ATM use
I have read that many of you use and ATM card to get euros and RS also recommends it. I have both BA and Chase cards, but both have awful fees. BA charges 3% plus $5.00 each time I get $ out. Chase has 3%+$3.00 each time also. Which cards do any of you did has a better rate?
Sammee
Clinton, Washington 11/6/09
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Capital One has no fees. There's also a Schwab account that is frequently recommended. This is a pretty often-discussed topic, and if you look at the "stickied" threads at the top, you'll find one with directions on how to effectively search the forum and learn far more than you ever wanted to. :-)
Oh, and credit unions are often also a better choice, so you could look into BECU or similar.
From the suggestions on this board, I called Schwab and queried them about their ATM fees. They told me that all transaction fees accrued are refunded. WOW! How cool is that? I immediately opened a checking account with them. They told me just make sure to inform them of travel plans.
People here also suggest to take another ATM card from another institution, which is a good idea too and I will certainly do.
I've been using my Schwab Bank ATM card for years in Europe. While most European ATMs don't add their own fee on top of what is withdrawn (you ask for 100 euro, you get 100 in cash and a receipt for 100 Euro, not 102.50 Euro). A few years ago, they just rounded everything down to the nearest $5 and I got a rebate on every transaction since the US dollar amount was never an even $5 amount. But now their systems better identify the fees.
Being said, Schwab does pay you back for all fees charged by foreign ATMs (not including the exchange rate surcharges, which are minimal with Schwab).
Here are their rules...
1. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa® Platinum Check Card wherever it is accepted. ATM fee rebates do not include currency exchange fees; fees imposed by merchants for POS transactions; or fees for stamp purchases, balance inquiries, or any transactions other than an ATM cash withdrawal from your Schwab Bank account. Schwab Bank makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from Visa and ATM operators. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Bank Client Service Specialist for assistance. Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time. 2. The rebate will appear as a lump-sum credit on the same checking account periodic statement that includes ATM fees incurred for that particular account statement cycle.
We used our credit union debit card. All of our international fee's were credited back to us as well.
Sammee, See http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange
Will have to check both the Capital One and Schwab ATM card, wish I was more on the ball with this,but I will be ready for my next trip. Thank you all.
I opened a Capital One money market account to get the ATM card. It did take some time. I opened the account online, but then they sent paperwork which I had to fill out, sign and return before they issued the card. I used it at an ATM in Paris at CDG last week as I was passing through - no fee and good exchange rate. I got tired of the $5 a pop Union Bank was charging me on my checking account ATM draws. BTW you can only open a Capital One checking account if you live in one of the few states they have branches in. They are listed on the website. MM works for me because there are unlimited ATM withdrawals permitted (as opposed to other withdrawals which are very limited).
I understand you have to have a brokerage account with Schwab to get an ATM card.