credit Card fees before using a Credit Card to buy things there.

CAPH52

Sorry, Nedsireland, should probably have explained that this was in response to a post mid-thread about what my bank charged me to use my check card at ATMs. That $7.56 was for a withdrawal of 200 Euro.

Christina

So that appears to be a 3% foreign transaction charge. I'm actually surprised at people who say their banks charge a conversion fee just for using an ATM card, the same as a credit card. An out-of-network ATM fee of a couple dollars or so doesn't surprise me, but my bank doesn't charge any ATM fees for foreign withdrawals. I don't have a debit card, only an ATM card, but they told me their VISA-branded debit cards don't have any foreign conversion fee, either for ATM withdrawals, only for buying things.

I don't think these fees would ever be in your privacy statements as Ned said, they are in the terms of service or whatever name your card uses that details charges. Privacy statements just talk about who they may give your name to, etc.

Neopolitan

I really got lost here, but it seems you're saying that it was a Capital One CREDIT CARD you used to withdraw the money from an ATM. That is a very bad thing to do. I'm almost surprised the charge wasn't more. Using most credit cards at an ATM will not only add up to 3% to the amount, but will also charge you a "cash advance" interest fee at whatever rate they wish starting with the date you took the money out until the date you repay it. That can really add up.

ATMs are for using your own bank's ATM card directly linked ot your personal savings account.

If in fact you are saying your bank charged you that fee for using your ATM card linked to your checking account, I'd say you really need to investigate a new bank.

CAPH52

No, Neopolitan, it was NOT my Capital One card that I used to withdraw cash. It was my bank debit card (a Visa debit card). I used the Capital One card ONLY for purchases.

As I mentioned on an earlier response, if we go overseas again, I'll consider opening a second bank account at a bank that doesn't charge so many ATM and currency conversion fees. But, for everyday purposes, I'm happy with my bank so won't dump it.

CHARLOTTA

I bought some makeup at Harrods and they did the old scam converting my items to U.S. Dollars. They acted as though they were doing me a favor. At the time I didn't know better and thanked them for doing so. I'm sure they got a good laugh out of that one.

CAPH52

Charlotta, if it makes you feel any better, I truly believe that some of the clerks, waitresses, etc. really don't understand that they're doing you a disservice. I'm sure that the managers or whoever is telling them to do is this way DO understand! And I found that, even when you know what they're doing, it's sometimes hard to do anything about it unless you're willing to get very nasty. And, for a couple of bucks difference, I wasn't willing to. But it sure does change the way you feel about the place where you just spent your money! And I think that those of us who have had it happen should name names as you did!

NEDSIRELAND

Christina writes: "I don't think these fees would ever be in your privacy statements as Ned said, they are in the terms of service or whatever name your card uses that details charges. Privacy statements just talk about who they may give your name to, etc."

What I wrote about is a several-page foldout Visa & MasterCard issuers send Cardholders when their Credit Card Operation is taken over by another entity (my most recent from Chase Card Services). They call it a 'Privacy Statement' but it details such things as Foreign Currency Transaction fees they charge.

You may call it a Disclosure Statement but Credit Card Issuers call it a Privacy Statement. Maybe that's why many people don't read the small print.

Neopolitan

Well, that's interesting but yesterday I got a new "Privacy Statement" from Chase for a Marriott rewards card I don't use. It was a four page fold out. I was curious about their foreign exchange policy, but no matter how carefully I poured through it, there was not a single word regarding that issue.

NEDSIRELAND

I couldn't find my Chase Card Services statement so I post this verbatim quote from Sears MasterCard:

"Transaction Fee for Purchases Made in Foreign Currencies

For each purchase made in a foreign currency, we will add an additional FINANCE CHARGE of 3.0 % of the amount of the purchase after its conversion to U.S. dollars. This foreign currency transaction fee will be added to the regular Sears purchase balance. The foreign currency transaction fee may cause the annual percentage rate on the billing statement on which the purchase made in a foreign currency first appears to exceed the nominal annual percentage rate."

As I say, this is a direct quote from a Notice I received from Sears MasterCard recently. Most U.S. Credit Card Issuers charge a similar fee.

CAPH52

I'm pulling this thread back up in order to update the situation. The $75 charge was credited back to our card! I just saw it online. There's no explaination, so I don't know the full story. But, of course, I'm glad it was resolved in our favor!

Neopolitan

Yesterday I renewed my driver's license at our State of Florida offices. They charge $2.00 if you choose to pay by credit card. I asked about the charge saying I understood it was illegal to do that. The clerk told me they get that often, but the state is legally exempt from such laws.

LoveItaly

Neo, in my county in CA one can pay their property tax via a credit card but there is a charge to do so. I think the CA DMV charges a fee also. I am not sure if it is still true but our Pacific Gas & Electric at one time charged $5.00 to pay their bill via a credit card.

CAPH, I am sure glad you got that bill credited to your account. I always check every charge on my credit card statements..I save every receipt until the statement comes in.

grantop

CAPH, thanks for the update - glad everything worked out!

chemgirl

Maybe we should start a new thread on this topic but I called Capital One and they confirmed that they do not charge a fee for foreign purchases (and they waive the VISA fee), so that's definitely going to be my card of choice. I also called my Platinum MC and confirmed that will cover my CDW, which they do and they also said they get a discount through Hertz rentals. I haven't called Hertz yet to see what the discount is, but it's something to think about. They also told me that there is a 3% fee for foreign purchases on the Platinum MC but no fee if the charge is in dollars. The DCC fee is 35, right? You can't win! So I figure I'll use the Capital One card for purchases and the Platinum MC for the car since they'll cover the CDW and just eat the 3% fee.