tmiw

That part I didn't know; I always thought that all/most Visa cards used fairly similar FX rates.

In any event, I've been making GBP purchases on various cards in preparation for my upcoming trip and my CSR seems to be 0.3% worse than my Diners Club MC so far. (Haven't tried AmEx yet.) I'm not sure that's enough of a difference to really worry about for most people.

Duke787

From personal experience and the FX thread (don't have the link on my phone) it seems like Visa still charges a 0.5 - 1% processing fee on international flight. Chase passes it on, Schwab doesn't. Not a big difference but when I use my CSR and Schwab on the same day, the Schwab always seems to be a touch better.

ft101

Fixed that for you.

I wish we had something similar in the UK regarding refunding ATM fees.

invisible

Apparently this is US phenomenon. Never seen anywhere else as a wide practice.

In Singapore 2.1%-3.5% foreign transaction fee for credit cards on top of Visa/MC fees are norm. For ATM withdrawals local banks not only charge foreign ATM fee (on top what the foreign atm charges), but add 2% on top on exchange rate.

As a result, if you have a debit card from a Singapore bank and withdraw $100 while in US for BoFA/Wells Fargo ATM (as an example), you will pay:
- Wells Fargo/BoFA/etc ATM fee US $5 or SGD$6.7
- Singapore bank foreign ATM fee - SGD $5
- 2% fee - SGD $2.7

So on SGD $135 you are paying on top SGD $14.4 fees. Do wonder that locals do not use ATM cards for cash withdrawal during overseas trips and bring several thousand $ in cash instead. This is applies to the whole region as well.

eigenvector

Like most people on earth, I don't live in the United States. Good enough reason for you?

I'm impressed how you guys who always always always use an ATM know what rates are in the city center exchange counters of every city on Earth, when you don't go there?

The Maestro and Visa networks aren't charities, and don't give you mid market rates. Furthermore, banks often add their own percentage to the network rates when you use an ATM. Maybe Schwab doesn't do this, but Schwab isn't available to the billions of non Americans who also travel. I have accounts at 3 of the 6 Canadian banks and they all add 2.5% on Maestro published rates for ATM transactions, even if you find a partner ATM with no transaction fees.

No one is talking about walking around with "thousands of dollars" in cash. Unlike you guys I'm not a high roller and don't spend thousands of dollars aside from my accommodations when I'm in a country where a meal costs $1 and public transit costs $0.10. I left home five weeks ago with $500 USD, traveled to 2 developing countries (Uzbekistan and Tajikistan) where you can count the number of working ATMs on one hand, and I've still got $200 in my wallet. In Thailand or Cambodia I easily get by with $10/day. Furthermore, when traveling by land through remote areas of developing countries, it can be a long time after you cross the border before you find your first ATM. In these situations, cash is king. With some negotiating, US dollars are accepted at a reasonable rate almost anywhere on the planet.

​​​​As I said before, using ATMs is usually the right move. But there are exceptions, and exchange counters aren't always a rip off. This is an international forum, and advice that relies on a financial product that's only available to US persons is not going to work for everyone.

SFO777

Except that if you'd bothered to read upthread, you'd discover that OP this round lives in San Francisco. Instead of walking around with a chip on your shoulder, you might consider being more helpful and suggesting non-US banks or financial institutions that offer similar no-fee ATM cards, since this in an international forum.

txflyer77

My reply was to someone asking about exchanging USD in San Francisco. Safe bet that poster is an American.

eigenvector

Thanks for your feedback. My posts remain relevant to the topic of the thread and I trust they will be useful to those who are not clients of Charles Schwab for residence, nationality, or any other reason.

​As for similar non US products, my frequent traveler friends in the UK, Japan, China, Australia and several European countries have assured me that it doesn't exist for them.
​

eigenvector

I'm sure your post was helpful. I hope that my post will add some helpful information for other readers of the thread who aren't able to access Schwab products.