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Bank of America to charge $10 ATM on foreign W/D and 8% foreign trans fee!

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May 7th, 2009, 06:00 AM
  #1
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Bank of America to charge $10 ATM on foreign W/D and 8% foreign trans fee!

OK, we all know that banks gouge us, but Bank of America is going that extra step. This is something I got from this article on Tripso:

http://www.tripso.com/today/increase-bank-fees/

Do please make sure to check your cards before you travel, or do any foreign transactions! As the article states, credit union cards are usually good about this, and Capital One still has no foriegn transaction fees of it's own.
GreenDragon is offline  
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May 7th, 2009, 12:32 PM
  #2
 
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Thanks for the heads up! I am an BoA customer but most often travel to Mexico, where I can use a Santanders branch without extra fees for the ATM. But obviously I'll need to do something different before heading to Europe again!!!!!!!!
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May 7th, 2009, 01:20 PM
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Bank of America has the same arrangement with Barclays in UK, Paribas in France and Deutsche Bank in Germany. Unfortunately nothing in Italy/Greece/Spain.
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May 7th, 2009, 02:07 PM
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Do those agreements negate the 8% foreign transaction fee, though? That's the part that really gets me... I use my Capital One which only has the 1% Visa requires. Most banks add on 2-3% on top of that... but 8%?
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May 7th, 2009, 02:10 PM
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When I use my BoA card in Barclays UK, £s come out of the machine. My statement shows no extra charge from either BoA or Barclays.
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May 7th, 2009, 04:12 PM
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Am I misunderstanding this? I did get this info from BoA
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May 7th, 2009, 04:14 PM
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Oops - sorry about that.

The info I received said it was for cash advances from my credit card - but I use my debit card at ATMs in Europe not my credit card. Actually I don't even have a BoA credit card that I use any more.

As far as I can tell, the rules for using debit cards from BoA haven't changed. Am I correct?
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May 8th, 2009, 04:45 PM
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Capital One actually absorbs that 1% fee that Visa or Mastercard charge, so I try to use that credit card exclusively when traveling abroad.

As for B of A, I agree with Gertie3751 regarding dodging the "Non B of A ATM" fee. You do still get charged for the currency conversion, however. If that's going up to 8%, well, that's insane. But I can't comment on that part.
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