ATMs & Credit Cards: Minimizing Fees
Throughout Europe, cash machines and credit cards are the standard way for American travelers to change money or pay for services. You get a much better rate than with traveler's checks but you do pay a fee, usually to your hometown bank or to your card issuer. And ATMs may not be as good a deal, as some overseas ATM vendors and US banks add a 2 percent or so fee to each transaction. How do you minimize fees when using ATMs in Europe? Are they still the best way to change money? Also, any comments about minimizing extra credit card foreign currency conversion fees?
Please Note: ATM and Credit Card fees change frequently. Contact your bank or credit card company for exact, up-to-date information before your trip.
- Please don't post questions here. Use our Travelers Helpline.
chip and pin Euro Card
<< [UWCFS Quick CARD][1] >>
denominated in Euros €
steps
1. open account via scanning in passport and address takes 5 days. 2. notarize documents, have county clerk verify notary, get apostille from state ... 3. send in passport and address documents via post 4. after approval get access to UWCFS WEB and FX accounts 5. apply for EURO Quick Card 6. takes approximately 3-5 weeks 7. receive Chip and PIN Euro Card =) 8. Top Off at Barclays or Post Office =) 9. Post deposits via IBAN/BACS/ACH/EFT =)
[Fees are here (question 1)][2].
[1]: http://www.uwcfs.com/en/products/payment-cards [2]: http://www.uwcfs.com/en/faq/uwcfs-cards/using-cards
AS i AM not a UK RESIDENT the only alternative is to open a bank account, use western union, Euro denominated Travellers Cheques, or purchase the expensive Travelex Cash Card. XE.> 1$/euro .77 // travelex 1$/ euro .67 on $ 1000 thats 100 Euros lost ...
J.E.
Nashville, TN USA 02/08/2012
Best Chip-and-PIN Card for American Travelers
There's a new chip-and-PIN card offered by Andrews Credit Union in Maryland with NO annual fees, a 1% transaction fee, and only $5 to open a CU account. It's called the GlobeTrek Visa. When you join the credit union, there is a link to the American Consumer Council, which you must also join to qualify for credit union membership. The CU even has toll-free numbers you can call in Europe to reach the credit union in the States.
http://www.andrewsfcu.org/page.php?page=553
T.E.G.
Seattle, WA USA 02/07/2012
Credit Card and Local Currencies
When planning to travel to Europe, I call my credit card company and ask to speak to their "Fraud Division." I tell them the countries I plan to visit and the dates so that they know that any charges that appear during these times are almost surely legitimate. They really appreciate the call, and this removes the chance of my card being placed on hold for fear of possible identity theft.
I also try to obtain a mixture of local currency from my bank, the amount of which is based on my likely expenditures. I email my bank with the appropriate request for funds, and the foreign currencies arrive at my door, FedEx, the next day. Maybe it isn't the absolute cheapest thing to do, but the convenience is worth a few dollars, and I am then able to familiarize myself with the currency (E.g., Norwegian and Swedish bills are very similar, and Russian rubles are in the Cyrillic alphabet.) The Bank will repurchase what I have not used when I return.
Familiarize yourself roughly with what the exchange rates are from dollars to "whatever" and be especially mindful that Euros and British Pounds Sterling are NOT the same exchange rate--not even close.
John Upton
Tucson, AZ USA 02/02/2012
Traveling with cash
Before leaving for Paris last year, I went to my local bank and got some cash for the start of the trip. They asked what denominations I wished to have and I decided on mixed. I left with 2-$100 bills and other smaller denominations. (I wanted to minimize the bulk of smaller bills.) When I got to Paris I went to 5 banks (PNB Paribus) and was told at each one that "We don't have any money." This was puzzling to me until a friend who lives in Paris told me that they do not serve anyone but regular customers. I thought this would be helpful for others to know. Advise: If you take cash, don't get bills larger than $50, preferably smaller than that.
Sheri Yeatts
Bellevue, WA USA 01/05/2012
No to Travelx
Re Travelex - please search the Travelers' Helpline. This has been repeated many many times. Do not pay fees or bad conversion rates. Get an ATM card from a CaptialOne, Schwab, or such account., pay no ATM fees, and get your currency at the interbank rate (less about .8%)
Larry
Elkins Park, PA USA 12/16/2011
Travelex
Travelex seemed like a great idea. But when I went to the website (http://www.us.travelex.com/us/Home/)
to buy Euros, they wanted to charge a lot.
For example: $1,000 USD buys only €699. They are using a different conversion rate. Their conversion is 1 USD = 0.6992 EUR when, in fact, currently 1 USD = 0.7674 EUR.
Big difference. It would clearly be smarter to pay transaction fees than to pay such a high conversion rate with Travelex.
Alas, I'll keep digging for solutions.
Kaitlin
Oklahoma City, OK USA 12/13/2011
Chip n' Pin cards
Normally, I just use my ATM card in western Europe, even with working trips. The fees are low and the rates are very close to whatever is posted in the FX markets that day.
