International Transaction Fees on Debit Card purchases
May 8th, 2008, 11:36 AM
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International Transaction Fees on Debit Card purchases
As of today, the US dollar is only worth .645 (sixty four and a half) cents against the Euro. Isn't that bad enough?
Bank of America has a new International Transaction Fee imposed with the use of debit or check cards. Effective 6/1/08, when BANK OF AMERICA customers use their debit or check card to pay for items or services in foreign currency from a store or merchant, BANK OF AMERICA will charge an additional 3% of whatever the cost equivalent in its US dollar amount as an International Transaction Fee!
US banks have free reign to amend card agreements and raise interest rates and usage fees. The US banking customer pays dearly for the privilege of using their very own money. I call that modern day usury!
Bank of America has a new International Transaction Fee imposed with the use of debit or check cards. Effective 6/1/08, when BANK OF AMERICA customers use their debit or check card to pay for items or services in foreign currency from a store or merchant, BANK OF AMERICA will charge an additional 3% of whatever the cost equivalent in its US dollar amount as an International Transaction Fee!
US banks have free reign to amend card agreements and raise interest rates and usage fees. The US banking customer pays dearly for the privilege of using their very own money. I call that modern day usury!
May 8th, 2008, 11:46 AM
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Still cheaper than buying euros at home. So for the convenience and better exchange rate, I see it as just another cost in a holiday.
PS. Is this on all banks internationally, or just banks that are not affilated with them? There are some threads here in the last few days talking about BOA.
PS. Is this on all banks internationally, or just banks that are not affilated with them? There are some threads here in the last few days talking about BOA.
May 8th, 2008, 02:36 PM
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You guys are talking about two different and unrelated fees.
1. The 3% international transaction fee is not new; perhaps the disclosure of it is. This is applied to any purchase made in foreign currency or from a location outside of the US. Many banks are applying this 'foreign currency' fee or whatever else you want to call it. Some credit unions do not charge it and Capital One does not charge it.
2. A fee is charged for ATMs that are not in the bank's network. A workaround for BofA is to use the BNP bank which is a partner - BofA will not charge you the ATM fee if you go to one of those partner banks' ATMs. This does NOT mean that BofA will not charge you the fee in #1.
1. The 3% international transaction fee is not new; perhaps the disclosure of it is. This is applied to any purchase made in foreign currency or from a location outside of the US. Many banks are applying this 'foreign currency' fee or whatever else you want to call it. Some credit unions do not charge it and Capital One does not charge it.
2. A fee is charged for ATMs that are not in the bank's network. A workaround for BofA is to use the BNP bank which is a partner - BofA will not charge you the ATM fee if you go to one of those partner banks' ATMs. This does NOT mean that BofA will not charge you the fee in #1.
May 8th, 2008, 02:46 PM
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It is not uncommon. PNC Bank has a similar policy: 3% on purchases of goods and services with the debit card (same as for using a Visa/MC credit card for a purchase).
PNC imposes a per-transaction fee for withdrawing cash from a foreign ATM ($3, if I remember correctly), but no extra percentage.
PNC imposes a per-transaction fee for withdrawing cash from a foreign ATM ($3, if I remember correctly), but no extra percentage.
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