Last edit by: seawolf
Google Doc - Debit Cards Available with no Fees
Please refer to the Google doc and update as needed for the most comprehensive list of debit cards and their charges (or lack thereof)
Visa Exchange Rates
MasterCard Exchange Rates
Please refer to the Google doc and update as needed for the most comprehensive list of debit cards and their charges (or lack thereof)
Visa Exchange Rates
MasterCard Exchange Rates
Debit cards without forex fee and other-bank ATM fees?
#331
Join Date: May 2012
Posts: 514
There is no need to do that. MasterCard charged 1.087175. The rate that date was 1.08428. Ľ of a percent higher than market.
Visa was 1.7% higher than market. The point I'm trying to make here is it appears Visa is charging a fee more than 6.5 times more than what MasterCard is charging.
I added links to both Visa and MasterCard exchange rate lookup to the wiki and performed a spot check on about a dozen 2015 dates between USD and EUR. Visa is consistently higher than MasterCard. You pay about $0.01 to $0.02 USD more for each EUR you buy with a "no-transaction fee" Visa vs. a no-transaction fee MasterCard.
If you have a cards from both issuers, MasterCard is the way to go.
Visa was 1.7% higher than market. The point I'm trying to make here is it appears Visa is charging a fee more than 6.5 times more than what MasterCard is charging.
I added links to both Visa and MasterCard exchange rate lookup to the wiki and performed a spot check on about a dozen 2015 dates between USD and EUR. Visa is consistently higher than MasterCard. You pay about $0.01 to $0.02 USD more for each EUR you buy with a "no-transaction fee" Visa vs. a no-transaction fee MasterCard.
If you have a cards from both issuers, MasterCard is the way to go.
#332
A FlyerTalk Posting Legend
Join Date: Jul 2003
Location: Yiron, Israel
Programs: Bates Motel Plat
Posts: 68,901
Hi,
I have a Bank of America ATM card. For many years it served me well during foreign travels. There was only a 1% foreign transaction fee and many times BofA had partner banks in foreign countries that would not charge ATM fees, so I got out with a 1% total hit if I went to the right ATMs. But a year or so back BofA upped the foreign transaction fee to 3%.
Where can I get the lowest foreign transaction fees for my cash withdrawals? I am going to Japan, where cash is used heavily, so I'd like to not waste 3% up front. I'd like a better ATM card, but I'm open if there are different options. I've always thought that changing money at a bank or foreign exchange business is quite expensive, so I've avoided such options.
Thanks,
Mike
I have a Bank of America ATM card. For many years it served me well during foreign travels. There was only a 1% foreign transaction fee and many times BofA had partner banks in foreign countries that would not charge ATM fees, so I got out with a 1% total hit if I went to the right ATMs. But a year or so back BofA upped the foreign transaction fee to 3%.
Where can I get the lowest foreign transaction fees for my cash withdrawals? I am going to Japan, where cash is used heavily, so I'd like to not waste 3% up front. I'd like a better ATM card, but I'm open if there are different options. I've always thought that changing money at a bank or foreign exchange business is quite expensive, so I've avoided such options.
Thanks,
Mike
#333
Join Date: Oct 2014
Location: Portland, OR, USA
Programs: Delta + United Airmiles
Posts: 703
March 7 was a weekend day and Euro had a sharp decrease in value in March 6 (from 1.103 to 1.084). Since March 7 was a weekend day, effective currency exchange rates is usually picked from a time at previous business day and is kept about constant during the weekend. It seems that Visa has selected the most unfavorable rate and Mastercard has selected a favorable mid rate (or perhaps a rate based on the exact time of transaction). Such drastic changes in currency exchange rate are rare to happen for stable currencies, thus the difference between Visa and Mastercard rarely matters. But if somebody is making a transaction in countries with volatile exchange rates, the difference between Visa and Mastercard may be worth considering.