But for want to a card that I could use to get a Ve'lib and not stand in line for subway tickets and other magical animatronic hoohaw machines, I went and got myself a Travelex card. Even if I don't use it, I can cash it back in within 90 days of buying it.
Joe Noussair
Washington, DC USA 11/07/2011
Safer ATM Card
Just returned from two wonderful weeks in Italy! We didn't want to travel with our ATM card tied to our normal checking account. KeyBank offered to set up another account and provided an ATM card with no name written on it. We could obtain cash, but if our card was ever lost, no one would be able to use it as a credit card, etc.
Jean
Mill Creek, WA USA 10/19/2011
Piece of Mind with Card usage
I recommend contacting your credit card & debit card phone numbers to inform them of your upcoming international travel. By doing so, you are authorizing / restricting the use of your card to the countries being visited on specific dates. If the credit card computer sees activity in other parts of Europe or elsewhere, they will be able to catch misuse of your card more easily with your travel plans restricting access. I have done this since 2003, and I feel more comfortable about using my debit card or credit card while on vacation. It also eliminates the chance of your cards being rejected while on vacation and then having to deal with contacting the credit card company to authorize its legitimate use. When you do speak with a representative, they can give you a local European toll-free number to dial to access the company representatives in Europe. This approach works when traveling anywhere in the world.
Alex Simms
Southington, CT USA 09/13/2011
Bank Cards and travel notifications
Be sure your bank knows EXACTLY the dates (home time) when you will be abroad. When I arrived in Germany BofA had blocked my card because I had made purchases in the US before leaving. A few long calls straightened it out.
Randy
Portland, OR USA 08/31/2011
Bank of America debit card fees are high
I called Bank of America, and I was told there would be a 1% fee for all international use of my debit card, and their exchange rate is definitely higher than the Wall Street Journal published rate (the BofA rate is currently 1.4900 vs. 1.4249 for WSJ). The total difference is almost 6%. FYI, the BofA rate I was told to use is at: https://www6.bankofamerica.com/foreigncurrency/index.action.
James Haskell
Morgan Hill, CA USA 08/13/2011
Travelers Cheques
It appears the Travellers Cheque is near extinction in Paris. Had no luck cashing them at Banks or hotel. Even Amex wanted a 3% commission!
Mick
Vancouver, USA 08/04/2011
The bottom line is the way you get the best exchange rate for your dollar is "it depends". This thread does nothing but require inquirers to read forever and still end up confused.
USA 07/14/2011
ATM cash limit
I suspect the limit on the amount of money you can withdraw per day is a local matter. Travelling often to visit my parents in Bolivia, I have seen limits going lower and lower as time passes. I remember it used to be $500 a few years back, I believe now it's about $200 per day, and that for US or local cards - I ended up going native on one account I had set up to pay my parent's utilities. BTW, the no-international-fee account we had is still valid because we were grandfathered, but no longer offered by Compass. They still honor it, but you have to mail in your paperwork every couple months.
Yamaplos
Austin, USA 07/06/2011
Travelex Chip and Pin Cards
Heads up on the Travelex Chip and Pin cards, which Rick cites in many of his publications. I obtained two cards before I left for Europe and only learned after I arrived that I could not reload them online (mine are the Mastercard version). I attempted to reload the card several times via phone but Travelex was unable to process the transaction, even after my bank intervened and said they would allow the transfer of money to go through. Everyone at Travelex was very polite but they appeared a bit lost. After three days, I have given up and am now relying exclusively on my ATM card to obtain additional Euros. If you decide to go with Travelex, by all means bring your ATM card as a back-up, just in case you run into the same problems I have experienced.
Bob H.
Minneapolis, MN USA 06/19/2011
BofA ATM card
Re Bank of America below: I have used my ATM card at several of their affiliates (in Germany, England, France, China) and in each case there were no fees and the exchange rate was extremely close to what was listed on xe.com and other exchange rate calculators.
andrewh
Washington, DC USA 06/10/2011
chip-and-PIN cards
In regards to the article of the chip-and-PIN cards, I had called my CC company Citibank, and they say that they are in the trial stage of fielding a chip-and-PIN cards soon. As for other american based CC companies I do not know of their progress with adopting chip-and-PIN cards.
J. ORTIZ
ORLANDO, FLORID USA 05/11/2011
Capital One ATM card--correction
The Capital One card "problem" on the 4/18 posting has been discussed extensively in a thread in "General Europe": "Captial (sic) One ATM CardA Little Misleading." The OP here, and below, received totally incorrect information from a Capital One BRANCH, possibly due to not knowing what she wanted and letting them advise on the product they wanted to sell.
