Warning about ATM exchange rates
Mar 15th, 2007, 08:51 AM
#21
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I took my ATM card with me recently on a trip to Munich Germany (Feb16-22, 2007) and my bank charged almost nothing to withdraw Euros from the ATM machine.
I also took my CHASE credit card with me for purchases--MISTAKE! The fees were outrageous 3% of purchases plus a conversion fee. I am soon closing this account--it was a rip off! I would never have used it to withdraw funds --that is for sure.
On the advice of this board I will apply to Capital One and open an account at Commerce Bank.
Thanks for the tips!
Jennifer
I also took my CHASE credit card with me for purchases--MISTAKE! The fees were outrageous 3% of purchases plus a conversion fee. I am soon closing this account--it was a rip off! I would never have used it to withdraw funds --that is for sure.
On the advice of this board I will apply to Capital One and open an account at Commerce Bank.
Thanks for the tips!
Jennifer
Mar 15th, 2007, 10:10 AM
#23
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Yes, Budman, I also got an e-mail last night confirming no surcharges. I actually have a Commerce account as my main checking account but always kept my Bank Of NY as my "go to work and vacation fund". Actually, I was just kind of sentimental about BoNY as I had the account for over 25 years. Well, I'll be opening another Commerce account on Sunday (yes, I like that 7 days a week)so I'll be all set for Paris next month. And, oh yeah, I like all the freebies for we "over 50" set 
Mar 15th, 2007, 10:11 AM
#24
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Apply on line. I opened a USAA checking account on line.
http://www.commerceonline.com/index.cfm?s=1
http://www.commerceonline.com/index.cfm?s=1
Mar 15th, 2007, 10:22 AM
#25
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Vinolover, I happened to discover this right before we left for Spain last fall... our bank (Bank One) was bought out by Chase, and somehow I stumbled upon that information about the fees right before we left. It definitely affected how we accessed our money.
I was robbed in Barcelona and had two months' worth of headaches with Chase afterward, as fraudulent charges kept popping up via my "closed" debit card and they couldn't seem to figure out why, or how to stop it. I've probably spoken with every Chase representative there is. I finally had to close my checking account and open a brand-new one. I've been considering switching banks, but Chase is just really convenient to where we live and work in Chicago, and the interest rates aren't bad... sigh.
I was robbed in Barcelona and had two months' worth of headaches with Chase afterward, as fraudulent charges kept popping up via my "closed" debit card and they couldn't seem to figure out why, or how to stop it. I've probably spoken with every Chase representative there is. I finally had to close my checking account and open a brand-new one. I've been considering switching banks, but Chase is just really convenient to where we live and work in Chicago, and the interest rates aren't bad... sigh.
Mar 15th, 2007, 10:26 AM
#26
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Margaretlb, well, you'll just have to attend our GTG on 2 June and tell us all about it -- your Paris trip and how your ATM card worked. Their limit is $500 per day - make sure you ask for that maximum. Both my wife and I have ATM cards attached to the same checking account, but with different ATM card numbers, so we can each take out $500 a day.
By the way, I had them disable the VISA portion of the card so one would need a PIN to use the card -- just in case I lost it overseas and someone could wiped out my checking account while I'm on vacation.
By the way, I had them disable the VISA portion of the card so one would need a PIN to use the card -- just in case I lost it overseas and someone could wiped out my checking account while I'm on vacation.
Mar 15th, 2007, 10:30 AM
#27
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"By the way, I had them disable the VISA portion of the card so one would need a PIN to use the card -- just in case I lost it overseas and someone could wiped out my checking account while I'm on vacation."
Budman, if I had done this it would have saved me a TON of headaches. Live and learn!
Budman, if I had done this it would have saved me a TON of headaches. Live and learn!
