vinolover

We just returned from two weeks in Italy. Thought we were smart using our ATM card and almost always paid cash for everything during the trip. In the past this has always been the most economical plan, bank charged only the actual bank rate for the currency exchange plus added a minimal $1.50 transaction fee.

Well, not this time. Our bank was bought out by Chase Bank and stupid, stupid me, didn't read ALL the fine print. I'm sure this info was in there somewhere (???). Chase Bank charged us $3 per transaction PLUS added 3% over the actual bank rate. This is for a normal ATM card on our checking account (the same checking account we've had for years and used for ATM transactions in Europe for years.

I'm so mad (at myself, at the bank) for this. If I had realized this I would have either used another ATM card from a different financial institution that doesn't tack on any additional exchange rate. Or if I'm paying the 3% at least I could have gotten airline miles using a credit card instead.

My warning to everyone, check out your bank's policy before you leave. Don't assume it is the same as it was the last time you went to Europe.

All the many posts on Fodor's say that ATMs are the way to go to get the best exchange rate but I found out the hard way that isn't always accurate.

sandi_travelnut

That's not all the many posts say....I have been involved in several posts talking about hidden fees and etc and everyone stresses to call your bank and discuss it with them. I even mentioned it in my trip report when we returned in January from Rome. I'll be glad to bring some of those to the top if you'd like.

Budman

I'd be changing banks. There are banks out there that charge nothing for ATM transactions and nothing for conversions. Commerce Bank is one of them. Shop around.

Michael

If available, try your local credit union.

LoriS

I think it depends on the type of account that you have at Chase. We also just returned from a trip and I did not have the $3 per transaction assessed for any ATM transaction. The specifics of our account indicated that there is no Chase fee for any withdrawal from a non-Chase ATM, but the bank that owns the ATM may assess a charge.

Christina

It is important to read the notices you get from your bank, but in the interest of disclosure, your subject heading is a little misleading and might be confusing to some who haven't used an ATM abroad. It isn't the ATM exchange rate that is the problem, it is just your particular bank's add-on fee structure for the service for your bank only. It doesn't come from the ATM, but from your bank.

vinolover

Absolutely it comes from the bank. And it was my own fault. I only wanted to warn others to be careful (as I wasn't on this trip). That not all banks offer the bank rate for ATM transactions.

I still have the same bank account I have always had but the bank (Bank One) was bought out by Chase and Chase Bank apparently has different rules. I should have checked!

I do have another account with another financial institution that doesn't charge the added percentage. I should have used them (I did, once, which is how I figured all of this out AFTER I came home).

As I said, this was totally my mistake. I'm not a newbie to traveling abroad yet even I made this mistake. I'm only posting this to alert others not to be dumb like me.

kelliebellie

Hey, thanks tons for this. We have a new account at Chase and that is the card I was going to use. I will definitly call both banks where we have ATM cards and see what is up. I applied for our Capital One visa card last week to avoid credit charges. I would have been really mad when I got home to find out the ATM would have charged us too!!

ira

Hi V,

Thanks for reminding us to read the fine print.

jenblase

I want to thank you too. We bank with Chase and I would have brought that card to use at the ATMs (We have a Cap One card for CC purchases). If not for this post, I might not have otherwise thought to call.

jenblase

http://europeforvisitors.com/europe/...rsion_fees.htm

sandi_travelnut

No one is calling you a newbie or whatever. It happens to a lot of us! We discussed this a lot in Dec. and January so it's good to bring it up again for those that didn't see the threads.

sherm99

Checked with my local credit union. They block all ATM withdrawls due to excessive fraud. The agreement they have with Visa put them on the hook for all loses.

enzian

sherm99---they block ALL ATM withdrawals? Or just in Italy?

Woody

<< My warning to everyone, check out your bank's policy before you leave. Don't assume it is the same as it was the last time you went to Europe. >>

Good Advice. We leave in May. Thanks.

Woody

Mariposa

I just got a notice last week from Bank of Montreal that they would be charging 2.5% on foreign exchange. Given that most banks will do the same, I'd appreciate continuing this thread and naming which ones are doing what. Thanks to vinolover for starting it.

robjame

Mariposa - you might want to check the following thread:
http://tinyurl.com/2lopuz

Margaretlb

Thanks, vinolover. My bank (Bank of New York) was also recently bought by Chase. I stopped into Chase yesterday and was told, exactly as you report, $3 atm charge plus 3%. I was going to close the Chase account anyway and this helps me stop procrastinating about it.
On Budman's comment, I stopped into Commerce Bank and was told there was no % added to the withdrawal but the CSR was a bit confused as she's never been asked the question before. I sent an e-mail today to Commerce just to be sure before I open a account.

Seamus

I have been a Chase customer for years but that may change soon as in the last 12-18 months they have gone over the top with fees and customer service seems to have become very friendly but useless in resolving anything. May be an issue with lots of mergers and acquisitions, but is a royal PIA.
When they announced the $3 plus 3% fees I immediately got an ATM card from my credit union - still accrues a minor foreign ATM fee (less than $1) but none of those extra fees that I consider a ripoff.

Budman

Margaretlb, unless they've changed their policy in the last week or so, there are no ATM fees or conversion fees charged for using the ATM card to get your money out of your checking account.

I had this conversation with, I believe katzen who lives in Northern Virginia. she researched, confirmed, and opened an account.

Another good thing about Commerce Bank -- they are open 7 days a week, both lobby & drive in. Also, their bill pay is free. I don't write checks anymore, and only my wife does occasionally.