Cap One has several products, all good. Specifically for most needs here they have a "High Yield Money market Account" that requires a balance of $1 and includes an ATM (NOT DEBIT!) card that has no ATM fees (unless charged by the ATM owner, and European banks do NOT charge ATM fees on their machines) and a friction for foreign money at about 1/2%, the minimum the networks require. They are in the process of sending new cards that will now be CIRRUS network rather than PLUS, and the daily limit is being raised to $600. They also offer astraight Mastercard with no annual fee, 1% cashback (2% on gas and grocery store) and NO foreign transaction fee.
This is all readily clear on the Cap One website, which also has an extensive set of FAQs explaining everything, and one can apply directly on-line.
If one CALLS Cap One on their toll free number rather than going into a branch, they will get the correct information also.
I am posting this here so that the incorrect information posted as a warning is not taken at face value.
Larry Plotkin
Elkins Park, PA USA 04/25/2011
Bank Fees OUCH
Just back from Spain in March 2011
What a difference
ATM cards still work for getting cash.
Not a bad exchange rate, but no bargain.
But Bank charged $12.75 foreign transaction fee
frustrated in
Raleigh, NC USA 04/25/2011
exchanging cash a limited option in europe
Have to comment on the advice to take cash ($) to europe to exchange. This is a bad idea, notwithstanding someone's success at doing it a an Italian post office, because increasingly banks and cambio will not accept $ for fraud / counterfeit reasons. I learned this the hard way when I went to a Deutsche Bank branch to exchange crisp new $100 bills for euros and they told me they no longer did this, and this was in 2005/6, mind you. Haven't used anything except ATM and debit cards since...
JHR
Charlottesville, VA USA 04/25/2011
Exchange currency
To Victoria, I have found AAA is competitive with most commercial banks on their exchange rate. You can pick up the cash at a AAA office
Mike
Bonney Lake, wa USA 04/22/2011
Capital One Card Charges FEES
Just Got back from a Capital One branch. You DO PAY FEES WHEN YOU USE ANY ATM MACHINE WHILE IN EUROPE!! They also DO NOT remiburse any of those fees. I was told that it would cost me $2 every time I used an ATM machine either in or out of the system. Also told the daily limit was $400 and not $600 as previously posted. Also, it is not just an ATM card but also a debit card. They claim they do not have a plain ATM card. I argued this whole point to the branch manager and he got the international branch manager on the phone who confirmed that FEES ARE CHARGED AT the ATM when making a withdrawal in ERUROPE. YOu will be charged $2 every time. Just wanted to clear this up as from what I have been reading, I was also misled.No such thing as a no Fee Capital One ATM card.
Thanks!
Lisa
New Orleans, LA USA 04/18/2011
Web site to settle who has what
Thank you Sharon. Your Bank fee website was fantastic. In case some one missed it. Here it is again.
http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange
John
Portland, Maine USA 03/06/2011
PIN (Passwords )
REMEMBER: Foreign ATMs accept a max. of 4-6 digit password(PIN). Reduce it to 4 digits BEFORE leaving home, you can't do it from abroad. Use ATMs during office hours only! My bank gives me the best exchange rate and adds a flat fee of $3.oo. so I always withdraw the max. allowed. In Italy it's €600. I always carry an extra on different account to be safe.
Giuseppe Nero
london ontario, ont Canada 02/27/2011
ATM
I have heard people on this say that they take large amounts of cash and convert it at different places. This is very costly anywhere in Europe and Asia now because they do not trust the dollar and charge added points accordingly. Charles Schwab, Capital One, and many small credit unions reimburse ATM fees. I recommend taking multiples of these cards. No matter how much you notify the credit card company ahead of time they cancel your card for foreign use. I had each of these cancelled in the last 4 months and needed to call them to get them reactivated. Charles Schwab and Capital One negotiate their exchange rate so it is very close to the going advertised international rate. ATM's are everywhere in Europe and Asia and generally also have options for use in english. They allow you to only carry the cash you need and not be more vulnerable to pick pockets that are everywhere in large European cities or any kind of robbery.
Jon Cooper
Milwaukie, OR USA 02/16/2011
paying in local currency
I've read that it is best to pay EasyJet in GBP than USD, so they don't charge you a bad conversion rate. Is that generally true for all purchase made before a trip? We are taking a group of Girl Scouts to Europe next summer. Also, what is a good exchange rate? 0.15% profit seems reasonable (from Travelex) but I don't have a frame of refernce.
Susan
Houston, Texas USA 01/29/2011
Ordering Pounds online
I need to purchase British Pounds in advance, but I just moved and my bank is in another state. Not wanting to open a new account here in Texas just to get Pounds. Any suggestions? Has anyone ordered the currency online? Anyone gone through International currency express, Inc online before?
Victoria
San Antonio, TX USA 01/16/2011
Foreign transaction fee chart
This website has a comprehensive chart comparing foreign transaction fees for various credit and debit cards: http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange
Sharon
Edmonds, wa USA 01/15/2011
NO ATM FEE! :D
I was very pleased to learn that Mountain Pacific Bank actually reverses all ATM fees no matter where they incure. I looked them up and learned that they only have two branches in Washington state. I was excited to find out that they will open accounts for people out of state so long that I get a copy of my ID notarized! I will now use Mountain Pacific Bank as my traveling account. The customer service is above any other bank that I have experienced. There is a big difference between community banks and big ones.
