Double charging at ATM's

Old Feb 20th, 2006, 06:18 AM
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Double charging at ATM's

Does anyone have the names of banks in US and/or in Italy which have the LEAST double charging when I get money from an ATM? Also is a CREDIT card better for that or a DEBIT card?
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Old Feb 20th, 2006, 06:39 AM
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Am not sure what you mean by "double charging" so perhaps if you could explain this to us...
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Old Feb 20th, 2006, 06:42 AM
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I have no idea what double charging is, please clarify.

Regarding your other question, if you are asking about using a credit card to get cash from an ATM, of course that's not better than using a debit card. Credit cards charge huge fees for cash advances, so this should only be done in an emergency.
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Old Feb 20th, 2006, 06:43 AM
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The bank ATM's in Europe do not charge you any fees for using them. Any fees or "double fees" will be charged by your U.S. banking facility. I would check with your bank (debit) and credit card company to find out exactly what fees they charge.
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Old Feb 20th, 2006, 07:44 AM
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There is an article on this subject in the New York Times Travel section from yesterday, 19 February. You can access it on their website: www.nytimes.com.
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Old Feb 20th, 2006, 12:06 PM
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Do NOT borrow your money from a credit card - since you will pay interest on it from the moment you get it. Use your ATM card to pull if from your checking (savings won;t work) account and your charges should be minimal.

ATMs in europe don;t charge fees. And your bank should not charge you for it either (if it does - get a different bank). The only fees incurred should be that for exchanging one currency to another - which runs from 1 to 3% depending on the bank/card. (This is much less than the 7/8% at least you will pay for exchanging either cash or travelers checks.)
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Old Feb 20th, 2006, 12:19 PM
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<There is an article on this subject in the New York Times Travel section from yesterday, 19 February. You can access it on their website: www.nytimes.com.>

http://www.nytimes.com/2006/02/19/tr...=1&oref=slogin
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Old Feb 20th, 2006, 12:34 PM
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Most US banks charge a fee to get cash from another bank's ATM, unless they are part of a group that has an agreement not to charge each other's customers. In the US, most banks will charge customers of another bank to use their ATM, but not their own customers. This makes sense to me, although most will disagree. If I am using another bank's machine, (i.e., I am not thier customer), I expect to pay a small fee for the service. Of course, if my own bank charged me to use their own machines, I'd change banks immediately!

Some banks without a wide network agree to refund any fees you are charged by another bank to use their ATMs (USAA comes to mind). Others are part of worldwide groups that don't charge if you are using an ATM owned by anyone in that group (think BOA). However, my bank (which is also my employer, at least for the next two weeks!) is a regional bank, with ATMs around the area I usually travel. When I travel out of the area and don't have enough cash, they will charge me $1.50 to use another ATM. They incur charges to settle with the other bank, and banks ARE in the business of making money! I choose to stick with a local bank for the low prices and conveniene for the features I use the most, and the few times a year I might need to withdraw from somewhere else, I don't mind the fee. My answer might be different if I routinely incurred these fees, but I really only have the issue in Europe, and so it costs me an extra $10 over the course of the trip...worth it to me!

Anne
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Old Feb 20th, 2006, 12:47 PM
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If by "double-charging" you mean a buck or so per ATM transaction to cover some out-of-network bank fees, then - to me - that's not even worth belly-aching over. Unless you have a habit of taking out small amounts of cash all-too-often, then - as the previous poster says - the few times you use a machine can hardly add up to more than a burger with fries in expensive old England, or two hot chocolates with real cream in, say, Venice.

And if that's still cause for worry, switch your accounts to a bank that doesn't charge or - like in the case of Compass - reimburses you when you bring in your transaction stubs.

WK
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Old Feb 20th, 2006, 01:43 PM
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whoa I'm glad I saw this trhead. After reading it I called my bank and found out the crazy high fees charged by my bank...it seems like most banks do so when traveling to Europe. I have Chase bank, and now I'm wondering what I should do. Any advice?
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Old Feb 20th, 2006, 01:52 PM
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AyQuehago'

Ask your local credit union if it charges for foreign transactions both on the ATM and the Credit Card. If it does not, open a travel account with them.
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Old Feb 20th, 2006, 06:24 PM
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Sorry - I have Citibank - and they for one - don;t charge you for using anyone else's ATM (although the other bank has a charge - if you have a Citibank debit card and take money from Chase, you're charged by Chase - not by Citibank) or the owner of the ATM (if it's a store-based machine).

Don;t see why anyone would stay with a bank that chargd them to access their own money - wherever it is.
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Old Feb 20th, 2006, 07:15 PM
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We used a Visa ATM card through Chase/BankOne while in Italy in Sept/Oct. They charged us $1.50 per transaction at an ATM.
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Old Feb 21st, 2006, 09:55 AM
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The 2/19/06 NY Times article cited above states:

"Not only does Capital One not charge an additional foreign exchange fee, but it also does not even pass along the 1 percent currency conversion charge that Visa and MasterCard charge for all purchases made abroad."

I was just about to apply online for a VISA card, when I called Capital One at 1-800-955-7070. The customer service representative told me that for foreign purchases, the cardholder is charged 1 percent by VISA, but that Capital One does not charge any additonal fee. This seems to conflict with the NY Times article.

My Questions: Is it still worth going with Capital One? Is there a bank that adds zero percent to foreign purchases?

Woody
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Old Mar 7th, 2006, 09:38 PM
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ttt
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Old Mar 8th, 2006, 04:00 AM
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Woody

There ain't no such thing as a free lunch, but there is such a thing as an overpriced one. If you've found a bank that charges a reasonable price for lunch (e.g., 1 per cent passed along from VISA) as opposed to the hordes out there that stick on 2 per cent solely for the service of printing out your statement - then give that bank your business.
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Old Mar 8th, 2006, 04:17 AM
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While it is true that bank ATMs in Europe don't charge withdrawal fees, there are an increasing number (in the UK anyway) of privately operated ATMs that do. These are usually located at petrol stations, convenience shops, etc, but be careful which ones you use if you don't want to be hit by an extra charge.
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Old Mar 8th, 2006, 04:25 AM
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But the ones that do charge will tell you they are charging before you make the withdrawal.
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Old Mar 8th, 2006, 04:52 AM
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For purchases, Capital One seems to have the lowest foreign exchange fees...I can tell you from recent experience my Capital One charges were almost always at the exact interbank rate listed on oanda.....USAA charges were 1% higher...my MBNA card at present also only adds 1% to the interbank rate but MBNA is in the process of merging with Bank America we know how anti customer Bank of America is...Chase, Citibank are crooks and add 2% on top of the 1% and never once have explained what the 2% is for as they have nothing to do with the foreign exchange conversion and hence have no foreign currency fluctuations to worry about which is supposedly the 1% basis of visa/mc.
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Old Mar 8th, 2006, 05:47 AM
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Hi Woody,

>Is there a bank that adds zero percent to foreign purchases?<

If you mean absolutely no charge at all for foreign currency conversion, I haven't heard of one yet.

The best deal is the 1% Visa or MC charge and no other fees.

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