Mar 15th, 2007, 05:14 PM
#28
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Budman, thanks for the advice about disabling Visa; that never occured to me and I've been carrying around my BoNY w/ the MC logo. Live and learn. And strass, what a cautionary tale! I've experienced a couple of frauds over the years on my AMEX but thankfully their fraud dept. was great to work with.
Budman, I'll be there. The last two years I was on vacation and missed the GTG's - looks like a good time from the pics. Love those bottles of vino
Budman, I'll be there. The last two years I was on vacation and missed the GTG's - looks like a good time from the pics. Love those bottles of vino
Mar 15th, 2007, 05:35 PM
#29
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To Budman and strass. "Disabling" the Visa portion???? I don't understand. the best I can understand is that you are cancelling the Debit Card and making it an ATM Bank Card to be used only for ATM withdrawals and Bank IDs.This was always standard before the Debit Card was invented.
Mar 15th, 2007, 05:50 PM
#30
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The bank card is a VISA/debit card combination. I could use it as a VISA and sign for purchases like a normal credit card where the charges would immediately come out of my checking account, or use it as an ATM card with a PIN, where the charges would come out of my checking account.
I disabled the VISA portion of the card, so the card can only be used in an ATM machine with a PIN to get cash, or in the States at a supermarket or other store where you can make purchases and swipe your card and enter a PIN.
I use a credit card to make all other purchases. I am protected against fraud up to $50 if I lost the card. I'm not out any money. When I get my statement, I can dispute fraudulent charges.
If I lost the VISA/ATM card and the VISA was not disabled, I could have my checking account wiped out (eventually I would get it back), and it would be a hassle getting the funds back.
I disabled the VISA portion of the card, so the card can only be used in an ATM machine with a PIN to get cash, or in the States at a supermarket or other store where you can make purchases and swipe your card and enter a PIN.
I use a credit card to make all other purchases. I am protected against fraud up to $50 if I lost the card. I'm not out any money. When I get my statement, I can dispute fraudulent charges.
If I lost the VISA/ATM card and the VISA was not disabled, I could have my checking account wiped out (eventually I would get it back), and it would be a hassle getting the funds back.
Mar 15th, 2007, 06:14 PM
#31
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Hi Budman:
I'm glad I found this thread...please clarify something for me..you indicated that Commerce Bank does not charge transaction fees or conversion fees when using an ATM outside of the country..but,what about the currency exchange commission that is levied by the visa clearinghouse..usually 1%? Can you use any bank for the ATM withdrawal while traveling outside the country? Please advise. Thanks
I'm glad I found this thread...please clarify something for me..you indicated that Commerce Bank does not charge transaction fees or conversion fees when using an ATM outside of the country..but,what about the currency exchange commission that is levied by the visa clearinghouse..usually 1%? Can you use any bank for the ATM withdrawal while traveling outside the country? Please advise. Thanks
Mar 15th, 2007, 06:24 PM
#32
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There are absolutely no fees (conversion/transaction/ATM) when I use the Commerce Bank ATM card in a bank ATM machine in Europe to get my money from my checking account. For example, If I go to xyz bank in Italy and withdraw 300 Euro on 5 March, I will get the interbank rate conversion for that date deducted from my checking account without having to pay the 1% VISA/Mastercard fee or any other fees.
Now, the VISA portion of my ATM card has been disable. If it were enabled, and I used my debit/ATM card as a VISA card, I'm not sure, but maybe I would have to pay the 1% VISA required conversion fee. But other than that, no other fees.
Now, the VISA portion of my ATM card has been disable. If it were enabled, and I used my debit/ATM card as a VISA card, I'm not sure, but maybe I would have to pay the 1% VISA required conversion fee. But other than that, no other fees.
Mar 16th, 2007, 04:49 AM
#33
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Budman...I would hardly want a Debit Card....I fully understand all the types of transactions you enumerated.Just at Chase ,where I have my account ,if one does not want a Visa Debit Card one can have a Bank Card (what Chase calls it)without any logo.Since I have a number of CCs and don't have to pay (without penalty) for anywhere from 25 days to almost 2 months I never get the Debit Card which takes my money immediately.