Anonymous
USA 12/14/2010
ATM vs. Travelex Card
For the first time ever I bought a Travelex VISA card before I left for Europe instead of using my ATM. In Spain a Barclays Bank ATM charged me $8.00 for withdrawing $40.00 I needed to get to the airport. Also with the fees included in the exchange rate in my bank it's impossible to tell what fees I was charged by the Eurpoean ATM (my TD Bank charges no fees) After that I am leary of using my ATM which I had always used exclusively since my credit cards charges fees. I spent $2500 for the Travelex VISA Card and got a much better rate .75 on the dollar as opposed to .68 that all the banks were giving[INVALID]so by buying $2500 I got an extra 175 in euros. You do need to spend the $2500 to get that rate but we did get two cards and there were no other fees except a small fee of $1.75 to withdraw from an ATM machine if you wanted euros. We used the card without problem in Italy but you need to keep an accurate account or can check your balance on line which we did at the hotel. They will replace the card if it gets lost or stolen so I felt good about having a large amount of money on hand and not being worried about it getting lost or stolen. The card worked everywhere without incident. We purchased the card at a booth at our local mall which is why I was skeptical but since it was a VISA I tended not to worry too much. The rates were better there than at the Travelex Booth at the airport. I debated about buying this card and there wasn't much info or reviews on line to help me decide. I would absolutely use this method of taking $ to Europe again. The card only comes in Euros and next time I go I would purchase a larger amount and use it for all hotels/restaurants/etc.
Angela M
Natick, MA USA 12/03/2010
ATM fees in Paris
My partner and I just returned from a two-week stay in Paris. Although we didn't have to withdraw money often, we did find a huge difference in fees between ATMs. Our credit union charged $0.75 per transaction. CIC bank ATMS charged $1.50 per transactions of €300 or less. Another ATM (probably not a bank's) charged $3.21 for a €300 withdrawal.
Andrew Webb
Wildwood Crest, NJ USA 09/27/2010
ATM Fees
I'd like to add my praises for the ATM card I recently got from Mountain Pacific in Lynnwood, WA. I just returned from a 3 week trip to China and used the card without any troubles and when checking my account online from China could see that there were no fees and the rates were good. And their customer service is top notch. I found out about them from this graffiti wall so thanks to whoever posted the initial comment.
Leslie
Kirkland, WA USA 09/07/2010
Getting Euros
It is interesting that nowhere on this site (as far as I can tell) is there any mention of the exchange rate used by say, Bank of America. Bof A states that if you use an ATM of their correspondant bank -BNP Paribas- there is no fee. But what is the exchange rate -the interbank rate? I doubt it. Citibank charges, it says, 3%, Could be better than the BofAs 0% depending on the exchange rates used. Mr. Steves should address this clearly for the majot banks.
USA 09/03/2010
Charge Card Fees and Interest
Citi Mastercard and Schwab Visa both now charge interest on a cash advance AND charge interest on the TOTAL balance of the account, starting the moment you take a Cash Advance. Talk about expensive!
Robert
Dallas, TX USA 08/17/2010
atm card and fees
Sounds like a capital one bank account or mm account with an atm card will allow you overseas access with no foreign transaction fees on atm machine withdrawls.
But I wonder if they reimburse atm machine fees that the owner or bank of the atm may charge you for using their machine? I know in most of europe atm machines charge no fees, but for example we were in thailand and 99% of atm machines charge a fixed fee of about $2-3 usd per withdrawl. Just curious, maybe someone could enlighten me on capital one's position on reimbursing atm usage fees from other banks.
On the other hand, at least out here in washington state, mountain pacific bank in everett, wa reimburses 100% and unlimited and instantaneously any bank atm fees from anywhere in the world and charge zero foreign transaction fees or charges. And you also get the interbank exchange rates on foreign currency translation, so they are not making it up there. I can say this as a fact certain as I have used their atm card extensively overseas in both europe and thailand so far without a hitch over the past year or so.
Just me passing along a nice budget tidbit for everyone out there traveling
brian
USA 08/14/2010
Capital One ATM Charges
But that is a capital One CREDIT CARD, used at an ATM. It is never a winning idea anywhere to take cash against a CREDIT CARD, you always pay interest from the day of withdrawal, no grace period. Abroad or stateside, does not matter.
Use a Capital One ATM Card, based on a Cap One account. NO Charges. Cap One, unlike other banks, does not care where you take your cash from.
Margaret Plotkin
Elkins Park, PA USA 08/03/2010
capital one atm charges
As I understand it, there are no fees to withdraw cash at an ATM with your Capital One credit card but you will be charged 14.80% interest from the day you withdraw the cash. This is different than a purchase where you can avoid any interest if you pay the balance in full before the due date.
