ATM transactions in Europe

[msmeltz]

Just found out that my bank.....Wells Fargo....gets $15 plus a percentage for every ATM withdrawal.

 

Does anyone know which banks do not have that big fee?

[computerworks]

I believe Capital One is still a no fee. We keep one of their cards for European trips.

[cruisemom42]

Oh my -- Wells Fargo used to charge $5 per transaction plus a percentage. Have they really gone up to $15?

 

I have a Capital One direct banking account with debit card that I use for all overseas travel. They do not charge a fee per transaction OR a percentage. I've used them for about 2 years now (multiple trips) and I've have no problems with it.

[KirkNC]

Try a smaller bank, mine charges nothing for ATM transactions no matter where I am.

 

We use the Capital One credit card as it does not charge a fee for international transactions.

[sitraveler]

Banks are greedy.

I thought my banks $5.00 + 3% was too much.

My ING, now Cap 1, is no commision no fee.

[capecodder2]

I'm with KirkNC, try a smaller local bank or credit union for their ATM services, they usually want your business and are much less likely to "fee you to death". Our local bank is great - no charges for anything, no interest to speak of either, but that is another story. We also have a Cap One credit card, as many do for purchases, etc.

[Wendy The Wanderer]

Odd, I would have thought most banks would have this fee rolled into their monthly service fees by now, since it's so ubiquitous. I know mine does (Canadian.) Is this just for foreign transactions, or all ATM transactions?

[Mura]

I've never heard of such a huge fee for an ATM withdrawal. They must be trying to discourage ATM use! That would work for me ...

 

Everbank charges 1% on an ATM withdrawal (using their debit card) but doesn't impose a fee.

 

Mura

[vlthom]

Just found out that my bank.....Wells Fargo....gets $15 plus a percentage for every ATM withdrawal.

 

 

Perhaps this is specific to the type of account that you have with Wells Fargo. According to what's printed online with my account with them, they "only" charge $5 per international ATM transaction. There is a 3% fee for using their debit card to make a purchase overseas.

[CintiPam]

If you are a good customer of your local bank, you should be able to negotiate free international ATM use. For credit card purchases, I too use my Capitol One no-fee MasterCard.

[Paulchili]

If you are a good customer of your local bank, you should be able to negotiate free international ATM use. For credit card purchases, I too use my Capitol One no-fee MasterCard.

 

I am sure the Capital One card is a good one but there are others that are good as well and do not charge foreign transaction fees.

My Chase Hyatt card gave me 2 free nights in ANY Hyatt for opening the card and we chose Park Hyatt Sydney (which starts at AUS$ 800/night = more than US$1600 value). First year fee was waived; for the subsequent $75 annual fees I get a free Hyatt night/year (any Hyatt paid night will easily exceed the $75 fee - our current Grand Hyatt Berlin free night would be 214 EUROS). This is all in addition to no foreign transaction fees and automatic Hyatt Platinum status :)

This, of course, is a credit and not an ATM card. Our Citibank gives us free ATM transactions anywhere (for our loyalty & status).

It all depends on individual needs and preferences.

[orchestrapal]

Perhaps this is specific to the type of account that you have with Wells Fargo. According to what's printed online with my account with them, they "only" charge $5 per international ATM transaction. There is a 3% fee for using their debit card to make a purchase overseas.

 

Just spoke to my WF bank branch and was told the fee is still 5% plus 3%. Depending on your relationship with your branch and the size of your account(s) you may have

the 5$ fee waved.

We use a no fee credit card for all purchases and hardly use cash at all while in Europe.

[hondorner]

y

Just found out that my bank.....Wells Fargo....gets $15 plus a percentage for every ATM withdrawal.

 

Does anyone know which banks do not have that big fee?

When making a withdrawal of cash from an ATM machine, using a credit card -- any credit card -- is not the best strategy. Cash withdrawals are considered cash advances, and fall under the often expensive cash advance rules. A debit card (VISA Check Card) at any bank is a better strategy because you are withdrawing your own money from your own account, not requesting a cash advance on your credit card.

 

Having said that, I know of no better debit card than that issued by Schwab Bank, although I have heard of others that are equal. With the Schwab debit card, you may withdraw money at any ATM, at any location domestic or international, with no transaction fees and no ATM fees. Of course, if you are withdrawing cash in a currency other than US Dollars the bank's currency exchange rate will apply. If you are assessed an ATM fee, it will be refunded to you by Schwab Bank on your next statement.

 

When I first opened my Schwab Bank account several years ago, I had to first open a Schwab One brokerage account. However, there were no minimum deposits, no minimum balance requirements and no requirements that I ever use the brokerage account. I don't know whether it is still necessary to open the brokerage account.

 

I have no interest in Schwab other than recomnmending them.

[wristband]

Bank of America participates in an ATM Global Network where affiliated foreign banks impose NO transaction or conversion charges and BOA does the same if you use the BOA ATM card at the participating overseas bank's ATM. You "pay" only the daily currency exchange rate.

 

In other words, if you use a BOA ATM card at Bank of Italia in Rome or Venice or Deutsche Bank in Munich or Frankfurt, you pay 0 fees, 0 charges, 0 costs at either BOA and the foreign bank and you get an exceptional exchange rate to convert dollars to euros.

