How much are ATM fees? Does it all depend on the bank you're with?
Jun 22nd, 2011, 10:10 PM
#2
Join Date: May 2011
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You have the answer in your topic title - the fee you'll be charged will depend on your bank. You usually won't be charged by the Italian bank ATM, however, keep an eye out for the "independent" ATMs, that is the private ones usually placed in high traffic/tourist areas as these often come with a Euro2 - 4 fee, which will display on screen during the transaction, in addition to your own bank's charges.
Stick to the major ATMs and you'll keep your costs down, and also make less frequent but larger withdrawals rather than withdrawing Euro50 each time. You will be charged by your bank for each withdrawal, not the amount you withdraw, so it pays to do this as little as possible. The exchange rate they use (if your original account isn't in Euro) will depend on their rate that day, and this will show on your monthly statement (or online statement) once processed.
You also won't be able to obtain a balance update at the ATM as your account isn't in Italy (I'm assuming) and not in Euro (again, I'm assuming), so you'll need online banking in order to check your balance if required.
Contact your bank for their fee details, and also to notify them you are travelling overseas and will be using your card there.
Stick to the major ATMs and you'll keep your costs down, and also make less frequent but larger withdrawals rather than withdrawing Euro50 each time. You will be charged by your bank for each withdrawal, not the amount you withdraw, so it pays to do this as little as possible. The exchange rate they use (if your original account isn't in Euro) will depend on their rate that day, and this will show on your monthly statement (or online statement) once processed.
You also won't be able to obtain a balance update at the ATM as your account isn't in Italy (I'm assuming) and not in Euro (again, I'm assuming), so you'll need online banking in order to check your balance if required.
Contact your bank for their fee details, and also to notify them you are travelling overseas and will be using your card there.
Jun 23rd, 2011, 01:30 AM
#6
"You will be charged by your bank for each withdrawal, not the amount you withdraw"
This is not always true. It depends on your bank. Some charge per transaction, some charge a percentage, and some have no fees at all.
This is not always true. It depends on your bank. Some charge per transaction, some charge a percentage, and some have no fees at all.
Jun 23rd, 2011, 02:08 AM
#7
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It is quite common that you will be charged 1% foreign exchange fee. There are some US banks that won't pass that fee on to you, but the 1% is common and not a big deal.
My local credit union charges no per-transaction fee. My Bank of America charges $5 every time I use a non-BofA ATM, so I avoid using card in Italy. In other countries I can use one of their partner banks for free (i.e DeutscheBank in Germany).
My local credit union charges no per-transaction fee. My Bank of America charges $5 every time I use a non-BofA ATM, so I avoid using card in Italy. In other countries I can use one of their partner banks for free (i.e DeutscheBank in Germany).
Jun 23rd, 2011, 02:13 AM
#8
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Our last bank charged a $5 fee plus a 3% currency conversion. That is why they are no longer our bank. We shopped around and found a local bank which agreed to no fees and moved all of our accounts there. Now when I withdraw in Europe, I get the rate on xe.com at the time.
Jun 23rd, 2011, 07:04 AM
#9
There's a fee chart on this link for various banks/cards.
http://www.flyerguide.com/wiki/index...reign_Exchange
http://www.flyerguide.com/wiki/index...reign_Exchange