Leslie
Kirkland, WA USA 07/25/2010
Banking in the UK: Barclays and Bank of America
I've just written an entire blog post on this exact subject! Particularly dealing with "cashpoints" in the UK: http://katrichterwrites.wordpress.com/2010/06/page/2/. Basically, if you're going to be spending an extended period of time in the UK, you should open an account with Bank of America (when I opened mine two years ago in preparation for moving to London to pursue my MA, Bank of America was running a promotion where you could open a basic checking account online from the comfort of your own home with no fees). B of A has a reciprocal agreement with Barclays, which is one of the major banks in the UK, whereby you can withdrawn funds without fees. If you're able to open a UK account (ie. if you're a student or someone residing in the UK for an extended period of time), I'd recommend simply withdrawing funds from your B of A account at a cashpoint (which is Brit-speak for ATM) and then depositing the cash directly into your Barclay's account. This way, you can slowly but surely transfer funds from your US account to your UK account without having to pay fees for wiring money. It's not the most sophisticated form of international banking, but sure beats travelers checks and hefty international fees!
Kat Richter
Philadelphia, PA USA 07/18/2010
Capital One Works
I want to add m comments on our recent trip regarding CapitalOne. IT WORKS!
We opened a Cap One money market account, solely for the cheap ATM. We just did two weeks, Czech Republic and Amsterdam. We used only the ATMs with our Cap One ATM card, and never used any credit cards. We took a total of 25,000 Czech Koruna (4 different dates, 8,000 or so the first 3) and then 350 Euro twice. Going back today and looking at the formal published exchange rates for each day, we find that this money at best exchange rates would have totaled just over $2196 US dollars. The total out of our account was $2207. So this card really is no fees, and almost the exact exchange rates--about 1/2 percent lost.
Margaret Plotkin
Elkins Park, PA USA 07/15/2010
Exchange Rate Manipulation
I highly doubt you are going to see Exchange Rate Manipulation from Capital One. They will be sued pronto. I'm on track for getting several thousand dollars back from travel in the late 90's for this...
http://www.ccfsettlement.com/home/
In re Currency Conversion Fee Antitrust Litigation (MDL 1409)
The lawsuit is about the price cardholders of Visa-, MasterCard-, or Diners Club-branded payment cards were charged to make transactions in a foreign currency, or with a foreign merchant, between February 1, 1996 and November 8, 2006. Plaintiffs challenge how the prices of credit and debit/ATM card foreign transactions were set and disclosed, including claims that Visa, MasterCard, their member banks, and Diners Club conspired to set and conceal fees, typically of 1-3% of foreign transactions, and that Visa and MasterCard inflated their base exchange rates before applying these fees. The Defendants include Visa, MasterCard, Diners Club, Bank of America, Bank One/First USA, Chase, Citibank, MBNA, HSBC/Household, and Washington Mutual/Providian. They deny the Plaintiffs' claims and say they have done nothing wrong, improper, or unlawful.
Dan
USA 06/20/2010
ATM Withdrawal Limits
Also be aware that in some places (mainly outside Europe) there are per-transaction withdrawal limits at the ATM which are inconveniently low, which results in per-transaction ATM charges being exorbitantly high. Places in Asia only permit $50 - $80 USD equivalent, which is painful if you are getting hit with $3 per use terminal fees.
Dan
USA 06/20/2010
Capital One and Bank of America credit cards
Before I left on this last trip to Europe I checked on my credit cards fees. I was surprised to find two cards I could use in Europe without fees: 1) My Capital One Visa card, and 2) My Bank of America American Express. Because American Express is not as widely accepted as Visa, I primarily used my Visa card and love the excellent customer service at Capital One. They are really becoming one of my favorite credit cards, as opposed to Citi, which told me EVERYONE charges at least 3% foreign transaction fees, which is not true.
Heather
San Diego, CA USA 06/19/2010
ATM Fees
Just returned from 2 weeks in France and a few days in London. I used several banks ATMs - Societe Generale, Credit Du Nord, BNP Paribus, and Barklays - none charged a fee, and the exchange rate was compatible with I've seen published in the newspaper, and at x-rate. I think the 'trick' with ATM fees is to make sure use an ATM from a brick-and-morter bank.
Paul
El Sobrante, CA USA 06/16/2010
State Farm
I called state farm insurance.i was planning on using their debit card for a trip to Europe. they said there is no foreign transaction fees? only what the other ATM charges. this seems to good to be true. can anyone chime in, if this is true?
Jacob
Fremont, CA USA 06/12/2010
Exchanging money at banks
Currently in Rome. I have been to 5 banks and NONE will exchange money.
Eve
NY, NY USA 06/11/2010
Cash Withdrawal Amounts
When my mother and I arrived in Rome this spring, we had three different ATMs at the airport reject our requests for cash from our checking accounts. We each had separate accounts and debit cards, with the same response from the ATM; along the lines of "foreign card rejected."
