bob_brown

Fidelity Investments, the parent organization of the Magellan Fund of Peter Lynch fame, offers a Visa Debit card based on an individual investment account.

I was attracted to this fund because Fidelity claims that it does not charge fees.

I was wondering if any of you have one of these insntruments and if you have used it in Europe?

If so, what was your experience with any fees and, more importantly, the exchange rate?

With Bank of America charging $5.00 for off net use and my attempt failing to get around the problem with a local credit union debit card, I applied for one of the Fidelity cards.

Now, I need to find out just how effective it is in real life.

So if you have had any experience with this card, please tell me about it.

NeoPatrick

I don't know about that, but Charles Schwab has been making a big deal about their ATM card as well as their checking account services. Again -- no fees ever for ATMs anywhere in the world and if you are charged by another bank, they reimburse you. Their checking account sounds awfully good too -- and you don't need to have other investments or minimum balances with them.

xyz123

I have the fidelity debit card attached to my brokerage account with them....no fees and they do rebate the nuisance fees in the USA when some banks charge you for use of their machines if you have a premium status with them.

nonnafelice

I have a checking account through Fidelity which they call "mySmartCash." I'm not sure if this is the same type of account you are referring to, but it does let me use its ATM card, as xyz123 said, in any ATM machine, with no fee to me. I used the ATM card in Europe and did not pay any currency transaction fees or extra percentages. The account also pays interest (it was 3.5% but is now down to 2% with all the Fed interest rate changes) and has no service fees. You can read about the account here:
http://personal.fidelity.com/account...arn.shtml.cvsr

rfbk50

I just got back from Mexico yesterday. I never used my debit card when traveling before. I always used an ATM card and a credit card and was "bugged" by all those extra fees. Friends we were traveling with mentioned she always used her debit card and had no extra fees. I tried it and lo and behold, when I checked my account today, no fees. I'm not sure what will happen in Europe, but Mexico was just like a purchase at my local store.

bob_brown

I have used my debit card, too, with no fees. But there are some purchases for which real money is the only way to pay.

The debit card from Fidelity was my hope to beat the B of A fees that I find so onerous.

I thought using a Master Card debit card on my credit union account would do the trick, but unfortunately it did NOT work in Switzerland. It worked in Germany and at some banks in Scotland, but it was a total bust in Switzerland.

I asked when I got home, "How come?" and I got the usual response: Duhhhhhh, I don't know. Dumb looks are free and these were very dumb, like "What's Switzerland?"

ira

Hi BB,

CapitalOne also offers a CC with no foreign exchange fees.

NeoPatrick

Although he didn't say so, I think Bob Brown was really talking about using it as an ATM card (since he mentioned debit card and a BofA $5 fee, which surely relates to ATM withdrawals, not CC charges). I'd never use a Captital One credit card to withdraw money from an ATM!

P_M

bookmarking, I must look into this.

bob_brown

I should have been more specific in my question about using the Fidelity Visa debit card. My main goal is to find a low fee, highly reliable method of obtaining paper money from ATMs while I am in Europe or Canada.

The main issue here is that although my ATM card with Bank of America works quite well, B of A slaps a $5.00 charge on any and all off-net currency withdrawals.

If I am in Germany, France, or the UK I can go to an affiliate bank such as Barclays. Unfortunately I visit Switzerland most summers and there is no B of A affiliate.

I tried to get around the $5.00 fee by using a Master Card debit card issued by a local federal credit union. This card failed to work at all in Switzerland, thus leaving me no choice but to use my B of A card and pay $5.00 each time I needed currency.

It isn't that I cannot afford the $5.00 fee, it is the idea behind the whole thing that energizes me to seek a low fee or no fee alternative. Call it what you will, I dislike the idea of having to pay extra when I can avoid it.

The credit union debit card also failed to work at some of the banks in Scotland. These various failures have left me in a position of not being able to trust this particular card. (Fortunately I found two banks in Scotland that would accept my credit union card. I remember walking around the airport in Edinburgh trying different ATM machines until I found one that worked. Sure, I could have spent the $5.00 and used my B of A card, but not until I had to!!)

I never could find out why the card failed at every bank I tried in Switzerland. As I said elsewhere, employees at the credit union had no idea. I am not even sure they knew what I was talking about.

I am hoping that the Fidelity card will be the answer - namely that I can use it widely and reliably to obtain money at ATM machines at no fee or a low fee anywhere in the US, Canada, or Europe.

I don't plan on using debit card for purchases. I had rather use my credit card because I retain the right of dispute. I don't run a CC balance, so carrying fees are not an issue.

I hope this clarifies my objectives.