Foreign Exchange Related Summary
 

Hi,
After researching on this forum and talking a couple of bank, here is the summary of information that I have gathered with resepct to using Euros.

- Alyways better to use ATM cash withdrawl (My Wells Frago Bank charges $3/transaction)
- If I use ATM card for payments, the bank would charge me 2%
- if I use a Master/Visa cards, they charge 1% and my bank charges additional 2%
- Amex charges flat 2% for credit card usage (it won't be too bad if you have some cashback from them)
- Remember to register your travel dates with bank's fraud detection dept so that they dont put a hold on your ATM or credit cards if they are used internationally
- Try to get your bank's collect call number
- Try to bump up your ATM withdrawl limit for lumpsum withdrawl

Any other input would be appreciated..

:)
Jesal

Usually true. But we have found a few hotels who give the current bank rate with no fees as a courtesy to their guests. It's always work asking even though they usually limit the amount you can exchange.

I would always check the "current bank rate" before I exchanged money in ANY hotel..period.

Some of the things you state are not rules and would have to be particular to your bank. Did you write this for yourself? I'm not sure, but for example, but I know my bank does not charge 2 pct on ATM withdrawals as I've compared the exchange rate to interbank rate. Of course, the extra 2 pct on VISA/MC would have to be for your particular card, as that varies by issuer, also.

I wouldn't personally do that last thing, in fact, that seems one of those "dangerous" things, to bump up your withdrawal limit, although if your card is PIN-protected, I think it is pretty safe. I know my withdrawal limit is hundreds of dollars per day, I could never spend that kind of cash per day (and wouldn't). If you were paying for a hotel or other accommodations by cash, you might want to, though.

I'll have to admit I've never registered with my bank when I go on vacation, I don't know if they even have one for ATM cards (I have a small local bank). I do for my credit cards, though.

TopMan--well, yes, that would be a basic requirement.

Change banks!!! Looks like you are being "fee'd" to death just to use the ATM.

My M/C charges the normal 1% fee, and my bank doesn't add anything on to that. ((b))

I never bother informing the bank that I will be using the credit card internationally. If they are alert enough to notice I am doing so, they are also alert enough to notice that I have earlier bought on the card an expensive plane ticket, some train tickets in Europe, possibly a European car rental, B&B deposits, etc.

The collect call phone #s are on the back of my credit cards, so I don't need to harrass the banks to get them.

I've pretty well given up worrying about service fees and percentages on individual items; the banks are going to get me one way or another, so I look at the overall services vs. fees situation. The best I can do is own some shares in banks so that some of the excessive charges come back to me in dividends.

I just had my daily ATM withdrawal limit reduced from $1200 to $500; I doubt I will ask for an increase when I go to the UK and Spain in October.

Jesal, which banks suck so much? I've fortunately never had these problems. But I'd like to know which banks I should avoid. Thanks.

Thank you for your tips. As you can see from the above postings, bank and credits card fees can vary. as for your credit cards' numbers being on the back of the cards- write them down elsewhere. If they were to be stolen mid-trip????? have them available for the quick cancel.
Best advice (IMHO) read your credit card contract and know your own rules before $pending!

Thanks for all your responses.

Which part of the fees is non-standard? Based on other postings on this message board, it looks like, most of the banks (except a couple) charges 2% fees for credit card or debit card use. And there is a flat $x/transaction.

Note that I can use my ATM card as a debit card (in which case I am charged with 2% fees) or as a pure ATM card (in which case there will be only $3 per transaction)

By the way, for those who are interested, my bank is Wells Fargo bank.

I will remember to avoid Wells Fargo. Thanks!
I am not aware any of the x% or $x charge from any of my ATM and credit card. When the memory is still fresh, I can tell you that I did check the rates between $ and BGP from my most recent trip. My ATM and credit cards (including AMEX) all had a rate about $0.2/GBP lower than what I could get at any exchange counter. So even if they charged some fee, it was still a deal. That's all I care about.

This is great advice. Also remember, there are two different types of transactions - cash withdrawal and purchases. Every bank has its own fees for each.
~I got a Capital One got years ago because it featured a no cash withdrawal fee "ever". They've been as good as their word, and they also don't impose a foreign transaction fee for cash or purchases.
~I have a Fleet card that I've used for purchases overseas, and it has no foreign transaction fee for purchases. Their cash withdrawal fee is (gulp) $5 or some ridiculous percentage, whichever is more.
~My husband's Chase card, on the other hand, charges 3%.
~Our debit card has no fees period - even for out of network cash withdrawals.

Note that MC and Visa always impose a 1% foreign transaction fee. Some banks just add to it.

Call the bank. Ask them what their fees are. It varies quite a bit, and you could save a lot by asking just a few questions.

Hi nj,

>Note that I can use my ATM card as a debit card (in which case I am charged with 2% fees) or as a pure ATM card (in which case there will be only $3 per transaction).

Both fees are on the high side. MBNA, for example, does not add any fee to the 1% MC/Visa charge.

My small-town, local bank charges $0.75 for cash withdrawls from an 'out of network' ATM.

I don't like ATM cards that can be used as charge/debit cards because if the card is stolen it can be used to charge against your bank account without using a PIN number.

You eventually get your money back, but it takes some effort and in the meantime you might not have access to your own cash.

I had my bank issue me a card that is ATM only.

I wouldn't be so sanguine about using the 800 numbers posted on the back of your cards, even if you are alert enough to have copied them. I know my bank has a separate phone system for overseas calls, so I am inclined to think that the numbers printed on the cards are perhaps workable only locally.

After checking with Bank of America about their conversion fees, I believe that BOA has joined Wells Fargo in charging $3 per ATM transaction and 2% + Visa 1% for purchases with a checkcard. They have never done this in the past - this is NEW! I assume that too many of us were using the ATM's for good bank rates, (rather than charging on their credit card for the 2+1% conversion charge), so now they are going to stick it to us at the ATM. I would suggest everyone checking with your bank about this - hopefully some of the banks are still using the old ways - I will probably open an account at one of them before our next trip. Please post if you know your bank's current rates.

For the 25th time:
USAA M/C has the 1% (MC and V) fee, but gives a 1% rebate - a wash.
Citi (AA/MC) has the 1% MC + a 2% bank fee for currency transactions/charges overseas - I leave the Citi card home despite fogoing the AA miles.
My Bank One ATM charges $1.25 per transaction overseas.
Both USAA and Bank One give pretty favorable exchange rates (1.24-1.25 v. the Euro in SP and PT 12 -20 JUly).
M
PS please check the previous threads!