Mar 16th, 2007, 05:19 AM
#34
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Bigal, I'm like you. I use my CC all the time, and the ATM card just for pocket cash.
I guess Commerce would have just an ATM card, but when I opened my account, it came as a Debit/ATM card. I disabled the debit portion because I just didn't need it.
I guess Commerce would have just an ATM card, but when I opened my account, it came as a Debit/ATM card. I disabled the debit portion because I just didn't need it.
Mar 16th, 2007, 12:22 PM
#35
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My Husband and I will be in France and Italy in May. He plans to exchange US dollars for Euros before we leave for most of our trip. Our bank only charges a $7.50 delivery and current Euros bank rate. Isn't that better than taking the chance of charges on both ends, which I know they will?
Mar 16th, 2007, 12:34 PM
#36
charron53: IMHO that is a <u>terrible</u> idea. What country are you in/what bank? My guess is the "bank rate" they quote is "their" bank rate - not the inter-bank rate that you get using an ATM. So what rate are they quoting?
And - if you have all you cash on you, there is no protection if it is lost or stolen. You are just out the cash. Even old fashioned travelers cheques at least protect you and you'd get replacements.
And - if you have all you cash on you, there is no protection if it is lost or stolen. You are just out the cash. Even old fashioned travelers cheques at least protect you and you'd get replacements.
Mar 16th, 2007, 01:26 PM
#38
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I also agree that Charron's approach is the wrong way. Not because of the risk of carrying to much cash, but because of the exchange rate.
The bank rate is not the same for exchanging $ to Euros in the US as it is in Europe. The rate for you buying Euros in the US is about 6-7% higher than if you sell $ in Europe.
Check the rate you bank is quoting. The current rate you'll get at an ATM in Europe is about 1.33. My guess is you bank will quote something around 1.41 -1.42.
The bank rate is not the same for exchanging $ to Euros in the US as it is in Europe. The rate for you buying Euros in the US is about 6-7% higher than if you sell $ in Europe.
Check the rate you bank is quoting. The current rate you'll get at an ATM in Europe is about 1.33. My guess is you bank will quote something around 1.41 -1.42.
Mar 16th, 2007, 01:53 PM
#39
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Dear Budman:
Thanks for the info...I opened an account with Commerce today.
I was informed that if I made an ATM withdrawal from an international location, that I use either the VISA or PLUS logo machine. You can use your Commerce check card to obtain a Visa Cash Advance if a compatible ATM is not available...but, not a good idea...charged interest from the time you take it out. Also, you can receive 10 free ATM withdrawals at non-Commerce ATMs per account, per statement cycle, at no charge from Commerce. There will be a $2.00 fee per withdrawal if you exceed 10 ATM withdrawals. However, if you maintain a minimum daily balance of $2,500 in a qualified Commerce personal checking account you get unlimited ATM surcharge refunds.
Thanks for the info...I opened an account with Commerce today.
I was informed that if I made an ATM withdrawal from an international location, that I use either the VISA or PLUS logo machine. You can use your Commerce check card to obtain a Visa Cash Advance if a compatible ATM is not available...but, not a good idea...charged interest from the time you take it out. Also, you can receive 10 free ATM withdrawals at non-Commerce ATMs per account, per statement cycle, at no charge from Commerce. There will be a $2.00 fee per withdrawal if you exceed 10 ATM withdrawals. However, if you maintain a minimum daily balance of $2,500 in a qualified Commerce personal checking account you get unlimited ATM surcharge refunds.
Mar 16th, 2007, 02:03 PM
#40
The conversion fee isn't only a problem with Chase. I was used to paying the "foreign bank" fee, but near the end of my trip last year, Wachovia suddenly started charging a conversion fee as well. I didn't realize until I got home - good thing it wasn't at the beginning of the trip!