A brief review of a few days both during the middle and end (non-business) days of the week in question would be most helpful and a much better test of VISA vs MC markups.
http://theinquiringinvestor.com/2013...exchange-rate/
has an informal survey that reflects both 2013 and updated for 2015, but unfortunately does not address the business day vs non-business day transaction variable. 2015 stats do indicate that MC is currently better (Barclay Arrival (no AF) or Arrival+ ($89 AF) are MCs with offline pin and no FTF). The speculation that VISA uses the least favorable rate for the rate period occurs in the comments there too. It has an expansive list of the various rating resources.
Last edited by uds0; Mar 11, 2015 at 12:54 pm Reason: added reference rate study from 2013 and Jan 2015
#334
A FlyerTalk Posting Legend
Join Date: Jul 2003
Location: Yiron, Israel
Programs: Bates Motel Plat
Posts: 68,901
Every time that I use my BoA Visa overseas I check my account at the end of the day and can see immediately how much (in dollars) I have been debited. That is true on bank working days and on weekends and holidays.
#335
Join Date: Oct 2014
Location: Portland, OR, USA
Programs: Delta + United Airmiles
Posts: 703
I too see an immediate posting on one of my credit cards for transactions, and for at least that card those get slightly adjusted within a business day to, I guess, reflect the final exchange rate actually used, so the original posting is clearly an "estimate".
If you are using a BofA Visa debit card, be aware of the November 2013 change from 0 to 3% FTF and the non-global alliance $5 ATM fee.
Last edited by uds0; Mar 11, 2015 at 8:31 pm
#336
Original Member
Join Date: May 1998
Location: NYC
Programs: AA 2MM, Bonvoy LTT, Hilton Diamond
Posts: 14,620
March 7 was a weekend day and Euro had a sharp decrease in value in March 6 (from 1.103 to 1.084). Since March 7 was a weekend day, effective currency exchange rates is usually picked from a time at previous business day and is kept about constant during the weekend. It seems that Visa has selected the most unfavorable rate and Mastercard has selected a favorable mid rate (or perhaps a rate based on the exact time of transaction). Such drastic changes in currency exchange rate are rare to happen for stable currencies, thus the difference between Visa and Mastercard rarely matters. But if somebody is making a transaction in countries with volatile exchange rates, the difference between Visa and Mastercard may be worth considering.
#337
A FlyerTalk Posting Legend
Join Date: Jul 2003
Location: Yiron, Israel
Programs: Bates Motel Plat
Posts: 68,901
#338
Join Date: Nov 2014
Posts: 30
I use PenFed - same thing - no fees at all.
I managed to get a rate of 4.00 Shekels to USD a few days ago when I cashed it out from the ATM, and now the market rate dropped to 3.92 Shekels so I got a great bargain... life is good without fees!
Next week in Malta, going to enjoy the low value of the Euro!
#339
Join Date: Aug 2011
Location: ELP
Programs: AAdvantage, Amex MR
Posts: 2,309
I need to go on a little rant!
The Schwab ATM fee reimbursement is a gimmick like the best rate guarantee by travel companies.
Almost 3 weeks ago I withdrew cash at an ATM at a bank next door to my apartment because I needed cash and didn't feel like driving a few miles to a BoA atm where I can use my BoA atm card for no fees obviously.
I just opened my Schwab account a few months ago so I figured this would be the perfect chance to try out taking cash out of any bank atm with a schwab debit card.
I read the terms and Schwab says they reimburse withdrawal fees only, thats fine with me, so I stick my Schwab card into the atm, read the prompts, agree that I will be charged a 2 dollar atm withdrawal fee and that it will be combined into one transaction. So I withdraw 40 dollars, charged a 2 dollar atm fee, and the charge shows up on my statement as a single 42 dollar withdrawal.
I save the receipt and wait a week and no reimbursement. So I figure I would take a picture of the recept and send a secure message to Schwab requesting a manual reimbursement of the 2 dollars. After all I heard somewhere that Schwab is really good with just manually reimbursing fees if they don't post automatically.
