philip

Be aware that bank's have started charging an extra fee for credit card usage outside the U.S. My bank, Chase in NY, tacked a $3 fee per transaction when I used my Visa card overseas. They started this practice recently. (Despite the fact that they skim the rate and ae the largest currency dealer in the U.S.) <BR>I'm sure other's have or will do the same thing. <BR>American Express still gave me the best rate and didn't add a fee. <BR>

brenda.

The credit card companies vary. Some charge 1% to 3% on the total of the charge. Call the company to find out if and how much they are charging. My American Express is charging 3%.

Rosenatti

This doesn't apply to ATM credit cards when just withdrawing money, right?

Ed

In fact many banks are hitting ATM withdrawals from overseas with charges up to three dollars (at least) and often a percentage as well. Greed is running rampant.

Betty

Interesting, up-to-the-minute article from Ed Perkins on this topic: <BR>http://www.smarterliving.com/columns...0010621.1.html

philip

The charge I had occurred on a straight credit card transaction, not any kind of ATM withdrawal. <BR>Check with your bank before you go overseas on their policy.

Bob

Whatta you going to do about it? Cannot write checks. Don't wanna carry too much cash and travelers checks are no longer necessary. <BR> <BR>Everytime I return from Europe I compare how the exchange rate panned out on my credit card bill and I still get the most bang for my buck by using a credit card and an ATM for cash. <BR> <BR>This to me is one of those items that are meaningless when you compare the cost of going to Europe. If $3 on a transaction is a bid deal, you better hang around the US. Banks have billions invested in these machines and they will figure out a way to pay for them. The convenience of them sure beats not having any of this stuff as was the case in the 70s. There ain't no free lunch no matter what the Democrats in Congress will tell you.

@@@@@

Bob-Wow, you must be extremely wealthy if you think paying $3 on a credit card transaction is no big deal. Anyways, you ask "Whatta you going to do about it?" For one thing, shop agressively for your credit cards. For another, shop agressively for a bank with no or low fee ATMs. Better still, join a credit union.

No

On our recent trip we had a stoppover at the Munich airport. My wife wanted to try a Bratwurst as she'd never had a real German one. They would only take German money. I went to he ATM and withdrew $20 worth of marks(the minimum). The bank charged me a $2 ATM fee and a $3 "international transaction" fee. That's 25%! I still have about $9 in German money. For the next trip? While I was getting the money, my wife went into the duty free shop and bought some chocolate for her mother. Cost $8. Again they would only take German money or a credit card. She charged it. Her bank charged her a $3 "international trasaction fee" and a curency conversion fee ($2 minimum). That's more than 60%! <BR>So, these fees don't make a difference? I wish I could get that kind of return on my money. <BR>Except for these 2 incidents, I always took the maximum allowable from the ATM to minimize these charges.

Howard

I'm with you, Bob. On our recent longest trip to Europe, 13 days in 1999, I went to the ATM a total of three times. The cost--even if it was today with the alleged higher charges--is still a very, very small amount considering what the 2-week trip cost. And, even with these supposed increased charges today, ATMs are still the way to go! <BR>As for the comments by No, I'm confused. Why didn't your wife use 8 of the 9 marks you had left? And, you must also admit that it's not too often that someone only converts $20 into another currency.

$$$$

Howard- We're talking about *EVERY* credit card transaction, not just ATM withdrawals.

anne

There have always been charges for international currency conversion. In the past financial institutions were not required to indicate the charges and they would simply be included in the exchange rate. Many banks have a charge for local ATM withdrawals or limit the number per month. depending on the type of account accessed. ATM charges are still the best deal going as on a recent trip to Europe we tracked rates for TCheques at exchange booths and the rate we got from our bank was favourable enough to offset charges added on. Our Visa Gold did not add on additional charges for foreign transactions. I'm constantly amazed that people travel, have a wonderful time and then come home and gripe about a charge that is less than a beer .. or in Europe certainly less than a coffee.

No

Howard: <BR>The reason my wife didn't use the money I had, was that she made the purchase before I got back with the money. She did not know that she was going to be charged $5 for making an $8 purchase on her VISA card. That's the point of this post. Be Aware of these fees! If for example you use your Visa card to charge your lunch or anything else you can be charged $5 for the privilege. Some banks are doing this, some not. <BR> <BR>Anne: I was not charged a currency conversion fee on on my ATM withdrawals. I was given the "bank rate". But I charged my hotel bill on my Bank of America Gold Visa. They charged me a 2% conversion fee on top of the "bank rate". On my hotel bill alone this amounted to $26. In addition they charged me a $3 "international trasaction fee". These fees were a minor part of my trip expenses. But they amounted to a lot more than the price of a cup of coffee. It helps to be aware of them. I'd rather have the money to spend on coffee than give it to the bank.

Jimmy

The point is well-taken in that obviously there are some cards that are better (or significantly worse) than others when it comes to international travel. We carry a Mastercard with decent terms for using the cash machines and an American Express that we use for hotels, most restaurants and some purchases. A per-transaction fee for PURCHASES that the poster describes here represents some serious exploitation on the part of the card issuer and it is much different than simply a fee on ATM usage or even a conversion fee, both of which are becoming fairly common. Frankly, I would cancel a card from an issuer that had adopted the abusive practice cited.

anne

No, now I know the rest of the story and ouch ... I had thought you were referring to the transaction fee on ATM debit withdrawals. Your charges were certainly more than the best cup of coffee .. you could probably have bought your own expresso machine. Called my bank and they knew of the additional % charged by some Visa card issuers. Fortunately they don't yet .... If enough people voiced their indignation, cancelled these cards and moved to another issuer perhaps it would have an impact.. then again, mebbe not!