We finally obtained the cash we needed from the "brick-and-mortar" bank at the airport. When testing out other ATMs in Rome, the best we could guess was the machines did not like when we requested the amount "Other." We needed a considerable amount of cash to pay for the apartment we were renting that day, so we were requesting higher amounts than the "standard" offered by the ATM. Just as US ATMs typically offer $20 / $40 / $80 / etc., the Roman ATMs had standard amounts too. The standard amounts worked, anything "other" did not.
eellaass
Scottsdale, AZ USA 06/10/2010
Apples and Oranges
After reading the comments below, I called CapitalOne Credit Card again. After four people and refering to this message board, I got a new response. Brian from below was correct in that the initial response from CapitalOne was from their banking operation, where the 7% add on to the published exchange rate was for exchanging currencies at a branch office. Their representative said that CapitalOne does not add anything to the foreign charge, and there is no foreign transaction fee. She also said that the merchant's bank makes the currency conversion not them.
Eric Schultz
Cleveland, Ohio USA 05/28/2010
capital one, the bank
In response to the entry below concerning calling Capital One (1-866-457-7472), the writer is confusing apples with oranges.
He called Capital One Bank, not Capital One Credit Card. What he got for the exchange rate is probably correct, but this is the rate that you would get if you went to a Capital One Bank (the bricks and mortor bank) and physically exchanged dollars for euros. Yes, there really are Capital One Bank banks (the bricks and mortar ones) throughout the U.S.
The premium paid of about 7% over true exchange rates is typical if you go to your bricks and mortor bank like Chase, Bank of America, Wells Fargo, etc and physically exchanged dollars for euros. And by the way, this is a lousy way to get foreign currency.
Just thought everybody should know that sometimes reading posts here does not guarantee anything other than being entertained.
Brian
USA 05/26/2010
foreign transaction fees
I think all the big mega-banks like boa, chase, wells fargo,keybank, etc all charge foreign transaction fees on both their atm/debit and credit cards. that includes withdrawls from atms, debit use of the debit card or credit card use.
Many or most small banks or credit unions do not. need I say more?
brian
USA 05/25/2010
Currency Conversion Capital One
I just called Capital One (1-866-457-7472) to get the current Euro exchange rate. It is 1.3073. Next I brought up the Wall Street Journal currency web site and it showed 1.228. Capital One says they have no foreign transaction fees but the conversion rate is .08 less favorable to the dollar. An other bank, US Bank, has a foreign transaction fee of 3%. Which is better?
.08 of 1.22 is about 7% for using Capital One, vs 3% for using US Bank.
Eric Schultz
Cleveland, OHio USA 05/25/2010
exchange rates
I have used Capital One's credit card overseas in every european country, mostly the euro, but about 10 other currencies, south africa, 5 countries of south america, around 3 countries in central america, canada and mexico as well as the cook islands, south korea and thailand. This is over about the last 12 years.
I follow exchange rates over the internet and elsewhere when I travel so I know what to expect for conversion rates. In all those years and travels, I have to say nowhere and I repeat nowhere was capital one's exchange rate 7% off of published exchange rates. Had that been the case, they would not get my business..period. In fact capital one tracks consistently with published exchange rates. In fact in the rare times we have used another card (bank of american visa), as I recall the rates were extremely close, and I mean extremely close. Even then, I would expect a little difference unless both the transactions using the different cards cleared the exchanges at exactly the same time.
So if someone out there "called capital one to get the euro exchange rate", they are full of it. You are not getting any official exchange rate that is used for real currency transactions of customers. In fact most of the nincompoops you talk to over the phone do not even have a clue as to what you are talking about. How about someone actually doing what I say and do 2 simultaneous transactions using different cards, one capital one, and a different one on 5 or so consecutive days and then compare the exchange rates on each respective sets of transactions and report back their results.
In fact, my guess is that some money hungry attorney or 2 has already done this, looking for a quick million in a class action lawsuit. And I know what they found out...negligible differences.
And by the way, I don't work for capital one or have any financial interest in their operations.
brian
USA 05/25/2010
3% is outright theft.
I've been traveling to Bermuda from Texas on business for the last few years. My last trip ended in September 2009. In none of my previous trips was I ever charged an "International Purchase Transaction Fee". I'm in Bermuda again right now. Imagine my surprise to discover on my current trip that Wells Fargo is now charging these fees. Their customer service reps don't really know what's going on. Bermuda dollars are 100% equivalent to U.S. dollars. Their value is literally based directly on the U.S. dollar. There is no "exchange", no calculation. No justification for a fee. I'm getting charged a 3% credit card fee for a CHECKING CARD. This is wrong. As in criminally wrong.
Jason F.