So I sent the secure message out about a week and a half ago and the only response I got was the automated response I got a day later saying they recieved my message.
How long does it take? I am starting to think they are blowing me off, or that there is some legalese buried in the fine print somewhere that in order to be reimbursed the atm fee must show up as a seperate transaction.
Last time I make this mistake. From now on every US dollar atm withdrawal will be at BoA atms and will go on my bank of america atm card. I will only use the Schwab card for foreign atm withdrawals since BoA is pretty much guaranteed to charge me a fee, while with Schwab there is at least the off-chance the planets will align and I make it through all the hoops to get the fee reimbursed.
Normally I wouldn't be too fussy, but at the same time I had a best rate guarantee shot down by Orbitz so it was a double whammy. My claim was shot down because I was on a prepaid booking, which doesn't upset me as I wasn't holding my breath on this anyway, just submitted the claim because I saw a lower prepaid rate at another OTA and figured what the heck. If they didnt shoot it down because it was prepaid they would have shot it down for another reason so I figure I didn't lose anything by at least trying.
Disappointed in Schwab though. Should I at least call them or wait a bit longer? A week and a half for a secure message seems awfully long, can't help but feel like they are blowing me off. I have never waited this long for a response from a real person from any bank secure message ever.
The Schwab ATM fee reimbursement is a gimmick like the best rate guarantee by travel companies.
Almost 3 weeks ago I withdrew cash at an ATM at a bank next door to my apartment because I needed cash and didn't feel like driving a few miles to a BoA atm where I can use my BoA atm card for no fees obviously.
I just opened my Schwab account a few months ago so I figured this would be the perfect chance to try out taking cash out of any bank atm with a schwab debit card.
I read the terms and Schwab says they reimburse withdrawal fees only, thats fine with me, so I stick my Schwab card into the atm, read the prompts, agree that I will be charged a 2 dollar atm withdrawal fee and that it will be combined into one transaction. So I withdraw 40 dollars, charged a 2 dollar atm fee, and the charge shows up on my statement as a single 42 dollar withdrawal.
I save the receipt and wait a week and no reimbursement. So I figure I would take a picture of the recept and send a secure message to Schwab requesting a manual reimbursement of the 2 dollars. After all I heard somewhere that Schwab is really good with just manually reimbursing fees if they don't post automatically.
So I sent the secure message out about a week and a half ago and the only response I got was the automated response I got a day later saying they recieved my message.
How long does it take? I am starting to think they are blowing me off, or that there is some legalese buried in the fine print somewhere that in order to be reimbursed the atm fee must show up as a seperate transaction.
Last time I make this mistake. From now on every US dollar atm withdrawal will be at BoA atms and will go on my bank of america atm card. I will only use the Schwab card for foreign atm withdrawals since BoA is pretty much guaranteed to charge me a fee, while with Schwab there is at least the off-chance the planets will align and I make it through all the hoops to get the fee reimbursed.
Normally I wouldn't be too fussy, but at the same time I had a best rate guarantee shot down by Orbitz so it was a double whammy. My claim was shot down because I was on a prepaid booking, which doesn't upset me as I wasn't holding my breath on this anyway, just submitted the claim because I saw a lower prepaid rate at another OTA and figured what the heck. If they didnt shoot it down because it was prepaid they would have shot it down for another reason so I figure I didn't lose anything by at least trying.
Disappointed in Schwab though. Should I at least call them or wait a bit longer? A week and a half for a secure message seems awfully long, can't help but feel like they are blowing me off. I have never waited this long for a response from a real person from any bank secure message ever.
#340
FlyerTalk Evangelist
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Platinum
Posts: 15,486
I need to go on a little rant!
The Schwab ATM fee reimbursement is a gimmick like the best rate guarantee by travel companies.
Almost 3 weeks ago I withdrew cash at an ATM at a bank next door to my apartment because I needed cash and didn't feel like driving a few miles to a BoA atm where I can use my BoA atm card for no fees obviously.