 

The BOA Global Network obviously is limited to specific banks. I have used those foreign bank ATMs for the past several years while cruising abroad and never ever had an ATM fee imposed. Participating banks include those in Australia, UK, France, China etc.

[avalong]

Bank of America participates in an ATM Global Network where affiliated foreign banks impose NO transaction or conversion charges and BOA does the same if you use the BOA ATM card at the participating overseas bank's ATM. You "pay" only the daily currency exchange rate.

 

In other words, if you use a BOA ATM card at Bank of Italia in Rome or Venice or Deutsche Bank in Munich or Frankfurt, you pay 0 fees, 0 charges, 0 costs at either BOA and the foreign bank and you get an exceptional exchange rate to convert dollars to euros.

 

The BOA Global Network obviously is limited to specific banks. I have used those foreign bank ATMs for the past several years while cruising abroad and never ever had an ATM fee imposed. Participating banks include those in Australia, UK, France, China etc.

 

This worked very well for us in New Zealand too. The BOA partner bank is usually a huge one within the country with branches absolutely everywhere, so finding a participating ATM was no problem.

[Mura]

As has been said, getting cash from an ATM using a credit card is far too expensive since it is a "cash advance".

 

A debit card of any sort is far better.

 

We use our low fee (or no fee) credit cards for purchases and our Everbank debit card for cash withdrawals.

 

If the foreign merchants offers to convert euros (or whatever the local currency is) to dollars decline. You just end up paying double currency conversion fees.

 

Mura

[rim2rimhiker]

I would avoid cash advances on credit cards. Not only do they charge more interest, your payments probably get applied to the purchase balance with the lower interest rate, increasing the credit card advance balance beyond the actual advance. I don't mind the ATM fee for the debit card withdrawal. It's lower than the "extra receiver" charges I pay Directv.

[starwhite3]

I'm echoing Hondorner. After reading these boards last year, I learned that Schwab has a Visa debit card on its High Yield Investor Checking account (no minimum required, except for maybe $1), no fees for cash withdrawals abroad (reimbursement of fees at the end of the month). I've been with Schwab for years, and opened a High Yield Investor Checking account last year. It solved my ATM headache woes.

[cindilouwho]

I think the best way to get cash from the ATM is to wait behind someone who is getting cash out, hopefully a lot of it - bop them on the head, snatch the cash and run like hell back to the ship. :eek:

 

Sorry - couldn't help myself .... in a bit of crazy mood today! ;)

[Paulchili]

I think the best way to get cash from the ATM is to wait behind someone who is getting cash out, hopefully a lot of it - bop them on the head, snatch the cash and run like hell back to the ship. :eek:

 

Sorry - couldn't help myself .... in a bit of crazy mood today! ;)

 

Next time I am at an ATM I will look for you before taking cash out :D

[cindilouwho]

Next time I am at an ATM I will look for you before taking cash out :D

 

Forgot to add : Wear a disguise!!!!

[Paulchili]

Forgot to add : Wear a disguise!!!!

 

Then you'd better not be smiling - that smile will give you away :D

[cindilouwho]

Then you'd better not be smiling - that smile will give you away :D

 

AWWWWWWW...... :o

[DOJO466]

y

When making a withdrawal of cash from an ATM machine, using a credit card -- any credit card -- is not the best strategy. Cash withdrawals are considered cash advances, and fall under the often expensive cash advance rules. A debit card (VISA Check Card) at any bank is a better strategy because you are withdrawing your own money from your own account, not requesting a cash advance on your credit card.

 

Having said that, I know of no better debit card than that issued by Schwab Bank, although I have heard of others that are equal. With the Schwab debit card, you may withdraw money at any ATM, at any location domestic or international, with no transaction fees and no ATM fees. Of course, if you are withdrawing cash in a currency other than US Dollars the bank's currency exchange rate will apply. If you are assessed an ATM fee, it will be refunded to you by Schwab Bank on your next statement.

 

When I first opened my Schwab Bank account several years ago, I had to first open a Schwab One brokerage account. However, there were no minimum deposits, no minimum balance requirements and no requirements that I ever use the brokerage account. I don't know whether it is still necessary to open the brokerage account.

 

I have no interest in Schwab other than recomnmending them.

Years ago at Don's suggestion We opened a Schwab account and it worked out wonderfully..except one time we were in Iceland and ATM machine rejected our card. I did notify Schwab before leaving home to advise of travel abroad but card was rejected. After arriving home I called them and was told that because I hadn't used the card in the prior 6 months they had deactivated it. So now when going to travel we call to make sure it is activated or we go get a small amount out of local ATM.

As Don said..no fee and the high yield (for what it's worth these days) checking pays more than my bank so it is an incentive for me to park my additional savings in that account for future sailings.

[OrangeCountians]

Here is the link to B of A's global network:

 

http://en.wikipedia.org/wiki/Global_ATM_Alliance

 

They do charge 1% foreign currency fee, but no flat ATM fee.

 

 

+1 on the Capital One card overseas for purchases - good exchange rate and no 3% foreign fee.

 

We never take foreign currency with us - just go to a ATM at the airport and get the local currency on our debit card. Only got stuck once, and that was many years ago in Italy when there were no Plus ATMs at Milan Airport.