Little Elm, TX USA 05/21/2010
Travelex Cash Passport
I have used a Travelex "cash passport" on 3 separate occasions when traveling to Europe and have always been pleased with the service, security and convenience of the Cash Passport. It works like a credit card or ATM card, but there are no international transaction fees because the card already contains euros. Be aware, however, that the currency exchange rate differs based upon (1) the amount of $$ you are changing/putting on the card; and (2) where you obtain the cash passport. For example, the exchange rate at the JFK airport Travelex kiosk may not be as good as the rate you will get if you get your Cash Passport at the main office on Broadway in New York or other retail location.
Ruth
Rockville, MD USA 05/18/2010
Paypal
During a recent stay in London I used my Paypal debit card to withdraw cash from my Paypal account. There were no foreign transaction fees, only the local ATM fee.
Glenn
Houston, TX USA 05/14/2010
capital one is fudging?
I use capital one's credit card alot overseas. They charge zero foreign transaction fees and zero visa/mc exchange fees. One the subject of fudging with the exchange rate to make up for it, I just do not see it happening.
We used this card over 8 consecutive days recently in thailand and the exchange rate I got on my statement tracked very well with with i saw on various web sites quoting exchange rates.
These rates change by the minute and it would be extremely hard for the average person to make an accurate critique without doing simutaneous transactions over several days using different cards and see how the exchange rates shake out.
My feeling is that if capital one had their thumb on the scale, some lawyer would have already latched onto them with a class action lawsuit as anyone who really wanted to could get extremely accurate historical exchange rates from all over the world and compare that to what capital one gives as the exchange rate. So I say to all those who would rather pay 3-4% in foreign transaction fees because they think capital one may be fudging..go ahead. But I will continue using their card until difinitive proof from a REAL reliable source proves in court otherwise that capital one is fudging on the exchange rate. And my experience with capital one as far as customer service has always been excellent. Never had a problem with them, never had a foreign transaction denied and I get 1 1/4% cash back and have gotten over $1500 in cash rebates so far.
brian
USA 05/07/2010
No Foreign Transaction Fee with PenFed
Pentagon Federal Credit Union started offering a Visa Promise card over the last year - 0 fees ever. www.penfed.org This includes no Foreign Transaction Fee. I've had a PenFed Visa for years, but I switched to the Visa Promise for an upcoming trip to Ireland. Not sure what the exchange rate will be, but this will be our primary card.
Also, we have a mastercard through USAA that charges the mandatory 1% fee Mastercard makes them charge. Not bad.
This is as of 27 Apr, when I called both.
Lynn
Hampton, VA USA 05/04/2010
Fees
Several people have posted that Capital One has no fees when using their card. That is true on the surface, but that would seem like a free lunch. Capital One makes it up in the exchange rate. If you are using Capital One see what the exchange rate is. I stopped using Capital One due to my experience of their poor customer service.
Joe
LA area, CA USA 05/02/2010
Currency Conversion
Getting ready for a trip to the UK, I shopped for best rates for pounds, and was disappointed with Travelex, the airport folk. But, exploring Heathrow's website, I noticed a link to "Order Currency," and it led to a Travelex site were you can purchase pounds online. No fee if using a debit card, and the exchange rate has been consistently below the market rate by 4 or 5 cents. You can pick up the pounds in 24 hours from any airport Travelex in in (most international airports), so it could be used repeatedly as you move about the continent.
Joe McAnally
Mabank, TX USA 04/23/2010
atm not working
I would recommend that when out of the country and an atm transaction is rejected or does not go through, do several things. First if possible, get a receipt from the machine and hopefully it will show that the transaction failed. Also, if a message comes up on the screen stating the transaction failed, use your camera or cell phone camera try and capture a shot of the screen.
The one thing I always try to do is only use an atm machine after I see someone else successfully getting money from. while not foolproof, it at least shows that the machine has money and it is being dispensed properly so the machine is not thinking it is doling out the money when it is in fact not doing so.
I have no idea how one proves you did not get atm money..i would like to hear from people who have had to go down that road.
brian
wa USA 04/20/2010
Card rejected/money taken from acct anyway
We were usually successful using our ATM card at bank-affiliated machines in Lucerne, but several times the card was rejected and returned, for no clear reason, after we had entered the amount we wanted. We arrived home two weeks later to find that the rejected amounts had been deducted from our account anyway. It added up to quite a bit of lost money, as we had been requesting large amounts in order to pay fewer transaction fees. I think this was an electronic error, not a scam, and am not sure how to protect oneself from it except to find a secure way to check your bank balance as soon after each card-rejection as possible. (After Lucerne, we continued to use the same card through Italy and Germany and had no problems at all.)
Barbara McCauley
Boston, MA USA 04/17/2010
credit card surcharge on foreign transactions
If you thought that booking something in US dollars would avoid the 3% credit card surcharge, think again. I booked a hotel in Bermuda, using a CitiBank Mastercard. Although the room rate was quoted in US dollars and charged as such, CitiBank still assessed the surcharge because the transaction "occurred out of the country". Use a Capital One card instead.