I just opened my Schwab account a few months ago so I figured this would be the perfect chance to try out taking cash out of any bank atm with a schwab debit card.
I read the terms and Schwab says they reimburse withdrawal fees only, thats fine with me, so I stick my Schwab card into the atm, read the prompts, agree that I will be charged a 2 dollar atm withdrawal fee and that it will be combined into one transaction. So I withdraw 40 dollars, charged a 2 dollar atm fee, and the charge shows up on my statement as a single 42 dollar withdrawal.
I save the receipt and wait a week and no reimbursement. So I figure I would take a picture of the recept and send a secure message to Schwab requesting a manual reimbursement of the 2 dollars. After all I heard somewhere that Schwab is really good with just manually reimbursing fees if they don't post automatically.
So I sent the secure message out about a week and a half ago and the only response I got was the automated response I got a day later saying they recieved my message.
How long does it take? I am starting to think they are blowing me off, or that there is some legalese buried in the fine print somewhere that in order to be reimbursed the atm fee must show up as a seperate transaction.
Last time I make this mistake. From now on every US dollar atm withdrawal will be at BoA atms and will go on my bank of america atm card. I will only use the Schwab card for foreign atm withdrawals since BoA is pretty much guaranteed to charge me a fee, while with Schwab there is at least the off-chance the planets will align and I make it through all the hoops to get the fee reimbursed.
Normally I wouldn't be too fussy, but at the same time I had a best rate guarantee shot down by Orbitz so it was a double whammy. My claim was shot down because I was on a prepaid booking, which doesn't upset me as I wasn't holding my breath on this anyway, just submitted the claim because I saw a lower prepaid rate at another OTA and figured what the heck. If they didnt shoot it down because it was prepaid they would have shot it down for another reason so I figure I didn't lose anything by at least trying.
Disappointed in Schwab though. Should I at least call them or wait a bit longer? A week and a half for a secure message seems awfully long, can't help but feel like they are blowing me off. I have never waited this long for a response from a real person from any bank secure message ever.
The Schwab ATM fee reimbursement is a gimmick like the best rate guarantee by travel companies.
Almost 3 weeks ago I withdrew cash at an ATM at a bank next door to my apartment because I needed cash and didn't feel like driving a few miles to a BoA atm where I can use my BoA atm card for no fees obviously.
I just opened my Schwab account a few months ago so I figured this would be the perfect chance to try out taking cash out of any bank atm with a schwab debit card.
I read the terms and Schwab says they reimburse withdrawal fees only, thats fine with me, so I stick my Schwab card into the atm, read the prompts, agree that I will be charged a 2 dollar atm withdrawal fee and that it will be combined into one transaction. So I withdraw 40 dollars, charged a 2 dollar atm fee, and the charge shows up on my statement as a single 42 dollar withdrawal.
I save the receipt and wait a week and no reimbursement. So I figure I would take a picture of the recept and send a secure message to Schwab requesting a manual reimbursement of the 2 dollars. After all I heard somewhere that Schwab is really good with just manually reimbursing fees if they don't post automatically.
So I sent the secure message out about a week and a half ago and the only response I got was the automated response I got a day later saying they recieved my message.
How long does it take? I am starting to think they are blowing me off, or that there is some legalese buried in the fine print somewhere that in order to be reimbursed the atm fee must show up as a seperate transaction.
Last time I make this mistake. From now on every US dollar atm withdrawal will be at BoA atms and will go on my bank of america atm card. I will only use the Schwab card for foreign atm withdrawals since BoA is pretty much guaranteed to charge me a fee, while with Schwab there is at least the off-chance the planets will align and I make it through all the hoops to get the fee reimbursed.
Normally I wouldn't be too fussy, but at the same time I had a best rate guarantee shot down by Orbitz so it was a double whammy. My claim was shot down because I was on a prepaid booking, which doesn't upset me as I wasn't holding my breath on this anyway, just submitted the claim because I saw a lower prepaid rate at another OTA and figured what the heck. If they didnt shoot it down because it was prepaid they would have shot it down for another reason so I figure I didn't lose anything by at least trying.
