# What does you bank charge for foreign ATMs?



## bellesgirl (Apr 3, 2006)

My bank recently merged with Chase.  Until then they charged $1.50 for ATM withdrawals and gave a very good rate of exchange on foreign withdrawals.  They have raised their fee to $3.00, and, since March 26, they charge a 3% "exchange rate adjustment".  We were in Mexico during the transition, so the rate difference was quite apparent.  I am curious as to what other banks charge.  Are all banks going to this new fee structure?  I know our credit cards starting charging this 3% adjustment a while ago.


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## Icarus (Apr 3, 2006)

Just back from Thailand. I noticed my CU charged me around 1% for ATM withdrawals.

Last time I was overseas in Europe, they didn't charge me any fees for ATM withdrawals. I have to ask the CU what's up with the charges. My ATM card is not Visa or MC branded. I suspect that it's listing the wholesale conversion rate charge separately as is now being done with CC forex fees.

First USA (aka Bank One and now Chase) have the worst conversion rates. I think they can be as high as 4%. Capital One (if they haven't changed it yet) was one of the best  issuers. I believe they only pass through the 1% charge at wholesale rates imposed by Visa USA. (it used to be part of the rate, but after a law suit, it's now itemized as a finance charge line on your statement.)

I would not do my everyday banking business with any bank that charges extra fees for using other banks or foreign ATMs. For the most part, most foreign banks don't charge ATM usage fees. If they are really charging you a transaction fee plus 3%, all of that is pure profit (except perhaps for 1% of the transaction fee if they are using wholesale exchange rates like Visa USA does.)

-David


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## bellesgirl (Apr 6, 2006)

In addition to determining what banks are more competitive, I also want to alert other Tuggers of this new charge.  This is the way it is posted on my account - NON-CHASE ATM WITHDRAW . BILBAO MX Nu Peso 3000.00 X 0.09121333 (EXCHG RTE) + 8.21 (EXCHG RTE ADJ). $281.85  

So in addition to the $3 ATM fee, there is a $8.21 exchange fee for a $281.85 withdrawal.  Part of this fee may have been buried in the rate before, but definitely not all of it.


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## hibbeln (Apr 6, 2006)

My credit union has no fees for withdrawals in US or overseas......yet!  Let's hope it stays that way!


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## bellesgirl (Apr 6, 2006)

I just got off the phone with my bank and that is a new fee (as of 3/26/06) because of the merger with Chase.  So all former Bank One customers beware.  And thanks Debi, I did call my CU and I may be doing more business with them from now on.  They do not charge any foreign conversion on ATM withdrawals and they say they only charge a 1% fee for foreign credit cards charges.  That is also better than the 3% on my Citibank Visa card.  Ofcourse, who knows how long it will last.


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## Icarus (Apr 6, 2006)

I got a reply from the CU. They claim that the 1% charge is the itemized forex charge, similar to what's been done for credit cards. (It used to be in the rate, now it's itemized.)

-David


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## debraxh (Apr 6, 2006)

Just a coincidence that I called my credit union today, to make sure that I can use my ATM card in Mexico next week (and advise of our travel plans).  She said that Visa will charge 1% (it is a Visa branded ATM card),  but I should phone when I return and they will reimburse me for those charges.

I don't know if this is only applicable to my credit union and type of account, but it wouldn't hurt to ask about the charges.


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## falmouth3 (Apr 6, 2006)

*Exchange fee on credit card purchase*

I just booked a Marriott in Vancouver on my Marriott (Chase) credit card.  They charged me over $5 for the $181 bill.  Luckily I now know this in advance and I will not be charging anything in Canadian dollars to the Chase card when I'm on vacation!  What a rip off!!!


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## falmouth3 (Jul 2, 2006)

Just about died when I saw my credit card bill.  We took our trip to Canada in May.  We got charged big time for our charges in a forweign currency.  Also, we took $60 Canadian ($53 US) from an ATM and got hit with $5.50 worth of fees.  We didn't notice any of these outrageous fees when we went to Rome last year.  Before we go to Scotland next year I will need to find out what the fees are from each credit card company in advance to be able to pick the best deal.  Also, I need to find out which ATM card to use.


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## Phil B (Jul 19, 2006)

I have a Bank of America - Check card (debit).

In Australia & New Zealand - used Wespac - no fees
In Canada - used Scottia - no fees


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## Carolinian (Jul 19, 2006)

My credit union charges no extra fees.  I got a good rate on euros a few weeks ago in France and Italy.


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## derb (Jul 19, 2006)

Went to spain this year and Amtrust (Ohio Savings Bank) did not charge a fee.  When I did the calculations, it was just the posted exchange rate between the euro and the $.


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## bellesgirl (Aug 7, 2006)

*Global Alliance*

I saw this on the internet.  I wish more bank were invoved - unfortunately there is no Bank of America in my area.

"Five of the world's largest financial institutions -- Bank of America, Barclays, Deutsche Bank, Scotiabank and Westpac -- have launched the first Global ATM Alliance to create financial services expressly for their customers who travel internationally. The group's first major initiative will be to offer their combined customer base free access to more than 20,000 cash machines on three continents. "

Here is another good article.
www.kiplinger.com/personalfinance/features/archives/2006/03/cardsabroad.html


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## Icarus (Aug 7, 2006)

Good article. Too bad they omit references to credit unions.

-David


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## derb (Aug 9, 2006)

*no charge*

Amtrust bank, div of ohio savings, no charges on their atm card, just the straight conversion rate, in our case-$ to euros 1.244.


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## hvsteve1 (Aug 9, 2006)

My bank,TD Banknorth,has no ATM fee at any bank ATM anywhere in the world.


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