John Rosenberg
San Rafael, CA USA 04/08/2010
atm fees
Just returned from 11 days in thailand and korea. Just for general info. I have a atm card (atm only, not debit/atm) at Mountain Pacific Bank in Everett. They refund 100% without limit on atm machine/other bank fees and charge no atm fees or international transaction/conversion fees at all. worked without a hitch in thailand. One thing to note though, is that in korea, almost all atm or atm/debit cards drawn on a u.s. bank will not work for atm use. I heard that a citi bank atm card will work though, but i can't confirm that. Credit cards or debit cards do work and capital one is the best as they charge zero foreign transaction fees. You can withdraw cash using a credit card, but you have to have your pin and pay all the rediculous credit card fees and interest rates to do so.
We only took a 5 hour city tour on our layover in Seoul and everywhere we went they took u.s. dollars, but you only get about 90% or so of the true exchange rate, but if you are spending a small amount to buy a few things, not very much. but again they do take your u.s. credit card. Alot of money exchange places at the airport where you can get probably about 95% of the true exchange rate to convert us dollars to korean currency which is about 1135 to 1 usd.
another quick thing on the mountain pacific atm card. this is the second foreign country trip I have used it and it has worked fine all the time. The first time I only used it to take out about $100 in the turks and caicos islands. This time i wanted to take out more in thailand. I was told by mountain pacific before I left, that the standard daily limit on their atm card was $500/day. I tried to take out $400-500 equivelant in thai currency and was repeatedly rejected. Got sort of worried that the atm card would not work at all. It was only when the idiot light went off in my head that I lowered my withdrawl to just under the equivelant of $300 that the card worked. So I think that $300 is the standard daily limit unless you manually tell them to set the limit to another amount. Also note that in thailand virtually every atm charges 150 thai baht (about $4.50 usd) per atm withdrawl. No sweat with mountain pacific as they refund 100% so the lower $300/day limit was no big deal. and mountain pacific's accounts are free to the over 55 crowd with no minimum account balances required or monthly fees. Nice. And very friendly, but their daily limit advice is suspect.
brian
USA 03/30/2010
I was reading the post about the people converting $4200 usd for a very small fee and a supposedly good exchange rate. And I think that is a decent option if and only if you can sleep with carrying around that kind of cash. I couldn't. All it would take is one, I repeat one slip-up for your vacation to becoma a catastrophe. In europe thieves and pickpockets are everywhere. And I mean everywhere.
And I speak that from experience. I got my wallet ripped off from me in amsterdam on a crowded city bus. It was in a front pocket with velcro and buttoned. Fortunately the person only got a small amount of cash, about $200 equivelant usd and an atm only card which was worthless to him since he did not have the pin. Although I do hope the creep went out with my money and bought enough heroin to o.d on.
I used my spare atm only card that my wife had to continue using my bank account without a hitch, so other than feeling a bit lousy for a couple of hours, it did not ruin our trip. He also got one credit card which I promptly cancelled (keep the u.s. collect number to call in a separate spot) and we used our spare from another account with the same bank (capital one also), as we both have separate capital one credit cards just for that reason.
brian
USA 03/30/2010
Skip the ATM & Credit Card Fees
We have all read about and experienced the many fees, hassles, and rip-offs associated with the use of any credit card or ATM in Europe. In Rome, I recently used the ufficio postale or the Post Office to change money! They offered the best rate by far for a dollar to Euro exchange. We only paid a 7,0 Euro fee to exchange $4,200.00 and the rate was very close to the rate published in the Wall Street Journal (1.3687 per Euro). By exchanging one time and using a money belt, we eliminated the hassle of using (and finding) the ATM machines and really enjoyed the benefit of knowing the rate. The money changers at the storefronts on the street were charging 1.4987! Next time you travel, take cash and exchange at the Post Office!!
Tim
Santa Fe, NM USA 03/21/2010
New Credit Card Laws and Travel
http://www.consumertraveler.com/today/5-ways-the-new-credit-card-law-will-affect-travelers/#more-25691
Steve
Pacific Palisades, CA USA 02/21/2010
ATM fees
My Charles Schwab checking account has an ATM card which refunds all ATM fees.
Doug MacPherson
Sonoma, CA USA 02/15/2010
atm and credit card fees
For credit card transactions (not atm withdrawls with the credit card)capital one is 100% fee free. No one does better than that, although some others might match it.
For atm use, fees are the norm. both a fixed fee and/or a 2-5% foreign transaction fee of some sort. Most atms throughout the world do not charge fees. These fees are all coming from your bank. My personal favorite in Seattle is Mountain Pacific Bank. Open a checking account (fee free to us over 55 crowd)and get an ATM only card. They charge no foreign transaction charges for use either within or outside the U.S., and if the atm owner or bank charges you a fee, they rebate 100% of that instantly and without limit.
brian
snohomish, WA USA 02/07/2010