Disappointed in Schwab though. Should I at least call them or wait a bit longer? A week and a half for a secure message seems awfully long, can't help but feel like they are blowing me off. I have never waited this long for a response from a real person from any bank secure message ever.
#341
Join Date: Jan 2013
Location: Hawai'i Nei
Programs: Au: UA, Marriott, Hilton; GE
Posts: 7,099
Disappointed in Schwab though. Should I at least call them or wait a bit longer? A week and a half for a secure message seems awfully long, can't help but feel like they are blowing me off. I have never waited this long for a response from a real person from any bank secure message ever.
#342
Join Date: Jan 2015
Posts: 1,112
#343
Join Date: Dec 2007
Location: MSP
Programs: Delta 1 MM, Platinum. Marriott-Hilton Gold
Posts: 312
I have brokerage accounts both Schwab and Fidelity. Schwab is far better. But here is the FAQ from Fidelity. Note the FTF.
What is a Fidelity® Visa® Gold Check Card?
Are there any fees with the Fidelity® Visa® Gold Check Card?
There is no annual fee on the Fidelity® Visa® Gold Check Card. Other institutions may assess ATM fees for use of ATMs in their network. Fidelity® Cash Management Account customers or Fidelity accounts coded Premium, Private Client Group, or held by customers with householded annual trading activity of 120 or more stock, bond, or options trades, will be reimbursed for ATM fees charged by other institutions.
Please review your Fidelity Check Card Agreement (PDF) for specific information on reimbursement caps or limits. For each foreign transaction, there is a foreign transaction fee (currently, 1 percent of the transaction for non-U.S. dollar transactions), which will be included in the amount charged to your account. This charge may apply whether or not there is a currency conversion.
What is a Fidelity® Visa® Gold Check Card?
Are there any fees with the Fidelity® Visa® Gold Check Card?
There is no annual fee on the Fidelity® Visa® Gold Check Card. Other institutions may assess ATM fees for use of ATMs in their network. Fidelity® Cash Management Account customers or Fidelity accounts coded Premium, Private Client Group, or held by customers with householded annual trading activity of 120 or more stock, bond, or options trades, will be reimbursed for ATM fees charged by other institutions.
Please review your Fidelity Check Card Agreement (PDF) for specific information on reimbursement caps or limits. For each foreign transaction, there is a foreign transaction fee (currently, 1 percent of the transaction for non-U.S. dollar transactions), which will be included in the amount charged to your account. This charge may apply whether or not there is a currency conversion.
#344
Join Date: Dec 2007
Location: MSP
Programs: Delta 1 MM, Platinum. Marriott-Hilton Gold
Posts: 312
Did you open a Schwab brokerage account or added a Schwab checking account to the brokerage account?
I had the brokerage account for many years (since their 2% cash back credit cards days). I used their check card with that. I need a chip card so they told me that is available only on their checking account, so I opened a checking account and my brokerage card was cancelled, but I still had a money market account. Lately I am finding that the brokerage account "checking account" is far superior to the Schwab bank checking account. I needed to wire funds. I found I could do this on-line from my Schwab brokerage account but not the Schwab bank checking account. I would have preferred the other way for maintaining security of my security holdings! I plan to cancel my checking account some time in the summer and go for the magnetic swipe check card. The chip check card is not worth it.
I had the brokerage account for many years (since their 2% cash back credit cards days). I used their check card with that. I need a chip card so they told me that is available only on their checking account, so I opened a checking account and my brokerage card was cancelled, but I still had a money market account. Lately I am finding that the brokerage account "checking account" is far superior to the Schwab bank checking account. I needed to wire funds. I found I could do this on-line from my Schwab brokerage account but not the Schwab bank checking account. I would have preferred the other way for maintaining security of my security holdings! I plan to cancel my checking account some time in the summer and go for the magnetic swipe check card. The chip check card is not worth it.