New ATM 2% conversion fees added onto currency-exchange fee
 

I haven't read on this online here at Fodor's but I saw an interesting story at About.com Europe site concerning new additional fees many banks are starting to be charging for ATM withdrawals in foreign countries. Part of the article says ". Some banks are now tacking an additional "conversion fee" onto the Visa or MasterCard currency-exchange commission. Not only that, but this hidden surcharge is on top of the flat transaction fees that banks often charge for ATM withdrawals away from home.Wells Fargo, one of the largest banks in the U.S., is the latest bank to hit its customers with a "conversion fee." It now charges a 2% conversion fee "for each purchase transaction in a foreign currency using any type of ATM & Check Card." The whole article can be found at <BR>http://goeurope.miningco.com/travel/.../aa010219a.htm

Thanks Stephen! Topping!

Thank you Stephen. Does anyone know how these fees for an ATM withdrawal compare with other methods of conversion? <BR> <BR>Thanks

After reading about these fees I checked with our main bank and found it DID charge these new conversion fees plus the normal ATm charge (this was Bank Of America). Tried a local small town bank and they don't charge the fee so that's the ATM card we will take. I suggest people check with their banks or you will get an unpleasant surprise once you are home!

fyi

Wells Fargo has been chatrging the 2% fee for some time. Found out the hard way after returning from a trip several years ago. Fortunately, not all banks charge the fee. Good advise to look for one that doesn't. Usually either a credit union or a smaller bank.

I just verified the gruesome facts about use of Bank of America Credit Cards. <BR>I got a figure of a 3% fee. <BR>So I will start looking for a better deal. <BR>I did not get an answer to the question about fees tacked on to ATM/debit card usage overseas because the representative I spoke with only knew about credit cards.

On recent trip, I took some US $, Am Express Trav chks (free at my bank) and my ATM card. I found out from my Visa credit card co, that cash advances on credit cards are charged interest from the time of the charge, not like other charges, when interest only starts after the payment date, allowing you to pay off the whole balance with out interest. <BR>My ATM card was charged a non-bank atm fee of $3 per transaction, but the exchange rate was pretty good from the local bank. <BR>In a town where the atm's were all not working, I dropped into a branch of the ABN bank, and cashed in some traveller's cks, at a very decent exch rate, but with a 4% commission. <BR>When I turned some currency in to B of A on my return, the exchg rate was terrible, but no fee. <BR>If you are saying these are hidden fees on top of all this, seeking other institutions may not help. The smaller banks probably buy their foreigh curr. from B of A or Wells, so you pay no matter what? <BR>I guess maybe we should all keep euro dollar bank accounts whenever they let us.

I checked with our bank--Chase Manhattan--and they do not charge the conversion fees. It's a flat $3 for ATM use overseas. <BR>Normally, I post with my real name, but definitely not when giving out financial information!Anon

Anyone know about Wachovia?

Bad news-- I'm bringing this up to keep the word circulating!

As of early March, Wachovia was still about 1% over the wholesale rate with a $1.50 non-Wachovia ATM usage fee. <BR> <BR>If other banks are raising their fees, I wouldn't be surprised if Wachovia does too.

Here is a good article on this subject. Hope it helps! <BR> <BR>http://www.smarterliving.com/columns...0010510.1.html

Thanks for the heads-up! I'm leaving for Ireland this week and checked with my bank, as I was planning to use the ATM for my cash needs. The good news is that my bank (Washington Mutual) only charges a flat fee of $3/transaction.

I bank with a credit union and they do not charge these fees.

I just checked with my bank - thanks to all of you wonderful Fodorites - and found that they do *not* charge anything but a $1 "foreign" ATM fee (gave me a little peace of mind). It's FirstBank in Colorado, for anyone else out there who might be a customer. Hopefully that will save you a call.

I am confused. In the past, did an ATM card do its transaction at the market rate, and thus didn't charge anything to convert dollars to lire?

Are these fees and rates that much to worry about if I'm gonna be spending several thousand dollars on a trip to europe?

Thanks for the warning. I just found out that my bank (Fleet) charges $5 for every ATM transaction overseas. Fl

Just called Citibank and they are not charging the extra fee. I'm so glad - I really rely on getting the best rate at the ATM and it is so convenient. The ATM's have really made travelling a lot easier.